April 20, 2012 - Making Plans

Presumably by now, I've learned everything there is to know about the world. There is nothing left for college to teach me. I'm ready get out into "the real world" and make something for myself, right? The only problem is that that is a very scary and intimidating conceit. What do I know about anything? I'm only 20! A majority of my knowledge comes from pokemon, movie trivia, and the books I was forced to analyze in high school! Well, here are some tips, anyway.

1. What are you going to do?
This is the probably the question college students get asked more than anything else. The implication being, that your current status of student will not last and it is time to actually "do" in life. The better question to ask yourself is "what interests or hobbies can I turn a profit at?"

Hmmm, I do love carrying plates. . .

2. How are you going to do it?

Even more important is the how. Life requires planning, forethought, and preparation. Naturally, there's room for improvising, but why do it if you don't have to.

3. Where am I getting the money to finance my plans?

This is why secondary sources of income are invaluable. Use 60% of income on living and stow away 40% to use on doing what you really want to. Eventually, the balance will shift to doing everything you want to be doing.

Eventually though, I can save up and live my dream as clown-magician.

4. Get an LLC

Did you know LL Cool J loves small business?

Now for some practical tips. For a mere $60-70, you can buy a certificate from your state. That's essentially how easy it is. They send you some "Articles of Incorporation." You fill them out with your original company name and they send you a diploma-like document with a nice gold seal on it, suitable for framing. And the benefits of an LLC are huge. The "LL" stands for "limited-liability."

And "limited-liability" means that when people sue you, they can't take you for all your worth. Your personal assets are completely safe! This is important if you ever get into trouble. Without an LLC, you lose the protection of your business taking the hit. Another important thing is the way an LLC legitimizes both you and your company. There's a major difference between hiring "you" and "YouCo, LLC."

Most importantly, forming an LLC also means you can start making business deductions during tax season. And you can deduct almost anything.

Exotic dancer Chesty Love got a tax deduction for her breast implants.

Bodybuilder Corey Wheir deducted his bodybuilding oil.

Professional Gambler Robert Mayo deducted travel expenses to racetracks.

5. Get Business Cards

They're easy, they're free-ish and again, absolutely anyone can make themselves look legitimate. Here are two business cards that I've kept in my wallet ever since I got them.

Or at least as legitimate as possible.

You can just guarantee that should I ever actually need a clown (or Santa Claus), I'll be calling Carrot Top.

6. Get a website.

This should be obvious. Absolutely everyone has a website. Whether you're selling bees, beads, or beats, it's just more professional. Even if you just start by selling on Amazon or Etsy, you'll have somewhere to redirect people. However, a personalized website is usually the best way to go. Also make sure you keep it updated and working. Nobody likes a site with busted links or broken images.

You've got the tools, you've got the knowledge, you've got the resources, so get out there and take a risk!