How To Launch Your Side Business Successfully In As Little As 14 Days
There's absolutely nothing wrong with having a job. Some people genuinely love what they do, where they work and the people they work with. But, what if you had more time to spend on the things that you are truly passionate about?
No one gets wealthy from having a job. Read that again!!!
Having a job is great, you receive a paycheck in exchange for time spent completing tasks related to your work. That paycheck affords you the lifestyle you live, you pay your bills, go out to dinner or brunch with friends and you may even be able to squeeze in a vacation with the 2 weeks paid time off you negotiated in your contract. It's the American Dream!
But, that American dream is flawed. With your job, you're exchanging your most valuable asset - your time. Meanwhile, your boss has time to spend with his/her family, take 4-6 vacations per year (maybe more), owns homes in Miami and Fiji (which he flies to in First Class or on his private jet) and host dinner parties on his/her yacht.
There's absolutely nothing wrong with having a job. Some people genuinely love what they do, where they work and the people they work with. But, what if you had more time to spend on the things that you are truly passionate about?
I've always had an entrepreneurial mindset. Both my parents were business owners and growing up I never saw them work for anyone. They were always their own boss. I remember distinctly how my dad lectured me on the dangers of mediocrity and somehow my 10 year old self formulated the conclusion that if you worked for someone you were mediocre. That may not be what he meant, but that's the conclusion I reached at the time.
My dad has always been a self employed businessman that wears many hats. He is an engineer by trade, a lawyer, he owns businesses in a myriad of industries and has time to be involved in politics. It seemed to me that he did whatever he pleased at whatever time he felt like doing it . He employed competent individuals who managed the daily activities of the businesses and allowed himself the freedom to spend most of his days as he saw fit. He is a very shrewd man but I could never figure out how he made money but never went to work at a scheduled time. As a kid I decided, perhaps subconsciously that this too would be my life - wearing multiple hats and being financially independent to live the life I pleased.
As a dental student I loved scented candles and always had a passion for creating things by hand so I decided to merge the two. I started making candles in my kitchen as a way to relax and be creative and I've kept this passion alive till this day. Over the years it has transformed into a steady income earning business. My vision for the company has always been to become a staple in dental offices throughout the U.S (and the world) as well as homes, boutiques, yoga studios, restaurants, etc.
The candle company, my blog and other passive income streams remain my 6-10 (what I focus on when I'm not in my private practice being an Orthodontist and creating smiles between 9-5). However, during the pandemic in early 2020 when we were forced to quarantine I put my full focus into the candle business and was able to grow it over 300% in three short months. During this time I put 100% focus on my side businesses and they flourished! Now, I want to help you do the same.
Mindset Mastery
A lot of people have genius ideas that never get off the ground because they get stuck on turning those concepts into reality. Starting any kind of business is challenging! Despite those challenges, a well thought out idea can become a full time career (if that’s what you want).
Did you know it could take as little as 4 days to slingshot an idea into reality? I am speaking from experience. It involves a little mindset mastery, planning and execution.
Let’s face it, in life your mindset will make or break you. Business is no different. The truth is there is no better time than now to start that side hustle you’ve been thinking of. The Internet has created an environment where anyone can become successful once they have a great idea, fill a void or solve a problem. Those ideas are not serving a purpose in your head or in your notebook. They are worth nothing unless acted upon. This is the first step to starting your side hustle journey.
Mindset Master 1 - Believe in yourself and your business
Mindset Master 2 - Cultivate a mindset of abundance
Mindset Master 3 - Form Profitable Habits
Mindset Mastery 4 - Think 2-3 steps ahead
In my e-book: From Idea to Profit, I go over each mindset mastery step and get into the nitty gritty of launching your business. It includes 7 fundamentals steps every person has to go through to get their business going, in addition to all the steps necessary to get your business set up and fully running. The great part, all of this can be accomplished in as little as 2 weeks!
You have absolutely nothing to lose! For the cost of two cups of coffee you can get all the steps to get a profitable side business up and fully running that will continue to make you money for years to come. Not only that, but you also receive not one, not two but three free bonuses inside!
Reasons Young Professionals Need a CPA
Spring is usually the time when we talk taxes! But, since 2020 has been an unprecedented year all around, tax time came a bit later this time. Taxes are a necessary evil that is the sobering reality for anyone earning a paycheck. But with each passing filing and with the rising trend of DIY everything, it seems like the younger generation are turning their backs on an accountant and instead trying to do it themselves.
Spring is usually the time when we talk taxes! But, since 2020 has been an unprecedented year all around, tax time came a bit later this time. Taxes are a necessary evil that is the sobering reality for anyone earning a paycheck. But with each passing filing and with the rising trend of DIY everything, it seems like the younger generation are turning their backs on an accountant and instead trying to do it themselves. With the help of google people are turning to software like Turbotax or an employee at H&R Block to prepare and file their taxes at the end of the fiscal year. Nothing against these methods of tax preparation, but not everything needs to be DIYed (side note: don’t get me started on DIY braces). However, in this economic climate CPA’s are more important to young professionals and businesses than ever.
The Rise of Contract Employees, Start Ups and Side Hustles
The economy is primed for startups. We’re at an age when people are constantly able to create and innovate to drive the world forward with the click of an app. But with all new business ventures comes great risk. There is incredible and inherent risk when starting a business and every dollar spent needs to be accounted for. So it’s no wonder that with the boom of the startup sector that there’s a rise in contracted employees. Contracting employees is cheaper. Not only that, but by contracting work, startups everywhere gain the flexibility to adapt and shift to the market needs. Independent contractors are the logical choice for emerging businesses. However for the contractor themselves, the line between employee and freelance can be blurry.
Yes, You Need An Accountant
Inexperience, mixed with the looming tax deadline creates panic for so many young people. An accountant can alleviate that stress - they understand tax laws and can help you save your hard earned money. The same thing can be said for entrepreneurs navigating the world of small businesses. CPA’s can help keep your financials on track, while advising you on taxes. “This may seem obvious, but keep in mind that rules and regulations change frequently, and it’s tough if not impossible for any business owner to keep up with it all. An accounting professional can take away your uncertainty and ensure your business stays compliant.”
So, are we at a time when it’s easy to file your taxes, all on your lonesome? Yes. But nevertheless, more and more people are turning to the side hustle to earn a little extra at the end of the month.
Conversely, a CPA firm that concentrates on the dental industry can not only review QuickBooks, provide tax reduction planning, and provide best practices benchmarking for a dental practice, but should also provide insight into the best local providers for:
Dental Law Firms
Dental Banking
Dental Real Estate
Dental Brokerage
Dental Insurance
Dental Practice Cost Segregation
If you are searching for a higher level of expertise at key points in your dental career, it really pays attractive dividends to align yourself with a CPA firm that is focused on the dental industry. Below are some of the most important inflection points for hiring a Dental CPA:
Incubator Stage – While working in Corporate Dentistry or attending dental school, it really pays to create the right professional relationships to overcome obstacles to dental practice ownership.
Growth Stage (first five years of ownership) – Decisions ranging from office location to practice type to office staff can have profound impact on production, cash flow, client acquisition, and debt reduction.
Adolescent Stage – Decisions focused on technology upgrades, remodeling, office design, improved work flows, and improving clientele quality.
Maintenance Stage – Most of this phase focuses on saving for retirement.
Exit Stage – Most of this phase is focused on maximizing the value of the practice for sale.
If you haven’t found a great dental CPA to work with, feel free to shoot me an email and I can offer my recommendation.
