How you can evolve your business to still make money.

The reality is harsh. Ever since the Coronavirus hit town, our stocks, bank accounts, and even jobs have been taking an even bigger hit.

If you’re a business owner, congratulations. You not only have more control of your money and your future, but you’re also in for a lot of work.

The frame of getting yourself through it is knowing you can change your situation at any time.

It’s true – these are turbulent times. The market is unpredictable. NOW is the time to be both tactical and strategic in your next moves, and find out what will work for you and your business. We’d like to break down a few ideas for you and hope this will offer some ways in which you can get creative to save your business during the aftermath of the Coronavirus outbreak.

How you can evolve your business to still make money

• Think about your clients, or buyers and their unique situations. Are they at home? Are they working? Are they spending most of their time online? Do they have different needs? How are they spending their time and their money now that many in-person businesses have been ordered to shut down due to the virus?
• Think about different ways in which you can deliver your product or service. Some alternative ways of providing information include online videos, e-books, teleseminars, e-marketplaces, previews online, webinar series, online courses, etc.
• Think about your team. Are there people who you could call on to help assist you in running your business? Do you need a website? We know someone… Do you need a bookkeeper? We also know someone… It’s never a bad time to ask for help.
• Think about your payments. Can you set up a new package deal, where people pre-pay for products or services? Maybe they can be put on payment plans, so it’s easier on their wallets during this trying time, but you still have the guarantee of payment. If you’re getting people on a subscription service for your business, make sure you keep the quality of your content relevant so they don’t drop off after just a few months. It needs to continually hold value.

Keep this one thing in mind when you are adapting your business to better serve your customers during the Coronavirus outbreak:

CONNECTION IS EVERYTHING. Keep your lines of communication open to better serve their needs; Be open to suggestions.

This is just one topic of many were covering surrounding the Coronavirus outbreak & money. Visit AskLoral.com to be connected to our Facebook group, where we bring the experts in for regular videos to discuss a variety of topics including cryptocurrency, the stock market, real estate, investing, market awareness, and so many more.

The coronavirus is having a major impact on the economy with businesses shutting down and people losing their jobs. Financial experts are still saying now is the time to think about managing your money and investing.

Bestselling author, speaker, and financial mentor, Loral Langemeier said, “Who do you want to be at the end of this? You could be the person who walked into this and you were survival and you lived paycheck to paycheck, but you could walk out of this a millionaire.”

Read the full article here

Because everybody’s financial situation differs, Langemeier says you can ask specific questions and talk to experts by joining Millionaires in Training on Facebook. People can get guidance from financial experts that specialize in different needs. Langemeier and her team of financial experts based in Carson City held a live stream event to answer money questions surrounding COVID-19, on Wednesday.

Langemeier says even a time of crisis can be an opportunity if you get creative and use your skillset.

“You’re laid off? Like, welcome to being an entrepreneur. Like, god, welcome to freedom!” said Langemeier, “You have no distraction. You can’t even say I gotta run kids around to sporting events. You have no freaking excuse but to get to the playing field and learn.”

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There are many ways a real estate investment can go wrong…

But if you have the right strategy, investing in real estate can make you millions in revenue.

So how do you ensure that a property is going to be a good investment?

Here are four critical steps you should follow when investing in real estate…

1. Buy for Cash Flow

Analyze the potential cash flow of the property before capital growth expectations. How much is it going to cost, how much is it going to pay, and is it an emotional decision or a decision based on the working numbers?

How much is it going to grow by? is it going to offset that loss in money?

If it is going to make money then look at how much this property is paying, and ask if the property is crucial in achieving the financial goals desired for this particular property.

2. Look for Real Validation and Proof

Mortgage professionals promote themselves with yard signs, online ads, billboards, above the subway train’s door, and even sponsored public benches. Cutting through all of the advertising hype can be tough. Still, there are ways to size up a professional’s record—and potential.

• Ask them to provide a list of what they’ve listed and sold in the past year, with contact information.
• Ask what their closing rate is.
• Look at how closely their listings mirror the prospective property. Are they in the same area? Is the price range similar?
• Research the area beforehand. If the professional knows the property and area, then they will know important information like population growth or decline and whether the economy is growing or not. And if they’re right, then they truly do know the area.
• Sometimes you can get seller financing at 6 or 7%. This is better than hard money lending at 14%. Look for a local investment group to find these lenders.
• Self-directed IRAs are a smart, savvy way to invest. Just be sure to check fees before getting locked into a company.

3. Get Pre-Approved

Before looking at if a property is a good investment or not, or looking at ways it can maximize income or value of the property, it’s important to get pre-approved so that ROI numbers can really run permitted amounts.

Get pre-approved up front to know what the numbers are and to make sure you have a realistic amount of cash flow before looking at properties.

Not sure what strategy you should be taking and what numbers you should be looking at based on your current financial situation? Request a free Gap Analysis Strategy Session with our investing and wealth building experts right now and discover what your biggest gaps and obstacles are and the roadmap you should be following.

4. Know State Laws and Taxes

The lower the price of a property the lower the risk is, so look for cheaper properties with the same cash flow as their competitions.

But none of this matters without awareness of state laws and taxes. In order to maximize capital gains, know the state laws and taxes! And look for returns of no less than 8%, but really, try to shoot for 14% and up.

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There’s a right way to launch a business, and a wrong way.

And the route you take can ultimately make or break your company down the road.

Whatever the size of your business, getting it started is a process. But don’t let that hold you back or delay you from getting it off the ground. Set up the business as soon as you can, and build your processes along the way.

So what do you do first?

There are 3 steps to launching a successful business that every new business owner should follow, in order to excel during the start-up phase.

1. Do Your Research

Before starting a business, you need to spend time doing a lot of research.

Research your industry, your competitors, similar/existing products, ways to build your presence, etc. Understanding that the key to business growth can stem from the quality you provide, it is at the highest importance to do your research when deciding which paths, products, or risks you’ll need to take.

The internet has a wealth of information—USE IT!

2. Develop a Revenue Model

No matter what type of business you’ve decided to start, the key component to your company’s business model should be a top priority when it comes to your business’s start-up stage. If you do not have a revenue model, your company will fail.

Doing your research when building this type of framework will help define your target audience, establish and fund marketing plans, and institute a line of credit. You have to be extremely clever with your financial and entity strategy. You need to get incorporated, as soon as possible; but you need to set up the right entity for your business and what is going to save you the most taxes. We highly recommend a free Gap Analysis strategy session with an expert from our team. This conversation will help you see any loopholes or gaps in your strategy that either is or could be holding you back, as well as help you develop a roadmap to generate the most success possible.

3. Join a Community

While we like to think that the problems we’re going through with our business are unique, they’re not.

Other entrepreneurs are going through the same problems, usually at the same moments. Creating or joining a community with other entrepreneurs and wealth-builders is a way for people to come together and create magic while giving feedback or providing answers to others in need.

These communities can include people who range from someone who just sold their business for a few hundred million dollars to an inventor trying to gain traction in a focused niche to an entrepreneur just getting their first business off the ground. This is the fast, modern way people connect and get right to the meat of their problems.

Being adjustable and flexible to new ideas will help your business thrive amongst your competitors. Learn from people who have achieved success already, and are not only creating wealth, but keeping it (with smart tax and entity strategies), and growing it (with high-return investments across a diverse portfolio).

Be attentive on both positive and negative feedback, and understand that anything you’re going through, someone else is too. Surround yourself and learn from people with the same passion to build seven-figure wealth, and strive to consistently grow, make new connections, and nurture the relationships you build.

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Through persistent obstacles, five-time New York Times bestselling author Loral Langemeier has built herself up from scratch to become the CEO and founder of Integrated Wealth Systems—a wealth-building community centered around generating seven-figure wealth, keeping that wealth with tax and entity strategies, and growing it by investing it off Wall Street—and a global leading entrepreneurial speaker.

It all began when Loral started her first company (a health training business) at age 17. She then went on to graduate with her undergraduates in Business Administration and Finance at Wesleyan University of Nebraska, and her graduate in Exercise Physiology from the University of Nebraska.

Following graduation, Chevron Corporation contracted her to teach oil-rig workers off the coast of New Orleans health, fitness, and nutrition. She then partnered with Louisiana State University to build 200+ fitness centers on offshore oil rigs. While continuing her own on-the-side business, Loral continued to build her portfolio with Chevron in San Francisco with a senior-level position, before working as a Master Distributor for Robert Kiyosaki.

After Loral reached a net worth over $1 million, she decided to start a company that provided a catalyst allowing others to reach the same level of success.

In 2002 Loral launched (now) Integrated Wealth Systems, a multinational organization that shares her nurtured and perfected 3 to 5-year strategy to make millions. The company started small in Novato, California, and within 5 years had become a $19-million-dollar global business.

It was at this same time that Loral started her publishing career with multiple paperback books—and in collaboration with her friend and mentor Bob Proctor—developed a series of CDs, videos, and workbooks. And she then went on to become a New York Times bestselling author, five times.

As one of today’s most sought-after multi-million-dollar wealth coaches, Loral shares her best advice on how to succeed and thrive as an entrepreneur in our tough economic climate.

1. Set Achievable Goals

Most business owners are setting goals that aren’t realistically achievable in the present moment, trying to mimic a lifestyle that is more fantasized than practiced.

Set goals that you not only can achieve but win at.

As a business owner starts to achieve meaningful goals, it gives themselves permission to have a high probability to achieve their goals.

A strong will can sometimes cause weakness over time. If you’re trying to break through a wall and keep hitting your head and getting bruised, try a different wall!

But make sure you’re strategic about your goals. She highly recommends jumping on a guided Gap Analysis strategy session with one of her wealth-building experts. This critical conversation will outline how much financial risk you can take on and which path to take to build ultimate wealth for yourself. And the best news? It’s free.

2. Be a Pursuer of Knowledge

If you’re stuck, or have put yourself in a situation you’re trying to overcome, seek out guidance and help.

As a business owner, you’ll always be faced with trends, practices, or skills you’ve yet to experience. Having a mentor or coach you can always ask for help can teach you new ways of thinking or seeing.

If your business is more text-based, try finding someone who can coach you in transcribing your work into a different format like film or digital recording.

3. Self-Modeling

The fastest way to learn is to get close to the person that you want to be like.

Model yourself after someone’s energy, motivation, and drive to develop and create certain tasks. All success comes from a form of self-value modeled after another’s success.

Focused and uninterrupted energy builds the very best support.

4. Be Clear and Responsible

If you’re not willing to lean in and learn, you’re not willing to be responsible for your company.

Have mentors, learn from them, and get crystal clear on what you really want your goals to be, and, what your mission is.

It is your philosophy, your beliefs, that drive the mission statement for your company. And If you lose track of why your business supports this, value declines.

5. Put in the Work

Everyone who is successful has challengers, and challenges, that they must overcome—even the most massively successful people.

If you don’t endure the trials and contenders you’re faced with, then there’s no guarantee of work. No credibility in your accountability.

Your business’s growth depends on your willingness and ability to seize these opportunities.

Be accountable to what is important, and practice simplicity.

Building generational wealth comes down to a system. And having the right strategy in place and the right people on your wealth team is critical in order to achieve the wealth of your dreams.

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Do you wonder whether you’re using all the tax, entity and wealth strategies available to you and if your investments are truly producing all they could be? Get in on the only conversation about money you need to be having with Real Money Talks.

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Business owners looking to massively scale their business should all be considering one thing;

Expanding to Canada.

Doing business in Canada can put you on the fast-track to multi-million-dollar revenue. From stellar tax breaks to additional write-offs, conducting business in Canada has numerous advantages for wealth builders.

It’s crucial, however, to set things up right from the beginning. Canadian laws are different and it can be difficult to navigate the complexities of international insurance, taxes and trusts.

Your first step is to take advantage of a free Gap Analysis with a member of our team. Our cross-border specialists will help you create a plan that is individually tailored to your needs. Next, check out these three ways you can start doing business in Canada.

1. Sole Proprietorship

Sole proprietorships are similar in Canada and the U.S. A main benefit is that they can give you write offs towards your taxable income.

For instance, Canadian sole proprietors can write off 10 to 20 percent of their houses if they’re used for business. There are many similar write offs you can take advantage of on your T4 income – which is filed every year through the Canada Revenue Agency.

The many write offs make a sole proprietorship a great option for new businesses. Many business owners choose to go this route as they get established and have low profitability.

As their revenue generation grows, however, so do their tax burdens. If you start making seven figures, you can be taxed upwards of 50 percent. You will want to look at other entities if you expect to build wealth fast.

2. Partnerships

Partnerships are an option for those looking to set up a business with others. In addition to combining financial resources, starting a Canadian partnership is an inexpensive way to establish a business.

While a partnership may be a viable option for those with business partners, they do have their disadvantages. Each partner is responsible for doing their own tax return. This means that any money you make on the partnership goes straight to your taxes.

You also need to be careful of your liability. Canadian partnerships have unlimited liability – so personal assets may be required to pay off debts.

3. Limited Companies

Setting up a limited company in Canada is a great way to have flexibility as a business. You can enjoy the benefits of more write off opportunities, more asset protection and more legal structure.

Canada also allows you to set up companies as C-Corps – and the structure is similar to C-Corps in the U.S. If you have C-Corps in both the U.S. and Canada, you can easily transfer money without paying lofty international fees.

For example, exchanges between U.S. and Canadian C-Corps have a 5 percent withholding tax. Bringing in money to Canada through an LLC? That has a much higher withholding tax at 15 percent. You can also avoid exchange rates by keeping your money in U.S. accounts. Using a U.S. credit card can help you keep avoid paying wiring fees and high Canadian taxes.

Starting a Canadian company is all about planning and having the correct team in place right from the beginning. By establishing your business the right way, you can get on the fast track to seven figure income. You can protect your assets, reduce your taxes and see much higher returns by establishing yourself as a Canadian business.

Listen to the Podcast on Your Phone

Do you wonder whether you’re using all the tax, entity and wealth strategies available to you and if your investments are truly producing all they could be? Get in on the only conversation about money you need to be having with Real Money Talks.

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The crypto market presents limitless potential for financial gain.

But, cryptocurrency trading is very different from stock market trading. You don’t get 50X returns in the stock market in six months. Investors are already taking advantage of this emerging market to make seven figure returns.

But cryptocurrency trading is still a new platform. Even the savviest stock investors need help understanding the ins and outs of the market. By understanding its nuances, you can create million dollar opportunities with cryptocurrency.

Your first step is to jump on a free Gap Analysis strategy session with an expert from our team. This conversation will help you understand your financial foundation and build a custom investment plan catered to your goals. Next, use these tips to help you dive head first into the future of investing.

1. Ladder in the Market

Timing is everything – especially when it comes to investing. As with the stock market, it’s critical to enter the crypto market at the right time to maximize your returns.

Bitcoin prices tumbled in 2018 and investors paid the price. The problem? Investors didn’t pay attention to the warning signs. Bitcoin was in the midst of a death cross last year – which typically sparks the beginning of a bear market. A death cross is when the 50-day moving average crosses the 200-day moving average on the downside.

A better time to invest is during a golden cross – when the 50-day moving average crosses the 200-day moving average on the upside. Professional traders usually short stocks during a death cross and long stocks during a golden cross.

What’s the best time to enter the crypto market? There’s no one date. It’s difficult to predict a golden cross. Your best bet is to ladder in and slowly enter the market during the first dip after a cross.

2. Utilize Staking Rewards

With so many buzzworthy coins in the crypto market, it can be hard to bet on a winner. The good news? It’s hard to pick a loser in a bull market.

A great way to maximize your returns is to invest in a coin that offers staking rewards. Many startups offer monthly bonuses to investors for simply holding onto their coins. By investing, you get monthly rewards for simply holding onto their coins. You can then put these bonuses right back into new investments to expedite your wealth-building.

3. Hold Your Coins in Native Wallets

Always protect your assets. The best way to keep your coins safe and secure is to store them in the wallet of your native coin.

Crypto exchanges make it easy to invest, sell coins and deposit funds. However, they’re vulnerable to getting frozen and hacked – meaning you could lose all of your funds in one fell swoop.

Native wallets are much more secure. They’re decentralized and the account holder is always in control. With native wallets, you’re the only one who has the keys to your account. Whether you have hundreds or millions in crypto, you can protect your investment by placing your money where it’s safe.

4. Do Your Research

The majority of crypto traders lose money. That doesn’t mean cryptocurrency is a bad investment – you just have to be smart and do your research.

Crypto trading is still new and investors are prone to making mistakes. When Bitcoin’s price spiked in 2018, many people were quick to push their chips to the middle of the table. With basic research, however, they would have discovered that cryptocurrency was about to enter a bull market.

Avoid pitfalls and mistakes by doing extra research. Read up on the history and forecast of the market before making big financial decisions. By educating yourself on the market, you can enter and exit the market at the right times and see major financial gains.

The cryptocurrency revolution has arrived. Cryptocurrency presents huge opportunities for life-changing investments and returns. Use these tips to enter the market, protect your assets and build the wealth you’ve always dreamed of.

Listen to the Podcast on Your Phone

Do you wonder whether you’re using all the tax, entity and wealth strategies available to you and if your investments are truly producing all they could be? Get in on the only conversation about money you need to be having with Real Money Talks.

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Do you ever feel like you aren’t living life and building wealth to your fullest potential?

Most of us aren’t. So how do you change it?!

It all starts with finding your true “what”. Discovering your “what” will drive you to achieve everything you have always dreamed for yourself, and live with passion and purpose. It’s how you can go from meandering through life to waking up with the fire to make millions doing what you love, and doing it.

However, you have to be extremely clever and calculated about your financial strategy, and not leave any of the gaps open that most people don’t even know they’re missing or doing wrong. We highly recommend you jump on a free Gap Analysis strategy session with an expert from our team. This conversation will help you see the gaps in your wealth building that are holding you back, and lay out a money plan so you can dive head-first into generating ultimate wealth from your passion.

Then, you can follow these steps to find clarity, live with purpose and build transformational wealth.

1. Discover Your Gift

Whether you’re starting a business or completely reinventing your life, you can be much more successful by answering one question: “What is my gift?”

Everyone has a core gift inside them, but few people actually take advantage of it. Why? They don’t take the time to understand their gift. You need to identify what your gift is and how to deliver it to the right audience.

Your first step is to self-reflect and discover your gift – whether it’s communicating, teaching, entertaining, healing, or something entirely different. Next, you have to leverage your core gift with a primary vehicle. For example, a successful healer might deliver their gift through massage therapy. The third and final piece of the puzzle is to find an audience to best serve your gift. This powerful, simple framework will give you everything you need to hit the ground running and pursue your passion.

2. Know Your What

People often hit a large amount of roadblocks on their path to multi-millions. One of the biggest roadblocks is trying to understand your “why” before your “what”. In other words, people get so caught up in finding their purpose that they aren’t taking action.

While it’s important to know your “why”, it’s even more critical to understand your “what”. That is, the things you can do today to pay your bills and hit your wealth goals. Your “what”  is ingrained in you – it’s the things inside you that wire you to excel. Your “why”, on the other hand, is something that you choose. This is your motivation for success, whether it’s providing for your family or gaining financial independence.

Don’t limit yourself by delaying action. Evaluate what skills can make you money today. Once you take your first steps, you can discover your inner drive.  

3. Invest in Your Passion

You might think you’re ready to jump right into your passion. The reality is, however, that you can’t fully commit to your passion until you have financial freedom.

For example, you don’t have to give up your dream because you have a day job. Instead, you can invest your time instead of spending it. Put your extra time directly back into pursuing your passion. Whether it’s getting up early or utilizing your commute time, there are always extra hours in the day to be productive.

Tip if you have a day job: Start creating an offering to get paid for your passion. The success of a business and the revenue it generates is a direct reflection of the number of offerings. The more chances you have to get people to buy, the more you’ll get paid for your “what”. Eventually, you’ll start making enough that you can cut the rope on your day job and commit fully to your passion.

Getting started on the right path is the hardest part. Take these first steps to kickstart your transformation to generating ultimate wealth doing what you love. By investing in yourself and your passion, you can start living the life you’ve always desired.

Listen to the Podcast on Your Phone

Do you wonder whether you’re using all the tax, entity and wealth strategies available to you and if your investments are truly producing all they could be? Get in on the only conversation about money you need to be having with Real Money Talks.

Step 1.
Search for “Loral’s Real Money Talks” in your preferred podcast app or platform

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Hit the “Subscribe” button

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