How to turn a hobby into a business & how to incorporate

[@EconomicNinja]

To start a Corporation: Schedule a free 15 minute consultation with one of our Incorporating Specialists at corporatedirect.com/economicninja/ write THE ECONOMIC NINJA sent you at the bottom of the scheduling form to receive $100 off your new entity formation.

[@DoubleDHomestead]

Ninja, love ya, but your overlooking the ag. Raising fruit trees etc, falls under ag, way less restrictions and liscening. JMHO. Tax breaks are great under ag. (agriculture)

[@sitcheyr9352]

The link isn’t working.

[@goswamiprasad6955]

Some investors look to their investments as a source of income while others use it as a means to grow or preserve their wealth.

[@rigorivera8448]

It's always for Crypto investors to venture into trading because it is only by trading Cryptos investors can survive bearish periods

[@bobsam8487]

For new investors, getting started can feel overwhelming. Risks loom large, and complicated, unfamiliar financial jargon can be intimidating.

[@alexlogan3611]

In a few years to come people will be kicking themselves in regrets if they miss this opportunity of buying and investing in the crypto currency market

[@ricksam7653]

That’s where online brokers can come in handy:::: Those that offer intuitive platforms and plenty of educational resources can guide you through your early investing days::..

[@lopezgil4008]

A good broker is much more than a venue to execute trades. Look for a broker that can assist you with quality research and educational materials to aid your development as an investor and help you make winning decisions in the markets.

[@gpav1]

Side hustle started., not a single penny made yet., but still started

[@LisaCummingsliability]

How's it going today?

[@jvin248]

A few cautions on business startups: LLC is the best option for most cases, make sure to pay employee taxes and that includes self employment taxes for you, one of the highest triggers for audits revolve around home office expenses, and a company that loses money more than 5-7 years is deemed by the IRS as 'a hobby' and thus they come after you for additional taxes that you expensed away. Terrible when you transform a hobby into a business that the IRS later tells you is really a hobby, lol. The IRS added 85,000+ new employees this year to chase additional auditing activities ...

[@DanielDuhon]

Hence why the IRS is a criminal organization…

[@3boysbees]

I have been waiting on this video and had to dig to find it I love your info and the honest manner in which you share it

[@EconomicNinja]

Thank you so much!

[@silentbliss7666]

Anyone who has land and space, do consider making and selling composte and black soil. It's so hard to buy good soil on the market. No good soil, no good plant, no fruit

[@digitalgoonie]

I love making metal art and functional metal parts. Every time I think I’ll try to make extra money doing it, I start thinking there’s no way I’ll make any money at it. The last couple of years haven’t been enjoyable at my job in the least, so I’ve decided to not listen to my negative thoughts anymore and start making things to sell!

[@fillmorehillmore8239]

My problem is trying to be as perfect as possible. Constantly refining the product due to my paranoia that people will find a flaw. Kind of how when I look at a paint job I can see errors and yet the people I'm with see nothing.

[@digitalgoonie]

@@fillmorehillmore8239 yes!!! You know what though, people don’t see flaws like someone making something. They see character!

[@EconomicNinja]

That's awesome, move in a positive direction and you will succeed!

[@UnconventionalMetal]

Do it. I did. I never did art shows or festivals, which would have helped my business, but I did do public sculptures, fabrication for local businesses, etc. Very hard to make it as an artist though, but people are doing it. My advice as an artist is to keep the day job and do it on the side until you can transition to full time.

[@timmcnamara7098]

Thanks. Great advice

[@probuilder961]

Three things: 1) you'll have to pay back all the taxes you saved writing off business use of your house(I still do it anyway) when you sell it. 2) you most likely will need to sign a personal guarantee to get a loan through your new single entity LLC. 3) a single entity (no employees, partners)LLC offers almost no liability protection to you, since you ARE the business. Proper insurance is more important, in my opinion.

[@digitalgoonie]

Yeah, I liked this video a lot!

[@EconomicNinja]

Thank you

[@gordiekinsman47]

you the man ninja

[@Siiiphon]

This is so helpful, thanks!

[@EconomicNinja]

You are so welcome, thanks for watching

[@Redshomested]

That's exactly what I did and that's what my KZbin channel is all about I started a Nursery in my backyard. We almost hit $1,000 for the year selling trees out of my backyard

[@fedupgringo2831]

I'm subbed, thanks

[@EconomicNinja]

Thank you!

[@mountainviewoffgridliving4285]

I make quilts.

[@se6586]

Takes a lot of skill👍 I bet they’re lovely

[@thomasfeinstein3771]

I had a business for 45 years. I had around 4000 customers. The main reason I incorporated was 1. Liability. 2. Some customers wanted my social security number or Fed I.D. number for W9 form reporting--I was not going to give them my Social Security Number. A W9 form really did not apply to the Machine Tool Business, but some still wanted it. I ramped the business up over all those years and did not borrow any money, but kept it small with 3 employees and manageable. Definitely loved the perks, season tickets, trucks, gas, meals, that the business paid for. But most importantly health insurance--which is astronomical these days. When I look back--would have not done it any different, and most definitely enjoyed what I did. When you enjoy your work, you never look at the clock--worked 35 to 84 hours a week. Those 45 years went by too quickly.

[@thomasfeinstein3771]

@The Economic Ninja Admin You and "I allegedly" need to make a video together--now that would be "crushing it" you are both in orange county.

[@LUP247]

Great post

[@geshaun1]

NINJA. NINJA. NINJA. NINJA.

[@EconomicNinja]

Thanks Man! I want a HOTDOG!!

[@wrench31e22]

@@EconomicNinja 🌭🌶️, enjoy.

[@geshaun1]

If you stop by I’ll upgrade you to a coney for free, hero!

[@leonnalee2675]

Lol you again. :)

[@George-nn8ui]

I went on a mushroom 🍄 hike at an event at a park and learned how to find the most expensive mushrooms, I’m looking forward to growing mushrooms and being a beekeeper during the weekends…as well as renting out more than half of the other side for glamping. Wife has her own aromatherapy business and I will still truck drive.

[@EconomicNinja]

That's a great idea! Nothing more rewarding than selling food you grew in my opinion

[@digitalgoonie]

This is some cool stuff right there! I’d be to nervous to pick wild mushrooms and eat them, so I think people hat have that knowledge are awesome!

[@mahatmadoo2566]

Blue oyster ear and lionsmane mushrooms have an incredible return on investment, both of which can be sliced, cooked in a dry pan over medium-high heat, touch with a bit of olive oil at the end of browning, and enjoyed by th taste buds. Better tasting than button mushrooms.

[@Jerrywalnut117]

Make sure you get certified if you want to sell wild harvested mushrooms. I just got certified in my state but it was very easy. I think mushroom cultivation has very high potential since there is little investment in infrastructure and the turn around time is really quite fast. It seems like the hardest parts would be marketing and getting consistent results. Its one thing to be able to grow some but another to be able to be consistent and have quality.

[@George-nn8ui]

@The Economic Ninja Admin scam

[@jhgt6]

like your video

[@wesellitall27]

Is there a strategy around the California minimum corporate state tax ?

[@stephanelavictoire8798]

👍

[@doveboyz857]

Very cool backyard bro! Great job!

[@EconomicNinja]

Thank you!

[@doveboyz857]

@@EconomicNinja 👍

[@AB-fq4mr]

Got a silly masters in genetics, dropped out of a bogus PhD program to start my own sewing business. Made $92,000 a year in my second year in business, will be a six figure income this year and beyond. Having a hard time keeping up with all the orders may have to hire some help. Dropping out of an endless science education, best decision of my life. Wish I had done it sooner and didn’t have to take on wasteful student debt, but at least I opened my eyes eventually. Bought my first new car last year with barely 3,000 miles on it, the incorporation thing is real, got an SUV for $16,000 after all tax write offs (that was when all the rental companies were panicking and selling their fleet when Covid first hit so cars were cheaper). Will talk with my accountant next week to decide how to time buying gold and a house I can work from to best offset my taxes and get good deals - so excited!

[@rlegato364]

People worry too much about local regs. It's better to ask for forgiveness rather than permission. It's not like the government owns you...

[@KG-su6fk]

Loving the videos man, your hitting on all the right things.

[@timmcnamara7098]

Wow! Beautiful yard.

[@halfdollar1]

Are those McCoffees expensed to the LLC😎

[@EconomicNinja]

No but I should

[@systemloading6875]

Actually when you apply for a small business loan you usually must do a personal guarantee on the business loan.

[@blueresonantmonkey3188]

Stop begging for likes and just give your piece and people will do that autonomously . by asking people to like you before you offer you input is counterproductive. People are IMPATIENT

[@notinterested9097]

Hey ninja I know you get a lot of comments and cant respond to them all but does Garrett Sutton's office helps with establishing credit on your LLC with Dun & Bradstreet ? Hopefully you can respond .

[@EconomicNinja]

No they don't do that. Just writing entity structures and filing the proper paperwork

[@notinterested9097]

@@EconomicNinja thank you for the reply

[@kenny_howell126]

I am on the fence right now about pulling the trigger on going in and getting a business license and doing a side hustle with my home CNC machines. Just curious on tax credits in that entity. Including on say buying an extra vehicle for materials transport and such. Would love to hear your input.

[@polylight]

I'm super good at forming businesses complete with business plans, filings, banks, and once even leased a space. Kiss of death, all my novel ideas are "loved" by associates but despised by would-be customers. Worse, I buy into the kool-aid of "don't ever give up" which is spoken everywhere. Told my wife to never, ever let me try it again and lose all that money and heartbreak. Always wanted to be an entrepreneur but I seem to only make money as a cog in someone else's successful machine. My hobbies help me relax!

[@FinancialPrepper]

You’re good at this (fire hose ) method thanks ninja

[@allen_p]

I missed seeing the ladies in hula-skirts in your tropical backyard 🤣

[@NOcollapseIN]

my hobby is finding loose women to talk to,.......how do I turn that into a buisness????

[@iamstarseediam9240]

Organic hydroponic vegetables And spices. Made out of PVC With a small pump And aeriator. If you are mechanically inclined a you could make a 250 plant Set up In a weekend easy. Say it was black Simpson lettuce 250 of them, They're ready to harvest in 35 days. You sell these at the farmer's market, Is bare minimum $1.99 each = $497.00 + Your entire system is paid for the 1st weekend. Organic hydroponic grown lettuce will probably sell for $2 to $2 and 50 cents. You know how expensive spices are, What about fresh ones these are big money items.

[@EconomicNinja]

That's a great idea for a business john!

[@charleszohfeld7228]

What do you think the us economy would be like if covid 19 never happened?

[@EconomicNinja]

We would have had a stock collapse due to the banks not lending

[@charleszohfeld7228]

@@EconomicNinja thank you for your insight. Keep bring the great 411.

[@iamstarseediam9240]

We'd been both in 4 businesses 1 in S corp and the rest were LLC's

[@quantumtechcrypto7080]

LLC is good if you don’t make much money but if you do it may be better tax wise for S Corp. I made the LLC mistake and paid huge in taxes.

[@lodwill4007]

I always forget to like. Man it’s a stupid thing .

[@oldpicker49]

when i was young i liked cars so i started 2 auto repair shops for 13 years worst decision i ever made

[@simplycy919]

Are you an affiliate for that Corporate Direct ? You have an affiliate link in the URL you provided. If so, how much % are you making?Ethically speaking, you should disclose that when you're promoting something the way you do when it's not paid advertising on this platform, but on your personal channel. This is coming from a seasoned affiliate marketer. I will lose a bit of respect for you if you are and didn't disclose that. Mentioning your experience with them and promoting it the way you are with a video as an advertisement for them and yourself could easily have been done by saying "they are so wonderful I asked to be an affiliate for them and they gifted my audience with a $100 off opportunity." Simple. Not a threat by any means, but you should know if you are, I'm going to use this video as an example on my affiliate marketing training channel. It will be kind and I will say how much I enjoy your content, but did this the wrong way 🙏🏼