Starting a business during an unstable economy, a SHTF situation, is the best way to survive an economic shift in the world. Since the beginning of the pandemic, entrepreneurship has never been more important than now.
With so many businesses closing down and many more scrambling to adapt to the “new normal” during this Covid era, it has put an enormous strain on the world’s economy.
This month, I’m starting a new series where I’ll be documenting the relaunch of my company. From setting up the LLC to business development and getting paid. This series will be an inside viewpoint of what it takes to start a business on a modest income and with a barebones idea.
I’ve owned several businesses before. A c-corp plumbing company, a sole proprietorship cleaning company, and few gig-styled enterprises. This new venture (well, Mike Berrios Media has been one of my gigs since 2010) is an LLC.
My experience with my plumbing construction company taught me many valuable lessons that I’m still dealing with today. I’ll go over those down the line.
After the collapse of 2008, I wasn’t too active as an entrepreneur.
I did do the self-employed “gig thing” way before it became a trend. I was a plumbing consultant, a real estate consultant, and a marketing associate for several companies.
Now I did all that with some level success and it helped to put food on the table. But I still felt unfulfilled. It wasn’t my dream business.
After having a company with a workforce that required weekly payroll and all the idiosyncratic nuances that came with it, I definitely didn’t want to go through that again. Enter the home-based business model.
I joined a few network marketing companies with very little success but I learned a great deal. Let me tell you something about failures. They are your greatest teachers.
In fact, I encourage everyone to just go out there and fail as many times as you can. Start a project or a business (small and manageable, of course) in what ever hobby or interest you may have.
Go and make all the mistakes and document the whole process. I use a journal in collaboration with my notes app on my iPhone. I journal all the highlights and the screw-ups that I had that day or week.
Trust me when I tell you that when you fail, it will be painful, but you’ll learn valuable lessons that otherwise you’d have to pay a mentor for.
That leads me to my next advise. Find mentors. I struggled with that then and I still struggle with it now. It can cost you money or time but it is highly beneficial for you to seek out a mentor in your niche.
You can begin launching a new business without a mentor and go out there and fail or find a mentor to cut down the learning curve. Either way you’re going to pay. I just hope you learn something.
Next thing is become a legal enterprise. That means create a legal entity or corporation. I used LegalZoom to establish my S-Corp. I’m not a attorney or accountant so do your own due diligence as to the best type of business structure. Remember, we’re doing things legal.
Using LegalZoom was easy and affordable. Their process was relatively quick and very informative.
Back to the attorney and CPA/accountant. It may seem like a costly expense but it’s money well spent to help you avoid trouble in the long run. But you have to hire the right people for the right job.
In other words, if you need legal assistance for anything business related or after you launch your business, hire an attorney who specializes in what ever business niche that you’re in.
Accounting stuff, make sure that you’re dealing with a CPA that’s knowledgeable of the type of industry that you’re in.
Finally, let’s talk about why you’d want to start a business in the first place.
Starting a business can help you generate more income. Save on taxes. And potentially build wealth. And an extra caveat, help you leave a mark in the world.
Becoming an entrepreneur like an Elon Musk, Russell Brunson or a Tony Robbins will allow you to not only help you and your family; but to also help others. You can become a philanthropist or your product/service could help an underserved part of the world.
What I’m saying is don’t just start a business only to make money. (I know, it’s hard for me say it too) Start a business for a “purpose” and a “why”, that will allow you to “give” to the world or whoever you want to help. By taking this approach it will motivate you get your business started and running right from the very beginning.
Look for the continuation of this series in the coming days and weeks ahead as I document my journey.
If you’re looking for business to start, I recommend affiliate marketing. This is what I’m doing now.