THC Podcast 097: 5 Things You Need To Know About Starting Your Own Business
With a new year always comes new goals and a popular goal is starting a business.
Running your own business is an amazing opportunity and a lot of fun, but it will most likely be the hardest thing you will ever do.
In this THC Podcast episode, Ryan Stewman who has personally started several successful businesses is sharing with you in this episode how he was able to do that.
Ryan covers 5 things you need to know about starting your own business in this episode.
Let’s dive in!
5 Things You Need To Know About Starting Your Own Business
1. It’s Not Going To Be Easy
9 out 10 new small businesses fail within the first year so from that stat alone you can tell it will not be easy.
It doesn’t matter how great your idea or product is, it is still not going to be easy and will take a lot of work and commitment to keep your business afloat.
In this episode, Ryan Stewman discusses some of the challenges you will face when starting your own business.
2. The IRS Wants Damn Near All Your Money
The IRS is coming for your money and if you don’t pay them you will be facing many more problems.
It is important for you to understand business taxes and make sure you are socking away the money to pay them.
Inside this episode, Ryan Stewman shares how he handles taxes and makes sure he is ready for the bill from the tax man when it arrives.
3. You Better Have A Plan
If you try to wing it when it comes to business, chances are your business will be one of those 9 out 10 businesses that fail within the first year.
The more you plan and strategize your business the more likely you will still be around the following year.
Ryan Stewman talks more about making plans and laying out strategies for your business inside this THC Podcast episode.
4. Advertising Wins
When you execute advertising the right way it works.
Advertising gets attention which attention leads to sales.
Ryan Stewman has generated millions of dollars in sales all from advertising.
In this THC Podcast episode, Stewman shares some of his secrets on how he has been successful using advertising to grow his business.
5. Outsource Payroll, Accounting, And Legal Work
When building a business in the beginning you will most likely have to wear many different hats in your business but there are a few hats you will want to outsource.
Payroll, accounting and other legal work you will want to find professionals to handle these aspects of your business for you.
In this episode, Stewman shares why you want to outsource these parts of your business and how it will help you build a successful business.
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