From an episode that got our listeners excited, we're jumping into the questions about making money and finding your way in starting businesses.

Imagine this as a relaxed chat over coffee, where no question is too small and no dream is too big. I'm here, ready to focus on how to start your own business from scratch or improve your current one.

So, let's skip the formal stuff and get right to it. It's time to look at the big stuff, the bold moves, and everything else. Let's turn those small ideas into a huge success!

Starting Over & Choosing the Right Business

Question from Mr. Kim 007: "If you were starting over, what business or businesses would you start in 2024?"

Starting new in 2024, or any year, brings challenges and chances. If I could go back in time, my plan would depend on one thing: am I beginning from nothing, or do I have some help and know people?

The main goal for those starting with nothing is to make money quickly. My tip? Jump into selling services. It's about more than just the job you do, but how fast you can start making money from it. In places like Phoenix, where I live, businesses that offer services to homes are like hidden treasures. Whether it's cleaning, yard work, or doing errands, focusing on people with a lot of money could be your way to grow fast. Don't look past these chances; they offer real cash and valuable contacts.

Your plan should be different if you're lucky enough to have some resources and connections. Use what you have. You might look more at growing or investing than starting from the bottom. But no matter where you begin, remember this: the business you pick should match your skills, what people want, and, really important, what you love to do. This mix prepares you for a successful and rewarding journey in starting your own business.

Day Trading in a Roth IRA

Question: "Can I day trade futures and options in a Roth IRA?"

This really good question points us to the more detailed parts of understanding money and investing. First, you can trade within your Roth IRA, but there are some rules and special things to consider. While I'm not a financial advisor, I can offer some basic advice.

Trading within a Roth IRA can be a good choice because of the tax benefits. The money in your Roth IRA grows without taxes; you don't pay taxes when you take the money out during retirement. This can be especially good for people thinking about day trading stocks and options, as it protects your profits from taxes right away.

But it's important to know the rules and limits. For instance, not all kinds of trades might be allowed, and different companies that handle these accounts have their own rules or needs for trading within an IRA. Also, trading a lot can make you a Pattern Day Trader with its own rules and needs.

My best tip? Talk to the place where your Roth IRA is. They can give you the most correct info about what you can do in your account and any rules you need to know. Also, talking to a financial advisor who knows a lot about day trading and retirement accounts can give you advice that's just for you.

Power of SEO

Question from Conquest Self: "Do you believe SEO optimization is a great marketing tool?"

Sure, and here's why. SEO, or Search Engine Optimization, is like a quiet but powerful marketing player. Even though social media often gets all the attention, SEO works behind the scenes to bring the right people to your website and put your business in front of potential customers looking for what you offer.

Think of SEO as the quiet power in marketing. It's not about being the loudest; it's about making the most meaningful connections. When someone looks online for something you offer, being at the top of those search results isn't just for show; it's a direct way to talk to customers and make sales. And the best part? Those searching for what you have are usually ready to act, making them good potential customers.

But remember, SEO isn't just a one-time thing; it's an ongoing plan. It involves knowing your audience, improving your website's content and setup, and updating your methods as search engines and people's habits change. But the rewards can be huge. Websites that rank high get more visitors, which can mean more growth and money.

So, yes, SEO optimization is not just a good tool but a must-have for any business that wants to have a strong online presence and grow over time. Whether you have a physical store, offer services, or run an online business, ignoring SEO means missing out on a big chance to connect with your audience and expand your brand.

Empowering the Experienced Women

Question from My Mom Love 123: "What advice would you give a woman 40 plus starting her life as an entrepreneur?"

Starting your own business at 40 or older isn't just possible; it's a chance to use the experience and knowledge you've gained. In this case, being older is an advantage, not a problem. My tip for women getting into business later in life is to see your age as a strong part of your plan.

First, it's really important to be open to learning and changing. The business world always changes, and being flexible and ready to learn is essential. Your age gives you a special viewpoint, toughness, and a network that younger people starting might not have. Use these as your strengths.

Next, think about the skills, knowledge, or things you love that you've developed over time. Is there a specific area you know well? Do you have experience that could meet a need in the market? Often, the best businesses come from something you're passionate about or a need you've noticed in an area you know a lot about.

Starting a business isn't a race; it's a journey. Starting later usually means you know more clearly what you want and what you don't, which helps you make better choices. Also, use your contacts. The relationships you've made can be helpful for support, advice, and possible business chances.

Finally, don't forget how important it is to stay up-to-date with technology and what's happening now. Keep learning and adapting to stay relevant and competitive in the market.

Finding Guidance for Your New Business

Question from Magic Mark 82: "Best advice for finding a mentor for a new business?"

Finding the right mentor can make a huge difference for your new business. A mentor has experience, knowledge, and often a great network that can open up opportunities you didn't even know existed. But where do you find this guide in the big business world?

First, know that mentors are everywhere. They might not always be called 'mentors,' but you can find their wisdom in books, podcasts, online classes, and more. In today's digital world, you can access the thoughts and experiences of some top entrepreneurs; you just have to look for them.

But if you want a more personal connection, figure out what you need help with first. Is it your type of business, a certain skill, or just general advice on running a business? Knowing this will help you look in the right places. Then, check out your network. Go to events related to your field, join online groups, and don't be scared to reach out to people whose work you respect. The worst they can say is no.

When you find someone who might be a good mentor, be respectful and clear about what you want from the relationship. Be specific about what you need help with and what you can offer in return. Remember, mentorship is about both people growing and respecting each other.

Home Equity for a Second Property

Question from Maria VN: "Do you think it's wise to take out a HELOC on my house to buy a second, second property?"

Deciding to use the value of your house to buy another property is a big deal, and you should think about it carefully and cautiously. A Home Equity Line of Credit (HELOC) can be a great tool if used right, but it also has its dangers.

First, think about your situation. If you have other debts with high interest, paying those off is usually better before taking on more debt. Getting rid of bad debt is an important step in stabilizing your financial situation and growing your wealth.

If you're considering a HELOC to buy an investment property, you must look at your current financial situation.

How steady is your main income?

Do you have savings for emergencies?

What's your situation with your current mortgage?

These things are really important in deciding if this is your right choice.

If your money situation is good and you're looking at an investment property, the main thing is to make sure the money you could make from the property is more than the costs of the HELOC. This isn't just about paying your monthly bills; it's about making a smart choice that will help you make more money over time.

Also, think about the kind of property you want to invest in. Is it a place to rent out in a popular area? Is it a fixer-upper that could be worth a lot more later? Each choice has its risks and chances.

Staying True

Question from Dylan Rosner: "Have you ever missed a 'walk o'clock' over the last year?"

It's a refreshingly personal question amidst the business-focused ones and deserves an honest answer. Yes, there have been times when I've missed 'walk o'clock.' Life as an entrepreneur is unpredictable, and despite our best intentions, sometimes other commitments take precedence.

Yet, it's not about the days missed but the commitment to return to the routine. 'Walk o'clock' is more than a stroll; it's a commitment to my well-being, a time to clear my head and connect with my thoughts away from the hustle of business. Missing a day isn't a failure; it's a reminder of the importance of this practice to my balance and well-being.

Wrapping Up

Thank you for joining me in this candid exploration of entrepreneurship and personal growth. Your engagement and curiosity are what makes these discussions so enriching.

Now, I encourage you to join the conversation. Leave a comment with your thoughts or questions, and share this blog with anyone who might find it helpful. Your voice and actions help grow our community of forward-thinkers.

Subscribe to my YouTube channel for more insights, and tune into the Candy Valentino Show on your favorite podcast platform for weekly inspiration.

Get your hands on my WSJ bestselling book, "Wealth Habits." It's your guide to building a richer life in more ways than one.