Transcripts
1. Your First Year Focus: in this video, we're going to be talking about your first year off focus for your digital marketing agency . Now, the first year it's were most agencies make it or break it. We're gonna look at what makes on agency successful, especially for their first year and then continuing on with their success, making sure that its long lasting Let's get started now the first year. It's going to be where you are, educating yourself, not only within the marketing, but with everything you do from getting clients negotiating when clients performing your services, etcetera. What we're gonna do now is that we're gonna look at how to become that a plus student for your first year and then make sure that you're successful. Agency continues to be successful, so let's look at the most important skills to be focusing on for your first year. Now the first thing is going to be to focus on your service now. This is a very classic beginner mistake. Most of the people within the first year off the agencies, they focus on getting as many clients signing as many contract as possible. But here's a reality check. Having too many clients is just as bad as having too few clients. Now the success of your agency is based on how many services that you can actually perform . Now, If you getting too much work or you're getting too little work, you're not going to be performing well. That means that your clients are going to be kicking you out, which means that you're going to be out of business quite quickly within your first year. Instead, focus on a few clients that you can get and do that job really well. This means you're gonna have a very happy client that not only can you use it as a case study to negotiate and increase your value for upcoming clients, but that very client is going to be more than happy to recommend you to other people as well to other businesses. We're going to want to hire you because you did such a good job and you know what? That client in itself it's probably going to want to stay because you perform your service really well. It's all about making sure you get those great testimonials gaining those great case studies and performing really good service, making your clients happy so remember having too many clients is just as bad as having too few clients. So don't go crazy. Don't try to get as many clients as possible, Get a few and do this service really, really well, now, next up is focusing on your skills. Now, the truth is, all of us are individuals. When you're starting your agency, you're going to have certain prerequisites within your agency, meaning you're gonna have a certain background, most likely or a preference. Some people are really great Web designers. Some people are really great with S E O. Some people are really great with ads. What you want to do is focus on your skill and become the market leader. Make sure that whatever skill that it is that you have, let's say that it is Web decide become a really, really good Web designer because your clients are going to want to hire the best. And if you are the best at what you do, they're going to want to hire you. So within your first year, make sure that you focus on really mastering that one skill and becoming the market leader within that area Now. Next up, what you also want to be focusing within your first year is networking, and networking is such an important thing that a lot of agents is miss out, especially for their first year off learning. Now, networking doesn't only mean going out to, you know, the local commerce and the local meetings and meeting people. But it also means networking with entrepreneurs on Facebook, meeting like minded people learning from each other, sharing with each other and start getting those context because you know what? If you are that expert Web designer, you meet another entrepreneur who also has an agency. Well, chances are he might be an expert at S c O, but he has a client that needs to have its website, this side or needs to have a website created. This is where you come in, and this entrepreneur can recommend you. Similarly, you'll be able to recommend him for a possible CEO work that perhaps you don't know how to do yet because that is not in your skill set. So networking is going to be extremely important. You're also going to be meeting a lot of entrepreneurs performing different tax who are in need off a digital marketing agency or who's going to be having clients who can't perform certain ties that you can so focused on networking and not only the physical meetings, but also meeting entrepreneurs on other sides, such as Instagram or Facebook, or wherever you're currently networking? And the fourth thing that you really want to focus on and not be afraid off is outsourcing now off course. Outsourcing is going to be scary in the beginning, but the truth is that your time is extremely valuable. And because your time is so valuable, you're going to want to make sure that you're spending all of your time on things that actually make you money that actually brings in a profit to the business and that has your business growing. You don't want to spend time on admin task that well, it needs to be done, but it doesn't help you grow. These are the kind of things that you want to be outsourcing now, when it comes to outsourcing us, well, this is very important to keep in mind. There's going to be a lot of people out there who want to be hired by you, but who are actually entrepreneurs So let's say that you're hiring song for Seo purposes. Well, those people, if they're actually interested in gaining some skills from working for you so that they can start their own business, they're not going to be highly motivated neither to do a really good job for your business or for sticking around in your business, they're going to want to be doing their own thing. So what you want to look for is two types of people when it comes to outsourcing, and we're going to be talking about outsourcing later on in the course. But those types of people are going to be one young people who are actually hungry in learning their skill, not for the sake of being an entrepreneur doing their own thing. But there's going to be people out there who are really into Web this time. Who wants to Master Webb the sign? Those are the people that you want to hire and number two elderly people or just older people who have already gone through the entrepreneur route, and they noticed this isn't for me. They have their skills. They know what they're doing. Let's say that there s still especially and they want to stay as hired people. They're not interested in becoming entrepreneurs because they're going to be highly motivated to perform their job, Mr Specialty, and stay within your business. So when you're r outsourcing and you need to be outsourcing, definitely focus on those kinds of people want really hungry young people who want to master their skill or their art, and to older people who has already gone the entrepreneur route and who are happy doing whatever it is that they are currently doing. And then finally, we have client communication, and client communication is something that is completely overlooked. Now, even if you perform on okay, a job for a business, they are going to have a fantastic experience with your agency as long as you keep the communication with them stable and consistent. In other words, when you have reports when you have update, inform them. And don't just send them a quick email. You know what If you note if you are doing lope, a local job actually go over to them, bring the reports and walk them through the reports. Keep building that relationship because that relationship on their experience, their emotional experience of you and your agency is what determines how they actually experienced your service, right? What? They actually think of your agency so off course you're going to need to perform. You're going to give them great results and add to your case studies and everything. But as long as you can keep the client communication on top, even if you only did an OK job or a mediocre job, they're still gonna have a really great experience with you and your agency because your client communication Wasson Park and they're probably going to want to stick around with you. It's all about building that relationship. So, guys, this is the criteria off what we recommend that you focus on in your first year. Remember, stay as a student, become the A plus student. Focus first and foremost on your service, right, And then on your skills. Monster that one thing. Don't be afraid of networking. Go out, meet entrepreneurs. Use Facebook. There's a lot of great Facebook groups. Don't be afraid to outsource. You need to outsource guys. Your time is valuable and focus on client communication. Make it personal. Make sure that you create a strong relationship you update them and you explain things in terms they understand, and they feel involved. All right, guys, See you in the next lecture.
2. 5 Easy To Sell Services: in this video, guys, we're going to talk about five different services that are easy to sell. And this is more targeted to you who are a beginner when it comes to digital marketing and to start your digital marketing agency. So let's dive into it. Now you're sitting there watching this video and you don't really know where to get started . Okay, so how do you know which services that you can get started to sell today to make a profit on your digital marketing agency? Well, the first thing is social media marketing and content marketing. You're basically creating content on Facebook, instagram, maybe even YouTube at LinkedIn. Twitter, etcetera. So you're using the social media platforms in order to create content on that platform for a client to bring awareness, maybe for their brand, for the products services to just simply reach more people, maybe to get them even to their website from, let's say, Facebook or instagram. So that is one thing you can do, and this course is full off all of the biggest social media marketing platforms out there, so you will learn a ton inside of this course on how to run other people's and manage other people social media in order to get more leads to drive more sales for those companies. So that is the first easy to self service. Now, secondly, we have email marketing. Wow, this one has been around for at least 20 or 30 years. Even so, this is a big one. So let's say that you're having a client, okay? That client would like you to run under the main marketing campaigns. For example, you go into that company and you're asking them, Hey, do you got in like an old least for maybe leads or maybe old clients? And if they do while jackpot, you got our Thanh off different email addresses in there. You can just take those email addresses and put them into and program like male gym, for example. And then you just bust out out tons off campaigns, which means that you're emailing them the old leads and the old customers from this firm, and you are maybe making them a good offer to become a client once again. So email marketing. It's a very, very easy to sell service and also a super effective one. When it comes to marketing then. Thirdly, we're having Facebook ads while this is a huge one. Guys, this is a Facebook ad. If you know, then you know. But if you don't know Facebook, it is something that you place in people's feeds, and you can also place them actually on Instagram. Then it becomes an instagram app. If you didn't know Facebook owned Instagram. So when you're creating Facebook ads, you can also create INSTAGRAM ads in Facebook ads manager. So this is basically you're paying or the company's paying for an ad to be shown in Facebook. So by creating Facebook outs, which is a super super effective strategy in order to laser focus and target the right customers for that service, you will be able to make that business more money. That is what digital marketing is, and in order for you to get even more clients in the future, so Facebook Ads is super effective in order to drive more sales, more leads and more business for your clients. Then you're having something called Google ATS. Well, Google out with this spray in the top for any searches you're doing on Google, For example, if you look on the screen right now on this picture, we're having Photoshopped training, and in the top of that photo shop training you Timmy is there, right? You can see also where the arrow is pointing it on this image. You can see something called add and that is a Google ad. And Google owns YouTube, so you can also do Google ads on YouTube videos so Google, you can make them on different websites. You can also make something called display ads, and that is actually when you're making an ad and you're displaying them on all kinds of websites all over the place, so you can make is like a banner if you maybe have seen them on different websites. So Google ads are super effective to reach the right people that it's searching for something within Google, but also people who have clicked on different things can get retargeted with an ad on a YouTube video. So Google has are really effective, and you will learn that inside of this course, Then we're having something called S E O, which means search engine optimization. That is basically when you're optimizing a website for a client or for a business, and you're optimizing that so that when people are searching in Google, for example, then that website is popping up for that search term. Let's say Photoshopped training now. We already know that Judi me has bought an ad so they have paid money for this. But eso is a little bit difference, though if you're doing eso there correct way you're optimizing that website for those search term like photo shop training, for example, then you won't be be shown above that ab, but you can be shown just been need that ad. So if you are on the first page on Google, you will get clicks to your website and this system or free version. So if you're optimizing a website or a client's website, they can display on Google search for that term if doing right. But this is a process that can take up a couple of months in order for them to start ranking. But once they're ranking, they're not spending any money whatsoever. So this is a huge investment for all kinds of companies in order to rank on Google for the rights search terms. So these are five different services that are pretty easy to sell and that you can start with right away. Ah, last tip from us. It's actually that you do want to specify on one off these in the beginning. Don't try to learn all of them. Try to learn all of them. But don't try to master all of them. And don't sell all of these services to clients. Because once you most one off these services one of these like pasts, then you can move onto the next one. So always be lasered focused on one of these tasks. To begin with one most of that one and then move on. And then you can offer your clients a variety off different services, so hope this video makes sense and I hope to see in the next one.
3. Secrets No One Shares: in this video, guys, I'm going to share a secret that no one are willing to share with you a secret that is going to get your clients better results. Ah, lot better results. So let's dive into it now. This secret will be super valuable if you are doing marketing. But you're not getting the results that you're looking for. You don't really know where to get started. So this is basically a tree step process in order to get your marketing successful. Now, this is actually a process that works the best if you working with local clients. Now, a lot of you guys is going to work with a local client in order to make their marketing better. Right? Maybe you have already worked as maybe a freelancer, and you see that working with local clients to get that connection between you and the client is super valuable. So you know and understand their business and inside out, and you can talk with them or directly face to face. So this technique is actually best applied on local service businesses, service businesses like real estate agencies, services like then to services like mechanics, car mechanics, car shops, etcetera, log local businesses around you. Now, the first step in this is called awareness. And that is when you're bringing awareness to a business. Now, that is cold traffic. Let's say that you are looking for and dentists because you broke your tooth, right? So you broke into and you're looking for a dentist. Where do you go? You go to Google right now. You don't know a dentist may be in the nearby. Maybe have been not been to the dentist in, like, five or 10 years or something like that. Maybe you're new in the neighborhood. You go to Google and type in something like dentists near me or dentist in this city. And normally you are going to find a dentist locally, right? You're not going to another city to find a dentist now. So you were having a tooth problem. You go to Google and you start for dentist. Then this dentist might be your client. Your client ID would like to have traffic to the website in order to get leads and client to sign up to become a customer in the end, right? Makes sense. Right? So what, you would like to go and focus on. The first thing that you're working when you're working for businesses is actually S E o and Google ads. Because if you're working with a local service business, you would like to drive them traffic. You do want to go in and work with S, E O and Google ads. We see a lot of people trying to work with Facebook ads. They're trying to work with INSTAGRAM ads and YouTube ads on cold traffic, and that doesn't really do it for them. The best thing is to optimize the website for those search terms, maybe dentist New York or something like that. And then you are able to get clients for your client. Well, that's great, right? And then you can get referral that further down the line, and you can make more money in the end and get more business. And also for Google ads, those ads that appear in for the search term in the top of a Google page. This is the marketing you would like to do in the first stage. When you're having cold traffic, then the second step is consideration. Now this step is really, really important. You would like to re market and retarget those people who have clicked on that ad or who have clicked on S E O optimized websites on Google's first page. And then, if they don't become the customer directly, you would like to re market and retarget those people with Facebook as huge about Instagram ads. And if they have left some kind of details like your email address, you would like to do something email marketing on those customers because they're a little bit warm and now in the consideration face rather than in the awareness face. So this is the method you would like to go with, and then we're having the less that which is conversion when they're typing in your email addresses, maybe they're putting in their phone numbers. Maybe you have put out an audit in an email for them, so you don't know. You know exactly how much your services are costing them. Then you would like to get them to website and to sign up. So this is a tree step process to successful marketing. When you're working with local service businesses, First step is awareness. You would like to rank a client's website on Google because on Google is where the most people go these days for services like dentists have car shops like yes services. Basically maybe a real estate agency. They're looking for a new home, and they don't know any real estate agency around them. Then they go to Google and search for real estate agency near me. And you do wanna rank a client's website. Four does search terms. Then you'd start with awareness, which is SL and some Google ads. Then once they have little bit warm, maybe they have shown your clients some type of interest. Maybe they're putting in an email address, maybe a phone number. Or maybe they just click to the website and you're having a pixel installed on the websites . You can retarget them with Facebook ads. We'll talk much more about that later. In the side of this course, thes court is filled with social media marketing. We're having like 65 was 70 hours full of digital marketing inside of this course, so you will learn a lot and then in the consideration face, you just want to re market and retarget them and then the conversion State on optimized website in order to drive in more leads and more sales for the business and client that you're working with. This is basically this three step two successful marketing. Now you know the secret. Don't go out and spread it to people around you. Keep it for herself. Maybe to make more businesses for you in the future. Good luck now, guys. Seeing the next one.
4. Niched VS General Agency: Welcome back, guys. In this lecture, we're gonna have a look at niche vs general agencies. Should you go more narrow, or should you go broader? Let's have a look. Now. A lot of agencies starting out go broad thinking that, hey, the broader I go, the more people are able to serve them or leads up able to gather the more income I can make. That's a fine idea in theory. Now other people decide to go more niche rather than going for everyone. They specialize in one need. They go deep in it and they become the go to guy or girl within that expertise area. We're gonna have a look yet why? It's a really, really good idea to start nichd and to stay NICHD. And the first reason for that is because you don't want to be really in one thing. The wheel all the time. Now, within every nish out there, whether you're helping the restaurant business or real estate owners or dentists or brokers or investors doesn't matter what it is. All of those unique niches are going to have their ins and outs right. They're gonna have their own unique planning, their own unique strategies and their own unique way to success. That means that every time you approaching you need, you're going to need a new method and this is reinventing the wheel. This is having to do so much more work than you need to. If you were in one niche mastering that needs. Which brings me to the next point, which are case studies. Now. Case studies are super important, and the client, or rather any potential client looking to come to you are going to want to know that. Hey, can this agency give me results? The only way to know that is through case studies is through great testimonials. They want to see the numbers to want to see that the numbers match. Here's a great example from Creative Focus, a digital marketing agency. Now they did their case study on a psychologist who were unable to get any leads right so we can clearly see before creative focus. Before their help, she had a single lead off to their help. She had 3133 leads. That means that if I am also a psychologist looking to get more leads struggling, and I see this case study, I am going to be blown away. Which brings me to the next point, which is who and how both you and your client needs to know who you're serving and how you're serving them. That means that Let's say that, for example, you got these fantastic results. You've got this amazing case studies for the psychologist. But, hey, you're a real estate er, that's great. Clearly, the agency can bring in results for psychologists. But what about me? Can you bring in results who are real estate? Er, that is the question that I if I am within the real estate business and going to be asking myself and this is why you want to stick to one needs because that means that your case studies, which is so important, is gonna be the make or break. It is going to apply to your future clients as well. So you want to be super targeted. You want to know who you're serving and how you're serving them. And very similarly, your clients want to know who you're serving us well and how you can serve them with your case, that is, with your expertise and that means that you are going to have to become the expert within your field. If you go general, chances are you're not going to become an expert because you'll be working in multiple fields at once. You'll be the jack of all trades. Sometimes that's a good idea. Within digital marketing agencies, that is a bad idea. Now you want to be the go to guy or girl when it comes to your niche. Now, whatever you become, the expert rumors are going to travel through word of mouth to recommendations online, etcetera off your results. Now let's say that there is a real estate and most really, staters. Once they get a sale, they get about 3% off off their main sail. So let's say that there's a real estate er and they make a sale for $300,000 right? They're gonna have a 3% cut than 3% over $300,000. That's $9000. So you help them get that sale. And for that, this really stater paid you $3000. That means that he just made a profit off $6000 into his pocket for a sale that he could never have done without your health. And that also means that you just got $3000 down in your pocket using a method that you will be able to use most likely for upcoming real estate er's as well. Because you're in that niche because you know the instant house off that need and all of the secrets within that trade, you can keep bringing our results. This will be your next case study. And that also means that this real estate er, is going to be very happy to come back to you to recommend you. And you know what? Because of all of the case status is your building up. You'll be able to charge more and more ask the clients, keep coming in. And this is just an effective way to grow your digital marketing agency and is also the reason that I recommend that by going nichd you will continue going this successful route. So I strongly, strongly strongly recommend guys go niece. It is the easiest way it's gonna save you time, make you more money and bring you happier. Clients. Trust me is gonna bring UME or clients because you'll be the expert within the field. You'll be the go to guy or girl and you'll know what you're doing right. And also you don't need to keep learning about Unita's. You'll have your knees. You'll stay within unique bring result. They'll bring you more clients, and you can keep increasing your price because you can showcase that you're bringing that much value. Now, once again, if you brought in $6000 straight to this real estate, er, what about when you start bringing $12,000 into the real estate is pocket or $20,000 straight into their pocket off course? It's not gonna be a problem to charge 5678 $1000 for your services, but this is the route that you walk. Once you decide to go Neech from the beginning, stay in that need and build up your expertise. So without further ado, I recommend that you go need. But of course, there's a lot of niches out there. So in the next lecture we're gonna talk about the different, most profitable niches that's available, and I recommend that you go ahead, pick one and stick to it Now. It's not the completely, but it is a list of the most profitable niches. So let's go ahead and go to the next lecture and check it out. See you there, guys.
5. The Most Profitable Niches: Welcome back, guys. In this lecture, we're gonna go ahead and look at the most profitable niches for your digital marketing agency to choose from. Let's have a look. So, guys, first things first. What you want to know is that when we are looking for potential niches, we know that from the beginning we're gonna go ahead and go locally, right? We're going to do a lot of work for local business around us, and that already makes this very individual. So it's gonna depend what kind of businesses are around you. And when we're thinking about profitable niches, you have to realize that pretty much an image is possibly profitable simply because if there is a demand for it, if there's a market for it and there's a business that feels that market, then you have a client. Now what we're going to be looking at here are the most profitable niches that you can choose from and profitable in the sense off. They make a lot of money, and they have a high willingness to spend that money on marketing. And that is what's gonna make a potential niche profitable for your agency. So let's have a look now, the first possible needs, which is also the most profitable. Currently off the mall is going to be really estate now. Real estate is a fantastic needs, and there were several reasons for that. Now, no matter where you live in the world, everyone knows a real estate agent in one way or another is that means that they're very easy to get in contact with. Even without you doing any advertising, chances are, you know, some real estate agent or, you know, someone who knows a real estate agent. Or you at least know people who have used real estate agents, right? They're everywhere, even in the US alone. I believe there's over two million off them now. The second reason for real estate is that they're late to the game now. There's a lot off profit to be made within the real estate niche. In other words, they have between 2 to 3, sometimes even higher percent profit margins. So let's say that they have a 3% profit margin and they make a house sale for, let's say, $500,000. That already means that their profit margin is going to be $15,000 straight down into their pocket. They're gonna have no problem whatsoever paying you $5000 to make that sale in the first place that they never would have done without you. And that's $5000 down your pocket. Easy PC. Right now, the real estate needs is highly underutilized late to the game. For some reason, they haven't been spending a lot of money on their marketing. But they are just recently coming to the conclusion that, hey, the better I market, the more sales and make the more money I make. And this is for you. Commend us an early bird catch on to this early. The niche is super profitable, and also they are everywhere, which makes real estate. One of the most profitable in each is that you can go ahead and find and dive into now the second profitable needs that you can go ahead and go into our lawyers and or attorneys now , because of the nature off this business, they spend a lot of money, and they also have a very high profit margin, right, So let's say that you're spending $200 in order for them to get one client. Well, that one client can make them up towards 12 $3000 would make this business very, very lucrative for you, right there. Gonna be very happy. The only paid $200 to get a client. That then made them $2000. So that's really perfect. And a lot of people hesitate to go into the lawyers and or attorney business because it seems really stiff. It seems really scary, but honestly, it's just like any other niche is nothing to worry about. And it works just the same way All they want our clients so that they can do their job and make their income. So because of the nature of the business, because of the high profitability, that makes this a very profitable needs to get into no, next up our restaurants now restaurants, they are a little bit special. First of all, they're everywhere, Right? No matter where you are in the world, chances are that you're gonna have a restaurant near you and probably more than one, right, unless you live in a really, really small village or town. So restaurants, they're everywhere. But the problem with restaurants generally are that their profitability is very low, and the benefit is that they're very willing to spend money on marketing, because if they don't have any marketing, they don't have any customers. If they don't have any customers, they don't have a business, right, They need you. But there are some pointers to think about before you go ahead with the restaurant niche. First of all, you want to make sure because we're going locally. You want to make sure that there are some high end restaurants don't go for the startups to start off. They're not gonna know where to put their money. They're not gonna have money to put into proper marketing and pay you well. And also don't go for the restaurants that only have a single restaurant. You want to go for the chains and not the kind of fast food chains that minimize their profit margins in order to be as cheap as possible. You want to hook and make sure that an entree is gonna be like, you know, 50 60 plus dollars. Ah, high ticket, high end restaurant that costs a lot of money to go to, but that Ulta makes a lot of money If you're gonna go into the restaurant needs, which is a real lucrative niche, you want to make sure that things were going locally. You want to look for those high end restaurants, and if you don't have those high end restaurants, is gonna have more than one restaurant. Then I would look for another niche. So to summarize restaurants, very profitable, very willing to spend their money on marketing despite their low profitability. But look for the high and ones, and then we have health care. Now. Healthcare is really large, right? You have healthcare. You have different sort of pills that people are selling. You have weight loss programs, but even more profitable. Do you wanna consider our general physicians, doctors, surgeons? Now all of these people, they make a lot of money, right? Especially if you are within the U. S. Now, private, healthier practices within the U. S. Are huge. They make a lot of money. They have a very, very high profitability and hands. They're willing to spend a lot of money on their marketing. If you are in Europe, chances are the healthcare systems are a little bit more stable so that the state helps out with that. But you still have to realize there's a lot of private practices that need to rank high in order to be profitable. Now. Nowadays, most Healthcare's most doctors know that people who are sick or looking for maybe some cosmetic surgery or similar they're gonna go for, for example, surgery near me or doctrinaire mere plastic surgery near me, whatever it might be. So they realize the importance off ranking high in the search engines, right, And that's where you come in. And because of the high profitability within the need, they're going to be willing to spend a lot of money on their marketing, which makes this a very lucrative niche to go into. And finally, we have fitness now. Fitness. There's no secret the fitness industry exploded, it keeps exploding, and people are selling fitness scheduled high end schedules and programmes. But more importantly, gym memberships and the gym business is fierce. It's competitive. They need to make sure that they are ranking on top in order for their business to thrive. And once again, this is where we come in now. This is also business that has stood the test of time, even 5 10 15 years down the road, people are still going to be working out. People have been working out for many, many years. They're looking for great James and because off the plentiful nous off Jim's, they need to rank high. And this is where you come in. And this is where they are willing to put their money and a lot of money into their marketing, because otherwise they don't have a business. So the fitness industry, it's very, very lucrative. And remember, this is not an exhaustive list. Now there are a bunch off different and very profitable niches out there. They're dentists are general contractors and general contractors. There's a lot of money in that niche. Car dealership, chiropractors, salads, all types of difference. Beauty is just an example. Their veteran areas not remember. There are so many different niches out there. What we have gone through right here and now are the most profitable ones and the most profitable being. There's a lot of money in it, and they're willing to spend that money on marketing right. That's what makes it profitable niche. But in the end, as long as there's some market than a need for it. And there is a business that feels that need you have a potential client. So this is a lot of different, very profitable niches that you can choose from. But in the next lecture, we're gonna go ahead and look for some criterias that you want to think about before you choose one off these niches. Right? So keep all of these in mind. Return to this video, looked through it. But go to the next lecture and find out. What do I need to think about before I choose in each? So let's go ahead and look at some of those criterias and learn how to choose a great niche seeing the next lecture, guys.
6. How to Pick a Niche: All right, guys. So we have looked at the benefits of creating a niche agency. We have looked at the many different, profitable niches that are available. Now, we're gonna go ahead and have a look at how to actually pick our own individual niche. Let's have a look. So, in order to decide how to pick your niche and which needs you specifically should be picking, The first thing you need to know is that the choice itself is highly individual, right? So depending on who you are and where you are from, that answer is going to be different for each person. So what we're gonna go ahead and do is Look, it's on different criterias that you want to run through in your mind before you decide which needs to go for All right. So first things first. Profitability, profitability is so important. We just dedicated an entire lecture to it. So remember what I spoke about earlier. In order for something to be profitable, all you need is a market need and a business that covers that market need. And then you have a client, right? But profitability is so much more than that. It is Also, how much are people earning within their knees? And also how much money are they willing to spend on their marketing? These are important things to answer before deciding on your niche, and we're dedicating an entire lecture to to just redo that one. If you have forgotten about the different niches and there many different important points , the next thing we need to talk about is your local availability, right, because you'll be performing your services locally and you want to be the go to guy or girl with your services. You need to have a look around, hate what's actually available to meet right here, and no. So, for example, you might have a bunch of different restaurants all available, looking like a gold mine. But if they're fast food chains, if their start up and if there are none off those restaurants that we're looking for in other words, those kind of restaurants, which you're gonna cost you 50 $60 from entree, then restaurants are a no go for you. You need the high ticket, the high end restaurants where it's gonna cost you a lot of money to go there and eat because those are the one with the high profitability and who are gonna pay you what you are worth to do. Your service is there All the restaurants, they're gonna pay you lowly because they're not earning good and not right. So first things first. Look locally. What's available to you don't have a veterinary around you. Well, then that is gonna be a problem, right? Is there a lot of Juma's near you? Well, what about the competition for those gyms? That is something worth investigating real estate agents. They're everywhere. Start off by looking locally, and then we also want to talk about your interest. And this is where we get a little bit more humane. So beyond profitability and local availability, you also need to pick in each, which is going to be interesting for you. And the reason for that is simple. Because you're going to be spending a lot of time within this niche, right? And in order for you to be so good that you will be considered their trusted advisor in other words, the one that they can come to for advice because you're so knowledgeable you need to have an interest in what you're doing if you don't have an interest in, for example, real estate. If that subject just kills you with boredom, then you're not going to spend any off your free time digging deeper, learning more, learning the secrets, understanding the trade itself. Because those kind of actions is what's going to separate you from your competitors and make you the so called trusted adviser that knows the ins and outs of the business. Because when you reach that level, when you are that good, go to guy or girl, you increase your value. And when you increase your value, guess what? You just increase your profits so very important. Look for something that is interesting to youth. If it looks like one subject as a higher profitability, then another. But one is more interesting than the other. You need to be humane here. Be smart about it and go for the interesting one because you want to be an expert and a trusted advisor within that niche. And next up is something called your unfair advantage. So what is your unfair advantage? Well, basically, that is your background. So say, for example, that you have a bunch of siblings and all of your siblings are real estate agents. You know what? That is? Your unfair advantage. That means that you have connections and you have a lot of people with a lot of insight in that niche that you can learn from first hand. Now, that would be amazing. Unfair advantage. So say, for example, that you have parents and they run a restaurant. That would be your unfair advantage. Or let's say that you have a massive, massive love for animals for pets. Well, being right then going from veterinary is gonna qualify. You hire because you already have a background with knowledge that's gonna help you out in that niche. So whatever you have in your past or whatever knowledge that you have or connections that you bring with you, that is known as you're on for advantage, that's just gonna set you on a higher level. So start right now, scan your own mind, scan your own background and connection. What is my unfair advantage and keep that in mind for when you pick your niche? And then finally, we need to think long term, right, because when you create this business, chances are and hopes are that this business is going to stick for a long, long, long time. Now ask the years go by. It is completely possible and even advisable to go ahead and add in more knishes to your repertoire. But that's many years ahead already when you're are well established. Expert OK, you're going to be spending a lot of times in a lot of years ahead and hopefully I'll hard a lot of years ahead. Within this niche, it's important that you think long term, even though you have on initial interest in Let's say, you know, attorneys. If you're gonna go for that, need to make sure that that is just not a spurt of interest that later is gonna kill you with boredom. Make sure it's something that you can stick to for the long run, because that is profitability. That is good business when you stay consistent and in order for you to stay consistent and profitable within your need. For your digital marketing agency, it needs all of the criterias we've just been talking about. It needs profitability. It needs to local availability for you to even do the work. It needs your interest for you to become an expert that they had an unfair advantage that's going to set you apart from the competitors and then the long term thinking, which is gonna make sure that you can stick to your business and make sure that you are very successful for a long time coming. So, guys with this in mind, run through these criterias, go ahead and check out those profitable niches once again, and then make your decision for your knees or Kate. Don't make it likely. Think it through and then we move on to the next lecture where things start to get. Really? Okay, Run through the criteria. Check out the profitable niches, decide on your knees and I'll see you in the next lecture.
7. Setting Up Your Agency Legally: All right, guys, in this lecture, we're gonna talk about what you need to do in order to get your digital marketing agency up and running legally. That means legally recognized as a business and agency. Let's get started. Alright, guys, let's talk about all of the things that we're gonna need to do in order to get set up. Now. First things first, though. I want to comment on the most important thing that you can do from the very beginning, and that is to get a good accountant. Now. A good accountant is not only going to help you with the opening off your business, they're also going to help you with the tax deduction with your payrolls with your audits. So whatever cost that they may have 345 $600 they are going to be earning in that money for you both in time and money with the help off property tax deductions, because we don't know all of these things and we want to focus on building our agency right , getting our business up and running. So that's first things first. Now all of the things that will be talking about in this lecture are going to differ. Depending on which country you are in, we're going to look at different options. But I still recommend that you have an accountant by your side to help you with all of this . All right, now, getting on accountant isn't hard. All you need to do is search for accountant near me. Check them out, read the reviews on Google, and then send an email to all of them. Look for the best offer. Tell them what you're about to do and take it from there. Okay, let's move on. Now. The first thing that we're gonna want to do is find a great business name for our agency and with a great business name. I mean, a catchy, solid name that's going to stick. It can't be too long. It can't be too hard to pronounce. Can it travel through word of mouth? Is it easy to write in its website with the name? And what about a CEO? Justin name? I take a CEO should have digital marketing in it. We're gonna talk about all of that in the next upcoming lecture, but needless to say, the name off your agency is very important it needs to stick with people, and it needs to travel to other people easily. Now, when you have a client and they're happy and they recommend you, you want people to hear what they are saying. If you have a hard name or a long name that people easily forget, that's gonna be in issue. And once we have a great business name for agency, we're gonna go ahead and create our legal entity and are legal entity. That's just another name for creating our business itself. Now, with legal entity, there are many different shapes and forms that your business can comment You can have on A S corporation, a C corporation, A partnership. It's sold priority. You could have an l see you could have on lt d. But regardless, we're gonna help you with all of this. Don't panic. We're gonna help you with all of these in an upcoming lecture. Go through what they all are, what they mean and which one we recommend for you. All right, so if you're feeling confused, don't worry about it. You're going to get all the help you'll need. Next up is setting up your taxes. This is where we start looking at different things such as your teen numbers such as your E in number, social as your V 80 number. If you are in Europe, that is. We're gonna look at what they mean depending on where you live is gonna be different for Americans and Europeans. And also what kind of information you're gonna need to gather for your accountant. Now, remember, you're still going to be needing that accountant. And if you are in a different part of the world in a different country, you're gonna need to look up. What kind of tax requirements do I have where I live? Once again, this is where a great accountant coming. But we're gonna look at these together in an upcoming lecture and next up, we're gonna go ahead and open our business bank account. Now, one of the things we're opening a business bank account is that once you make your business illegal entity, it's going to be needing its own bank account. Right? We're gonna talk more about what it means to have a legal entity and what that means for you and why you need it in an upcoming lecture. But you're going to need to create your business bank account because your legal entity is going to be separate from you, right? So you no longer bear the responsibility off the business. Once you create illegal entity, all of that responsibility will be on that entity. But it also means now you need to showcase your own incomes and expenses, and you need to showcase the business income and expenses. And this is why we're gonna look at how to open your own business bank account in which wants to choose from now straight off the bat. If you've ever heard of it, what? Me and just for use, we prefer to go with Transferwise because they are on a line based borderless bank list bank. But more about this in an upcoming lecture. So once we got everything up and going and everything is in motion, we need to start looking at the permits and licenses. Now, the truth. This guys that different countries have different rules, right? And in some countries, and even if you're in the US, in some states, you're going to need certain permits and licenses in order for your agency to be legally up and running. Now, if you're in the US, these licenses calm Matty Federal at a state and local level where you can find them. Just contact your state, your government and have a look at that and talk to your accountant. But if you are in another country, there might be all their permits or no permits that you need to look into in order to get up and running with your agency. All right, so first things first. Google is your friend. Second thing, talk to your accountant. He or she may or may not know about it, but this needs to be researched. Depending on where you live, make sure that you have everything you need. And once you've got those permits of those beautiful licenses that you need and you can continue the next thing, we need to talk about its business insurance. Now, why should you have a business insurance? Well, the problem is, first of all, some clients. When they don't get results, they get angry when they get angry and something happened or they blame you, they might sue you. If you get sued, your business is done, and that's the reality we're looking at right here. However, it might not even be about that. You might have the best of relationships with your clients. However, when we're doing digital marketing, four other businesses or for other people, we're handling sensitive information, right? So that also means that let's say that someone hacks your email or your computer, and through that they get a hold off their businesses information and their business is in trouble. They're gonna have to sue you, even just to recover their own costs. And that is going to kill your business, even though it's not your fault. And this is where a business insurance comes in. If you have a business insurance, you'll be protected. You'll be safeguarded, and depending on where you live, there gonna look a little bit differently. However, in the beginning, when we're getting things up and running, you're not gonna need one. But once you start making some money, it's worthwhile to look into the different business insurance that's offered within your country. Just so you know about this, So this is the overview off what we're going to be looking at in the upcoming lectures guys , in order to get our agency up running and make it into a proper legal entity. Really business. So what we're gonna do next is that we're gonna talk about proper names in the upcoming lectures, choose a proper name, then we're going to continue with creating the legal entity itself. All right, guys, see in the next video.
8. Naming Your Company: All right, guys, in this lecture, we're gonna go through what makes a good business name and some common deuce and Don's because once you get your business up and running and you have your name, that thing is gonna stick for a while. So let's get started. All right, First things first. So what's so important about your business name? Well, here's the thing, guys. Your business name is your first impression. Right now, the business name is the first thing your potential clients are going to be hearing, or even your potential clients from their when it goes through word of mouth. Now, it's so important as we already know that the first impression, if solid hence we want a solid business name. And remember, once you have a solid business name and it sticks, it's probably gonna be around for a while. You're not gonna want to change that once you get some momentum. So let's get started now. The first thing I want to look for is a name that is easy to spell and pronounce. Now, whenever we use any sort of name that's hard to pronounce or spell, we're losing customers, and that's just the truth of it now, First of all, if you don't know how to spell it, they can't find your website. Probably if it's bad enough to can even google it now, if they can't pronounce it, chances are they're not gonna be able to spread it further. And if people have troubles pronouncing it, they're probably gonna have issues remembering it. So we want something that's easy to spell and pronounce. Such as, for example, L a veil. Would she sit digital marketing agency? And that is such an e seat name easy to remember and easy to say, right? So if I would say, Hey, you should really go ahead and check out el avail. There are great agents. It really helped me out. Well, that's really gonna work. Similarly, Metro take It's very easy. Very short, very much to the point. So that's the first thing to keep in mind. Keep it easy to spell and pronounce. Now, the second thing is to avoid limiting names. Now, what I mean with limiting names is, for example, spine s CEO, which is a digital marketing agency. And that's a perfect name when you're focusing on S e o right. But the problem is, now all you're gonna do is focus on s CEO. When your business grows over time, you we're not just talking one. You were talking 5 10 15 20 years ahead. Things are gonna change and your business is going to involve. Now, if you have a name, such a spine s CEO is going to be a bit harder to focus on, For example, Google ads because they're gonna be the S e o guys or girls, right? So you don't want names that limit you asked that Web creation company or that s C o company or agency, Right. So we want to keep our names much more neutral and make sure that there's nothing limiting about it. So once you find the name that you think sounds good or has a nice ring to it is easy to spell, easy to pronounce. It's not limiting. The first thing you're gonna want to do is Google it. And the reason is simple to see if it's already taken or not. Now, if someone is already taken, that business name is probably going to pop up quite quickly, like in this example Now, when I served for Robin and Jesper. The first things is gonna put up is our YouTube channel and our website and a quick run through those who's gonna show that Hey, that's a company up and running. The name is not available, right? So I can't use Robin. And just for because someone else is using it. So the first thing you want to do with your potential new name is go ahead and Google it, check out the links, make sure that no one else is already using it, and then, if they are off course, then go for something else. Keep brainstorming. If they're not using it, though, you can move on to the next step, and the next of is to chick dot com availability. Okay, because you want to have the dot com mark on your website for your agency's name, now dot com has several benefits. One. It looks more professional and to most clients believe it looks like a much more and longer established business when you're using the dot com ending. So it's strongly recommended to use to dot com ending and also, of course, make sure that it is available, and there are many different places you can do that on. I prefer to use Go, Daddy. And doing so is very simple. Let me show you. All you're gonna do is go to go, daddy dot com, which is gonna be in the resource is, and then you're going to search for your business name. So if I, for example, would serve for Robin and Jesper here and then hit, enter the search bottom, we can see that Robert and Jessica dot com is taken. Which makes sense, because I bought it myself. Right? But if I would search for something like eternal digital marketing and hit Enter, we can see that eternal digital marketing dot com is available. No, guys, that's not a hint. I don't think that's a very good name, but that would be available. You can see that dot com is available. So if you did your googling already, you could see no one is using that name. Hey, the dot com extension is available. Okay, Perfect. We're really on to something here. That's great news and probably means that it's time for the final check, which is be proud off it. Are you proud of that? name because the truth is that when it sticks and when your company starts growing, that name is gonna be around for a while. And there is no benefits to changing your business name, right? You want to get your business through through word of mouth through S E O through ads and spreading it in all the ways you can and by changing your name, your Onley going to make things harder for yourself. What I recommend is that you make things right from the very beginning. Find a name. It shakes out on all of these points and also that you can be super proud of not just today but 5 10 15 25 years I had. Then, you know, you've got a nice, solid name and you know what to use for creating your legal entity. So, guys, when it comes to the creative part of OK, where do I get my name? There are tons off naming generators online. What I recommend is that you sit down just in a quiet space and brainstorm and asked the most trusted ones for feedback. Don't get too many people involved. Film is your head. Just a couple of people whose tastes your trust, ask for feedback, brainstorm, and then let the name come to you. Once you have your name, it's time to move on to the next lecture. And in that lecture, we're gonna go ahead and start talking about the different legal entities I know Don't freak out sexually. Very simple yet. Very important. So we're gonna go through the legal entities and how to create one. Okay, so I'll see you in the next lecture, guys.
9. Creating Your Legal Entity: All right, my friends, in this lecture, we're gonna go through how to create your legal entity. What different options there are to choose from what we're looking for and how to do it. So let's get started. So here's the thing when we're starting our digital marketing agency, whether we like it or not, even if we take no decision, illegal entity is still going to be set on us now. What we need to make sure is that we have a legal entity that's going to protect us and going to give us a couple of key things is going to allow us minimum taxes, flexibility within the company and, most importantly, guys, it's going to allow limited liability. In other words, separation between you and your company. Now let me go through what this means, because if we do nothing, we still end up with illegal entity. So let's get started now. There are different types of legal entities available, and the first type is called Soul Prepare Ship. Now, what that is is basically, if you do nothing, if you go ahead and you start taking on at jobs for digital marketing agency and your clients pay you, then already you have a soul prepare ship that all you need to do is do your taxes through Social Security number and everything will work out fine. So basically, all they need to do is find a client, take their money and you have a legal entity. You can start your business like this. But there are some pros and cons with this approach. Of course, Now the pro would be It's super easy. It takes no paperwork. You can get started right away. But here is the downside to that you are personally responsible. In other words, if something were to happen within the business, then that is going to fall on you personally. So you're gonna have to take all of the money out of your pocket if you end in depth to pay for the depth and if you can. Well, they're gonna come for all of your items, for your house, for your car, everything that you own. And that's not a good situation. So this is why we're looking to limit our liability. Because when we have a company, things happen and you don't want to be personally responsible but to go through the different legal entities. This is the default. You're sole owner off your agency, you start taking in clients, you do nothing. Then you can use the soul preparer ship to get started. The downfall being you're personally responsible. But you can just do your taxes to your Social Security number instead off the tax I D and everything is gonna work out legally. So this would be the solo default option doing it yourself. Now, the other option that we have would be called a general partnership. Now, partnerships can be a little bit confusing because the partnership can be limited. It can be added to corporations, etcetera, etcetera. But let's keep it simple here because we don't need to dive into that now. A general partnership is similar to a sold preparer ship. Is that you are instead of one person, you're gonna be two or more people in the company, but it's still gonna work the same way, right? You're gonna do your taxes through your social security number, but you're all going to be personally responsible now if you go ahead and you decide to go this route. What I recommend you do is create a partnership agreement. Now, a partnership agreement is basically where you create a contract. Now, there tons of these templates online is where you create a contract between all of the people involved. There's gonna explain, How do you want to run this business? What is gonna happen if someone falls ill? What's gonna happen if someone has a change of hearts? What's gonna happen if so long wants to pull someone else into the business. All of these really important questions needs to be agreed on because the number one reason for businesses splitting up is because partners stop agreeing where they start having different ideas. So get things right from the very beginning. If you go ahead and decide for this general partnership route, even if you just decide to start with it, still get a partnership agreement and talk to your accountant. Now, the next legal entity options that's available are s corporations and see corporations. Now what an s corporation is it's basically you create a corporation that is external from you while this old prepare ship and general partnership. It's one or two people involved and they're personally responsible with an s corporation and a C Corporation. You are not personal responsible. You create a corporation that is external from you. Now on AES Corporation is going to be more limited. Is going to allow for a maximum off 100 shareholders or members within that corporation. They all have to be from the US and it's a great idea to start an s corporation If you're planning on having a lot of investors. However, the form is quite rigid and there are some paperwork that's required now with a C corporation. That's the big version off the S Corporation. It's C corporation has an unlimited amount of shareholders within it, meaning you can take in a huge bunch off investors. However, there are double taxation says you're gonna tax eight the company itself and you're also going to tax it all off its members making this one of the more difficult forms. But for your agency, I don't recommend going with need an s corporation or a C corporation. We're gonna look at a better option for that. However, should any of these be interesting? I recommended you start with an s corporation and once you can start developing that one, you can move on to a C corporation in order to grow your business and make it more unlimited. But once again, what I recommend, rather than going for these big, big company, is that you go for something that's called a limited liability company. Now. Limited liability company is just as it sounds. It's a external company from you that's gonna limit your liability. The best of waste, meaning if something were to happen while you were doing work for another client, they're unhappy. Something crashes, anything can happen. You are not personally responsible, rather your company's. So you're not gonna get in that your company is going to get in there, and this is such an important protection to have now will limit. The liability company is a hybrid. You're still going to tax like it was a sole proprietorship, meaning you're going to do your taxation through yourself, meaning a lot less paperwork than a C corporations. You also have the ability to open up to more members just like a general partnership or on AES Corporation. The difference being here is that I limit the liability company. It's much, much more flexible and has the best of protection with the least amount off paperwork. Also, the easiest tax deductions. So I strongly recommend, if you are in the US to look into limited liability companies because again, what we're looking for here is the separation between you and your company making your life as easy as possible and making your profits as high as possible. Now, all of these different legal types guys, these are for the U. S. But they're pretty much standard all over the world whether you're in Europe or Asia. This is where it gets a little bit individual. And I strongly recommend that you talk to your accountant and have them look for the equivalent off on L L C company. All right on L C company. It's definitely going to serve you the best in this case, and you're going to want that separation between your liability and putting it on the company. That protection is very important. But because of the individual difference, guys talk with your accountant. Super important cannot stress that enough. So to get back to the question, when should I start my legal entity? Well, this is the case, guys. This is the way it looks. Once money starts coming in. Baseness is on. So money and baseness on even by default. That means that if you get a client right now reduced, you know, close to computer you go ahead and get a client and they pay you. You're already working. It's a sold prepare ship. Unless you're doing it with a friend, that it's a general partnership. So it's already on from the very beginning. It's just that you are going to be personally responsible. So what I recommend is that you take the bulls by the horns from the very beginning, talk to your accountant looking to the LZ and get the company started. Guys, do it early. Just make sure your foundation is right and solid so you can create your beautiful digital marketing agency and continue on. Now, if you are within the US, you're going to need to get your legal entity. Your Elsie started and permitted both federally and in your state. So in order to do that, I strongly recommend that you use a website called In File Now Inc file. I'm gonna put that in. The resource is it's very straightforward and easy to use all you're gonna go ahead and do is go down, select the entity, type into an LLC, select the state that you want to form it in silicon, get started and get started. Now, this is not an excuse to know how to use an accountant. But here you can get started. If you're within the U. S. Forming your LSE right away and I believe it in file, that is the cheapest that I have found currently available. Now, guys, to end this, know that it is completely okay to get started on the fold, meaning your sole proprietorship to start getting clients and working there. Just know that you will be personally responsible if something were to happen. So if I haven't stress that enough, talk to your account and get a solid accounted. I mean, it's going to be the best investment you make. And in the upcoming lecture, we're going to be talking about taxes. And don't worry, it's not as harder, Stressful asked. You think we're going to go through the different types, what they mean and how to use them and what the influence that you're gonna need to collect . So, guys well done. See, in the next lecture
10. Set Up Your Taxes: So let's talk about taxes, and I know it's not my favorite subject in the world, either, but it's oh so important. So we're gonna look at what you'll need in order to set up your taxes correctly. So let's get started. Needless to say, taxes need no introduction. We know what they are. We know what they mean, and in the end is probably going to cost us. That's just in nature. Off business. However, depending on where you live in the world, there's going to be a couple of different things that you will need and a couple of different rules and taxes you'll need to follow. But first things first. Let's start with the basic guys if I haven't talked about it already, which I think I have 1000 times. Get an accountant. You are going to make so much more back, most likely than what you will be paying on accountant In order for them to do your audit to do your taxes to help you with the startup everything. It's priceless. Now an accountant is educated in being an accountant in finding deductible taxes, right? If you're doing your own taxes, chances are you're going to be missing a lot of things because truth is different states in the US have different rules and different things that's deductible. Different countries have different rules. You are most likely not an expert in this. If you were, you would be an accountant. But you aren't, and I am not either. So I recommend that we leave it to the professionals. Get an accountant, let them help you with start up, let them help you with the taxes. So this is going to be their area. So with that being said, knowing that accountant is really gonna help us save money, they're not just going to be an expense. Let's look at what you actually need to do and learn. And the first thing is that you are going to need something called a tin in order to even pay your taxes. Now that's a tax identification number. And depending on where you are in the world, that's going to mean different things. And also what kind of company that you do have so 18 number, for example, for a lot of you is going to be your social security number. And this is very often the case within Europe and the European Union. It's also going to be the case if you using the sold prepare ity as your legal entity. Now, if you don't already know your Social Security number, you can very easily find in your passport on your driver's license, etcetera. But if there are any confused Europeans out there, let me show you what a team means within the different European countries and where you can find yours. So I am at the European Commission website, and I'm going to link this in. The resource is, but here you can find out what the tin is by each counters. All you need to do is find your country in here, click there and check out. Where is your 10? What does it mean? And if I have any issues, where do I go? If you don't find your country in here, go ahead and do a Google search, but chances are you're gonna find it in here if you are a European. However, if you are an American and you decided to go for the LoC for you are going to need something known as an employer identification number, E. I n right employee identification number. So what that means is that you, as an employer, are going to be having a different number than your Social Security number, and you're going to go ahead and go to the I. R s website in order to order your own E i n number. Now something such as filing. They may help me with this, but it's actually a very, very easy procedure, and you don't need to pay $100 for it. So let me show you exactly how to do this. So I'm at the I. R s website. I'm gonna put in. The resource is as well. All I'm gonna do while I'm at the website is go to the search for in the upper right corner search for E i N. And then he search. I'm going to scroll down. And there is something that says apply for an employer identification number is very easy. Is probably just gonna take you 10 plus minutes or something to apply for this. No need to pay $100 to have someone else do it for you. Scroll down. Read through these, and when you have click on, apply online now, and that's all there is to it, and you'll have it on your way to you. So once again, the e i N number is going to be for all of our American friends out there, especially if you have an LLC S or C corporation, for example, you're going to need a e i O and number. And once again, if you are in Europe or in certain places in Asia, you're going to need your V 80 number, right? Your V 80 number is something that doesn't exist in America. But it does exist in Europe, within the entire European Union and within certain places in Asia, and you're going to need to apply for it now. In most cases, your accountant is easily going to help you with this application. But if you're in the UK, for example, I have included a website where you can easily go through and read editorial how to apply for the V A. T. So I am a governmental UK site. This will be in the resource is as well. Here. You're gonna find a V 80 registration guide. Now, if you are somewhere else in Europe or in Asia, you need to order you ve 18 number, which you will need for your company. You're definitely gonna need it. Simply go ahead and do some Googling. But most off all ask your accountant and let them help you with this for me. And just for for example, we used our accountant all the time. He has helped us, Aton. He helps us order our V A t number. I strongly recommend you get a solid accountant. Let them help you out with these kind of things. And once again, this is for all of for European Union friends and certain places in Asia who uses the V A T system. You don't need to bother about this if you're an American, unless you are selling to Europe. Of course. But even then that's gonna be later down the road with your services. So with that being said to summarize once again, you're gonna want to get an accountant. I know if you're in the US, go ahead and apply for your e I and number for the rest of us. For the Europeans. Check out your teen check out. You know your social security number. Make sure you know how to order for a V A t. And then we're gonna go ahead and move onto the next lecture where we're going to talk about opening a bank account. All right, guys, see, in the next lecture
11. Open Your Business Account: Alright, guys. So by now you have named your company, created your legal entity and even set up your taxes. First of all, great job. Now let's talk about opening your business bank account. Let's get into it. So first things first, Why would you even want to have a business bank account? Well, to get into right away. The reason that you're going to want to have your business bank account is first and foremost to get a separation between your personal income and your business income. And the reason for that is once you start doing your taxes, which hopefully you're a counter will be doing for you, you're going to want to send him all of the invoices, all of your incomes, all of your expenses, everything you've been doing in your company. And in order to do that, you want them all collected in one nice place, right? And that is going to be your business bank account. You don't want to intermingle it with your personal expenses and incomes, etcetera, etcetera. Now the second reason is going to be Did you want to keep on eye on how your business is going? Right? You want your own analytics. You want to see how much of my actually earning how much of my actually paying And the only way to see that is to keep a separate business bank account. So what we're gonna go ahead and do is look at a couple off options and the first thing that we're gonna look get before we decide where and how to open our baseness bank account is what kindof bank fees are we looking at here now? Different banks whether that be local banks, big banks or online bank are going to have certain fees. Right? And when you open your digital marketing agency and you get your legal entity created and everything, chances are money aren't going to be overflowing in the beginning, right? That's just in nature off business. So what we're gonna want to do is avoid the bank fees as much as possible. And there are fees for a lot of things. For example, a lot of bank takes out fees for you not using your bank account frequently enough. Some banks also take out fees if you're doing too many withdrawals and deposits, and also if you don't put enough minimum balance into your bank account, you can get fees for these. And also worst of all, a lot of banks don't notify you about these fees, so they're just gonna be pulled from you. And, you know, he didn't cost That's no good. That's not a very good beginning. So that's one of the things we want to keep on eye for when we decide where to open our business bank account, the hidden and the plain sight bank fees. Now the second thing we want to keep in consideration is how will my clients pay? In other words, what kind of options am I going to need to keep open? Am I going to be having international clients? Am I going to be having clients were going to decide to pay with cash? So you want to look at a couple of things with your bank, and those things are Does your bank have, For example, Elektronik transfers doesn't have a mobile app for mobile deposits doesn't allow for direct deposits Now, All of these are important questions to ask your bank before you decide to open your business bank account with them. Now say, for example, that you get a client. They want to pay you. But you don't have a mobile app on the spot so that you can verify that they just paid. You know that's gonna be a problem, right? You want to make sure that you are prepared so that one you can have your clients pay you regardless off the situation you are in and to. You can verify that the client has paid you now knowing how the majority off your clients will be paying or their preferred payment method is not easy. So what I recommend is that you go ahead and you look for a bank that has a lot of flexibility. Ah, lot of allowed paying methods and verifications method and definitely a mobile app. So let's talk about the options themselves now. The first option that you can look at is a small local bank, right? You could open your business bank account at your local smaller bank, and there are certain pros and cons associated with that. Now, one of the benefits would be that it's much more personal. Chances are because you'll be visiting that bank personally. Probably a lot of times it's gonna be easy for you to make contacts is going to be easier for you to sit alone now. If you like that style, that is great. The disadvantage with this is, of course, going to be that it's a smaller bank that likely has a lot less options because they're not going to be as established, asked the bigger banks. But once again, if you're looking for a loan from the bank, then the small local banks can be a really, really great option. Now the other thing. We can also look at Easter, large national banks right now, the large national back sister pros and counts as well. And one of the benefits would use in a large national bank is that they're going to be very established. They're going to have a lot off features now. The biggest take away from a big national bank is unfortunate going to be that they have a lot higher costs and a small local dying, and these higher costs that that's really something you need to keep an eye open for. So while large national banks usually have the best sign up offers, meaning you go there, you sign up, you open your business bank account, and they might offer you certain insurgent your account. From the very beginning, you're gonna think, Hey, free money or hey, what? I'm getting all of these things. The number one thing you really want to keep in mind is what is going to be my day to day expenses, Right? So how much are my day to day usage is off these bank going to cost me even these small, small percentage fees, They really add up over time. So before you decide, keep on eye off. Okay. What am I actually going to be using from this bank? And how much is that going to cost me? Especially compared to your small local bank? But once again, there are certain features that we're going to need to keep an eye for that as well. And finally we come to online banks. Now, online banks are incredible in many ways. Usually they're associated with the lowest fees. They are paper less meaning that you can get all of your statements online as e statements . You put it into your Google drive and then you send it to your accountant. When it's tax season, it's amazing. And Also, it's usually means they have the most amount of features because they are an online bank. So there are a lot of benefits to it. And, of course there are. Some constitute as well. The custody is an online bank. Going for alone is going to be much harder, and it's also going to be a lot less personal now for me and Jesper. We have gone with the online bank option, and it is what we recommend generally as well. Now, when you do your research on online bank, be really, really, really careful because there are a lot of scams out there. Do your Googling Do your review readings, check the ratings. Just make sure you make a good option. But of course would do have a recommendation for you. And what we use and recommend is actually Transferwise. No Transferwise is amazing because it has all of the features as a mobile app. It has the lowest costs, and it also has to lowers conversion rates. That means that once you start expanding, you might start taking in international clients. Doesn't matter which currency they pay you in. You're going to be having the lowest conversion fees off all. And besides their online and their mobile app, it's incredible. It's very easy to use, and you can see right away on your phone when someone is paying you. So we love Transferwise. We think it's super easy to the point and the cheapest options that we have found. So let me show you, if you decide to go for this option, how to open your business bank account on Transferwise now all you need to do is go to transferwise dot com, and I'm going to link you directly to their business page. You're gonna go ahead and click on, create your account and then go through all of the different steps to get your bank account open. Now this is incredible because you can even order a credit card associated to your business bank account. It doesn't cost you a thing. You can download the app right away. It's a very, very handy tool, and it is our favorite online bank. So, guys to summarize, there are a couple of features that you're going to want to need, and you're also going to want to make sure that your bank it's flexible enough for your clients to be able to pay you in different ways. You wanna watch out for the bank fees? You want to look into your small local banks? If you're more interested in taking a loan, keeping it more personal, the large natural banks if you're looking for a lot of features And of course, if you're going for the versatility and you're gonna go like us with an online bank, then do your rating. Do you're searching? Read your reviews or simply go for Transferwise because we really recommend transfer wife if you want our recommendation. If you want our word, go with Transferwise. Unless you have other ideas in mind, then look into the other types off banks. Great job, guys. Let's move on to the next lecture.
Robin & Jesper ✓, Teaches Digital Marketing & Social Media
