Before launching your marketing agency there are some legalities and some
documentation that you want to make sure that you have taken care of in this
episode we're gonna talk about all of those things so stay tuned and we've got
a really great one for you alright welcome back and thank you for joining
me my name is Jordan Steen also known as Cereal Entrepreneur and at this channel we
talk all about starting a marketing agency building a brand online your own
personal one or a business's brand and just really building any type of online
business so if you're interested in any of those topics make sure to hit the
subscribe button in the notification bell in the bottom right hand corner of
this video so you get updated with all of our future videos trainings resources
free giveaways that we do every single week here at my channel people actually
ask me all the time one of the most important questions I get is Jordan when
should I get my license and have all this set up really guys you want your
license as soon as you start taking in revenue the reason why is because that's
when the IRS really cares about your business they don't care if you're going
up in trying to sell as long as you're not collecting revenue once you start
collecting revenue that's when they're going to want to see that proof of
business and they want you to be legal so that's the answer to that question o
MPs make sure to stay tuned to the end of today's video where we'll give you
five steps to start landing clients for your agency trust me you're gonna love
that training now in order to run any business in the U.S. in Canada and
Mexico or really just anywhere in the world now you have to be properly
licensed but not only that you have things like taxes you have contracts you
have all kinds of different things that you have to take care of when you start
a business and so in this video we want to talk about those really quick now I
do want to mention that just because you aren't in the US I'm gonna be primarily
talking about the US. today but even if you aren't in the United States the good
thing is no matter where you are there's three basic things that you're gonna
need and I'm gonna discuss those in this video so no matter where you're at
you'll be covered okay so make sure to pay attention oh and PS leave a comment
below this video at the very end and what we're gonna do is we're gonna give
away one free course to the best response basically whoever gives the
best response to what you think or what you learned in this lesson today so
pretty much just leave a comment on what you learned
this lesson we're gonna pick the best response and we're gonna give away three
months to the mentorship program okay guys so the first thing that you guys
are going to want to do is get registered in your state if you're in
the US if you're not in the US it's probably just going to be your country
or your city or maybe both so make sure to look into that if you're in the u.s.
you need to register with your state and federally so really you'll get up pretty
much a document that looks like this for your state and for your federal license
and basically it just says you're a licensed business to do that all you
need to do is go to incfile.com we're gonna leave a link for Inc file in the
description below Inc files actually from what I've found about 115 to 120
dollars cheaper the reason why I say that is because what you should actually
do is go ahead and select your entity type most of you are gonna select LLC
you'll select your state for me it's gonna be Georgia it will be a different
cost per state so be aware of that once he click get started' then it's
gonna show you which package you're gonna want to pick
I recommend guys just getting this silver package right here you need your
local state license to do business in your local area as well that's only
gonna be 50 bucks these other packages up here are paying for that and you
don't need to worry about that you can do it yourself and save the money the
other thing that these other packages are paying for is a CI in a tax
identification number we're gonna talk about that that's gonna save you another
hundred bucks to one hundred and fifty dollars but I recommend getting this
silver package that's gonna get everything you need as far as a legal
standpoint outside of your local license you will need to go to your local
courthouse and set assign some business documentation there to get your local
license and the final thing that you're gonna love about Inc file is they
actually give you your registered agent for free for the first year a registered
agent is a service that you have to have they take care of all kinds of legal
things on the back end they work directly with government agencies it's
nothing you need to worry about but you do need to have a registered agent to
basically fulfill some things for you each year now that costs around $75 to
one hundred and twenty-five dollars the cool thing is again it's free for your
first year with ink files so definitely check out the link below and get signed
up today so once you get your licensing taken care of
whether it's your state or your state and your local license either way you
need both of those once you get those done the only thing
that you need left really to have legally is an employee identification
number now if you're running a sole proprietorship meaning it's just you in
the business that means you can technically run everything through your
social security number and your personal checking accounts but if you want to set
it up as a business which I recommend for protection of your own personal
assets getting an LLC and then setting up your EIN do not pay for someone to do
this for you okay the reason why is because it's actually they're going to
charge you a hundred dollars when it takes you about five minutes at the most
to click this button enter in your business number that you're gonna get
once you sign up you'll get your business number and then you enter that
in there and then that's it you classify what type of business you are and that's
it it's for free and they email it to you instantly or you can pay a company a
hundred bucks to do that so it's really up to you
so guys really quickly if you're wanting to start your own social media marketing
agency and you're wanting a guide on how to do it in a bunch of other resources
and tools and templates I definitely recommend checking out the video in the
top right hand corner it's all about how to start a social media marketing agency
it's got all the steps that you're gonna want plus other videos to help you get
through that process one of the next things you guys are going to want to
look at is something regarding your service contract and your Terms of
agreement when working with clients it's not something you necessarily have to
have legally but it does make sure you're covered with regards to making
sure that your business gets paid if they agree to you know a three-month
term with you they can't back out without some form of legal action
happening and so what this is it goes over the scope of work your agreement
with terms and with your terms of payment and how often they'll pay how
long the contract lasts for what happens if somebody goes in void of the contract
contracts are super important and in the beginning I didn't really go with them
and it's okay you don't have to have a contract I didn't go with them because I
didn't want people to give me a reason to say no so we were basically just
taking on people we were saying you know if you want to go month-to-month that's
fine as we grew we implemented a service contract and that's because it helps
keep people in a little longer so that way they actually get to see the results
happening a lot of people like to cancel their marketing campaigns right before
the magic happens because they don't why's that a month of this is gonna be
planning you know a month on half of this might be planning and just getting
things ready right so this helps keep people around longer I definitely
recommend getting a service contract at some point one of the other things that
I recommend having on your website is going ahead and getting your terms of
terms and conditions and your privacy policy up okay terms and conditions is
going to be important if you're marketing for other clients you want to
have you know the fact that you are a marketer you are representing those
clients and then your privacy policy says that you're not going to do
anything harmful with the information that you're collecting you're not gonna
spam them if they didn't opt in to a list right but definitely making sure
that you have these up and on your website they are basic and easy to find
you can go out there find a template and then mold it to fit your agency so just
make sure you get out there and get something put on your site so two quick
forms that I want to discuss really quickly with you guys are the w-4 and
the 1099 now again if you're not in the US you will have to check and see what
your forms are or ask an accountant what forms you guys should be filling out
basically the w-4 form is when you have employees when you hire an employee they
have to fill out a w-4 all right the other form that you want
to know about is your 1099 a 1099 form is for people who are contractors so if
you hire a contractor and let's say you pay them via PayPal instead of on up
work that means you're actually gonna have to 1099 that person meaning they're
not paying taxes on that money and neither are you so they have to pay
taxes at the end of the year on the money that they've earned from you all
right so you're gonna want to make sure that you understand those two things
when you start to go into business and start to hire people for your agency so
if you guys still have questions about what you're going to need to set up a
marketing agency we actually have a whole other video on that and some other
things that you're gonna want to be aware of so check that video out in the
top right hand corner now another thing that I want to mention or one of the
last things I want to mention is going to be professional liability insurance
and this is really crucial for people who are in advice-giving style of
businesses and since you guys are doing a lot of consulting up front you're
going to want to have some form of liability to cover you because you don't
want something coming back and say oh well they told me they did this and it
completely destroyed my business and now we're bankrupt right even though that's
highly unlikely and it's also something that you know it's gonna be easier to
fight it's just still something you don't want to have to worry about
and that form of insurance is going to protect you from that the other form of
insurance is general liability insurance and that's going to make sure that
you're covered for general types of accidents whether that be someone
representing you going out and you know destroying someone else's property while
they're on the job or just whatever may happen you know whatever could happen
what's funny is my parents are insurance agents so I have to hear it from them
all the time about you know what I should definitely have as far as
protection is concerned they're always worried about that thing definitely take
it seriously guys and get something for your business so quick question guys do
you have your license and your tax identification number or your VAT number
if you're in the UK do you guys have at least the licensing and the taxing
information taken care of if so right yes or no below in the comments I would
love to know if you're prepared or not and if you don't why haven't you taken
that step yet now guys before we get out of here I did want to mention there are
a couple of things that we didn't cover in this video that are on our blog
article we just don't want to make this video too long so if you want to check
that out go right below this video in the description and check out the vlog
article that will be down there it's actually video document slash blog link
and you can find that article and get all of the other things that you might
want to consider there but that's it for today's video guys just remember getting
a license is super super important you need to have that license it's going to
save you in the long run okay but since you stayed till the end make sure to
check out this video up here on the top right hand corner on five easy steps to
land clients it's five steps that you should pretty much be doing every single
time to land clients for your agency but that's it for this video guys thank you
for dropping by make sure to hit that thumbs up button and leave a comment
below on what you learned in this video and we'll make sure to pick one winner
to win three months of the mentorship program absolutely free but that's it
for this one and I'll see you guys on the next one until then serial
entrepreneur out bye guys ready to start living the six-figure work where ever be
your own boss lifestyle well at Cereal Entrepreneur Academy we'll teach you how
to use a laptop and Internet to start your own social media and digital
marketing agency gets with our free facebook ads training
links in the description below guys see in the course Cereal Entrepreneur Out