Should you start a nonprofit or build a profitable business first?
In this Ask Loral conversation, a caller interested in helping people through music asks about business structure, mentorship, and whether moving from New York to Texas would make sense. Loral explains why starting a profitable business may be the better first step before establishing a nonprofit.
From choosing the right state and setting up an LLC to understanding music industry contracts, payments, and revenue opportunities, Loral discusses how starting a profitable business requires more than a great idea. She shares how experienced financial and business professionals can help entrepreneurs avoid costly mistakes and create opportunities for growth.
Ultimately, starting a profitable business is about creating a strong financial foundation that can support your goals, expand your opportunities, and potentially fund a larger mission in the future.
Loral's Takeaways:
- Business Structure and Nonprofits (00:03)
- Mentorship and Expertise Benefits (00:47)
- Music Industry Success and Support (01:28)
- Millionaire Intensive and Resources (02:48)
Meet Loral Langemeier:
Loral Langemeier is a money expert, sought-after speaker, entrepreneurial thought leader, and best-selling author of five books.
Her goal: to change the conversations people have about money worldwide and empower people to become millionaires.
The CEO and Founder of Live Out Loud, Inc. – a multinational organization — Loral relentlessly and candidly shares her best advice without hesitation or apology. What sets her apart from other wealth experts is her innate ability to recognize and acknowledge the skills & talents of people, inspiring them to generate wealth.
She has created, nurtured, and perfected a 3-5 year strategy to make millions for the “Average Jill and Joe.” To date, she and her team have served thousands of individuals worldwide and created hundreds of millionaires through wealth-building education keynotes, workshops, products, events, programs, and coaching services.
Loral is truly dedicated to helping men and women, from all walks of life, to become millionaires AND be able to enjoy time with their families.
She is living proof that anyone can have the life of their dreams through hard work, persistence, and getting things done in the face of opposition. As a single mother of two children, she is redefining the possibility for women to have it all and raise their children in an entrepreneurial and financially literate environment.
Should you start a nonprofit or build a profitable business first?
In this Ask Loral conversation, a caller interested in helping people through music asks about business structure, mentorship, and whether moving from New York to Texas would make sense. Loral explains why starting a profitable business may be the better first step before establishing a nonprofit.
From choosing the right state and setting up an LLC to understanding music industry contracts, payments, and revenue opportunities, Loral discusses how starting a profitable business requires more than a great idea. She shares how experienced financial and business professionals can help entrepreneurs avoid costly mistakes and create opportunities for growth.
Ultimately, starting a profitable business is about creating a strong financial foundation that can support your goals, expand your opportunities, and potentially fund a larger mission in the future.
Loral's Takeaways:
- Business Structure and Nonprofits (00:03)
- Mentorship and Expertise Benefits (00:47)
- Music Industry Success and Support (01:28)
- Millionaire Intensive and Resources (02:48)
Links and Resources:
Ask Loral App: https://apple.co/3eIgGcX
Loral on Facebook: https://www.facebook.com/askloral/
Loral on YouTube: https://www.youtube.com/user/lorallive/videos
Loral on LinkedIn: https://www.linkedin.com/in/lorallangemeier/
Money Rules: https://integratedwealthsystems.com/money-rules/
Millionaire Maker Store: https://millionairemakerstore.com/
Real Money Talks Podcast: https://integratedwealthsystems.com/podcast/
Integrated Wealth Systems: https://integratedwealthsystems.com/
Affiliate Sign-Up: https://integratedwealthsystems.com/affiliates
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Well, actually, good. His question
Loral Langemeier:starts proper and says, "Currently live in New York, but
Loral Langemeier:my kids are in Texas, which I have thought about moving back
Loral Langemeier:to. Really want to do something different. Very interested in
Loral Langemeier:doing a nonprofit. You're doing a profit first. We don't do
Loral Langemeier:nonprofits until you're up and profitable because of the way
Loral Langemeier:that you can, you just that doesn't affect your taxes to the
Loral Langemeier:degree we need to. So we can do a nonprofit after you have a big
Loral Langemeier:profit company first, helping people with their music lives.
Loral Langemeier:Let's just go build a profitable music business. What what would
Loral Langemeier:be the best route to set up the structure? Again, you got to
Loral Langemeier:decide which state you're going to be in. If it's Texas, it
Loral Langemeier:would most likely start as an LLC, and then we'd grow from
Loral Langemeier:there. But again, you're not setting it up. Our tax teams and
Loral Langemeier:our teams will set it up, and have you and your team
Loral Langemeier:experience in this area and what benefits be mentored by by me?
Loral Langemeier:Well, number one, I'm the most sustainable in the the world
Loral Langemeier:doing one thing for 26 years, and prior to this, I was just
Loral Langemeier:with the Rich Dad team. So, 30 years doing one thing, which is
Loral Langemeier:making millionaires. The other, that's obviously one sustainable
Loral Langemeier:benefit. The other is we have about 28 finance and business
Loral Langemeier:experts, so you get them in one shop where no one else does
Loral Langemeier:that. They might have one or two experts, like I know another
Loral Langemeier:real estate guy who says he does what I do, and he partnered with
Loral Langemeier:a law firm for the tax. And they shouldn't even-they don't have a
Loral Langemeier:clue what they're doing. They're horrible, and that has an
Loral Langemeier:insurance and says he does like what I do. It's like no, you
Loral Langemeier:don't. Like we have all of them. So the decision to be in Texas
Loral Langemeier:is vital. If I was going to vote, I'd take you to Texas
Loral Langemeier:faster. As far as music business, I have four big
Loral Langemeier:artists. One who you you hear his music on the highway,
Loral Langemeier:country music, and moved out of Georgia. He played football with
Loral Langemeier:my son. My son managed his online, and just through
Loral Langemeier:Spotify, got him making well into five figures, and now just
Loral Langemeier:topped the the best selling. Sandy, you know this is, so
Loral Langemeier:yeah, he just topped the bestseller list. So we do know
Loral Langemeier:how to get people up because it's not just music; it's also
Loral Langemeier:the contracts. It's how they get paid. It's and you do. You'll
Loral Langemeier:get a lot of contractual help on how to actually you know set up
Loral Langemeier:the gigs. If I was you in music, depending on how you're doing
Loral Langemeier:music, so I don't know if you're an artist or, you know, I have
Loral Langemeier:other musicians that actually distribute pianos, for example,
Loral Langemeier:and they get an override and teach piano lessons. So it
Loral Langemeier:depends where you are in the music industry. Glenn Mosher is
Loral Langemeier:one of my best friends. We have tons of friends in Hollywood. I
Loral Langemeier:know a lot of sharks, so we just I'd say have an aggressive
Loral Langemeier:Rolodex. So that's kind of one way. The other one is because
Loral Langemeier:we've helped so many hundreds of 1000s of people. We can help you
Loral Langemeier:avoid costly errors in those areas and leapfrog some growth,
Loral Langemeier:so you don't have to have such a learning curve. So lots of ways
Loral Langemeier:we're going to help you. So make sure Sandy Greg gets that
Loral Langemeier:message, and I think we are a wrap for the day. So Steve, if
Loral Langemeier:you want to come back to actually, let's do this. We are
Loral Langemeier:teaching on may 7, our next Millionaire Intensive. So let's
Loral Langemeier:get everybody a free ticket that attended, as well. If you didn't
Loral Langemeier:get the free copy and the full download of the Millionaire
Loral Langemeier:Maker version two. Grab that. That's going to be important for
Loral Langemeier:you to have. And let's keep moving. Make sure you keep
Loral Langemeier:asking questions. And if you say I don't have a question to ask,
Loral Langemeier:read the books. And as the minute you get an assumption of
Loral Langemeier:oh maybe I should do that, then ask the question and stay with
Loral Langemeier:us. Thanks, team. Have great Ask Laurel as usual, and look
Loral Langemeier:forward to supporting you all.
Unknown:Thanks for listening to the Real Money Talks podcast.
Unknown:For some special wealth building gifts, only for Laurel's podcast
Unknown:listeners, visit askloral.com/podcast. Do you
Unknown:have a burning question for Laurel? Visit askloral.com to
Unknown:submit your question, and it just may be covered on a future
Unknown:podcast episode. Until next time.