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Modeling Success is created to bridge the gap between talent and brand. Putting everything out on the table, addressing current situations and hot unspoken topics that are happening in the industry that need to change. We will address topics such as the models and brand's point of view on industry topics. As well as discussing success in the industry, what it is to be a model and what agencies and brands are looking for when seeking talent. Just because you get paid for pictures does not make you a model. A model is "a system or thing used as an example to follow or imitate". A model is someone or something one aspires to become, someone who works their butt off and is someone people can look up to. This podcast is here to assist Talent in learning pride and true tactics for success in the industry.
I, Rian Donatelli, will use my 25+ years experience within this industry to discuss all these topics and more through conversions and panels with other people in the industry from talent to brand executives to the venues and establishments that we are operating in. We are going to find some hard truths that need to be heard on all fronts.
Modeling success is here to attack building brand awareness for brand ambassadors and all entrepreneurs. So if you are feeling stuck or simply looking to grow and scale your business, let's dive right in. Welcome back to modeling success. I am your host, Ryan Donatelli. And today, we are going to dive into 5 steps to start your own business.
Speaker 1:You may have the desire to set yourself up for success as an independent contractor and just don't know where to begin. Starting your own company is a solution to set yourself up for success in your entrepreneurial journey. These five steps that we will cover today will learn how to establish your business and begin the map it will take to design that vision for where it is you want to go, and that begins with a business plan. But first and foremost, you have to do step number 1, and that is name the business. So get with your CPA and decide, will you become an LLC, an LLC with an s corp, or a c corp?
Speaker 1:Then you will want to name the business. You will want to check availability, USPTO is the trademark site, uspto.gov, and see if it's available and trademarked already. If it's already trademarked, you have to go back to the drawing board. Check for pending trademark as well because you can intend to use filing at the USPTO, and you'll want to avoid both of those scenarios. So go with a name that's available in the trademark website, then you will wanna go over to your secretary of state website.
Speaker 1:This is, like, in Nevada, it would be nvsos.gov, but you can just Google secretary of state in the state that you're in, get to the website, and go to a business search, and there you can search name availability. If it's closed, the name is typically available. However, try to go with something that's never been used before, and then you will file at state level once you have a name that's available and your business filing type. You will wanna file at state level and then check city level as well. Some other some states have a city permit that's necessary.
Speaker 1:Nevada is one of these to do business in the city that you're in. Then you will want to execute all the articles necessary for the business. This is where you will need to have your attorney chime in and make sure that you have the documents, maybe your CPA, but, that will finalize the business, with your articles, and then you will file for your tax ID with the IRS. Once you have your tax ID, you can create your w nine form and, use that for any business that you're doing and anyone paying you. You will need that document.
Speaker 1:You will need to consider gaining limited liability insurance for the business. This is very affordable, but something great to have, and then you can open up the bank account for your business once you have all your documents back from the state and the IRS. Once you have your bank account, I suggest opening up a QuickBooks account, link the business account to the QuickBooks account, set up your business expense categories, and this way you can begin to categorize your expenses as they come in. I recommend reconciling your account monthly against your bank statements. Stay on this as you go through the weeks months ahead, and this will be turnkey come tax time.
Speaker 1:These simple steps will allow you to show taxes and books that support loans and purchases down the road versus trying to show what they call a stated income, and that is a much larger challenge when doing things such as applying for a mortgage. Once you have step 1 complete, you are off to the races. Now you are an established business. But where are you going? You need to map out where it is that you are going so you can get there.
Speaker 1:As an entrepreneur, you may not know where you want to go ultimately with your business, what the future looks like, or where it is that you will desire to take it, and that's okay, but you can design a few simple things that will get you started and hold you accountable to your commitment and that is number 2, identify the who. Who are you as a business? This is your business foundation. Your business foundation is the core of your company. It includes the mission, vision, values, and purpose, and these elements provide the direction for your business and can help you make decisions.
Speaker 1:This takes time to define your business foundation and ensure it aligns with your personal values and goals, but take these 4 simple topics and put time to this. First one is your mission. What is your mission statement? What is it you are out there to do? Number 2, your vision.
Speaker 1:Design this vision that you have for you and for your business. Number 3, which I feel is most important are the core values that this business operates under. What are the deal breakers and must do's in the business at all times to hold you accountable? These are your core values. And the last one is your purpose.
Speaker 1:Identify your purpose, why you're doing this, what you're out there to do, what problem are you solving. And once these are outlined, it's a great idea to print them, put them in places that you see every day, whether it be your bathroom mirror, in your car, on the wall. If If you have an office, blow this up. Look at this daily. This give yourself time to memorize this, but looking at this daily will instill in you the mission that you are committed to.
Speaker 1:And you need to revisit this and be able to recite this and these elements always and in all ways. So remember that scaling your business takes time, effort, persistence, but the rewards are so substantial. You just can't quit. As an entrepreneur or business owner, you might have a big vision for your company. But growing and scaling your business can be a daunting task, especially if you don't have a clear road map.
Speaker 1:You can never land in Paris and get out of that roundabout if you don't know where you're going, so you also need to establish your business foundational elements and write a business plan to set you up for complete success. So you need to outline the fundamentals that will drive the train. This is number 3. Identify who you are as a business. So pick a business plan that works for you.
Speaker 1:There's no right or wrong way to write a business plan. What's important is that your plan meets your needs. So there are 2 typical styles of business plans. One is traditional and one is lean startup. Traditional business plans are more common.
Speaker 1:They're very detailed. It takes time to write. It's comprehensive, but lenders and investors commonly request this plan. Number 2 is lean start up. Lean start up business plans are high level focused.
Speaker 1:They're fast to write. They contain key elements, but still use a standard structure. They focus on summarizing all of the most important parts of key elements of your plan, and they can take as little as an hour to make and typically only 1 page. Some lenders and investors may ask for more information, but this will be enough to get you started. The SBA site is a great resource for you.
Speaker 1:That's the Small Business Administration, and they show the different styles and templates of traditional and lean start up. So you can find that online at sba.gov, and you can do a deep dive into which business plan is works for you, and you can also gain templates to work from. In the lean start up situation, you will need to identify your key partnerships, your key activities, your key resources, and what I feel is most invaluable is your value proposition. You want to make a clear and compelling statement about the unique value that your company is bringing to the market. You also need to have your customer relationships, your customer segments, channels, cost structure is very important, and the revenue streams.
Speaker 1:So think big on this, think big on your revenue streams, don't minimize it to one category. You need to keep your options open so you can take on any and all opportunities that come your way. So identify anyone that could be a potential customer, and this will complete your business plan. Simple and easy to do. So if you have a couple hours, you can do a deep dive into these items and do this and start this process in as easy as a day.
Speaker 1:This will cost time and, you know, with all of the CPA conversations, the filings, and, you know, talking to your attorney, you will need about a1000 to $2,000 to get this up and running, but you will have a substantial business that will set you up for success. Then we're on to number 4, who's got my money? This is such a crucial piece. You need to design your avatar. Identify who your target customer is.
Speaker 1:Identify where they hang out, what their behaviors are. It could be as granular as gender and age range, and then identify where they shop, where they're on social media, what they're doing in their daily routine so you know how you can get in front of your avatar. This is what's crucial piece in sales and marketing. And then number 5 is get in front of your customer and sell. This is where your value prop comes into play.
Speaker 1:You wanna rip the Band Aid with pricing. You don't want to try to skirt around it. Just rip the Band Aid, talk about your pricing, and then identify all of the value in your proposition that is behind it so you can justify the cost and make it seem like it's a no brainer decision for your buyer. You wanna make sure that you are always talking to the decision maker when you are getting in front of your customer and selling. You will need to learn how to close.
Speaker 1:So pick up a few books. Seller be sold is a great book by Grant Cardone. The 10 x rule is another phenomenal book that he wrote, and these books will change your life when it comes to closing on your customer, and maintaining and growing your business. So remember that scaling your business takes time, effort, and persistence, but the rewards are so substantial. So get committed, stay committed, keep going, and just don't quit.
Speaker 1:And you can too run a very successful business, grow and scale, and also not have any hiccups down the road when you're trying to, you know, purchase a home, purchase multi property units. And you can have all of these multiple revenue streams funneling into one place to justify your stated income. So, again, get committed, stay committed, keep going, and just don't quit. That is it for now. These are the simple and easy to do 5 steps to start your own business.
Speaker 1:I am Ryan Donatelli, and we will see you on the other side.