 Hey, what's up coaches welcome back to the channel now in today's video I'm going to show you exactly the five steps that you need to take before you start your sports coaching business. A lot of coaches skip these steps and typically like they try to start a business and they do it with the wrong foundation. I'm going to show you here how to do this with the right foundation. And the reason why I'm creating this video is because the last couple years I have talked to hundreds of coaches already who have questions about you know what should they do at the beginning, what are the correct things to do. So this video is served to answer these types of questions. And I hope this helps you. Alright, so I'm going to go through this one by one and these are in order. Alright, number one, you need to legally set up a business. So to do that, you should take the time to speak with a CPA or speak with an attorney in your area and learn how to set up a sole proprietorship and LLC or an escort. I mean, there's other types of business formations that you can set up. But you should go to someone locally in your area, meet up with them and say, Hey, I'm looking to start this type of business. What is the type of business I should set up? They will be able to give you instructions. And you shouldn't just go off of someone's advice on YouTube for something like that. Right. There's many different ways you can set up a business. But most coaches don't legally set up a business at the beginning. And I will tell you you run into so many problems in the future. If you don't do that, I have talked to so many people over the last even like the last 30 days who did not have a legit business set up, but they were making money. Well, now they have to, you know, once they set up their business, now they have to go pay all this taxes back. So that's that's a problem for them. So number one, set up a business, go talk with a CPA, go talk with an attorney in your area. Like it's a business, you should be investing into yourself. So go pay for their time, learn how to do it and go set it up. You could legally set up a business probably within 24 hours. If you like, just put your head down and focus on it. That's number one. Number two, this is a huge problem that most coaches don't even think about, right? Which is like, you need to have liability insurance. There's two companies I recommend, you can Google them and you can call both of them and you can get quotes from both of them. The first is called K and K Sports Insurance. I've used them for many, many years. Most coaches that I work with have used them. There's also another company called Sadler, S-A-D-L-E-R Sadler Sports Insurance. You can go to their websites, just Google them, go their websites, call them, get a quote. Like having liability insurance is so affordable and not having it is very expensive. I know many coaches over the past five, six years since we started helping coaches and we started doing consulting that they have a business, they don't have that set up. If someone gets hurt at a camp, they get sued. That's a pretty common thing that happens to coaches if they don't have liability insurance. So go use one of those two resources that I just gave you. All right. The next is you want to, and this is the third, you want to set up a business checking account at your local bank and the reason why you want to do this is so all of the money that comes into your business goes into one spot and it's easy to track all the income when that happens. So am I telling you to not use Venmo, Cash App and all of that? Yes, I am telling you don't use that. You need to have a system in place where you collect money and then the money goes to your business checking account. Then from there, you can disperse that however you want. I'm not going to give you advice on what to do with your money, but you need to have a business checking account so you can track all of the income that's coming in to your business. All right. Next, what you need is you need a billing system. So this way, like after you have your business checking account set up, now you have a billing system set up. So when people pay you, the money goes from your system to your business checking account. Now you have the money. So the reason why you need a good system is so you can do recurring billing with clients. That means every 28 days or every 30 days, they're automatically being billed. And when you have it set up that way, you don't have to go resell to your clients, which is a huge common problem that most coaches have is they'll do sessions for cash or they'll get checks or they'll do things on Venmo. You can't run a reliable business that way. You need to have one system that controls all of the money. So this way, when parents pay you, you get paid and then every 30 days or maybe you do annual billing, however you have that set up, you should use the exact system that I recommend. I use it for six years now. A lot of the coaches that we work with, they also use it. It's called SAMCART, S-A-M-C-A-R-T. Go to the link in the description. You can get a free trial there, a free 14-day trial. If you don't like it, don't use it, but it is so easy to use. And there's coaches that I work with that are just starting that use that. There are coaches that I work with that run half a million dollar per year businesses that use it. So it's going to help you. It's very affordable. And that will help you streamline all of the money that comes in. And you can't use that though, unless you have a business checking account. Can't get a business checking account unless you have a legal business setup. So this is why I'm going through these things in order. All right. Lastly, this is so important. This is a boring topic, but you need to know about this. You need to understand how much money to save for taxes. If you don't know what that is, you need to go ask someone. All right. And the reality is most coaches and this is how it is with most people. It's not just coaches. Most people are irresponsible with the money that they make. They just make it and then they go spend it. You need to treat this like a real business. So you understand, all right, here's how much money is coming in. Here's how much it costs per month to operate. And here's how much money I need to allocate for taxes. So you should just set up a business savings account. So you move some of your money from your business checking account to your business savings account every month. And then now you have the money for taxes. If you do that, you're never like drawing back from your business at the end of the year to go pay for taxes. You already have the money. It's already set aside because you're responsible. Now, if you go through these five steps again, all right, legally set up a business, talk with the CPA or an attorney, number two, get liability insurance, use those two companies that I talked about, call both of them, get a quote, see what's best for you. Third, set up a business checking account at your local bank. Fourth, get a billing system. I recommend SAMCART. Go to the link in the description, you get a free 14 day trial. Lastly, understand taxes, understand how much money you allocate per month towards that based on what the income that you're generating. That's it for this video. If you have any questions for me either about these things here, or you have any sort of business questions and you want some consulting, reach out to me. My number is 210-960-5771. I talk to coaches every single day. This is what I do. We are very good at helping coaches grow their companies. So if you want more clients, if you want a streamline, you want to have systems in place, that's what we do. So reach out to me if you have any questions and I'd love to set up a call with you. That's it for today's video and I'll see you later.