4.9 • 816 Ratings
🗓️ 25 December 2024
⏱️ 3 minutes
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In this Amazon Quick Tip, I answer the question: How soon should I aim to have my LLC established?
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0:00.0 | What's up guys? This is Andy back with another Amazon quick tip. This is a question that was asked on my weekly |
0:06.5 | Q&A call with my coaching students. Enjoy. How soon should I aim to have my LLC established? Are there any |
0:20.4 | specific steps or considerations I should be aware of? |
0:23.6 | When it comes to the LLC guys, honestly you can start it whenever you want. |
0:28.6 | The reason in my program, why I kind of put it further down in the process, is really for the people that are a little bit more budget conscious and want to try to, you know, be more aware of their spending as far as like not wasting spend. But if you want, like, |
0:42.3 | you literally could, before you even start any of this, you could go start an LLC. You could. |
0:46.4 | I just understand that some states, the LLC is a lot more expensive. And Utah's like 40 bucks. |
0:51.2 | So yeah, if I was like considering a business, I could go start an LLC if I wanted |
0:55.5 | to and shut it down if I needed to later. And it's like, I'm out 40 bucks. There's other states |
1:00.0 | where it's like $800. So that's why I'm like, okay, you'd probably want to be pretty set on |
1:06.1 | your business and everything before you go spend $800. Like if you're just like, oh, I'm researching Amazon FBA. |
1:11.6 | I don't know if I want to do this. |
1:12.9 | Then yeah, don't go spend $800 on an LLC and then realize, oh, actually I don't want to do |
1:16.5 | this. |
1:17.2 | So that's why in the program I map it out, like do your product research, do your pricing, |
1:22.7 | your market positioning, your initial cost, do the FBA calculator. And once you do all that and figure, okay, I'm going to |
1:28.8 | sell this, here's the cost that I'm going to get it for. Here's what I can sell it for. Here's my |
1:33.7 | margin. Okay, I can make money selling this product. I'm good to roll with it. Then you set up your |
1:39.2 | LLC. Because then you're like, okay, my LLC is set up. Now I'm actually going to spend some money. |
1:49.2 | And the idea is you want to have your LLC and your business bank account set up before you go start spending a bunch of money. That way you can run all those funds through your LLC. |
1:53.1 | You can use it for your write-offs. It's easy for your taxes. And so that's kind of my philosophy is |
1:58.4 | you go buy Jungle Scout or you get it for free. You go by Jungle |
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