BizBuddy

DYK: That entrepreneurs are 11.6x more likely to have ADHD compared to the general population? But why is that?

Entrepreneurship is not just the ability to take your initial swing of starting a business...

... but the willingness to continue to get back up to the plate when you struck out the last 7 times.

Let's say your average odds of success are 25% at starting a business that lasts 5 years. In other words a .250 batting percentage.

- If you only step up to the plate once you have a 25% chance of success.
- If you make 8 plate appearances you have a 90% chance of getting at least 1 or more hits

Unlike baseball, in business you only need 1 hit.

Here are two relevant strengths of ADHDers for starting a (and winning at) business:

1. Risk Tolerance
2. Resilience

Risk Tolerance allows the ADHDpreneur to actually take the initial plunge and step up to the plate.

Resilience is what allows this person to get kicked in the teeth and still saunter back up to the batters box smiling with a mouth full of chiclets.

I'm going to be making video content about ADHD and entrepreneurship. Let me know in the comments what interests you have around this topic.

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6 months ago | [YT] | 5

BizBuddy

🔥 $50 Million for Hot Tea? ☕💰

A man just won $50 million in a lawsuit against Starbucks after suffering third-degree burns from hot tea. The incident, which started with a simple order, turned into a massive legal battle over negligence and liability. 😳

🚨 This is a HUGE reminder for business owners: Are YOU protected if something goes wrong?

One of the biggest mistakes new LLC owners make is not having business insurance—and lawsuits like this prove why it’s crucial. Without the right coverage, a single lawsuit could wipe out your business!

Don't make costly mistakes! Watch my video on 8 Mistakes After Setting Up Your LLC to learn how to protect yourself and your business: 👉 https://www.youtube.com/watch?v=rBCgK...

If you're looking for business insurance quotes I suggest using a tool that can pull multiple quotes for your area. We partner with Insure to help you do just that (paid link) ➡️ bizbuddy.com/biz-insurance

In less than 1 minute you can pull up a list of available insurance partners. General liability is the most common form of insurance for most businesses.

#Starbucks #BusinessInsurance #LLC #SmallBusiness #Entrepreneurship

7 months ago | [YT] | 3

BizBuddy

Have you started a new business but unsure of your marketing strategy to get more sales and revenue in your pocket?

I'm offering a free consult for anyone who would like feedback on their Biz Marketing Plan.

Just fill out this 10 question form and I'll send you a personalized video of how I would approach your situation to grow your business.
forms.gle/BsRpjz4HS73oxKwaA

This is in beta so it's free. All I ask is that you provide your own feedback on how the form and questions could be dialed in further to help people like you.

1 year ago (edited) | [YT] | 3

BizBuddy

No clue if people read these posts but if you ordered an LLC through one of my affiliate links in June I wanted to say thank you.

We just donated $5,900 to the charity Crisis Services. We donate $20 on your behalf when you use our affiliate links. Crisis Services answers more than 75,000 calls and texts a year from people in a moment of crisis. That could be suicidal thoughts, severe depression, domestic violence and other serious issues.

It's not a job I could personally do and I'm immensely grateful for the people who answers those calls and texts.

This isn't BizBuddy donating this. It's the community that supports our content and people like you. From the bottom of my heart... thank you for donating to a cause that matters a great deal to me.

1 year ago | [YT] | 12

BizBuddy

A quick thank you!

In 2024 we're donating $20 for everyone who sets up an LLC using one of our affiliate links.

For January we're donating $7,240 to Crisis Services of WNY. They answer phone calls from people in a moment of crisis (suicidal and domestic abuse type situations).

This is a picture of their current relaxation room. We're going to put funds towards massage chairs and other upgrades so that the staff (who have a very high stress job) can have a better break room to recharge their batteries.

Starting a business is the key to lifestyle design. For me the past 4 years has been an exercise of putting my own mask on and getting things pointed in the right direction. It feels good to now help others in our community as well.

I'll be providing updates as we go and I want to thank you for your support!

1 year ago | [YT] | 6

BizBuddy

Starting a business is exciting! But when the inevitable 💩 hits the fan it can feel frustrating, lonely and overwhelming. Too many times I've seen really talented and driven people go after their entrepreneurial dreams but they give up too soon. They might be inches away from a breakthrough but they tap out and turn their back on their dream life.

That's why we've launched a free Facebook Group to help new business owners navigate the entrepreneurial journey. Plus we've got helpful resources embedded into the group's Guide section. Check it out here - thebizbud.co/free-group

Some of the free resources include:
- Free customer persona templates
- Financial calculator for figuring out your business runway
- Insights on how to deal with entrepreneurial anxiety
- The ability to tag me for marketing advice or Sean with financial questions or bookkeeping

I know people are selling all the time, but this is truly a free resource so you keep digging. thebizbud.co/free-group

2 years ago | [YT] | 4

BizBuddy

Hey y'all. I'm wondering what were the biggest concerns, fears and obstacles for you around starting a business?

Even if you haven't started a business yet and really want to or you're a serial entrepreneur. What are/were those hurdles for you?

I ask because I want to create content that inspires people who have high anxiety, high empathy and a lot of ambition to start a business. If those people own businesses the world is a better place. So I appreciate your insights.

2 years ago | [YT] | 2

BizBuddy

The 12 Days of #entrepreneurship

Reason #6 to Start Your Own Business ➡️ Employing Your Kids

STOP HITTING YOUR BROTHER!!! This has been said about 16,000 times in my house.

Now let's talk about something more fun.

Hiring your kids! Even if you don't have kids today and don't plan to... there have been plenty of happy accidents :)

Mine are too young to hire today but when they're of the right age I plan to hire both of my kids for legit business purposes.

It's magic and here's why.

The US has something called the "Standard Deduction" when filing your taxes. In 2023 it will be $13,850.

What this means is that if you hire your kid for $13,850 a year (for legit business purposes) they will pay $0 in taxes.

As with most things for business owners... it gets better!

That money spent paying your kids is a business expense. So if you make $150,000 a year you just reduced your top-line revenue from a higher tax bracket for income that goes to your kid that will pay no taxes. So as the business owner you save on taxes.

It gets better still!

Let's say your 13-year-old is working part-time for you. You can open a ROTH IRA for your kids as long as they're earning income. It doesn't matter their age.

The ROTH is after-tax contributions to a retirement account and this is the way to go because your kid isn't paying any taxes due to the standard deduction.

In 2023 the limit is $6,500 and the key to compound interest is to have your investments in the market as long as possible.

Let's say your kid works for you for 7 years from 13-19 years old and puts away $6,500 each year.

At the end of the 7 years (assuming 8% returns) you'd have $57,998 that could be used for college because ROTHs allow you to do this.

However you will have to pay income taxes on that money.

Even better what if you have your kid leave that money for retirement. What does that $57,998 look like when they're almost 70?

IT'S $2,719,731 dollars which was tax free and lowered your taxable income as a business owner!

HOLY CRAP.

Again, I'm not a CPA or tax advisor but this is just what I've learned from the Googles.

Ask your boss if they'll hire your 13-year-old and they'll say no... but if you are the boss there's a lot of opportunity out there for your family.

Bet on yourself in 2023!

2 years ago | [YT] | 2

BizBuddy

The 12 Days of #entrepreneurship

Reason #7 to Start Your Own Business ➡️ Business Attire

Something you may not know about me is that I'm a tall can of corn at 6'5".

It's great for a lot of things but makes finding clothes that fit a challenge.

I had a job where we were required to wear suits to client meetings. I was pretty broke because I was making around $16/hr so I rotated between 3 suits.

On the way to a meeting my boss looked at my ill-fitting suit and mentioned that it's not that much extra to get the suit tailored. In that exact moment is when I quit that job.

No, I didn't say I quit out loud but mentally I checked out.

If you love wearing suits to work that's fine. But if you really think about it... isn't it ridiculous to think that we are adults but someone else (or some social norm) dictates what clothes we wear Mon-Fri?

As I'm writing this I'm wearing blue sweatpants with a blue hoodie. I look ridiculous and I'm just as comfortable.

Stop letting someone else tell you how to dress. We're adults here.

Bet on yourself in 2023!

PS - I'm really enjoying writing these posts out, I hope you're enjoying them too!

2 years ago | [YT] | 3

BizBuddy

The 12 Days of #entrepreneurship

Reason #8 to Start Your Own Business ➡️ Urgent Urgent!!!

Today is Christmas which means not a child is stirring not even a mouse... except your slack channel for work!

I use to have trouble taking a vacation. I'd work work work for other people and hardly take breaks.

In 2018 I finally told myself I'm taking a vacation and visiting my parents in Florida for some warm weather and a break from work.

Despite letting my boss know far ahead of time he scheduled a website migration on my first full day of vacation and asked me to bring my laptop with so I can assist our dev team with the migration.

There I was at 6am at my parent's kitchen table with my laptop open assisting with the project. To be honest I'm not even sure what I was going to do if something went wrong because it was outside of my skilset but he wanted me to be available to ease his anxiety.

It wasn't necessary and it was only an hour of my vacation but it was stupid and pointless.

90% of what we think can't wait or is crazy urgent really isn't. We could have delayed that migration a week or just not asked me to be a part of it... but the boss was more interested in his schedule.

When you're calling the shots... please don't treat your employees like they're on call. Be sensible and treat your employees well and yourself too!

It's not that urgent.

Bet on yourself in 2023!

PS If you celebrate Christmas I hope you're having a good one and unplugging for the day. Merry Christmas.

2 years ago | [YT] | 0