#27 - How to Start Your Business Now (Legacy Episode)

Matt explains, in detail, how to start your own business. Seriously, you can be a business owner today following these steps. This podcast is brought to you by TurnKey Coach. Enhance your coaching effectiveness and efficiency with TurnKey Coach. You can learn more by going HERE. Here is Matt's presentation on how to officially start a business. Check out the Barbell Logic podcast landing page. How to Start A Business This applies to starting a business in the United States. If you're in another country, the specific details differ. That being said, find out what those simple steps are, and go crush them. There are 3 steps to start a business in the United States. File an Articles of Organization in your state (LLC) Get an Employer Identification Number (EIN) Open a business bank account File an Articles of Organization in You State Do this online, not on paper, to avoid delays. To begin, Google search "Articles of Organization + [your state]." When sorting through the results, make sure it's the Secretary of State official government website (e.g. .sos.mo.gov). You may need to Register as an Agent with your State (free). Do a quick business name search (in State) for conflicting names. You likely should also search the US Trademark Office. "Register a Business" or file "Articles or Organization for a Limited Liability Company." You just completed Step 1. Get an Employer Identification Number (EIN) This is essentially a Social Security Number for your business. Go to this website. Click on "Apply Online Now" and answer the questions. It's easy, free, and fast. Don't overthink or stress out about the questions - just answer them to the best of your abilities. Step 2 is done (that was fast)! Open a Business Bank Account Pretty much all you need to complete this step are documents from the first 2 steps. Gather your Articles of Organization, EIN, personal identification, and maybe an Operating Agreement. You should only need an operating agreement if you have a partner. That being said, you can use this template. An operating agreement answers simple questions about ownership percentages, initial personal investment, etc. Again - don't overthink it. Answer to the best of your abilities. Matt recommends setting this business account up with a local bank. Why!? Because to a local bank, you can be an actual person whom they've met. This may help, if you need to acquire a loan or some other issue arises. Okay, you've completed step 3. You're a business owner. Using Your Business Bank Account Once you have the account open, deposit all coaching revenue into this account. All business and business-related expenses should be spent from the business bank account (tax free - these expenses come right off your income so that you don't pay taxes on that income). Below are some business expenses: Equipment (lifting gear) Travel Mileage Car used specifically for business Laptop for online coaching Internet for online coaching Business meals (50% tax free) Marketing expenses Additionally, if you have a home gym and/or home office that square footage is tax deductible each year for things like utilities and renovations. PS -  Coach Smarter, Earn More: https://bit.ly/3X4ixOX Matt's Links Website: https://ryanmattreynolds.com/ Instagram: https://www.instagram.com/reynoldsstrong/?hl=en Chris's Links: LinkedIn: https://www.linkedin.com/in/chrismreynolds/   See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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