5 Things You Need to Know Before Starting Your Business

Welcome to Money Talks News, the podcast making you richer one day at a time.

Close to 61% of Americans have a business idea, but it can be tough to actually take the next step. Plus, what happens if you make a major mistake and fail?

In this episode, we're talking about how to avoid major blunders when starting a business with special guest Jaspreet Singh from The Minority Mindset.

You can download the episode wherever you get your podcasts:

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Starting a business can have benefits

Stacy, podcast producer Aaron Freeman and Miranda all run their own businesses, and this week's guest, Jaspreet, talks about his. Interestingly, money isn't the only reason people start a business although it's certainly a major one. Freedom and flexibility are also reasons to get started, as well as the desire to diversify income and leave the corporate grind.

You might be surprised to learn that you can start a business for $1,000 or less. In fact, Jaspreet points out that one of the best things you can do with your business is to get started and aim to make your first $1,000 and figure out the rest later.

Even if you think of your business as a side hustle, it can still make sense to consider its benefits and focus on those as you create your plan for the future.

Avoid these business mistakes

We also talk about the biggest business mistakes to avoid as you get started. Jaspreet points out that mistakes can be expensive, so it's better to learn from others so you know how to avoid the worst business blunders.

Some of the business missteps we cover in this episode include:

• Not planning for taxes, including Miranda's mistake of forgetting that state governments levy taxes on top of your federal taxes.
• Failing to understand where to invest time and money in your business. Jaspreet talks about how so many people get hung up their logo and business name and never even get started. He shares some of the most important things to focus on.
• Forgetting to think about who you plan to serve and what you have to offer.
• Not putting together a marketing plan. You can have the best business idea in the world, but if you don't have a plan to reach those who need it, you won't be successful.

Meet this week's guest, Jaspreet Singh

Jaspreet is a licensed attorney and the Chief Executive Money Nerd at the Minority Mindset Companies and the host of the Minority Mindset YouTube Channel. Although he didn't receive any formal financial education. He's on a mission to make financial education fun and accessible.

During the launch of his sock company, he was scammed by a marketing company which cost him thousands of dollars. This scam pushed him to start an educational social media page called Minority Mindset. The Minority Mindset implies thinking differently than the majority of people. It's not a racial minority.

He started the Minority Mindset YouTube Channel as a hobby to teach others how not to make the same mistakes he made.

Now, the Minority Mindset brand has grown into a number of companies, including Briefs Media and Market Insiders.

• Website
• Twitter
• YouTube
• Facebook
• Instagram
• TikTok

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.

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