thedailydominationjournal_3_468x60

download-on-itunesstitcher_button

 

 


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.

Now....

GET AFTER IT!

 

PODCAST TRANSCRIPT

Ryan: I’m Dr. Ryan Debell. Welcome back to the Health Fit Business Podcast for episode number 34. Hey! If you guys have been enjoying this podcast and finding it valuable, we would be very appreciative if you could leave us a rating and a review on iTunes. So just go to iTunes and search for Health Fit Business. This episode number 34, Anthony and I want to discuss and help you make the decision of “How do I form a business entity and what are the considerations between LLC or a sole proprietorship? How do I know which one to do?” We want to answer those questions so that you can stop worrying about those things and start getting into actually getting after it. So, without further ado, let’s tune in to episode number 34.

Ryan: We are li… We’re live.

Anthony: Live from San Franeattle.

Ryan: San Franeattle because I’m in San Franevert.

Anthony: Yeah.

Ryan: This is the Health Fit Business Podcast episode…  

Anthony: Yeah. We’re not next to each other today which is kind of makes me sad but this is the Health Fit Business Podcast…  

Ryan: Episode 34.

Anthony: This is your host Dr. Ryan Debell with me today. I have…  

Ryan: The syntax of that sentence is very strange.

Anthony: Yeah. I tried to. I try to make it up with you guys.  

Ryan: Yeah. That’s good. It’s good.

Anthony: Episode 34.

Ryan: Yeah. What are we talking about?

Anthony: Yes. So, we got a lot of questions. “How should I structure my business? I haven’t done anything… I haven’t done anything because I’m still worrying if I should be a sole proprietor or LLC or S Corp or C Corp or Multicorp or Multiverse.” And so, this is probably going to be a relatively short episode based on what’s… Maybe we can just go through the steps on what you need to do. The main point of this episode is do not let simple things like this in decision making processes delay your action.

Ryan: Yes. I agree so rather than have a whole episode on “Define minute details between different structures.” You got to get after doing stuff. You know what I’m saying? Like you got to get after and start doing what your business is. Not worrying about like - the difference between LLC and then S Corp is like what box you check when taxes come around.

Anthony: Yeah and so…

Ryan: Accountant can worry about that. Hire an accountant. Have them figure it out.

Anthony: People get paralyzed about these types of decisions a lot of times. So, think about like what are you going to be by providing value to people? How do you going to get started? And worry about that and taking action and start to get going.

Ryan: Do an LLC and then move on.

Anthony: Yeah. So…  

Ryan: Decision made.

Anthony: The easiest way to go about it is to just form an LC which you can do. We’ll put this in the show notes too. Do we have an LLC sponsor yet?

Ryan: What? Is somebody knocking on your door?

Anthony: Hold on a second.

Ryan: Do you need to go and get that? I’ll make noise for two minutes. Okay, so Dr. Anthony Gustin stepped away and I don’t know what’s he going to say about a LLC sponsor. I don’t know that there’s an LLC sponsor but here’s a thing, when you’re first starting a business there’s only a couple of things that really need to happen before you can start doing what you need to do. Number one, you should have… Oh he’s back. I just…  

Anthony: You’re not going to believe what that was.

Ryan: It was a LaCroix?!

Anthony: Yeah.

Ryan: So, people have to listen to 33 to understand what’s happening in episode 34 I guess. So obviously, we record this back to back. Okay what I was telling the fine listeners of the Health Fit Business podcast was that there’s essentially really only a couple of things that have to happen for you to form your business and get rolling. You need to register your business as what the state as an LLC.

Anthony: Yeah. You could fancy here if you want and like my businesses are all incorporated in Delaware doing business in California or wherever else I want, I choose to do them. And for several reasons that we can get into later but…  

Ryan: These are the things that you need to not worry about right away.

Anthony: Yeah. But the simple way to do it is just go to your state thing and go online just to... I mean what is… I use incorporate.com a lot and also what is this other one? (website) Stuff like this. There are plenty on services online that can do everything for you. It cost an extra like hundred dollars but it will save you tons of hours in time.

Ryan: Spend a hundred dollars, get it done and then start doing what your business is. You know you don’t like… One of my friends bought an accounting book to read about how to do accounting. I’m like “Just hire somebody.”

Anthony: Right.

Ryan:  Okay. Anyways, getting…

Anthony: So…

Ryan: Get the LLC.

Anthony: The LLC. Right? Don’t worry. You can always change this later. So just get it done and get the other way. If you want to go and file taxes is a different type of thing. You’ll change your entity. You can do that whenever you like. This isn’t a permanent decision. It just, this is a decision if you delay, delays you taking action, actually having a business. So, LLC, then you have to get your federal tax ID number (TIN).  You can just do that in about 35 seconds for free online. Then what’s your next step, Doc?

Ryan: Will you tell them the bank account?

Anthony: Right. And so, you can’t do that without TIN and without the corporation docs.

Ryan: And you need like an operating agreement, right? Which I’m pretty sure you can get from legals or just like Google.

Anthony: Yup and so incorporate.com, the service that I use give like pre-fills all the step out into a template and so if you try to open a business with someone else it will populate under there for you and so that’s already done. So, you have that templated like you don’t have to do all these complicated things that if you Google like “How do you start a business and what you should do?” And all these experts and gurus at there are like “Well if you think about subsection zero. This thing is like…”

Ryan: Oh gosh!

Anthony: Doesn’t matter. Doesn’t matter at all.

Ryan: So, do those things. Get a bank account open. And then you can start essentially going to town.

Anthony: Right! Like trademark, if you need to look that stuff up obviously.

Ryan: And liability of insurance.

Anthony: Yeah. If… Liability of insurance. So that obviously going to depend on what you’re doing.

Ryan: Yup.

Anthony: Huge extents. So, I called someone. Like I use maybe state farm and so…

Ryan: I use some ra… I use Liberty. I don’t know. It doesn’t matter. It’s just freaking…

Anthony: Yeah. Exactly. So, we don’t even know who he is.

Ryan: He just take money out of my account every month and I don’t care. I don’t even look at it.

Anthony: You just get it done. And so, you 34 listeners out there, let us know. Email us or contact us on whatever social media or contact form. If something like this is helpful, we can create like a simple course or a little like spreadsheet or checklist of all the things…

Ryan: Step by step video.

Anthony: Yeah. Whatever you guys want, we’ll make it for you because this should be a non-issue that you should be able to get done and literally an afternoon.

Ryan: One 25-minute time block. Okay, maybe like three 25-minute time blocks.

Anthony: Yeah. So, it should

Ryan: One day max.

Anthony: Stuff like this should not be holding you back from moving forward in whatever the hell you’re trying to do.

Ryan: Yeah.

Anthony: And a funny story like Perfect Keto. We do like... We formed the LLC right away but like it doesn’t matter like we didn’t open a bank account for like three months and I like the…

Ryan: How about the Daily Domination Journal?

Anthony: Yeah. And so, like you can figure it out later like… Your accountant can handle that stuff That’s not my problem.

Ryan: Like okay let’s give a good example, the Daily Domination Journal, shall we?

Anthony: Yeah.

Ryan: But it just goes to one of your companies.

Anthony: Right.

Ryan: We don’t even have… It doesn’t go through a Health Fit Business bank account. It just goes through some other… It doesn’t matter.

Anthony: Right. It doesn’t matter at all. So…

Ryan: When it starts to matter these things, you’ll have enough revenue to pay someone to figure it out.

Anthony: Exactly. And so, if you’re worrying about whatever blah blah blah like “Is anything bad going to happen?” I think, people, this is the permission free lifestyle that people start owning.

Ryan: Just do it. If the government is getting their tax they don’t care.  

Anthony: Right. So, if you’re paying taxes like. If you are dodging taxes, we’re not saying that you should do that like not have a company or not file taxes.

Ryan: Because even if, let’s say you do even have a structure and you got paid for stuff that’s still just like other wages and other income on your tax return.

Anthony: You still must report that to, claim it as taxes. And so, stuff going to be taken care of. Don’t worry about that at all. It just gets things rolling. You can always mop the stuff up if it gets messy later. But these are the things that that definitely will delay you and paralyzed you. And there’s anything else, if anybody up there is listening and think about “Oh I want to start a little side thing” or “I’m a student and I don’t know what I may be doing after school” or “I’m an associate. I want to start my own practice of my coaching or open my own gym.” Obviously, these are the things that holds people back because we get taxes question frequently. What else is there out there that you guys maybe think like “Oh I don’t really know how to do it like this. I don’t really know how to do that.” What are those things? Because we will answer them for you and it will probably surprise you that the majority stuff that holding you back are stuff like these. We’ll just say, “Just do it. It doesn’t matter. Figure it out and like get it done.”

Ryan: I was, in the book I was reading this morning, you know the whole like, why do people procrastinate on tasks and not get them done? And one of them the big reasons is because of this perceived knowledge barrier like “Oh I don’t want to do that because I don’t know how.” Now you may not like recognize that but that might be why people put things off because they feel like they just don’t know how. When the answer could be extremely simple we just need to know like “This is how it’s done. This is the way people do it.” And then you go “Oh really? That’s it?” “Yup” “Oh great! Move on.”

Anthony: Right.

Ryan: That’s it.

Anthony: And to be honest, everything that I want to do now, I don’t know what the hell I’m doing before I do it here. You know? It’s like people, I think have this illusion that people who have this perceived difference to them or some sort of perceive success that they have everything figured out. And that’s not true at all like I have no idea what the hell I’m doing in any type of new endeavor that I’m doing.

Ryan: Yeah.

Anthony: But I’m not scared of that about anything that I don’t know what’s going on. So, I ask for help. I ask other people who have done the same thing. I look it up online and I just try it out and figure it out. So, experience is going to be your best friend here and you’re just going for it. No one knows what they’re doing.  

Ryan: No.

Anthony: And if you know you’re just doing, just doing that over and over again you’re going to be passed up by the people who figured it out what they don’t know and then figure out how they acquire that skill.

Ryan: Yeah. I think one really helpful way that I’ve had is just asking people who are already doing something how they do it.

Anthony: Yup.

Ryan: And then it saves you so much time and usually people are like very willing to share but yeah. It’s not like someone asked me, “Oh do you, you know? How do you structure when you do a talk at the gym?” And I go, “I don’t know. I just talk to the owner and figure out what we need to do to make it work.” That’s it.  

Anthony: Yeah, we’re like… Or maybe in the beginning, I don’t know…

Ryan: I used to have a formal… I used to have like this big formal thing like a written like probably five or ten-page contract now I have like a two-paragraph thing that just covers a couple of basic points. That’s it.

Anthony: Yeah. Keep it simple as one of those things that I thought was “Oh keep it simple. Blah blah blah.”

Ryan: It really is.

Anthony: No. In order for you to do the things that actually matter keeping it simple is the best thing you could do. So, our get after it COW this week is what?

Ryan: Get after it COW? Our get after it COW should be… Oh you look like you’re going to say something.

Anthony: Yeah. I think I know what I want people to do.

Ryan: Alright. Tell us.

Anthony: Acknowledge something and admit that you don’t know something that you’re trying to do and then just take action and get it done.

Ryan: Yeah. Just do whatever it takes. Ask somebody…

Anthony: Yeah. Especially if this is starting a business. Just file an LLC and send us the screenshot of the “Oh congratulations! You’re registered in whatever state.” And I want somebody from to listen to this episode and file an LLC. That would like make my entire year. Someone do that please. Even if it’s a prank thing.

Ryan: And then take Dr. Anthony Gustin in it or Health Fit Business. I think the other thing, another place where I found this to be really helpful is like forms like online or like groups on like Facebook groups of certain things. Like I just got this, I know you’re going to hate that I’m talking about this, but I just got this membership plug in from my website and the support on the Facebook group like I don’t know how to do stuff so I asked the people like “Hey do you guys know how to do it?” And they tell me and I go do it. It’s great! People are super want to help you out.

Anthony: Yeah. An example for me is about the time this will air I would have gone already but I’m going to Expo West which is this giant super huge super packaged good. Like there’s 10,000 exhibitors of companies and people who make the stuff and people who sell the products and buy there and all the stuff and what I do is go on the notebook and try to figure out all the shit that I don’t know.

Ryan: You are really good at that. That is something I’ve observed when we like when we were at the games or just like even going around the shops in San Francisco, you just ask everybody questions.

Anthony: Yeah.

Ryan: And you don’t do, you don’t try to give them information. You know, like some people try to do that to sound smart.

Anthony: Yeah.

Ryan: You literally just say like “Hey do you guys do the dah dah dah?” You go, “Okay, cool. Thanks.”

Anthony: And so, one of the big things that I really want to learn that I have no idea what the hell I’m doing is make like large skilled department style hires and retreating people from other companies. So, I want to talk to business owners about the product and brand owners about how they get you know mark…like a CMO who does marketing.  Somebody who would be just an operating like a COO. And see how they unboard them, you know, how they do the stuff at training staff, company culture, how they grow that because that’s something that I’ve never done before. So, I’m basically going to ask hundreds and hundreds of people how they do it, figure “Oh this is kind of team work for these people.” Ask them what they would have done differently and just figure out all that stuff that I don’t know or I don’t know yet. So, the quicker you can discern step you don’t know and get better at it the quicker you will learn and become better at whatever you’re trying to get better at.

Ryan: Alright. That’s it.

Anthony: Get after it.

Ryan: Get after it.

Ryan: Thank you guys for tuning in to this episode of the Health Fit Business podcast. If you found it helpful, please share with someone that you think it would also help and leave us a five-star rating on iTunes. Make sure also to go to healthfit.biz and sign up for the email notifications to which you can find right on the homepage so that you get all the updated podcasts and blog posts sent directly to you. Until then, we will see you next time.

End.