How to Start A Business in 2024: Step-by-Step Guide
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- เผยแพร่เมื่อ 7 ก.ค. 2024
- Follow these exact steps and you will know how to start a business in 2023.
Register your Business here: bit.ly/411qW5g
Tax Planning & Tax Preparation Services: bit.ly/3iC6FCI
Business Plan Template: bit.ly/3sUgDBB
Operating Agreement Template: bit.ly/3LQOFNB
Running a business is tough.
However, in 2022, how to start a business is easier than it's ever been. You can literally get started with very little capital and right from your house.
But you need to take the right steps, so you avoid any pitfalls later on.
Because if you're taking shortcuts then you likely will be burned in the future.
So, in this video, I will go over 15 steps for how to legally start a business in 2021 and likely in 2022 the steps will be similar as well.
I'm going to touch on business banking, entity selection (pros & cons), and other small yet important details, so you can get to your launch.
Video Outline for How to Start a Business:
Intro: (0:00)
2021 is the Best time to start a business: (0:29)
Business Plan: (1:30)
Choose Business Entity: (3:09)
What is a sole proprietorship?: (3:35)
Sole proprietorship CONS: (3:35)
What is a general partnership? (4:50)
C Corporation CONS: (5:37)
LLCs: (7:10)
Step #4: (8:35)
Step #5: (9:05)
Step #6: (9:45)
Step #7: (10:07)
Step #8: (10:30)
Step #9: (11:29)
Step #10: (11:59)
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
And please help us out by liking this video, comment if you have questions, and subscribe for more :)
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Watch this next: "How to Start a Business WITHOUT money" th-cam.com/video/uCoFeOLQMus/w-d-xo.html
th-cam.com/video/TVuglPIdP_A/w-d-xo.html
I really appreciate this video it was very helpful, and answer all my questions they gave me a step-by-step plan, and I read so much stuff it all confused me but you put it all together for me thank you and I really do mean that!
Your channel is my new favorite on TH-cam. I have been "in the process" of starting my own business for a ridiculous amount of time. I am a bit of an over planner and am definitely my own worst enemy. I wish I would have come across your videos when I first started down the TH-cam rabbit hole a little over a year and a half ago. Don't get me wrong, I have learned a wealth of info and found some amazing other channels in that time. I have only watched 3 of your vids so far and I am delighted to say that in 45 mins-ish, I went from "in the process" to "hell yeah, let's do this!" The levity that you bring into all the seriousness dissolved the anxiety that has been building for over a year and a half!! You sir, are a Rockstar. Thank you, thank you, thank you! Wish me luck!!
Couldn't have said it better myself ! I hope all is well !
You my friend have maybe just saved me from making a mistake
That would make me happy
@@EricDavisED that is something that I will keep to myself
Business plans are essential to think, reflect, and consider internal and external factors that affect a business's profitability. Your burger restaurant example makes a lot of sense. Thanks for sharing!
Absolutely!
You are very punctual, precise, and have great information. Your video edits and effects are on point. I've thought of a business idea we can use your talent with taking over the world's video industry. On another note Im working on a trillion dollar energy plan that I've should of done 15 years prior. Thanks for the info and impressive detail in video💯👍🏾
This video is fantastic! I can't believe it doesn't have 100s of thousands of views. One of the best explanations of business entities I've seen
Wow, thank you! So glad that you enjoyed it
This video was short for the amount of information packed into it. I found it very helpful.
Thanks for what you do! Great information. Much appreciated
Thank you so much for making this content!!
Glad you enjoy it!
This is the best video Ive seen on how to start so far
I appreciate that Cierra
The Best how to video I've seen yet! Thank you for you step-by step instructions
Wow! Thank you for adding to my knowledge.
Helpful. Love this channel!
Such a great starter video! Thank you so much for sharing your wisdom!
Thank you so much for watching! Are you considering start a business?
Absolutely fantastic. This is very helpful.
Happy to hear that and thanks for watching.
Awesome content. You know your stuff! Thanks for the videos.
My pleasure! Thanks fro watching.
Fantastic, thanks!
love these steps. thanks you so much.
You're so welcome!
Thank You for sharing this information. I have successfully started 3 companies just by watching your channel. ❤
That's Amazing! Congrats Andrea.
Even with a great idea, team and plan, your business success depends on how well you can manage your business's finances. ... Knowing how much money is coming in and going out of your business each month (its cash flow) can also help you make strategic, fact-based decisions.
Perfect Bro. Thanks, been looking around and you got straight to the point. 😇
I really appreciate this video it was very helpful, and answer all my questions they gave me a step-by-step plan, and I read so much stuff it all confused me but you put it all together for me thank you and I really do mean that!
Your videos are so easy to learn from. Thank you!
Glad you like them!
Dang, that's a LOT of info! Great job and thanks. Subscriber from NW FL.
Awesome video! Thank you
My pleasure! :)
Sir thank you, so much for the this video with the inclusion of the visual aid “PowerPoint”presentation definitely graduated high school 06 this is how we learned!
This was extremely helpful.
Thank you for the well organized information.
Thank you for the video.
Very Helpful!!
Glad it helped you!
So blessed to have found this account I'm a college student and all of this is kind of scary. It's nice getting clarity and being able to learn the necessities.
Glad you found us too! Thanks for sharing your feedback
Thank you 🙏🏾. The IRS joke was funny 😂😂
Well done and well presented - Thx
Awesome stuff 👍
thanks for this 🙏🏾.
Thanks for watching
It's unfortunate that I can only give this one thumb up. Great video--thanks!
Earned your like man
great info thank you
Dimes and Gems, my friend!
New sub!!
Derrick, Thanks for the sub! Feedback means alot
Thanks man appreciate the video! Do you have a specific accounting software you recommend? I know quickbooks is well known and widely used, I'm not really familiar with any alternatives
loved it
Thank you much
thanks again.
Favorite channel on TH-cam rn and i only saw two videos
Now thats love, thanks for the comment!
Thank you.
Great for note taking and free advice. Bless up god
Generally, you'll have an LLC taxed as an S-corp, provided you are earning enough that you can pay yourself a reasonable salary, and have K1 income leftover to take out of the business. Usually, the point it makes sense is about $40-50k (that you pay yourself from the business). Having an LLC gives you liability protection from business operations. It also acts as S-corp insurance, where in the case it makes sense for you to make the S election, you can back date it and be taxed as an S-corp, up to one year, with the help of a good lawyer.
Great point
This video was very informative and hella funny. Great job Black man!
Clear, concise, information! Great work man!🔥🔥🔥
Thank you this is very helpful
I'm so glad! Which part did you find most helpful?
Omg I love this video , thank you just sub
Wow I appreciate you taking the time to comment that 💯
Fab video awesome 😎
Loved 😍 this video
Thanks you was very helpful 😊
Excellent
Thank you brother💚
You're the most welcome, Swayla. Good luck!
Thank you!
My pleasure!
Cool. I’m on track, I guess. Next step is the business baking account. I’m still incredibly anxious about everything though!
thank you for your help.
You're welcome! Hope you consider subscribing :)
Here form the "How much does starting LLC cost" video. Keep 'em coming!
Deal!
super hit video
thanks for teach us God bless you journey
Love, Love, Love the videos. LYFE Accounting has become my new virtual mentor in this area.
I have certain questions that will be easier to ask in a chat or over the phone. I really like the way you explain things and have a clear way to have others understand the concepts. is there a way that I can get in touch with you directly?
excellent
I will use it
Thank you for your video! When applying for an EIN if you haven’t officially launched your business but are just in the planning stages what is appropriate to put for the start date? Also should you choose to file annually or quarterly when starting out? Thank you in advance!
Great content
Thank you
For what?
Thanks for these steps! I have a question! I want to make an online business. How do I choose the address for the business? Do you have a video on this? Operating an online business, but living somewhere else?
Thanks for this. I'ts still relevant in 2023.
Yes it is, thank you!
Wow how amazing am just too lucky to fall on this channel ❤️🔥
Thank you so much❤❤
Of course, thanks for watching! Just curious, what did you find most helpful?
@@LYFEAccounting 6-8 especially
like it thanks
Super helpful explanation and steps!
Glad you think so!
Love your info man, need help. I’ve started a business have a ein and I have my local, working to create my business checking so wats next
If I was starting a retail shop or restaurant, how is it any different than before??? Rent, insurance, products, accountant, helpers that already seems like 50k how can the average Joe start, after years of saving or can bank give you a loan???
As a Real Estate Agent, should I make a LLC? Of so, what is the procedure? Thanks
the information only makes sense if you're larger. if you have a warehouse or dropship alot of product sure. but if you're just starting out this isn't needed. most people I know have a 9-5 including myself to fund that dream. I have a timeline where I'll be able to quit but not right now.
If your a sole proprietorship while getting started why not get business insurance to cover you and your business. This would allow you to build until you can become a LLC no?
🔥
How do you find out how much tax to charge ? And who do you pay the tax to ? And how do I explain what And who ? Per customer ?
So if I use an llc and choose to be taxed as an s-corp I still have to pay myself a reasonable salary correct?
How to draw up plans for Bar / Nite Club
If you're going to have a law firm, accounting firm or a medical practice, an LLP is what you'll need to have.
great vids .. small spelling error (empolyees) @ min 9:05
Hello, I did but the irs wrote me an email telling me I need an itin first, I filled up the ss4 form
I have everything up until number 6…However I’m not selling anything and at this point I feel like I setup my llc prematurely…
Is there a certain situation where filing as a sole proprietor or an LLC or anything else would be a better idea than the other entity type?
Yes, all depends on the business type. you should watch my video on the disadvantages of an LLC for example
You didn't mention the nonprofits or the Texas Social Enterprises (social purpose corporations).
Great video , how do I fill out the LLC form for a real estate agent?
Completing it is nearly the same for everyone. Just be sure to choose the corresponding NAICS Code.
What about and LLC taxed as an SCorp?
Hmmm, I made an LLC back in 2016 and never paid an annual fee. It still says active and I haven't used it in 2yrs. Is that a state by state thing?
yes in arizona we don’t have annual fees
Ay Big Sean when your next album dropping?
Freeze! IRS! LOLOLOL
IMy daughters and I want to start a business together. We want to do an S-Corp but wondered if we could all be equal owners and members or will there need to be 1 basic owner plus a board of directors? How should that be set up?
Hmm, I'd have to ask you some other questions to help guide your setup. You may want to consider booking a consultation with me at lyfetaxes.com/
In general, LLC may be a good option
I see the Title says 2024, but in the video you talk about 2020/2021. Is it safe to assume this video holds true for this year?
I got like 4 minutes in, great content! But then I got a literal headache from the sound when the text pops up and couldn’t continue. Im sorry! Just a little constructive criticism on a super old video haha 😂☺️
Sorry about that, we did correct that in our newer videos
Can one obtain an EIN number as a sole proprietorship? One of my main motivations for becoming an LLC was to receive an EIN so I could establishing a business account with a bank.
Question number two: where are you all located?
Thank you for the videos. Sincerely, John
yes you can
Thanks for the help. What about a clothing company?
NP, but what about it? What's your question?
@@LYFEAccounting llc/ sole propriter?
Honestly either business entity could work. You should watch my other video on the disadvantages of an LLC to help you think through it: th-cam.com/video/YIeHSDbS63o/w-d-xo.html
@@LYFEAccounting I'm going to be completely honest with you. I just got out of prison after 9 years and 4 months. But I came up with this awesome logo. I showed it to a few people and they sort of flipped out and really like it. So I wanted to start a clothing company with this logo. I know its real "cliche", but if you saw it you would understand. So now I have this really cool logo and want to start a clothing business, and protect my logo, and have no idea where to start. I'm an electrician and have decent education, but want to get out of construction and work for myself.
@@matthewcook4955 Rooting for you, honestly, clothing companies are very difficult to turn into a big business. The biggest thing you can do is be great at digital marketing and getting people to see your stuff.