Hey Dan here in this video is for you if
you or someone you care about has been struggling to make it as an entrepreneur
perhaps way too many of the advertisements you see on Instagram or
somewhere are for passive income or great business opportunities in this
video I’m gonna answer a question from a viewer but I also want to explain the
difference between business opportunities which is not a good thing
even though the word sounds like a really positive opportunity and real
business training and explain what you can look out for if you are trying to
take some kind of online course or just generally create a business that allows
you to have a better lifestyle so the email came from Steve and he says I’ve
had five traditional businesses then years ago I fell into the multi-level
marketing trap which I have a video about finally got out of that after
losing my marriage home etc then I started day trading man I love to trade
but very hard to make consistent money in trading now I’m looking at affiliate
marketing but seems to me and looks like everyone and their dogs are doing it
I’ve also looked at writing etc like you but I’m not a writer probably not good
to become a writer if you’re not good at writing I also tried wealthy affiliate
but they are also just a cleverly disguised multi-level marketing and
recruiting deal I really want a real business but I want to have it online so
it can be done anywhere and give me a worldwide audience the closest to
businesses I found are trading and affiliate marketing because they require
no traditional business headaches like employees overhead inventory etc do you
ever go over great business ideas I really dream of a business that will
help me be free that is an awesome question I do not think you are alone
Steve there are some red flags in your email which is what inspired me to make
the video response because I see this a lot first I won’t say your email but
your email includes the word passive as if you have a separate email account
setup for trying to get passive income or something like this there’s also the
clear trend I mean lost seems like almost everything
getting into this multi-level marketing and going really deep in it and this I
told you in my email that I would respond and it might not be pleasant but
it would be the truth in my experience people who go really deep in multi-level
marketing their way of thinking has some serious flaws which can be fixed but it
takes a serious readjustment and some education I know this guy back in
Vancouver and he went deep into the multi-level marketing and then I cut off
the friendship because it was ridiculous and then every six months or a year he’d
come to me and tell me how we realized he made such a mistake and he wasn’t
into that anymore and then he pitched me on another multi-level marketing scam
that this time wasn’t one and I really think he believed it wasn’t and when I
see what you’ve then tried to do with businesses online trading and affiliate
marketing my hunch is you weren’t sitting around your house thinking how
can I add value to the world how can I make a business I’d be passionate about
you were googling I’m guessing how to make money online how to make passive
income how do I have a freedom business and this kind of BS and the truth is
when you go down that route you don’t find how you can create a unique
business you get sold on business opportunities and that’s really the
theme of this video the difference between business opportunities as it is
like a marketing niche and actually creating a business of value so within
the marketing and copyright world there’s different niches that people
specialize in marketing you have things like personal development health and
wellness and one is specifically called the business opportunity nice and people
who sell in this niche often sell a variety of business opportunities it’s
not like they’re an expert in one thing they become really good and that’s the
only thing they ever sell it’s a niche and truthfully if you heard the way
copywriters and marketers talked about the audience in this niche you would
probably be a little disgusted and offended this is a niche where you sell
an opportunity it’s not business training this is very
different I’m a big proponent of business training I have courses that
teach you how to deal with clients how to become a better writer how to do
sales meetings that’s education and training business opportunity telling
you in many cases it doesn’t matter what experience you have it doesn’t matter
what your education is this is an opportunity and generally they’re
selling based on terms like passive income work online they often throw
around a lot of income claims you know we can’t promise this will happen to
everyone but Chris over here just made $80,000 in his third month and if you
sign up today that could be you in many cases the people behind business
opportunities have had success in that area perhaps they did create a business
on Amazon or were affiliate marketers and had success and then they’re
teaching their system for that in many cases they haven’t I was in an online
mastermind group for entrepreneurs and one of the guys in it definitely fell
into the sleazy affiliate market or mindset which is one of the reasons that
I moved away from that group and he was talking about making a Forex for an
exchange trading business opportunity course teaching people how to do Forex
and selling that and he’d never done it himself and he’s like I’ll Google some
things I don’t make a course and charge people two thousand dollars this is very
common and so the people behind business opportunities in many cases don’t see
humans as humans I’m not gonna speculate what their personality types would be
but they’re usually not the most social caring loving people they’re very
numbers driven with very little sense of morals it did not appear weird to this
guy to sell a training on something he’d never had success in to make money once
we all pointed out to him how messed up that was he kind of backed down but my
hunch is he’s doing something like that right now he backed down because he
realized socially it wasn’t acceptable to do and he’s probably doing it in
secret somewhere so a few of the red flags that something is specifically a
business opportunity I mentioned big income claims if a lot of what they sell
it on is on the income or lifestyle you can have
the claim that you don’t need any skill or a specific background or something
like anyone can do it now the really smart marketers will actually put things
in like not everyone can do this you have to be able to turn on a laptop and
they’ll actually put in some serious things though to try to make it appear
like it’s not this because marketers get more and more advanced and they find
ways to not seem like the scam that they had a few years ago and that this is
something different or whatever and the last thing is that there’s always a
sense of urgency like you’re gonna miss out on this opportunity or they talk
about how big the market is so maybe someone promoting a course on how you
can make money on Amazon they’ll talk about how big Amazon is and Amazon’s a
trillion dollar company and every day a billion dollars the business is done and
if you just get a tiny slice of that so often talking about this opportunity how
big it is and how there isn’t a lot of time for it I can tell you since I used
to be a copywriter and I saw behind the scenes on a lot of this stuff and some
of the training and documents for the copywriting is that the people marketing
in this usually know that people buying business opportunity programs have
bought many in the past and have failed it’s not a surprise to me that you
bought an affiliate marketing course trading courses and probably some other
courses as well in many many cases the marketers are aware that they’re
reselling to people who buy maybe one or two of these programs often they’re
people with jobs who in theory want to quit and have some extra income so
they’re buying a course on how to make money this way or that way and it’s a
way to feel like they’re taking action but they’re really not doing anything in
some of these cases the training can be really good I know they were training
programs out there where the training is actually really good and the people
behind it have had success in that niche so it’s not to say that across-the-board
this is all BS but if you’re looking at any kind of business opportunity thing
you have to ask yourself a few important questions to see if it’s more of a scam
or pipe dream for you or if it’s something really legitimate first off is
what is the real value proposition here like am I at what am i doing to generate
value to give to someone else how am I making
if you can’t figure out why you’re getting paid then there’s probably
something weird going on the next thing is what strength or skill do I bring to
this that would make me special I think about it if there’s a course that
everyone can buy for five hundred dollars and it teaches you how to make a
six figure income passively whatever well then everyone would do it and
that’s probably not the case right and if a lot of people do it like let’s say
for instance having an Amazon business selling products on Amazon right I’m
using that as an example in truthfully as business opportunities go that’s
probably the most legitimate one in like the business opportunity where lots of
people do make a good money and build a successful Amazon business but the thing
is is you have to ask yourself okay if tens of thousands of people are getting
into this opportunity what can I do that makes me better than that
like if you’re all following the same tutorials and the same done-for-you
systems and step-by-step program how are you going to make more than these people
and what tends to happen is you have a race to the bottom so maybe there was a
great opportunity someone got in early when something was really like easy
cheap whatever it was they made a bunch of money and then the market gets more
and more difficult as it matures this is what happens in economies everywhere and
if there’s a good opportunity and it’s easy to make money more people get
involved it then becomes more difficult to make money and only the strong
survive so if you want to get into something in a mature market and hints
buy time someone is teaching you a course on how to make money in something
it’s probably already peaked in terms of the easy stage right there’s probably
not like just starting to blow up now when they’re making the course so if
you’re competing in a mature market you have to ask yourself how can I compete
in this market like do what am I really good with analytics and math and my a
great marketer and my great product designer what do I bring here if you’re
not bringing anything unique to the table guess what you’re one of the 99
out of 100 suckers who’s just paying for the course and going to race to the
bottom you’re gonna blow money on the course you’re gonna blow money on trying
to make the business work and nothing will really happen because you don’t
have anything unique to build a real business and this brings me full circle
to ultimately how do you determine if
something is a legitimate business if it’s something you should be doing which
is is there a real opportunity here that you could explain to a five-year-old one
what is it – why would people give you money and three why you are better than
95% of people and can succeed in that area if you can’t answer those questions
you should not be getting involved now I’m being very general here but I would
say that generally if you don’t bring something unique to the table in terms
of the offer then it’s probably a race to the bottom type business or just
something that fully won’t work now speaking really generally here the
easier it is to get into something like affiliate marketing or drop shipping
usually the harder it is to actually make a sustainable income and even if
you do peak for a little bit and make a few thousand bucks or even ten thousand
dollars in one month you’ll probably crash out sooner than later
because you don’t have anything unique you’re offering a drop shipping business
is where you find a supplier who sells their stuff to anyone and basically you
market their products and they ship it for you well if you start making money
there’s gonna be people who see that who copy you who do the same thing and
you’re not going to be able to have some kind of unique spot in the market same
with affiliate marketing you’re just promoting someone else’s product so the
way I always try to think of businesses is what can I do where I have a
sustainable business that could go years from now where can I work where I have a
unique offer and in my case like stay with what I’m doing now it’s my
personality maybe my knowledge if I have some of that it’s like no one can come
on YouTube and be like hi I’m Dan right and I think I’m really giving value here
whereas if you’re a drop shipping a product if you’re affiliate marketing if
you’re doing all these things you’re not really offering any unique value to
anyone you can be duplicated super-easy and you’re ultimately not building
anything sustainable and there’s a reason why in different entrepreneurial
circles I’ve been in and meetup groups and things like that often the people
who are in the dropshipping affiliate marketing forex trading either they’re
really sleazy kind of high IQ people who actually do make good money at it but
they’re the ones who are like 26 years old
don’t care about anyone but themselves and are cut out for it like that’s their
thing sadly to say or which is the majority of people they’re not making
any money and they’re bouncing around from all these things like oh I did
affiliate marketing for four months and Forex for six months and drop shipping
and they’re not really making any money because buying the course from the
sociopathic 26 year old on how to do it who really doesn’t care if they succeed
and in fact doesn’t really want them to succeed because that would be more
competition thank you for putting up with this video I have to admit when I
started filming I thought it would be a little more structured I think there is
some nuggets of wisdom there I hope I hope that you found this at least a
little I openin in terms of looking at entrepreneurship opportunities again if
it you can’t explain it to a six-year-old why it makes sense why
you’ll be good at it and why it could be a business for five to ten years then
probably not something you should do thank you for watching my name is Dan
missus dreams around the world and my mission is to help you become the best
version of yourself all while creating the most awesome life possible for you
and those you love hit subscribe hit the bell and I will catch you in the next
video soon. Thanks for watching!
In this video I’ll compare all of the
different versions of QuickBooks Online so that we can find out
what’s right for you. [Music] Hey there I’m James and welcome back to Accounting Stuff.
A little while ago I put up a video
where we walked through how to use QuickBooks Online.
We discussed a whole bunch of features that will help keep
your books in tip-top shape. However we skipped out
a vital part of the process because QuickBooks Online
comes in a few different shapes and sizes.
There used to be three different versions that
you could choose from but recently Intuit refreshed
their online plans so now we have four.
Simple start Essentials
Plus and Advanced and that’s excluding
QuickBooks Self Employed. So which one’s right
for your small business? I don’t know it’s confusing
so I decided to put together this little video to compare
all the different versions against one another
and then at the end I’ll recommend which
one’s right for you. So don’t miss out on that.
To be clear we’re going to be focusing on the US Edition
although most of the points will probably make sense
for other regions as well. You can click on the link
in the description to see a breakdown of all the different plans
that we’ll be talking about and I want to be fully transparent
this is an affiliate link so that means that if you end up
going ahead with the free trial or the discounted version
after clicking on it then I’ll make a small commission.
I want to keep creating accounting videos like this one
so this is one of the ways that you can support me doing that.
Anyway our focus today will be on maximising your
value for money. After all there’s no point
in paying for features that you aren’t going to use.
We’ll begin by taking a look at QuickBooks Self-Employed.
At 10 dollars per month or 17 if you chuck in TurboTax.
This is the cheapest cloud accounting product
that Intuit offers and I have a
love-hate relationship with it. Here’s why
If you’re a contractor a freelancer
or a sole proprietor of a small business then QuickBooks Self Employed
is a super convenient tool that you can use to track
your income and expenses. You can connect it up to
your bank accounts to import all of your transactions automatically
and the software makes it really easy to classify each one as
business or personal or split between the two.
This is useful if you bundle all of your work and personal transactions
through a shared bank account but more on that soon…
This process will allow you to track your business’s performance
through your income statement so you know how much profit you’re making.
Supporting these transactions with invoices and receipts can be a real pain
to do manually in spreadsheets but with QuickBooks Self Employed
you can simply drag and drop the support against each line item
and you also get access to a free app which you can use to snap,
allocate and store receipts on-the-go. Having an organised filing system like this
is a massive help when preparing your taxes
because you can easily provide backup for all of your transactions.
QuickBooks Self-Employed also gives you quarterly tax estimates
so you can prepare for what’s coming. Oh yeah and on top of all that
you can raise professional-looking invoices showing your business’s logo
and accept payments and the app allows you to accurately record
your business’s mileage using your phone’s GPS.
Very handy if you’re an uber driver. Sounds great doesn’t it?
Well… yes if you’ve been using spreadsheets
up till this point or you’ve been putting off your bookkeeping entirely
then QuickBooks Self-Employed is a total game changer.
But… and this is a big but it doesn’t scale.
QuickBooks Self Employed is a totally separate product from
QuickBooks Online so you can’t seamlessly upgrade it
if you end up needing more features. This will become a big problem
if you plan on expanding and growing your business in the future
because this software won’t grow with you and whilst I like a lot about
QuickBooks Self-Employed it’s also a very primitive product.
Double entry bookkeeping is one of the most important inventions
of the past 500 years and basically all major businesses use it to
record their transactions and report them in financial statements.
Well QuickBooks Self-Employed doesn’t do that. If you’re new to double entry accounting
and you’d like to learn more about it then don’t forget to subscribe
to this channel. I have a whole accounting basics playlist
up here that will help teach you it works. QuickBooks Self Employed also doesn’t
have any third-party app integration and no bank reconciliation feature
which me is a big no-no. QuickBooks Self-Employed definitely
has its place and for some people it might be perfect
but be warned it’s mainly aimed at
freelancers and contractors so if you run a small business
this probably isn’t for you. You will need to look into
QuickBooks Online instead. Which brings me on to Simple Start.
At $20 per month QuickBooks Simple Start is the
cheapest version that you can get your hands on.
It gives one user and an accountant the ability to track
your income and expenses which you can still categorise by type
in order to maximise your tax deductions. Simple Start also allows you
to download all of your banking transactions into one place
and you now have access to the bank rec feature
which is one of my personal favourite things about QuickBooks Online.
QuickBooks Online integrates with hundreds of third-party apps
so you can now work with TSheets, Expensify and Square in order to
save yourself time. It’s a bit harder to allocate
transactions between business or personal in
QuickBooks Online but I highly recommend avoiding that situation entirely
by keeping separate bank accounts for each. Even if you haven’t incorporated
set up a new bank account and keep these transactions totally separated
it’ll make your life so much easier. Plus further down the road
if you do decide to form a company you’ll have to do this anyway.
In simple start you also get access to the QuickBooks Online
mobile app which lets you snap and organise your receipts just like you
could in QuickBooks self-employed. You can also raise invoices and
accept payments which you can track in your sales tab.
Unfortunately you won’t be able to track your mileage anymore
like you could in QuickBooks self-employed but there are some third-party apps
that can help you work around this. The main benefit of Simple Start
is that it opens you up to the world of double-entry bookkeeping.
Why is that helpful? Well for starters
it allows you to track all of your assets and liabilities and equity
in your balance sheet. The balance sheet is one of the
basic financial reports that you can run in simple start.
If you’re interested to see what other reports you can run
here is a complete list I’ll drop a link to it down in the description.
The other benefit of simple start is that it’s totally scalable.
So if your business outgrows these basic features
you can upgrade seamlessly with a few clicks.
It’s worth considering this and planning for the future
when choosing your first accounting software package.
But who should avoid simple start? Businesses that need multiple users
or if you work with suppliers who offer you credit terms
then you might want access to the full accounts payable ledger.
Simple Start also doesn’t do any time or inventory tracking
so if you charge by the hour or sell physical products
then this might not be for you. You will need to look into
the other versions of QuickBooks Online which brings me on to
QuickBooks Online Essentials this is the level up from simple start
and includes all of the features I just mentioned and some.
The first major addition is accounts payable.
The ability to manage and track your bills. You can run an Accounts Payable
ageing summary to find out what you’ve got overdue
and you can now pay multiple bills at the same time
this is a big time saver if you receive a lot of these.
QuickBooks Online essentials also gives three team members access
to the platform and the ability to track time in timesheets.
Who should avoid essentials? Well at $40 per month it’s quite pricey
it’s double the cost of simple start. I would like to mention though
that QuickBooks Online now lets you downgrade if you decide
that you’re not using these extra features. I’ll drop link in the description to this
post which explains how you can do that.
If you sell physical products and you want to track them
then essentials still isn’t for you. You’ll want to look into
QuickBooks Online Plus instead. QuickBooks Online Plus gives you
access to full inventory tracking so you can set up inventory products
track them and receive notifications if you’re running low on stock.
This will help you quickly identify what’s in demand and create
purchase orders to replenish your inventory. Plus also lets you segment your reporting.
This is handy if you run a larger business with multiple locations or projects
and you want to monitor them all separately. However all of this comes at a hefty price tag $70 per month so I’d avoid paying for
QuickBooks Online Plus unless you absolutely have to.
Plus used to be Intuit’s top of the line product however they’ve now added a new one QuickBooks Online Advanced
aka the beast. I won’t go too much into depth on this one
because I haven’t had the opportunity to use it yet.
But QuickBooks Online advanced lets up to 25 users access the software
at the same time. It also includes the new
Fathom smart reporting feature which will help you track your KPIs
each month through some snazzy looking reports.
In this version you can also customise user permissions
get better customer service and access some free training.
Advanced is definitely aimed at medium to larger sized businesses
and that’s reflected in the price one hundred and fifty dollars per month Ouch it’s not for everyone. So which version of
QuickBooks Online is right for you? Well QuickBooks Self-Employed
is definitely the cheapest option at ten dollars per month
but it’s really only aimed at contractors and freelancers
with simple income streams. There’s no doubt that is a helpful tool
it will allow you to separate your business and personal transactions
and maximise your tax deductions but it’s really not set up for small business
because it doesn’t support double entry accounting and perhaps
most importantly it doesn’t scale.
So keep that in mind. Simple Start does scale
and at twenty dollars per month it’s the base level version
of QuickBooks Online and is probably best for
most small business owners who are just getting started.
You can easily upgrade it to a different package if you end up
needing those extra features. Simple Start is especially good
for solopreneurs who are selling services or digital products
and who are ok with having that single user access.
I’d consider the jump to essentials if you have a larger team
and need more users. At $40 per month it’s twice the cost
of simple start. You might also want to consider it
if you need that full accounts payable functionality.
Remember you can always start here and downgrade later
if you decide that it’s overkill. Again this one’s mainly for
service or digital based businesses that don’t need inventory tracking.
If selling physical products is your business then
QuickBooks Online Plus is your best bet at $70 per month it’s quite expensive
however for that price tag you’ll get 5 users and the ability
to track inventory across multiple locations. QuickBooks Online Advanced is for
medium to larger sized businesses at hundred and fifty dollars per month
it’s Intuit’s premium product and it could be worth considering
if you have a large team that requires more than five users.
The advanced smart reporting feature looks really neat
and it might be worth the dollars if you like fast visual analytics
to measure your performance. Remember you can use my affiliate link
down in the description to get access to that free trial
or the discount for all of these. Whichever you choose I do
recommend you get in touch with a pro advisor to help you along your way.
If you have no background in accounting then it can be easy to make mistakes
without having the proper guidance. Check out this video on
how to use QuickBooks Online for a more in-depth look at
some of the features and don’t forget to subscribe for more
QuickBooks and Accounting tutorials and as always if you’ve got any questions
hit me up in the comments or message me directly on instagram