0:10 good afternoon and welcome to the way to wow people making money I am your host Kevin bemle and that was weird my computer just sort of I don't know did some strange things so um I I I know I sound a little bit nasally coming off of uh being sick uh you know anyone who's a parent you know um our children get everything from school and they bring it home to us and it's it's one of the joys of Parenthood um and uh you know honestly wouldn't
0:46 have it any other way so um but anyway um glad you joined me this afternoon um we are here as you know every Wednesday 12 30 Pacific Time 3 30 uh eastern time and an hour in for the two uh internal time zones mountain and Central and today uh we we well we we've talked for the last couple of weeks first about goal setting and then last week about the three habits you want to build in order to be successful this year so now
1:21 I'm going to change directions a little bit and go to a subject that we've talked about before and that is starting a business so um for I think for for many of us um we really want to have our own business for many different reasons um I think most of us sense the the the um uh or most of us like the idea of having a sense of Independence um where we're our own boss and and as someone who has had his own business for
1:58 many many many many years I can attest to the fact that um um having been my own boss has been both a blessing and a curse so um but but in general uh you know all joking aside um I I really um enjoy being My Own Boss um and even in projects that I work on where ostensibly I'm an employee the idea is really to be in more of a partnership so it may not literally be my own business but it's a business that
2:33 I'm working on with other people where I have some control over my destiny and and that's what's really important um if for for people um for the for the majority of people who start their own business okay they're not necessarily going to make more money than they would as an employee that's that's not a given and so um it can be a result but it's not necessarily one where having your own business is advantageous is that you have a great
3:11 deal more flexibility in your life and in the oftentimes in the most crucial aspects of your life there's no one dictating to you how you have to handle those things so that um you're not in a position of losing your entire income if you you know disagree with the position that your boss is insisting you take or something like that so you know in your own business you may have a client who you just get at odds with to the point where you feel that you cannot serve that client anymore
3:47 we asked the client to leave Sam not interested in new business with you anymore in fact yesterday afternoon I was talking to a friend of mine who has her own business and she was relating just such an incident and she said to me without my prompting her uh one of the reasons she likes having her own business is at the point where a customer just becomes impossible to deal with she wants to be able to say to that customer I don't want you for a customer anymore please please leave my store and do not come back and she has done that on
4:23 occasion and and it's been by the way for the betterment of her business because when you have a client or customer like that they take in an ordinant amount of your time and usually it's all out of scale with the amount of Revenue they're generating for you so um so so I think it's it's important here at the beginning of the year to think about you know is is is 2023 the year I'm going to start my own business now obviously you can start a business and go into it full time and you can start a
4:59 business going into it part-time um and and as as much as you know we may desire to be in our own business full-time that may not be practical the bills don't stop when we decide to launch our business and rarely are we going to launch a business where uh the revenue that it generates is going to be sufficient for us to immediately be able to rely on that business to support us so I think that's you know a big consideration and and so for for many of us maybe most of
5:36 us um the idea would be to start a business part-time kind of like a what do they call it a side hustle or a side gig something you can do along those lines that you can build and maybe at some point um you'll be able to run that business full time and and it will become the way that you support yourself so what I'm going to talk about today are two easy ways or two of the easiest ways I think it would be best to to ex to describe it to the easiest ways
6:11 to start a business you could go into them full time if you if you've got a spouse for example who will support you while you start a business maybe you maybe you are going to start uh start a business with the idea that you're going to do it full time from the beginning but otherwise in in both of these paths you can work them uh part-time uh to begin with and you can build up to full time and that may be a more practical way of of handling things um just to give you an example so I have a very close friend who's a Navy
6:47 colleague of mine and when I met him he was still you know he was still in the Navy and he he and a partner had started a a real estate investment business and for those of you he was a guest on my show a while back John Rubino so John had his business it was just a part-time gig for him and when he decided to retire from the Navy one of the key questions he had to answer he and his wife really had the answer was was he going to go into that business full-time or was he going to keep doing that as a side gig and
7:22 um you know get some other job outside of the military and I think to John's uh great satisfaction he decided to go into that business full-time um but at that point he'd already been running the business part-time with his partner for I believe it was three or four years maybe longer than that so um you know and that's a perfectly viable way to start things so whether you're in the military whether you have a civilian job I don't that doesn't make any difference necessarily what makes the difference is will you devote the
7:57 time that it takes and the regular time that it takes in order to start a business and and get it to the point where it's successful on some level right and that's that's the discussion I would encourage you to have with yourself or with your spouse or your significant other um you know it because starting a business is going to take time away from other things that you do and if and if you have another job so you're probably not going to be able to reduce the amount of time you spend on
8:32 that job not without your your boss questioning what's going on so the time is going to come out of time that you spend with your your family your friends your spouse Etc and and you know I I would encourage you to socialize if you will the plan to start a business with them um so you don't end up down the road with them complaining that you have no time for them or you have don't have enough time for them um and and and then you you get into this cycle of feeling guilty every time you're working on your business but that's what you got to do so so with
9:08 with those thoughts in mind let's go I'm gonna go ahead and uh share my screen here I have a uh here we go yeah PowerPoint presentation right Death by PowerPoint they say okay and this is going to come up here in just a minute here we go and I'm gonna move my there we are that way I can I can look in the center and I'm still looking at you while I see the screen so um I hope I hope you like this I kind of like this slide it's like the things on the brick wall I don't know just seemed like the way to go you know
9:43 um so the fastest way to uh start a business I I think it's the two easiest ways and I realized I I changed it right before um the show because I starting a business is not easy and and even starting a part-time business is not easy there are of course easier ways to do it um than than there are there are easy easier and more difficult and and but I think it's better to say the two fastest ways to start a business um you can get up to speed potentially
10:19 more quickly because of the of what I'm going to be suggesting and and and that's uh and so that's a better way of looking at it I I don't want you to take away a false impression like oh you know Kevin says this is easy and you know you go talk to me was like and they're like oh this guy's crazy um the fact of the matter is just to just to stress it it is not easy to start a business it's a commitment and and your success is going to be driven largely by your commitment to making your business successful that's what's
10:55 going to make make the difference and if you have a family you need your family's buy-in in order to sustain your own commitment in order to avoid a lot of conflict okay so let's see I should just be able to click right yep there we go all right so um I I just I I wanted to point this out so that you understand how this fits in you know the show people making money is is is an outgrowth of the three pillars of attainment and it's really dealing here in the Pursuits realm I mean the
11:31 Pursuits uh pillar and in the finance of his realm okay and and and that's where and that's why of course you notice the green theme right okay I know I know it's a little bit silly um keep in mind though that when you start a business it's gonna have and have impact on and be impacted by many of the other Realms in fact all of the other Realms so if you start a business you're probably not going to be playing as much as you did before you
12:07 started the business that's just reality and you're probably going to have less time to learn things although in some ways starting a business is going to give you an opportunity to learn a lot of new things that's part of of what being in business does is it gives us an opportunity to grow and one of the things we will and one of the areas in which we'll grow is our ability and our necessity to learn and absorb new things and then put them into practice so if you have a desire to learn starting a business can be one of
12:42 the best ways to do that now your your identity will change okay you're no longer just an employee you are now a business owner and I encourage you to look at yourself in that way create that image for yourself in your mind that's part of what's going to help you keep going when it gets difficult okay so you know whether you think of yourself as an entrepreneur or a business owner or however you want to create you know I'm a businessman I'm a
13:18 businesswoman whatever however you want to um identify that to yourself start right away with making that a reality okay and being in business it's going to affect your health okay um and one of the things I would I would say is if you're going to start a business if you are not already looking after your health before you start the business get your health in order
13:53 starting a business is not going to improve your health and and the Temptation is going to be to um cheat if you will on your health habits sleep diet and exercise because you want to spend the time on your business that's a bad bargain okay now there will be some times when you're gonna not get enough sleep because you're doing something for your business gotcha but regularly sacrificing sleep to be successful in your business is not a long-term plan for Success it's just not
14:31 take it from me I I dealt with this a lot in my own life as well as among the lives of friends and people that I've consulted with who are starting businesses keep your sleep up keep your diet up you need the energy and ability to focus that comes from eating well okay so it's you know go getting into eating fast food every day because it's quick and you need the time to run your business wrong way to go again it's not sustainable for the long term and so if
15:09 we're going to make a change in our professional life we want to make a change that we can keep going and that overall is going to improve our lives so if we're going to improve our professional life and we're gonna um I can't think of the word opposite of improved we're going to degrade our health that's that's not a winning situation okay and finally exercise now I I will say I think exercise and being in business go together because business is
15:45 fundamentally a problem solving discipline and solving problems takes thinking working things out coming up with ideas and exercise is one of the best things we can do when we need to generate ideas I I will I will tell you again just for my own life when I need to fix something or I need an idea about something all go walk that's that's one of my
16:20 primary means of exercising and the process of walking and getting my blood flowing and listening to my music and letting my mind just sort of you know spin through ideas oftentimes that's what it takes for me to figure out what it is I need to do or or figure out the answer to the questions I have whatever so I would as much as possible work to integrate exercise into the plan you have for starting and executing your business okay so again keep your health up
16:55 letting your health decline because you want to start a business uh not a good trade-off okay and finally mindset so while you change your identity okay your mindset now is going to become it's going to need some different inputs okay so it's going to be a back and forth thing starting a business and and the the setbacks and the problems that the business creates can have the negative impact on our mindset and so we need to create greater
17:31 resilience in our mindset in order to support us as we work on our businesses okay so you can see how these things interact all right um and then in the relationships realm so I mentioned already a couple of times starting a business is going to impact our relationships and we want the support of all of these people we and and even more so the buy-in if possible of all these people in order to give us the best chance at succeeding in our business okay and so
18:07 again your family your friends for sure they say wait wait you want God you I should have God's support to make my business successful well yeah I mean obviously if you're not you know you're not you don't believe in God or whatever okay so you have to worry about that but but if if God is a part of your life so then I think this is something that you want to prey on you know and and you know is is this is this part of do you get a sense of this is part of God's plan okay I I I I I personally don't believe in that God literally talks to us but I think that through prayer and
18:43 and and and an effort to connect with God we can sometimes get a sense of whether you know it's a propitious time that kind of thing and so I would encourage you to engage in that process if if God is a part of your life and and and in essence get his support okay so I wanted like I said I wanted to you know talk about this overall in terms of um how this fits into three pillars of attainment and how those various issues can you know work together if you will all right so let's let's go to now
19:20 one of the two fastest ways uh to start a business and this thing won't stay up there okay well it is what it is all right so if you have a skill interest or Hobby okay that can be turned into a business okay so what are you good at just ask yourself that question and just simply make a list what am I good at doing am I good at sewing am I good at knitting am I good at
19:55 Plumbing am I good at talking to people okay and by the way I don't mean just one thing of make a list of the things that you're good at okay are you good at building models are you good at taking pictures um just just just make the list don't worry about what business could come out of them don't worry about that at first just make a list what am I good at okay and then you can either go through that list or make a separate list
20:31 what do you like to do okay so maybe you're I don't know really good at Auto Repair but you hate doing it okay fair enough so that's probably then not a good path to start a business Maybe you're a good teacher and you really love teaching okay well so then that's a more a potentially more fruitful path to follow as you look for business ideas okay and then last what are you already doing
21:06 that can be monetized Okay so there's lots of things that we're good at that can be very difficult to turn into a business that's going to give us any kind of significant amount of money okay one that comes to mind is writing I think you may love to write and maybe me it may be a great writer it's very difficult to make money writing frankly it just is
21:42 okay making money off of a book first of all if you're gonna go the conventional route you need to find an agent that and then you need to have a book proposal the agent needs to sell the book proposal and then once it's sold you know what you make on a hardcover book typically about a dollar a book and on a softcover book typically about 10 cents a book right so let's run the numbers to make decent money writing a book you'd have to sell
22:18 20 or 30 000 copies a year of hardcover by the way that puts you in best seller status just that number okay check it out if you don't believe me but it's true these days about you know we think of a bestseller like a million copies sold very very very few books sell like that especially for new Authors now there are one of my favorite authors is a guy by the name of Richard Prather and I'm I'm reading I was reading one of
22:53 his books he he wrote um detective novels back in the 50s and 60s primarily right and on the front of Olympics 40 million copies sold okay now he wrote these little pulp novels so at best I don't know what the royalties were back when he was writing but in today's numbers okay at 10 cents a copy he made four million dollars four million dollars a lot of money yeah he wrote for I think 30 or 40 years so four million dollars divided by 40 is
23:30 ten thousand dollars a year okay and now in the 50s and 60s ten thousand dollars was decent money okay but today you know even having sold 40 million paperback books at 10 cents income per book you know over 40 years ten thousand dollars a year is that is it worth the amount of work and such that it takes and and again that's he built up to that I'm sure his first few books didn't didn't sell a lot of copies so I'm not saying therefore you shouldn't
24:06 choose writing as a basis for your business but just understand what the challenges are to it so um by the way one of the people I would encourage you um to um how do I put this so I interviewed my friend Marcia Collier um several weeks ago now I believe it was if you go to my YouTube channel find the show that Marcia did and she talks about how she became successful as a writer okay it took her years and years to do
24:41 so especially once she started her own business okay so and she did it and and and and she's you know really loves her work and and she loves what she you know she loves what she does she's had a great impact on a lot of people okay so there is a path there but that path is a tough path okay there are probably easier paths than than being a writer I'm just I'm just using a writer because I think a lot of a lot of people think well I I I would love to write and make some money off my writing it it's it's it's not an easy path it's gotten more and
25:16 more difficult after uh over the last 20 years because there's so many people who are writing there's so many places to put their stuff and and most of them don't pay you anything for um for doing your writing okay so what is something that would work well I mentioned Plumbing if you're good at Plumbing okay you can turn that into a business and these days probably more easily than any any times you know and any time at least in recent past there are such a high demand for people
25:53 with uh building trade skills okay we're I'm gonna talk about that in a different context um in the next one but you could be a handyman or a handy woman I guess I don't know a handy person um and you can get paid pretty well okay um you know honestly I'm not sure what handyman make here in Los Angeles but I gotta believe it's at least 20 25 an hour maybe more maybe 30 40 an hour okay and and and that's that's good money so if you if you do good work
26:28 you know electrical work Plumbing carpentry anything like that okay and if and if you can do that work in a way where you don't have to have a license okay you're just doing repair work okay um you can do pretty well and there's lots of platforms where you can register and people can um find you and and do repair and if you are conscientious okay you show up on time you know you're dressed properly you you take care of of the problem uh you know relatively
27:04 efficiently you can do very very very well and by the way not be stuck you know but sitting behind a computer screen all day long um you get out there and and you know make part of the time maybe you're working outside doing your repair stuff or whatever okay so that's that's one area where I think you could find um you know pretty pretty quickly develop a a nice side business maybe you only do that on the weekends okay or maybe maybe you only do it on Saturdays or whatever it is or you only do it on Sundays um well you know or you do it a couple
27:39 evenings a week and and weekends or whatever um you could do very very well at that if you're good at it if you like and you like to do it that's something you that can be monetized um pretty easily okay I also mentioned sewing so um I have these uh they call them smoking caps I may have mentioned them before and I I shoot [Music] um oh Eliza so um I I found them on I believe it was Etsy okay
28:14 um if you're not familiar with Etsy it's a platform where people who make things Market what they make and sell them and it's it's really great you can find all kinds of wonderful stuff there excuse me so if you sew if you're a very good you know craft in terms of that sewing or knitting or crocheting or whatever um you can sell them there and Eliza makes these beautiful smoking caps um I suspect that she can turn them out pretty quickly based on what she sells them for um and they are they're beautiful
28:49 they're comfortable especially um in the wintertime when it's cold I put one on I don't have to be blasting the heat to stay warm in my house and and they're really quite unique I haven't found anyone else who who makes them um and and you can you can buy them pre-made but they're not anywhere near as nice as the work she does and from what I understand from her she really enjoys the sewing and the creativity of it she has I don't know 20 different ones I think that she makes or something different colors with different color tassels and different a little bit different style or whatever
29:24 they're really beautiful and and and she loves it it's not her I don't think it's her full-time thing by the way um but I I suspect she probably makes I don't know 20 30 000 a year um you know doing something she enjoys um that that I that I think she knows brings um enjoyment to her customers um and it's a great it's just I I I've always admired that she started this business um and you could do something similar okay and and if you're if you like doing
29:59 craft oriented things so go on that scene look at the kind of things that that people are are offering um maybe there's something similar that you could do um I had a one of the other things I I got on Etsy was a I had a a chest build a wooden chest um I wish I could remember the names of the people who who made it um they did an absolutely beautiful job it was all custom made they matched the color to the color of some shelves that I wanted to put the chest on they carved
30:35 some letters into it superb job um real craftsmanship now it wasn't inexpensive it was it was you know it was an expensive thing that I bought this is going back several years ago now um so it does you know you don't necessarily have to sell something like Eliza does that's maybe whatever it was 50 60 these things were multiple hundred dollars um spent on them and and people people buy them I I you know I know again from having communicated with them um that they get they get a fairly steady stream of orders I I don't think
31:11 it's their full-time thing I think it's something I I say they I think it's it's a it's a husband and wife or at least a couple um I think it's something they do that they love to do they love to you know do Woodworking and that sort of thing and so they created a business out of it and and again on a platform like Etsy uh you can do that there's also excuse me I have I have no interest in financial interest in Etsy I'm going to mention Shopify I have no financial interest in Shopify I think Shopify is owned by Microsoft anyway but
31:47 um Shopify could be another way for you to you know quickly start a business rather than you know having to start your own you know create your own website all that kind of stuff there are platforms out there that make it very easy to to start a website and and and then you know the key thing of course in any business like that where you have a a product or a service is you've got to be marketing it and and social media can make that can make it much easier to do today than it was in in previous times now A lot of your success is going to come from what kind of demand there is
32:23 for what it is you're choosing to do so that's why I mentioned things like Plumbing electrical carpentry there's a big big demand for those things these days and so if you are good and you're reliable I think you're going to get you're going to find you're able to grow your business pretty quickly uh maybe less so in terms of if you're doing something that you you know craft like sewing woodworking whatever but that doesn't mean you can't be successful it's probably going to take you longer it's going to be more work in terms of finding your customers but once you
33:00 start you know supplying these things to customers and they see the quality of what you're doing and are very delighted by it then you start to develop a reputation and you can get uh testimonials from them and and those testimonials can turn into more business so again the the the one one of the two easy one of the two fastest ways to start a business is to base on something you're already good at you like to do and that can be monetized okay so
33:36 just get out a piece of paper start answering writing down the answers to these questions and and then just you know brainstorm with yourself or brainstorm with your your spouse or whatever and and and maybe you'll come up with an idea now I'm going to mention this at this point the first idea you come up with may not be successful okay for whatever reason okay that doesn't mean that you're never going to be successful starting a business okay the first several businesses I started weren't successful um I've mentioned in the past I started
34:11 a t-shirt business wasn't successful um one of my friends and I produced some movies I mean we we made our money back in in in in most of the cases but we didn't really make any significant money wasn't really successful right so you know at some point if it doesn't look like you're going to be successful just know hey I'm going to cut my losses I'm going to look at doing something else okay so the other thing I would say is don't be sort of married to if you will whatever whatever idea it is that you come up with it it you know if if after whatever period of time you feel
34:48 it's necessary to be successful and that'll be different for different kind of businesses um you're you're not successful so then maybe consider trying something else okay if you like dogs maybe there's need for dog walkers or dog sitters um where you live right so maybe you'll try that and maybe it turns out you were wrong people don't need the service or by the way it could also turn out there is there is a need for it but you know it's just it's it's not as enjoyable a business as you thought it would be right so maybe you want to try something else
35:24 um the the the challenge is you don't want to quit on something you know too soon right before it becomes successful on the other hand you don't want to keep you know beating a dead horse as they say so those are some of the issues to think about as you as you pursue this this this interest um and here's again this is uh one of the two fastest routes to starting a business okay and let's look at the second one so the second one is licensed professions okay now what does licensed professions have
36:00 in common with um uh you know something you're skilled at that you're interested in Etc in both of these cases I'm I'm giving you ways to start a business that don't need a significant amount of money a significant amount of capital to get you started right even if your business is going to be let's say you know Plumbing I've been using that quite often right you are going to need some tools but you probably if you like doing Plumbing you probably have a lot of those tools
36:35 already you may need a few more you may need a toolbox that you can carry around whatever but that's in the end that's not a lot of money okay whereas you know starting a a retail store for example that's a lot of money you need money for rent you need to build out the store you need to get inventory you need to maybe hire employees all of that costs a lot of money so I avoided those kind of businesses in coming up with these these two different uh paths to becoming a business owner okay so licensed professions so real
37:12 estate Financial Services Building Trades okay now there are others there's things like uh hair styling hair cutting and hair styling that's a a licensed uh that's a licensed trade although it's not a building trade um a tremendous amount of competition there which isn't to say you shouldn't try it but uh you know it's also typically not a particularly highly paid profession only if you get into the very upper upper strata of it okay so what I wanted to give you here in terms of licensed professions are
37:48 opportunities to start a business that do not cost a lot and where there's programs opportunities to help you learn the business learn what you need to do that are also not going to cost you a lot of money Okay so let's just take real estate here for a minute there's several different aspects of real estate there's selling property uh or working with buyers and sellers what we call brokerage there's lending money real estate loans what's typically called mortgage brokerage okay or
38:26 Mortgage Banking okay then there's there's other things um there's property management and and then there's things like escrow and title and those kind of things so escrow entitle 10 those are probably not businesses you're going to start you may go to work for them but that that's out of what we're really dealing with so I'm gonna deal primarily with brokerage helping people buy and sell property and uh lending mortgage brokerage helping people get loans okay and
39:02 Property Management now in some states there may be only one license necessary to do all three of those in other states there may there may be individual licenses so for example here in California you need a real estate license to be be involved in brokerage and to be involved in Property Management there's a separate license now as I understand it to be a mortgage broker now I'm not sure if you have to have a real estate license and a mortgage broker's license to do it or just the mortgage broker's license to be
39:37 honest I'm not 100 sure about that but in any event there is more than one license here in California and that will vary I think from from state to state so wherever you are you'll need to figure that out having said that there are programs that you can take that will help you study to pass the license exam which is the first step they're not very expensive and in general the licenses are not particularly expensive either maybe you know a couple hundred dollars or so um excuse me there's usually an
40:13 application fee and or a light uh not a license fee an application fee and or an exam fee and then there's a license fee so there's like I said there's typically two of those um but but all told it's usually not more than a few hundred dollars okay so that's real estate um and there are companies out there that are looking to grow they're looking to hire agents and they have tremendous training programs available so one of my very closest friends uh Bill gross he works for exp Realty
40:49 um I I believe they're the fastest growing real estate company in the United States um and and I can tell you they have tremendous training resources available to you so if if you want to be involved in real estate brokerage specifically brokerage they don't do lending or Property Management I would encourage you to check out exp Realty um see what they have to offer okay and um I'll again I'll put a link uh you know in the show notes to their website you can check them out they have
41:24 tremendous tremendous training available and that's what in any of these licensed professions unless you already know what you're doing in the like in the case of Building Trades where you're going to have to know what you're doing and have experience in order to get license you want to find an organization that's going to train you okay that's going to be the key that you get trained that you have mentors you have people that you can reach out to to help you learn what you need to do people who are already successful and can and show you that path to success okay now some people
41:59 will tell you these days you have to be full-time in real estate in order to be successful um I I I don't want to say I completely disagree with that it will definitely be a lot easier to be successful in real estate If You Can Do It full time but that doesn't mean that you have to start full time and it just may not be practical so you know several people I know started out in real estate part-time they built up they eventually sometimes they made a connection where they were able to get
42:34 into it full time by maybe working as an assistant for somebody who uh you know was able then to pay them so they could kind of you know work full time and meet their bills while they learn the business and develop their own practice there are sometimes opportunities like that out there it really depends um you know you just have to kind of keep your eyes open your ears open that kind of thing um but I do think if you are very if you're dedicated and disciplined you can become successful in real estate starting out part-time okay um it'll also depend on which part of
43:10 the business you want to be in if you're if you're going to be in Residential Brokerage for example so typically you're going to be working with clients um after working on the weekends anyway because that's when they're available to go see properties Etc et cetera Etc so um although these days there's so much stuff online some of that has changed but in general um I think again if you are dedicated and disciplined you can start out part-time in real estate and and build up that business and then at some point go full time when when when you're ready
43:46 and and know you can support yourself okay financial services are another licensed profession excuse me see this is what happens when you're sick you you know all that stuff comes up um so Financial Services is another area where um you know you you have to be licensed in order to be involved in the business so when I say Financial Services I'm talking about doing things like selling Insurance life insurance um potentially medical insurance auto insurance
44:21 um homeowners insurance those kind of things um so what's known as um life disability and health that's one category and then Casualty Insurance that's things like Auto homeowners Etc so in in Most states you're going to have to you're gonna have to have some kind of license so for example here in California you do need a license to sell life insurance okay that license will um allow you to sell um term life insurance and I believe whole life insurance as well
44:57 um if you're going to sell any kind of variable product okay now you need more licenses than just a life insurance license um and that that's true Nationwide okay in California you do not need a license to sell Auto Insurance homeowners insurance Insurance those kind of casualty insurances okay so um you're going to need to be affiliated with a broker somehow they may have requirements things you need to know Etc that's a separate issue okay so that's one type of financial services and then the other type of financial services are
45:33 things like um Securities so you might um you might want to help people with their retirement accounts Iris and those kind of things um you might um want to help people manage their wealth okay wealth management so those require Securities licenses and there's all kinds of uh there's I I don't know 20 or more Securities licenses okay so um for example if you're going to sell mutual funds let's say to people who um are have retirement accounts Iris
46:09 Roth Iris that kind of thing so you'll need a series six license okay okay and in many states you also need what's called a series 63. so the six license is a basically a national license the 63 is a state specific license and you'll need to be registered both nationally and in your state in order for you to qualify to sell um mutual funds okay now um I'm gonna digress for just a minute
46:44 and talk about a little bit about the licensing process um for Securities licenses so this is not true of all licenses but for the most common licenses you would get to sell Securities you're going to start off taking something called the Sie the Securities Industries Essentials exam that's a base it's going to test you on a base level of knowledge of the Securities industry and it's a prerequisite to then taking what are called top off exams
47:19 for these various licenses so the Series 6 exam you cannot take that until you've passed the Sie exam same with the 63 okay the same is true I believe of the seven and the same is true of the 65. so if you want to sell what are called manage accounts you're need gonna need to have a 65 license which essentially makes you an investment advisor now you say well I'm going to be an investment advisor I don't know I I don't there would be so much to learn whoa
47:55 don't worry there are a number of companies out there that are looking to hire representatives to to sell Financial Services in some cases they will pay for all of your training okay they'll pay for you to get your life insurance license your securities licenses they'll pay for the the the the the exam preparation classes they'll pay for the license fees they'll pay for all that and they'll also train you both in sales
48:31 and in the information that you need to know in order to be effective plus they'll have support services so for example if you want to sell wealth management you're not going to be the wealth manager okay because you're not going to both sell Wealth Management Services and manage people's portfolios at the same time those are very very different skill sets okay and the people who are managing the portfolios they're trained specifically to do that so you bring the business in and then
49:07 the professionals take over managing your clients portfolios and you you and yours kind of like the liaison between the client and the people doing the managing okay and and you'll learn how to talk about it how to talk about performance and all these various things okay and you'll learn the requirements in terms of what you have to do about disclosures and all that kind of stuff but you're not going to actually be you know saying okay well let's say you got you've got 500 000 to invest we're going to put you know ten thousand dollars in a t and we're going to put you know or a
49:43 hundred thousand eighteen or what you're not going to do that okay you're not going to do any of that okay the they'll be professional portfolio managers who will do that now on the mutual fund side of things you will learn about mutual funds and and that's not nearly as difficult to learn about as you know trading stocks and managing portfolios okay and you'll learn but you'll learn about what mutual funds are what different categories of them there are how families of funds work together you'll learn all that stuff you'll learn it all okay and they'll train you
50:19 okay and in many cases you're going to have a weekly meeting where you're going to be meeting with other people and you'll have the opportunity to to really learn okay and um the nice thing about it is if you also want to build wealth so you'll be learning the information you need to know in order to build your own wealth while you help other people do the same thing okay so again as a licensed professional you're not going to need a lot of a capital to get started you're going to
50:55 need time you're going to have to study you're gonna have to pass your exams and you're going to have to affiliate with a company that's going to help you be successful and there are several of them out there I'll put some some links um in the show notes to different companies um there's Primerica there's Transamerica I think there's a couple of others I'm trying to remember what the orthodology but anyway those are things you can check out um and and you know you'll hear all kinds of oh they're pyramid schemes there this they're that um I I invite you to to do the research
51:30 um about them and understand what you're getting into and don't just listen to what people are saying because people say lots of things but that's not necessarily accurate to your situation I'm looking at the time here okay I just have a couple minutes left talking about build trades so um if you have already been working as a plumber a carpenter or whatever maybe you're not licensed yet but you've been doing it for a while I would encourage you to look into getting licensed okay because that gives
52:06 you access legally to a much broader array array of work that's out there and it will allow you to charge more okay now to the best of my knowledge all of the building trade licenses require you to to pass an exam and have a certain amount of experience to get fully licensed okay but because the demand for qualified trades people is so high today this could be a really great opportunity for you to start your own business and
52:41 and by the way even if you're even if you've just been kind of doing it around your house but you really love doing it I would encourage you to reach out to people who are doing it professionally plumbers are looking for people electricians are looking for people heating ventilating and air conditioning companies are looking for people all of them are looking for more people because they they've got the work what they don't have are the technician to go and do the work and maybe you'll go to work for someone else while you get experience and you get licensed and then you can go out on your own or you can moon light when you're not working for the company doing work on your own
53:16 obviously you got to make sure that that's allowed in the state that you're in okay but in any event I encourage you to look at those especially if you don't like sitting behind a desk sitting behind a computer obviously there'll be some time spent doing that even in a even as a you know plumber or Carpenter or whatever but a lot less than if you're doing Real Estate Services or financial services so these are again this is a second fast route to starting your own business now when I say fast I mean depending on what your situation is you could be up and
53:52 going in less than 30 days in terms of starting your training and all of that and you could be up and um you know already generating least a few dollars within three to six months if you're very diligent about it now if you're doing it part time it's probably going to take you longer than that it might take six to nine months in the case of real estate depending on how competitive your Market is it could take you a year to get to your first transaction closing okay um so but again at that point you're going to get it you're going to get a
54:27 commission it's probably going to be a pretty nicely sized check and it'll it'll have been a lot of work to get to that first one but the second one typically will come more quickly and and then on you go okay and that's a lot faster than it would be you know trying to start a retail store trying to do some kind of tech startup these things take a long long time that they involve a lot of um raising of funding and all that kind of stuff I'm going to be talking about those those kind of things in in future uh shows but if you're looking for
55:02 um the fastest way to start a business even part-time these are the two so let's see I'm going to go back to the the first one look for a skill interest or hobby that you have that you could turn into a business or consider entering into a licensed profession okay and that will give you a relatively quick route to starting a business we're up against a 130 here so I have to sign off because I I've got a 130 commitment so I just want to say thank you for joining me please
55:37 join me every week 12 30 Pacific 3 30 Eastern time and as I always do sign off by saying Marie darling I love you and you're still my bell thank you so much