When to open a holding company
How To START A BUSINESS As A "Holding Company"! #FreeGame
I want to take a few minutes to talk to
you about business ownership doesn't
mean you got to quit your job to own a
business because if you have a job you
are a w-2 employee you're in a perfect
position to own a business now you've
already heard me say on many occasions
that your business is your legacy and
that's the truth you can't leave your
children your job however when you have
a job you don't necessarily have to get
a second job especially if you're not
making enough income on your first job
instead of getting a second job
you can keep your first job but start
your first business this is the game now
when you start your business it's
important for you to understand how you
structure the business it doesn't matter
if you do an S corp or C Corp a
partnership or LLC I'm not necessarily
concerned about the structure from a
legal perspective as much as I'm
concerned about the concept that you use
and that's what I want to talk to you
about very quickly because I believe if
you're going to own a business you need
to own it
using the holding company concept this
is the concept that you need to use if
you're gonna own a business now you may
say if I have a job and I'm working 40
plus hours a week I'm a w-2 employee I
pay my taxes
why should I own a business well first
of all a business is a system that
you're gonna use for certain exchanges
and it's not just an exchange of
products okay it's not just an exchange
of services because what if you don't
have no products and services that you
want to sell or exchange through a
business system then that means you
don't necessarily need a business but a
holding company or a business system is
not just for the exchange of products
and services a business system is also
for the exchange of ideas it's also for
the exchange of relationships think
about it you hooking two people together
one person on this side of the world or
community to another person on this side
of the community
is actually a business exchange that you
can generate money from of course ideas
tell me you ain't got nan idea you might
have an idea to get rich you might have
an idea to bring young people together
you may have an idea to help mothers you
may have an idea to do something that
can change the world and it's much
easier if you take all of those ideas
all of those relationships and of course
if you got products and services and put
them under a business system now the
concept that I'm encouraging you to use
is a holding company confident this is
gonna be very important to you because
let's say if there's a certain product
you have let's say if there's a certain
service you have let's say if there are
30 ideas you have let's say if there are
20 relationships you have I just want to
give you an example how this works okay
so your product or products is a
business right guess what your service
or service is is a business right you're
30 or 300 ideas our business you're
twenty or hundred and twenty
relationships our business so here
you've got at least four different
business entities or potential business
systems instead of you separating them
all at different times you create one
business system that reflects all of
those ideas those products those
services and relationships and as these
products services ideas and
relationships grow and expand guess what
happens this one business will start
birthing baby businesses and so now you
have business number one business number
two business number three
business number four that have all
started out as departments or
auxiliaries or divisions of one business
but at some point they'll sprout out
they'll grow up and they'll become
subsidiaries and they'll have a life of
their own but they'll all be connected
to the one holding company which now you
through the strategic business concept
have given your one holding company a
lot of purchasing power and guess what
even if you just did that and didn't
have any of this and you're working on a
job where you're a w-2 employee guess
what happens because you own a business
now you can deduct your gas you can
deduct office space in your home you can
deduct uniforms you could deduct certain
food you could deduct marketing you can
deduct business cards oh my god there's
so many things you can deduct watch this
that you're gonna pay for anyway because
you're going to work because you live in
because you have expenses because you
have bills and utilities and you don't
have a business but when you have a
business even while you still work a job
you can still use all these as
deductions with the same money you're
spending that you're paying bills with
anyway from your jobs
