WEBVTT - EYL #167: How to Start a Business in 2022 0:00:00.040 --> 0:00:03.600 An illegal alien from Guatemala charged with raping a child 0:00:03.680 --> 0:00:07.480 in Massachusetts. An MS thirteen gang member from Al Salvador 0:00:07.720 --> 0:00:11.840 accused of murdering a Texas man of Venezuelan charged with 0:00:11.920 --> 0:00:15.840 filming and selling child pornography in Michigan. These are just 0:00:15.920 --> 0:00:19.680 some of the heinous migrant criminals caught because of President 0:00:19.720 --> 0:00:23.320 Donald J. Trump's leadership. I'm Christy nom the United States 0:00:23.320 --> 0:00:28.120 Secretary of Homeland Security. Under President Trump, attempted illegal border 0:00:28.160 --> 0:00:31.680 crossings are at the lowest levels ever recorded, and over 0:00:31.760 --> 0:00:34.960 one hundred thousand illegal aliens have been arrested. If you 0:00:35.040 --> 0:00:38.920 are here illegally, your next you will be fined nearly 0:00:39.000 --> 0:00:43.000 one thousand dollars a day, imprisoned, and deported. You will 0:00:43.040 --> 0:00:46.680 never return. But if you register using our CBP home 0:00:46.720 --> 0:00:50.120 app and leave now, you could be allowed to return legally. 0:00:50.479 --> 0:00:51.280 Do what's right. 0:00:51.840 --> 0:00:52.720 Leave now. 0:00:53.040 --> 0:00:57.400 Under President Trump, America's laws, border and families will. 0:00:57.200 --> 0:01:00.000 Be protected sponsored by the United States Department of Homeland Security. 0:01:00.280 --> 0:01:04.760 You have to think about up front who's doing what 0:01:04.920 --> 0:01:09.040 and who is responsible for what, especially in partnerships and 0:01:09.080 --> 0:01:11.680 when it's just you it's cool. Everything falls on you 0:01:11.840 --> 0:01:15.720 when you start needing to answer questions and you're being 0:01:15.840 --> 0:01:18.120 checked by people. It's good to be able to say no, 0:01:18.959 --> 0:01:21.200 this is the rules, this is what we said, this 0:01:21.240 --> 0:01:24.039 is what we agreed on. People are emotional, and emotions 0:01:24.040 --> 0:01:26.920 in business do not mix. They may say, oh, well, 0:01:27.000 --> 0:01:29.039 I'm gonna buying I need some money, so I want 0:01:29.080 --> 0:01:31.320 to take out some money from the business. No, no, 0:01:31.840 --> 0:01:34.200 we said that the money was locked up. It's a 0:01:34.240 --> 0:01:37.199 lock up. Nobody's taking any distributions for the first two years. 0:01:38.080 --> 0:01:39.760 That now makes it a personal problem and not a 0:01:39.760 --> 0:01:44.520 business problem. And we agreed on this. My graduates from 0:01:44.560 --> 0:01:51.160 my school being forced back drop drop drop, backdrop. 0:02:02.560 --> 0:02:06.200 All right, guys, welcome back, e y l. This is 0:02:06.200 --> 0:02:11.079 a very nostalgic episode. I'll explain. So, you know, we 0:02:11.160 --> 0:02:16.600 started earning Alesia and the original concept was just me 0:02:16.639 --> 0:02:20.120 and Troy and we were talking about like different relevant 0:02:20.160 --> 0:02:23.240 stuff and pop culture relating into business, business case studies, 0:02:23.280 --> 0:02:26.359 things of that nature. And we didn't have any guests. 0:02:26.040 --> 0:02:28.120 No, no, no, just us. 0:02:28.320 --> 0:02:31.919 Yeah. And then the first guest that we had episode 0:02:32.639 --> 0:02:33.679 eight eight. 0:02:33.639 --> 0:02:35.919 You said, let's just invite somebody man. 0:02:36.120 --> 0:02:39.760 Yeah, sure, yes, Miss Business. So I met I met, 0:02:39.800 --> 0:02:43.560 I met Miss Business through MG shot at MG went 0:02:43.600 --> 0:02:46.560 to his workshop that he had. I spoke at his workshop, 0:02:46.919 --> 0:02:51.320 and this is two years ago and going on three 0:02:51.400 --> 0:02:53.760 years man almost three, but it's like it was like 0:02:53.800 --> 0:02:57.120 two because we didn't have a guest. We start, yeah, 0:02:57.400 --> 0:02:59.839 like two and a half years ago. To long story short, 0:02:59.840 --> 0:03:03.360 I met Miss Business there and you know, the accounting CPA. 0:03:04.080 --> 0:03:09.160 So around that time, Amazon had a big story in 0:03:09.200 --> 0:03:14.040 the news where they didn't pay any federal taxes taxes 0:03:14.880 --> 0:03:18.000 federal right, no federal taxes. Yeah, and they had made 0:03:18.000 --> 0:03:20.639 like eighteen billion dollars that year and they didn't pay 0:03:20.680 --> 0:03:22.680 any taxes. So it was a real big trending topic. 0:03:22.720 --> 0:03:24.120 So I'm like, all, this is the perfect time to 0:03:24.160 --> 0:03:25.959 actually talk about this, but instead of me and Troy 0:03:26.040 --> 0:03:28.800 talking about it's bring an expert in to talk about it, 0:03:28.840 --> 0:03:30.840 and then not only talk about that, but to give 0:03:31.520 --> 0:03:35.000 general you know, tax tips because for like, taxes was 0:03:35.040 --> 0:03:37.880 something that was very, very important. So, long story short, 0:03:37.960 --> 0:03:41.360 inviting Miss Business and she was the first guest of 0:03:41.480 --> 0:03:44.120 E Y L. And then I was opened up the 0:03:44.160 --> 0:03:45.320 floodgates for everybody. 0:03:45.440 --> 0:03:48.840 Everybody about you did have me. 0:03:48.840 --> 0:03:53.680 Talking about we were talking about every brother. Yeah, I 0:03:53.800 --> 0:03:56.440 believe that was two years ago. Yeah, that was that 0:03:56.760 --> 0:03:58.120 has happened in two years. 0:03:58.160 --> 0:04:00.000 A lot has happened, a lot of things in change, 0:04:00.240 --> 0:04:00.960 a lot of things. 0:04:01.480 --> 0:04:03.560 We was at the we was at the dining room table. 0:04:03.720 --> 0:04:05.720 This is a fact. Now I just eat dinner there. 0:04:07.080 --> 0:04:09.960 Yeah, that is a fact. So so this is a 0:04:10.000 --> 0:04:13.680 full circles moment. So if you're familiar with us, then 0:04:13.840 --> 0:04:18.320 you're probably familiar with miss Business CPA short in there 0:04:18.800 --> 0:04:21.320 and she's been one of these people that's kind of 0:04:21.320 --> 0:04:23.839 been a fiction with ey L where she's done events 0:04:23.880 --> 0:04:27.880 for us. She's did market Mondays, We've done YouTube live, 0:04:28.320 --> 0:04:30.919 We've done she's done taught a lot of classes for 0:04:30.920 --> 0:04:34.400 Eyo University. She's been she's been with us, kind of 0:04:34.440 --> 0:04:36.240 like how MG has been with us, but we have 0:04:36.440 --> 0:04:38.960 not done a follow up episode. So I thought this 0:04:39.120 --> 0:04:41.640 was the perfect time and for a follow up episode. 0:04:42.080 --> 0:04:44.839 Different topic though this time is probably one of the 0:04:44.880 --> 0:04:47.800 most requested topics that we have ever had, where it's 0:04:47.839 --> 0:04:51.400 like we talk about business so so much, and one 0:04:51.440 --> 0:04:54.480 of the top topics is how do you start a business? 0:04:55.040 --> 0:04:57.760 Like what is the steps to start a business? From 0:04:58.040 --> 0:05:00.960 setting up an LLC to setting up EI in number, 0:05:01.040 --> 0:05:04.760 the bank account, the idea of actually starting a business, 0:05:05.040 --> 0:05:08.240 the operation agreements, and then once you have a business, 0:05:08.279 --> 0:05:10.280 as far as how do you put stuff in your 0:05:10.279 --> 0:05:14.880 business name, how do you take tax deductions? Yeah, all 0:05:14.920 --> 0:05:17.520 of that stuff. Retirement, how do you sort of retirement plans, 0:05:17.560 --> 0:05:20.480 How do you hire employees? How do you put employees 0:05:20.560 --> 0:05:23.880 on payroll? So much stuff. It's like, you know, even 0:05:23.920 --> 0:05:25.560 if you go to business school, a lot of this 0:05:25.600 --> 0:05:27.359 stuff is not taught. Most of the stuff's taught in 0:05:27.360 --> 0:05:29.440 business school is like more theory, things of that nature, 0:05:29.480 --> 0:05:33.120 supplying demand charts. But this is real world business and 0:05:33.160 --> 0:05:35.120 what happens is most of the time is that you 0:05:35.279 --> 0:05:37.320 just learn as you go. The problem with learning as 0:05:37.360 --> 0:05:39.240 you go is that you make a lot of mistakes, 0:05:39.760 --> 0:05:41.800 and you can avoid some mistakes if you have some 0:05:41.960 --> 0:05:45.000 level of mentorship. And this is what EYO has become, 0:05:45.120 --> 0:05:48.760 kind of like mentorship and the sorts. So this conversation 0:05:48.880 --> 0:05:51.120 is extremely important. We're gonna be talking about how to 0:05:51.160 --> 0:05:54.200 start a business, how to keep the business afloat, how 0:05:54.240 --> 0:05:58.000 to run a business, operations, everything you need to know 0:05:58.040 --> 0:06:01.640 to have a successful business this year, next year, and 0:06:01.800 --> 0:06:05.400 every year. So first and foremost, thank you for joining us, appreciate. 0:06:05.000 --> 0:06:06.920 It, Thank you for having me again. 0:06:07.080 --> 0:06:09.720 Welcome back, now back. This is you know what, it's 0:06:09.760 --> 0:06:10.600 also perfect timing. 0:06:10.720 --> 0:06:13.400 We just saw of report that four point five million 0:06:13.440 --> 0:06:15.760 people quit their jobs, right, and we saw that a 0:06:15.800 --> 0:06:18.240 lot of people are not they're not going back to work, 0:06:18.279 --> 0:06:20.440 but they are becoming entrepreneurs. So we saw the ADP 0:06:20.600 --> 0:06:23.800 numbers rise, and so that's an encouraging sign, especially if 0:06:23.800 --> 0:06:25.920 you're looking at like who's trying to start their own business. 0:06:25.960 --> 0:06:29.040 So this is the absolute pristine time and. 0:06:28.960 --> 0:06:31.800 The perfect way to start the year, perfect way to 0:06:31.839 --> 0:06:33.000 start on twenty twenty two. 0:06:33.440 --> 0:06:35.960 Indeed, that's a fact. Yes, that's a fact. A lot 0:06:35.960 --> 0:06:38.520 of people have New Year's resolutions of starting a business. 0:06:39.040 --> 0:06:41.520 So what better way. And even if you have a business, 0:06:41.800 --> 0:06:43.720 this is gonna be information that you can usually take 0:06:43.720 --> 0:06:45.440 your business to the next level and just run things 0:06:45.440 --> 0:06:48.480 more efficiently. So all right, not even gonna waste any time. 0:06:48.520 --> 0:06:50.880 Let's get into it. So the first question that I 0:06:50.920 --> 0:06:52.960 have we're gonna start from like the beginning all the 0:06:52.960 --> 0:06:57.360 way to the end, is choosing a business. Like when 0:06:57.400 --> 0:07:01.120 you're considering a business, you have passion projects and you 0:07:01.200 --> 0:07:05.240 have businesses. A lot of times people start businesses for 0:07:05.279 --> 0:07:09.200 the wrong reasons. They start the wrong businesses. So what 0:07:09.279 --> 0:07:15.240 are your advice as far as like starting a business idea? 0:07:15.440 --> 0:07:19.760 So when people have everyone has ideas, right, I believe 0:07:19.800 --> 0:07:24.520 that we're all phenomenal and we all have these amazing ideas. However, 0:07:24.680 --> 0:07:30.160 I think that when you're considering I say passion versus profit, 0:07:30.760 --> 0:07:33.840 because you hear all the time you need to like 0:07:33.920 --> 0:07:36.240 follow your passion, and you need to follow your passion, 0:07:36.280 --> 0:07:39.680 and sometimes that passion leaves you broke right, And so 0:07:39.800 --> 0:07:42.600 I think that when you are thinking about all these 0:07:42.640 --> 0:07:46.080 different ideas that you have, you have to think about 0:07:46.400 --> 0:07:48.680 what is going to turn me a profit, so that 0:07:48.760 --> 0:07:51.920 way it will allow me to then go after my 0:07:52.080 --> 0:07:56.360 passion and then serve my passion. If your passion happens 0:07:56.400 --> 0:07:59.800 to serve you and turn you a profit, then congratulations. 0:08:00.480 --> 0:08:05.640 But most of the time people are just one looking 0:08:05.680 --> 0:08:08.360 at what other people are doing, and that's not the 0:08:08.400 --> 0:08:11.280 right thing to do. You have to think about what's 0:08:11.320 --> 0:08:14.840 important to me. What problem am I solving? 0:08:15.480 --> 0:08:15.640 Right? 0:08:15.720 --> 0:08:17.880 Like with you guys, you guys came out and yes 0:08:17.920 --> 0:08:20.640 you were talking about financial literacy, but you were presenting 0:08:20.680 --> 0:08:23.680 it in a more digestible manner. You knew that you 0:08:24.280 --> 0:08:27.320 like the culture needed to hear financial literacy from a 0:08:27.360 --> 0:08:33.040 different perspective, and so just thinking about, Okay, what what 0:08:33.120 --> 0:08:37.080 is the market missing? What can I add? What's important 0:08:37.120 --> 0:08:41.120 to me? Answer all of those questions and then say, okay, 0:08:41.559 --> 0:08:45.120 I'm going to first do this one thing because that's important. 0:08:45.160 --> 0:08:48.920 One thing is important because people will say I want 0:08:48.920 --> 0:08:51.440 to do real estate, I want to start t shirts, 0:08:51.559 --> 0:08:53.920 I want to you know, do a sock line, and 0:08:54.000 --> 0:08:57.400 they will try to do everything at one time. You 0:08:57.440 --> 0:08:59.400 can do that. So I think the first thing is 0:08:59.400 --> 0:09:02.280 becoming very clear on what is that first thing that 0:09:02.320 --> 0:09:06.839 you're going to put out that's going to either be 0:09:06.960 --> 0:09:11.400 your your passion if it turns a profit. If and 0:09:11.440 --> 0:09:13.320 this is my opinion, you guys can say what you think. 0:09:14.000 --> 0:09:16.760 I think that people should go after it should be 0:09:16.800 --> 0:09:19.960 what's important to them. But I think that you should 0:09:19.960 --> 0:09:23.320 figure out how can you make an impact while making 0:09:23.360 --> 0:09:26.680 a profit to then do all the things that you 0:09:26.720 --> 0:09:29.960 know make you feel all gushy inside. So what do 0:09:30.000 --> 0:09:30.560 you guys think? 0:09:30.679 --> 0:09:33.280 Yeah, I was told like, if it doesn't make profit, 0:09:33.360 --> 0:09:36.559 it's not your passion, Like then you're just having a hobby. 0:09:36.760 --> 0:09:38.560 It's something that you like to do, but it's not 0:09:38.600 --> 0:09:41.240 something that you necessarily should be doing. Right, you're not 0:09:41.280 --> 0:09:43.480 passionate about it. You got to find out how can 0:09:43.520 --> 0:09:44.160 I add value? 0:09:44.200 --> 0:09:44.360 Right? 0:09:44.440 --> 0:09:46.640 Once I have those things all right, this is my passion, 0:09:46.640 --> 0:09:48.920 I've added value. Now what like I got to crumb 0:09:48.960 --> 0:09:50.719 up with a business name or something like. That's what's 0:09:50.720 --> 0:09:51.600 the next thing I want to do. 0:09:52.160 --> 0:09:54.440 So after you figure out and you're very clear on 0:09:54.600 --> 0:09:57.800 what product or service you're going to offer, the next 0:09:57.840 --> 0:10:00.200 thing that you have to consider is your name. So 0:10:00.240 --> 0:10:02.920 your business name is going to be everything, right, because 0:10:02.960 --> 0:10:05.080 this is what people are one going to refer you, 0:10:05.720 --> 0:10:09.000 refer to you as as well as thinking about and 0:10:09.040 --> 0:10:11.840 considering what does that mean in the future, how will 0:10:11.840 --> 0:10:15.400 that affect funding? Like a lot of people are denied 0:10:15.480 --> 0:10:18.720 regularly for loans or any type of line or credit 0:10:18.760 --> 0:10:22.240 because they may put investments or real estate in their name. 0:10:22.720 --> 0:10:25.280 Lenders are like, no, that's risky, right if you put 0:10:25.320 --> 0:10:30.120 that you I don't know you do anything risky. The 0:10:30.840 --> 0:10:33.120 bank is going to be like, no, I'm not approving 0:10:33.160 --> 0:10:36.480 that loan because guess what, I don't know if I'm 0:10:36.480 --> 0:10:38.440 going to get my money back. And that's the only 0:10:38.480 --> 0:10:41.960 thing that any lender or investor cares about. How am 0:10:42.000 --> 0:10:44.079 I going to get my money back? So you have 0:10:44.120 --> 0:10:48.520 to think about a name that one represents your brand 0:10:48.640 --> 0:10:51.400 and two is not going to mess you up with lenders. 0:10:51.600 --> 0:10:53.800 Let's talk. Let's get right into this conversation of name 0:10:53.880 --> 0:10:56.280 since you brought it up first. You also want to 0:10:56.320 --> 0:10:58.520 make sure you have a name that is original and 0:10:58.600 --> 0:11:01.040 not trademarked, right, yes, So how can you search that 0:11:01.200 --> 0:11:03.760 to know if the name is actually something that you're 0:11:03.800 --> 0:11:05.319 not going to get sued for because somebody else is 0:11:05.360 --> 0:11:05.880 already using. 0:11:06.080 --> 0:11:10.120 So before starting any business or putting out any slogans, 0:11:10.920 --> 0:11:13.480 you have to make sure that it's not already in use. 0:11:13.679 --> 0:11:17.360 If another business already has it trademarked, then you have 0:11:17.480 --> 0:11:20.880 to consider the fact that you probably can't use it. 0:11:21.280 --> 0:11:24.000 And so you want to go on the USPTO's website 0:11:24.040 --> 0:11:28.000 and search to confirm to see if that name is available. Okay, 0:11:28.080 --> 0:11:33.480 So that is like step one or step two, because 0:11:33.520 --> 0:11:35.240 you want to check your LLC's, which I'm sure we're 0:11:35.240 --> 0:11:36.880 going to get into. Yeah, right, But you want to 0:11:36.880 --> 0:11:39.079 make sure that the point is that you want to 0:11:39.120 --> 0:11:42.360 make sure that you're not infringing on someone else's business. 0:11:42.480 --> 0:11:45.040 You don't want to sit down and create products and 0:11:45.120 --> 0:11:48.520 packaging and create an entire brand, and you're ranting and 0:11:48.600 --> 0:11:51.400 raving about it for you to just receive a cease 0:11:51.440 --> 0:11:54.720 and desist letter from another business because you're infringing on 0:11:55.880 --> 0:11:56.520 their brand. 0:11:56.679 --> 0:11:58.440 So yeah, a lot of times people just come out 0:11:58.480 --> 0:12:00.320 with things and put it on their product and then 0:12:00.320 --> 0:12:02.480 you get to see some desist letter. But also one 0:12:02.520 --> 0:12:04.200 of those things you got to look at is what 0:12:04.240 --> 0:12:06.600 the actual slogan is or the name is being used 0:12:06.640 --> 0:12:09.640 for because there's different categories right, different category. It could 0:12:09.640 --> 0:12:12.240 be for clothing and good for food, it could be 0:12:12.320 --> 0:12:14.800 for educational purposes. So you got to make sure you 0:12:14.800 --> 0:12:15.560 look at all those things. 0:12:15.640 --> 0:12:20.720 Yep. Because I and I actually got this information very 0:12:20.720 --> 0:12:23.600 early on from the BIS lawyer. She does all of 0:12:23.640 --> 0:12:26.200 my she does all of my trademarks, and so she 0:12:26.280 --> 0:12:28.040 had to break it down to me. She's like, because 0:12:28.320 --> 0:12:31.040 when I first tried to do miss business, there was 0:12:31.080 --> 0:12:33.080 like all these different categories and I'm like, well, I 0:12:33.080 --> 0:12:34.640 want to do this and I want a trademarked in 0:12:34.640 --> 0:12:39.080 this category, in that category. And so I actually got 0:12:39.120 --> 0:12:43.320 an office action because there was someone else in education. 0:12:43.520 --> 0:12:46.280 We fought it and I own this business now. However, 0:12:47.200 --> 0:12:51.080 it's so important to understand, and there's all. She gives 0:12:51.120 --> 0:12:53.600 an example where it's like, you have Pandora Music, but 0:12:53.640 --> 0:12:56.280 then you have Pandora Jewelry, right, so those are two 0:12:56.360 --> 0:13:01.239 different categories. But what's happening is that you can literally 0:13:02.200 --> 0:13:05.960 have businesses with the same name but just in two 0:13:05.960 --> 0:13:10.040 different categories because it's all about what a consumer can 0:13:10.640 --> 0:13:13.920 identify as your brand. So no one's gonna like think 0:13:13.960 --> 0:13:17.720 that Pandora Music is Pandora Jewelry. Right, It's two different things. 0:13:18.000 --> 0:13:20.959 So we have to uh, we have to think. That's 0:13:21.000 --> 0:13:24.000 an amazing example. When she Yeah, when she talked about that, 0:13:24.040 --> 0:13:25.800 I was like, oh, wow. 0:13:25.760 --> 0:13:28.520 You're right unless but that's why. Also if you get trademarks, 0:13:28.520 --> 0:13:31.319 because you never know, you might want to start at 0:13:31.320 --> 0:13:33.520 one thing and then go to another thing later on 0:13:33.600 --> 0:13:36.360 where you're not you might start as a clothing line 0:13:36.360 --> 0:13:37.959 and you're thinking that's only going to start as a 0:13:38.000 --> 0:13:43.560 clothing line. But using references, Griselda shout out to Benny 0:13:43.600 --> 0:13:46.280 the Butcher and West Side Gun and Conway. You up 0:13:46.320 --> 0:13:47.960 on them, I'm not heard. 0:13:48.400 --> 0:13:54.560 Yes, yes, yes, I'm I no, no, I know I 0:13:54.679 --> 0:13:57.120 know who they are. I know who they are and 0:13:57.160 --> 0:13:59.320 I like their music. But to be honest with you, 0:13:59.360 --> 0:13:59.920 I just listened to. 0:14:05.080 --> 0:14:08.839 Safe Bet, but I used them because they started as 0:14:08.840 --> 0:14:11.520 a fashion line, so even their drop is like Risel 0:14:11.600 --> 0:14:15.720 the fashion Rebels. But obviously now they're in music, so 0:14:16.040 --> 0:14:17.959 I don't necessarily know if that was the original plan 0:14:18.080 --> 0:14:20.080 to go to music, but let's say that wasn't the 0:14:20.120 --> 0:14:24.360 original plan. They started as a fashion clothing company, but 0:14:24.480 --> 0:14:26.960 now they're a music company. So I say that to 0:14:27.000 --> 0:14:29.800 say it's good to kind of trademark as many different 0:14:29.800 --> 0:14:32.600 things as possible because you never know where your business 0:14:32.640 --> 0:14:32.920 is going. 0:14:32.800 --> 0:14:34.880 To take and being able to look into the future too. 0:14:35.200 --> 0:14:39.040 Sometimes we're thinking too small. So to your point, it's like, 0:14:39.480 --> 0:14:42.000 and figure out what your gateway is going to be 0:14:42.120 --> 0:14:44.840 to get into different industries. So it looks like they 0:14:44.920 --> 0:14:47.000 reversed it, and that's why I was so shocked to 0:14:47.040 --> 0:14:49.280 know that they first got into fashion then went to music, 0:14:49.360 --> 0:14:52.120 because most people go into music then go into fashion, right, 0:14:52.160 --> 0:14:54.040 So it's it looked like they said, you know what, 0:14:54.280 --> 0:14:56.400 we're going to do fashion and then we're going to 0:14:56.480 --> 0:14:58.680 go into music, because maybe they felt that it was 0:14:58.720 --> 0:15:02.280 a good marketing strategy, but sometimes just kind of figuring out, 0:15:02.400 --> 0:15:05.760 like what's going to be your can't do it to 0:15:05.920 --> 0:15:08.600 get to the masses is important and you want to 0:15:08.600 --> 0:15:11.600 make sure that you're protecting yourself at every aspect. 0:15:11.800 --> 0:15:13.440 There was these two guys from Greenberg that had a 0:15:13.480 --> 0:15:18.040 slogan that had access liabilities on the shirts to start 0:15:18.120 --> 0:15:19.480 as closing and ended up at the TV. 0:15:22.400 --> 0:15:25.040 You might know them or you may not. 0:15:25.440 --> 0:15:28.640 Also, this is true too, right, not only trademarking the category, 0:15:28.720 --> 0:15:30.160 but trademarking. 0:15:30.160 --> 0:15:32.040 The place you are, like location. 0:15:32.240 --> 0:15:34.160 So like having a trademark in the United States doesn't 0:15:34.200 --> 0:15:36.640 mean that it's trademarking Europe and Asia. 0:15:36.840 --> 0:15:39.680 Let's talk about that. Let's talk about that, right, because 0:15:41.000 --> 0:15:44.200 a trademark is federal, right, So federal meaning that it's 0:15:44.240 --> 0:15:47.520 going to cover you throughout the US. But as you mentioned, 0:15:47.520 --> 0:15:51.880 that does not cover other countries. And are we going 0:15:51.880 --> 0:15:56.920 to get to LLC's Yeah, okay, yeah, yeah, but yeah, 0:15:56.960 --> 0:15:59.760 so like LLC's as an example, we could go back 0:15:59.760 --> 0:16:03.240 into it, but LLCs is more so going is more 0:16:03.320 --> 0:16:06.360 so registering on the state level, right, And then people 0:16:06.360 --> 0:16:08.400 will always ask me about let's say, like a DBA 0:16:08.680 --> 0:16:11.680 that's registering it on the county level, right, So you 0:16:11.760 --> 0:16:15.560 have to be careful and understand what you're protecting and 0:16:15.640 --> 0:16:19.640 at what level you're protecting, because if you you know, 0:16:19.760 --> 0:16:21.920 someone can take your same name in a different state 0:16:22.680 --> 0:16:26.240 and then start a business because you only you know, 0:16:26.320 --> 0:16:28.520 register in that state. But if you do your trademark, 0:16:28.680 --> 0:16:32.040 that's going to protect you federally. Right, So the. 0:16:32.000 --> 0:16:34.160 Price is not that much when you do like well 0:16:34.360 --> 0:16:36.960 LLCs or trademarks, it's like maybe a couple hundred dollars, 0:16:36.960 --> 0:16:37.880 maybe a thousand dollars. 0:16:37.760 --> 0:16:40.840 Unless you gotta fight it. But yeah, it's not fast, 0:16:41.000 --> 0:16:42.160 it's not that up yet. 0:16:42.240 --> 0:16:44.359 It's not to national a little bit more expensive. 0:16:44.520 --> 0:16:45.480 Yeah, definitely. 0:16:45.720 --> 0:16:48.680 So let's talk about, all right, starting it your business 0:16:48.680 --> 0:16:50.160 yourself or working with partners. 0:16:51.200 --> 0:16:53.080 This episode of Erni a Lisia is brought to you 0:16:53.120 --> 0:16:57.560 by McDonald's, proudly serving communities since nineteen sixty five. McDonald's 0:16:57.560 --> 0:16:59.720 is more than just a place to get tasty, affordable food. 0:17:00.080 --> 0:17:02.280 Over the years, has become a staple in our community. 0:17:02.720 --> 0:17:05.240 It's the place you're guaranteed to see teammates after a 0:17:05.280 --> 0:17:07.080 big game because everyone. 0:17:06.760 --> 0:17:09.200 Is headed to Mickey D's win or lose. 0:17:09.720 --> 0:17:11.880 When I stop in for my morning breakfast of three 0:17:11.880 --> 0:17:14.480 hot cakes and a hash brown, seeing students using the 0:17:14.480 --> 0:17:16.800 Wi Fi for their social media is all part of 0:17:16.840 --> 0:17:20.440 the routine. It's become the epicenter of the community, whether 0:17:20.440 --> 0:17:23.160 it's gathering for a birthday party and we've all been 0:17:23.200 --> 0:17:26.399 to a McDonald's birthday party, or the place that someone 0:17:26.440 --> 0:17:30.040 receives their first job. McDonald's grows with his patrons, which 0:17:30.080 --> 0:17:36.760 makes it the go to place generation after generation by McDonald's. 0:17:37.040 --> 0:17:37.719 I'm loving it. 0:17:39.240 --> 0:17:43.440 You know, I'm the accountant, so I get all the information, right, 0:17:43.520 --> 0:17:48.600 so people have to consider what I like to say 0:17:48.680 --> 0:17:51.160 every time someone comes to me and they're asking should 0:17:51.200 --> 0:17:54.800 I start a business by myself or should I get partners? 0:17:55.200 --> 0:17:59.360 Sometimes people are getting partners for the wrong reason. They're 0:17:59.400 --> 0:18:02.160 getting partners because they want someone to lean on. When 0:18:02.160 --> 0:18:06.679 this person does not provide any sort of value to 0:18:06.760 --> 0:18:08.879 you at all. It's just someone that you can talk to. 0:18:09.160 --> 0:18:12.479 People want a therapist, right, They want a therapist. They 0:18:12.480 --> 0:18:15.520 want someone that they can bring along on their journey. 0:18:16.240 --> 0:18:21.360 So that way it can you know, be I guess, yeah, 0:18:21.359 --> 0:18:22.840 they can have a partner. They can have somebody to 0:18:22.840 --> 0:18:25.120 go along and showed a lean as I said, a therapist. 0:18:25.600 --> 0:18:30.200 But business is so business is so complicated and there's 0:18:30.280 --> 0:18:32.439 so many decisions that's going to be made that you 0:18:32.480 --> 0:18:34.760 want to make sure that if you are partnering with 0:18:34.800 --> 0:18:39.080 someone that they are of benefit to the business. And 0:18:39.160 --> 0:18:41.960 so there's so many different ways when you have partners 0:18:42.359 --> 0:18:44.440 everyone doesn't have to be in the forefront. You may 0:18:44.480 --> 0:18:46.560 have someone that is a partner for you, but it 0:18:46.600 --> 0:18:49.280 may be on a monetary perspective, right, you may need 0:18:49.280 --> 0:18:53.520 their capital, or you may need someone that they may 0:18:53.520 --> 0:18:56.800 have the knowledge. You may have the capital, you may 0:18:56.800 --> 0:18:59.560 have the time, they may have the capital. But let's 0:18:59.600 --> 0:19:02.400 say both you have the capitol, but nobody has the knowledge. 0:19:02.880 --> 0:19:06.240 What are you doing right? You know? And so I've 0:19:06.280 --> 0:19:10.280 seen so many partnerships come together and then dissolve. Like 0:19:10.359 --> 0:19:15.479 I've literally had people form an entity with me and 0:19:15.520 --> 0:19:19.000 then on the phone because they could not get things together, 0:19:19.200 --> 0:19:21.520 dissolve the company right on the phone with me, like 0:19:21.560 --> 0:19:24.639 you know what, let's just dissolve this. And that's because 0:19:24.760 --> 0:19:27.679 they did not do their due diligence upfront and they 0:19:27.720 --> 0:19:32.240 were just trying so desperately to make it work. Guard 0:19:32.280 --> 0:19:35.359 your ideas. I find that sometimes there's usually a group 0:19:35.520 --> 0:19:38.520 of people in a room and they're just like, hey, yeah, 0:19:38.600 --> 0:19:40.120 I want to start this business, you want to start 0:19:40.119 --> 0:19:42.960 it with me? It's like who makes this person qualified 0:19:43.040 --> 0:19:46.800 to start a business with you? And so that's the 0:19:46.800 --> 0:19:48.920 first thing that you have to do. Really figure out 0:19:49.119 --> 0:19:55.399 what asset is this is this partner going to be 0:19:55.400 --> 0:19:58.119 an asset or they going to be a liability and 0:19:58.160 --> 0:20:00.439 so figuring that out and what they bring to the 0:20:00.520 --> 0:20:04.800 table is going to be extremely important. Then deciding based 0:20:04.880 --> 0:20:09.320 on their value in the business, what ownership percentage do 0:20:09.359 --> 0:20:12.119 they have? Do they does that automatically entitle them to 0:20:12.160 --> 0:20:15.520 fifty percent of your business? Did you already have a 0:20:15.640 --> 0:20:19.360 concept already proven? Have you already did all the research? 0:20:19.680 --> 0:20:22.280 What exactly are they coming with? They may only need 0:20:22.320 --> 0:20:25.040 twenty five percent, they may need ten percent, they may 0:20:25.080 --> 0:20:28.359 need fifty percent. You really need to consider if you're 0:20:28.359 --> 0:20:31.240 giving away fifty one percent, because that's control, right. 0:20:32.080 --> 0:20:33.000 These a real conversation. 0:20:33.160 --> 0:20:35.560 These are real conversations that people are not having. And 0:20:35.600 --> 0:20:38.640 as we move into this space where there's so many entrepreneurs, 0:20:39.400 --> 0:20:42.119 that's kind of like how miss business started because I 0:20:42.240 --> 0:20:44.360