Shay-Budgets
The speaker in the YouTube video discusses the significance of conducting a cost analysis before starting a business, emphasizing the need to estimate the cost of producing and shipping products to determine the profit margin. They suggest lowering costs by sourcing supplies and exploring dropshipping on Alibaba.com to avoid manual product handling. Furthermore, the speaker recommends branding the company, creating a website or an online store, and establishing an online presence to identify payment methods, bookkeeping strategies, and legal requirements for recognition. By following these initial steps and tracking income and expenses, entrepreneurs can prepare themselves for launching a business within 30 days.
In this section of the video, the speaker talks about the importance of performing a cost analysis before starting a business. She recommends getting started on Alibaba.com to source supplies and lower costs, especially for physical products. She also explains the concept of drop shipping and how it can help businesses avoid the manual handling process of products. The speaker emphasizes the need to figure out the costs of creating and shipping products to determine the profit margin. She also suggests starting to brand the company and establish an online presence as soon as possible.
In this section, the speaker recommends that you create a website or an online store, and figure out the details of how customers will pay and how you will receive payment. They also suggest figuring out a bookkeeping strategy, such as using an app or website like waveapps.com, to keep track of all of your business purchases and prepare for tax season. The speaker emphasizes the importance of tracking your income and expenses to see if you are turning a profit, and to continue performing cost analyses. Additionally, they suggest making the business legal by registering for an LLC or other necessary steps to be recognized in your city, county, state, or country. By following these initial steps, you can prepare yourself for launching your business within 30 days.
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