The Tools You Should Be Using Instead of To-Do Lists
Small decisions in your business can be important, but a lot of times, thinking about them over and over again, weighing the pros and cons, etc. leads to inaction and overall is worse than just going for it and learning along the way.
An area that we see this come up way too much is in 'how do I structure my business?'. Should I be an LLC, a PLLC, a sole proprietor, an S-corp?
Instead of getting the business set up as simply as possible and then getting to work, you end up spending hours and hours researching the different business types, reading about the tax implications, and the pros and cons of each structure.
This is crazy! Choose LLC and move on, fast.
Hire an accountant to figure this out for you in terms of tax implications. The most important thing you can be doing is moving forward and getting your business rolling.
Decisions and tasks that are small and essentially meaningless like this will get in your way to doing the things that really matter.
This doesn't mean you should be negligent, but this decision should NOT be holding you back from starting your business, generating revenue, and creating value.
Unless you are actually an accountant, you should not be an accountant in your business. Either hire someone, use a site like Bench.co, but for the love of all that is good, if you are a trainer or a chiropractor or a PT, don't be a bookkeeper and a tax accountant.
Someone went to school and studied how to do that. Pay them to do their job so you can focus on being a badass in what you do best.
This Week's Challenge
Make a decision about your business structure (or a different decision you have been pondering for way too long) and DO it and then figure out how you need to change and tweak as you go along.
GET AFTER IT!