In this episode, Jason, Scott, and Ryan discuss:

Figuring out the cost of doing business

Starting a business with passion 

Side-hustle tips for transitioning from corporate 

The importance of hiring an expert 

 Key Takeaways:

It is very common for business owners to not fully realize all the expenses that happen in the back end and they end up underpricing themselves. They’ve got to reevaluate their pricing according to their costs and according to their expenses in labor, factoring in taxes, health insurance, and so on. 

If you’re looking to start your own business, know that passion is a key component that’ll make grant you success in business. Start as early as you can, as long as it is viable. You may one day look back and regret that you didn’t start sooner. 

If you’re trying to build a side hustle while working a corporate job, you’ve got to learn to move around your lunch hour, to use it every single day to do something for your business. Time is scarce in this phase of transition, you’ve got to make the best use of it, making sure that everything you do moves you closer to leaving your full-time job. 

When you get to six figures, the first thing you’ve got to do is hire a bookkeeper. Since it’s probably not your expertise, as a business owner, to keep track of all your expenses and revenues, then it would be more profitable for your business if you hire somebody to manage that. 

 "If you're really passionate about what you want to go into business for, if [you] keep after it, [you’re] gonna have success with it. It was nerve-wracking for me when I first left the corporate environment but at the same time, I wish I would have made the jump sooner because there was a huge opportunity cost that went with me sitting in work all-day." — Ryan Kimler

 About Ryan Kimler: He is the founder of Financial Clarity LLC was born and raised in the small west-central city of Macomb, Illinois. He received his Bachelor of Science Degree in Accounting and Finance from Illinois State University in Normal Illinois.

Connect with Ryan Kimler:

Website: 

https://financialclarityllc.com/ 

LinkedIn: https://www.linkedin.com/in/ryankfinancialclarityllc/ 

Connect with Jason and Scott:

Website:   https://henderxcapital.com/masteryourmillions

Twitter:  @MasterYourMs

Facebook: https://www.facebook.com/groups/realestateinvestorsofutah 

Instagram: @MasterYourMs

Email: [email protected], [email protected]