WHAT EVERY ENTREPRENEUR OVERLOOKS.

Before choosing a particular business structure, every business owner should ask themselves two questions. In the event the business would be sued, do you want them to come after your personal assets? And the second question is, in the event that your business needed a loan, some equipment, a credit card, would you want the financial institutions to base their decisions solely on your personal credit? The answer to those questions will determine the type of structure that you should choose. Every business needs some sort of guideline to how the business operates. If you open a business and you structure it as a limited liability company, then you will need an operating agreement. If you start your business and you open it as a C corporation, then you will have corporate bylaws. Both of those documents will determine how the business operates. Business compliance is a very broad statement. That is meaning that every time that you open a business, there are two things that you must do every year. You must file an annual report, and you will also have to file an annual tax return with the Internal Revenue Service. Those are just the basic compliance things that every business owner needs to do, but depending on what type of industry that you're in, whether or not you have licensing requirements, franchise tax requirements, sales tax requirements, all those things are determined depending upon the type of industry that you're in. What's one thing every entrepreneur overlooks? The one thing that every entrepreneur overlooks or take for granted is the business plan. Because I believe that if every business owner really took the time to go through a business plan, there's a section in the business plan that talks about organization and management. I believe that if every business owner lists the type of jobs that's needed to fulfill the role, there's nowhere in the world that you would start a business and put yourself down for every single position. I think the business plan is totally overlooked. Business owners can really grow and scale their business based on how well the business plan was written. When should someone hire a consultant? The moment that a business owner wants to start accepting money from a client, you should hire a consultant. You should also make sure that you understand what it is that you're trying to accomplish and make sure that you find the right consultant that can help you accomplish those goals. Separating personal and business finances is the absolute most important thing that any business owner can do. You have to start separating personal finances and business finances from the beginning. What's the biggest misconception about owning a business? The biggest misconception about owning a business is that you have to start with a limited liability company. That is by far the biggest misconception. Whenever you register a business with the Secretary of State and you go get an EIN, the IRS and the Secretary of State gives you a list of choices to choose from. And an LLC is not the first choice. If you're ready to build your business the right way, we'd love to help.