Freed Team Q & A - Part 1
Description
It's Maggie here stepping in for Jackie in this episode of the podcast, and I welcome Andy Louis-Charles and Nathan Rodgers back to the podcast, both of whom have been on the show in the past. (If you haven't heard the episodes in which they are featured, be sure to check them out!) We mix things up a little bit this time and do something different, answering questions that have been submitted by members of the Freed community, questions about entrepreneurship in general.
In this first part of my session with Andy and Nathan, we answer several questions about entrepreneurship such as how to get started and what the first action is that you should take, with Nathan emphasizing how important it is to simply find a problem that people are willing to pay money to have solved. Andy and Nathan also discuss how to become an LLC (limited liability company) as well as how to go about determining whether or not you need to do that and how to establish an effective bookkeeping method (which Andy and Nathan answer by offering a lot of recommendations in the way of online bookkeeping services). They close this episode by touching upon a not very fun but very important topic – the necessity of filing taxes and how to be sure that you're staying on top of them!
Join me in the next episode as Andy, Nathan, and I continue to answer more questions sent in by the Freed community, and also be sure to continue to tune in to the Freed Stories podcast as guests share their stories of entrepreneurship – their successes, their failures, their goals, their hopes, and so on. Be sure to hit that subscribe button so that you never miss an episode!
Time Stamps
[0:59 ] – Maggie announces returning guests Andy and Nathan as the guests of this episode and reveals the focus of the episode – answering questions about entrepreneurship sent in by the Freed community.
[1:46 ] – The first question addressed is what the first thing someone should do on their entrepreneurial journey is, and Andy says it’s to find your first customer and service them.
[4:04 ] – Nathan adds to Andy's insight, emphasizing that you need to take action and move forward.
[6:43 ] – Andy argues that it's crucial that you make a sale.
[7:28 ] – The second question asks how one can become a limited liability company, and Andy says that you should form an entity that you operate your business out of.
[9:26 ] – Andy gives an example involving a hypothetical baking business.
[10:51 ] – Nathan points out that if you're wondering whether or not you need an LLC, then you probably do.
[13:02 ] – Andy addresses how to set up an effective bookkeeping method.
[15:37 ] – We learn that there are a lot of virtual bookkeeping services such as Bench Accounting and Xendoo.
[16:56 ] – Nathan recommends Wave as another bookkeeping service, unique in that it’s free!
[18:53 ] – Andy recommends how to stay on top of paperwork such as taxes.
[21:25 ] – Nathan explains that you might need to pay quarterly taxes depending on how much money your business is making.
Links and Resources
Apply for our Freed Fellowship Monthly Grant
Free Training to Help You Grow Your Business
Freed Stories - “What Being Freed Is All About with Andy Louis-Charles”
Freed Stories - “Freed Minds Behind the Magic with Andy Louis-Charles”
Freed Stories - “Down the Funnel with Nathan Rodgers”
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