Lessons

Lesson Info

Month 1, Week 1 (Sept 8-14) - Assignment Video

Hey, guys, I'm so honored that you're taking the time to spend three months with me. It's your very first video of your homework assignments. If you go to the course page, you will actually see a PdF of your homework assignments for the week. So if you forget, every single thing that I tell you right now will always be there. You'll get a new PdF every single week. That will look an awful lot like this, and it will detail out your homework assignments, and you should probably really go do them. Now I know that some of you will look at these PDS and you'll be like, Hey, listen, I don't need to do number one or I don't need to do number five. But before we even really get going with this course, I would really like to challenge you to do all of the assignment, even if you think you don't need them. And even if you really don't want to turn in the homework for them, at least read the sections of the book that I'm telling you to read. At least take another look at your business. You might ...

be really surprised that something that you think that you have a total lock on. You either missed something or that there's something that could maybe help you dio a little bit better. So the very first thing that I want you to do in please do not roll your eyes at me. Assignment number one is to debate the name of your business. Now I know all of you have the business and marketing workbook. It was included free with this course. It is literally the very first thing in the book. This should go very linear through the book for you. So you shouldn't have any problems finding exactly what I'm telling you to look for. But Assignment number one is to read the section about naming your business debate All of the things. There are tips and tricks in there for you to read. Give those all some great thought and then come back and tell me if you're keeping your same business name or if you've decided to rebrand to something else. Or if you're a brand new business, what you've decided on for your business name and why All right? Assignment number two. Now that we know who you are on what your business name is. We're gonna talk about where you're going to run your business. And I'm not talking about where your marketing to assignment number two really just deals with where you are actually physically going to be in your body while you're doing your business. That will be that came out dead wrong. But you know what I mean. That will be the second section in the business and marketing workbook. Just read a little further in there and you'll find it and there are several calls to action in it. So what I want you to do is take the time to really answer all of the questions that are in there. And this is in your pdf. There will be questions such as, How would working from home benefit myself in my business? And how would working from home negatively impact myself in my business? You know, these are things that I can't give you the answers to. You have to really think through your own home life, what you want out of your business, your finances, the spaces that you have to work with. But there are. You'll see here there are a lot of things that you need to answer about this. If you've already decided you're working from home and you don't want a studio, I want you to do this anyhow. And if you have a studio, But you're thinking that you might want to give, you know you love it. But maybe I don't know. Listen, no matter where you're at and where you're working from right now, just do this even if it doesn't change your mind. Even if you don't go from working at home to working in a studio or switch and go from working in a studio working at home, maybe it will trigger like a problem area that you're having in your current situation and be able to help you solve it better. So Day one, we're naming your business day, too. We're figuring out where you're running it. Number three. We need to set up your business legally, and now I'm really hoping that most of you have already taken care of that. That's kind of a business 101 thing. But for those of you who haven't or for those of you who might have, but you're not sure if you did it right. I want you to go find the section in the business and marketing workbook about setting up your business legally, as I mentioned is that we're going chronologically through the book. So it will be the next thing after running your business. And what I want you to do is figure out if your S Corp or an LLC, what you've chosen and why. For some of you, this might be a very new decision. And for some of you, this might be a decision that you've already made. But if you've made this decision already, I still want you to go through this assignment to make sure that there was nothing that you missed when you set your business up legally. Assignment number four and again. Week one is very kind of kind of house cleaning and making sure you're set up correctly. So this is a lot of nuts and bolts. In week one Week four, we're going to talk about collecting sales tax, and that is going to be for the people in the mentorship who are part who live in the US, right? Like the mentorship students who live here in the us if you do not live in the US and you have any taxes that you need to be collecting for your country, for your city where you need to be. This is where you need to go. Do that research sort of on your own. But if you are a new business or if you are an established business and you're not sure if you're doing it right, I want you to continue reading through the business and marketing book until you get to the section on sales tax. It's right after setting up your business legally, you need to make sure that you have your sales tax permit. I want you to talk to your C P A. And make sure that you're doing it right. If you haven't met with your C P A in a really long time, or your your accountant or whoever does your books for you, now is the time to start reaching out to them because you might find it. In the past five years, something has changed with sales tax. You're not doing it quite right anymore, so if you're not set up, you need to get set up now. If you are set up, you need to make sure that you're still doing it correctly. So that Number four number five for this week we're gonna talk about gear and equipment, and this is to help you with your insurance quote. This is where the spreadsheets start coming in. I want you to sit down with your bag of your pull every single thing out, right down the type of year. It is the serial number on it, which is incredibly important and the replacement value as you're reading through the business and marketing workbook. This is the absolute next thing. After collecting sales tax, there are spreadsheets in there for you. The spreadsheets are both in the book. There is a corresponding spreadsheet that you will also have in Excel or numbers, depending on if you are PC or Mac, so it will be out there on the course page if you need it. And I know that throughout the year, sometimes we'll sell gear or we'll get new gear. This is a very, you know, housecleaning sort of thing where I want to make sure that you have a very fresh list of all of your gear and your serial numbers, and I just want you to take a look at your insurance. I want to make sure that the insurance that you're using now actually has an accurate listing of what all of your gear in equipment are. And if you do not have insurance yet, now is the time for you to start sending out four quotes. Right? Moving on Number six for this week is a really big one, the 1st 5 or a little bit easier. Sixes worry. We really start getting into the nitty and gritty of getting the work done, because this is when we're into your personal financials and there will be several spreadsheets that you're going to need to fill out here. First of all, I want you to really take the time to open up the business and marketing workbook and read the section on your personal financials. It is full of spreadsheets. The spreadsheets are also uploaded to the course page separately. If you need them as you're reading through the book, this is right after gear and equipment. It will be right there, and these were the things I want you to fill out, and it's here on your pdf. Also, in case you forget you're going to fill out the personal financial spreadsheet, you're going to fill out the personal Assets spreadsheet. You're going to fill out the personal income spreadsheet, and then when you're done with all of that, you're going to take the results of those three spreadsheets and figure out your final number. This is your amount of money that you need to make per year, and coming to this number might mean that you need to talk to your partner or your spouse or your roommate or your accountant. You know anybody in your life who helps contribute to those kind of monetary responsibilities every single month, And it would also be a really good time to sit down with your partner or your spouse or your roommate or whoever it is you know, contributes to the finances and talk about your future. Where do you want to go with this? How much money do you need per year to really kind of make your dreams start coming true and planning for a retirement? So this is gonna be a hard one. This might take you a little bit longer than the other ones because you really are gonna have to go back to your bank accounts and look at what you're spending money on and you're going tohave to maybe pull some receipts and take a look. And if you're not sure, I want you to do your expenses for this last month and then do it again every single month throughout the mentor ship so that you can really start to get a handle on this. But take the time to go in and really analyze these numbers, and they're all going to be very important. And then your last assignment for the week is figuring out we're still in this spreadsheet. Here are this list of things you need to dio You're gonna figure out how to fund your gear purchases for the future, right? And that's where I want you to keep reading through the business and marketing workbook. There will be a section on how to do this. I want you to fill out all of the calls to action there. Now, this is your 1st 7 This is your first week's worth of work were to go through them one more time. Number one naming your business number two where you're running your business number three. Setting up your business legally. Number four. Collecting sales tax number five is gear and equipment in terms of insurance. Number six is all of those personal financial spreadsheets. The goal of these personal financial spreadsheets is to come to that final number. This I need to bring in X amount of dollars per year. That's going to be if I if I had to say one most important thing for the entire week. That's what we're gunning towards is that number, and the number seven is figuring out how to fund your gear purchases for the future. So this is the work that I want you to dio during the first week. I know it's a lot of work. It's a lot of writing. It's a lot of soul searching and number crunching, but the Facebook group is here for you. I will be coming back on Friday to post um, kind of a big tell me what you're struggling with this week. Gonna make you videos over their video over the weekend that will answer those questions. And then the following Monday you'll get the video and then the next day, I will be in the Facebook group for 90 minutes, answering any questions that you have about anything we've done this week while you're gearing up for a week too. So good luck with week one. And I'm here for you if you need me.