I may offend some people with this post, but I really need to get something off my chest...
Last week I asked you to fill out a survey and let me know about your biggest challenges when getting your company off the ground.
I also said that I would only accept 35 surveys... but I got 35 within the first minute - and the responses were so helpful that I just "let it ride". I ultimately got more than 300 responses.
And if you were one of the people who filled out a survey - I thank you so much!
But a bunch of them really torqued me off. And I feel the need to make my position well known, which is something I should have done long ago...
Many people who completed the survey said that their biggest problem when starting a company was deciding on what kind of entity to form.
Should I be an LLC?
Should I be an Incorporation?
Should I be an LLC taxed as an S-Corp?
Should I form my entity in Wyoming?
Should I have an Incorporation that owns LLC's or the other way around?
Come on people!
If you struggle with questions like this, let me help you out.
Quit worrying so much and do something to move your business forward!
Look, if you spend your time trying to figure out what state to form in, and what tax structure to use, and the licenses you need and all the blah blah blah, you'll never get anything done.
Choose an entity type - LLC, in your home state, works fine for the majority, call your local Chamber of Commerce to get the obvious licenses --> and get off your ass and get something done.
It is guaranteed, if you're missing a license or permit, somebody will tell you. Believe it or not, the government and the lawyers want you to succeed. When you succeed you pay more taxes, you have more complex business dealings (which require more lawyers). So if you're missing a permit, they'll tell you...
If you pay too much in taxes one year because you didn't "elect to tax your LLC as an S-Corp" --> then do this: JUMP UP AND DOWN AND REJOICE YOUR GOOD FORTUNE and business skills because you made a PROFIT to be taxed --> and then resolve to fix the issue for the next year.
Right now, in this economy you have an opportunity to start something solid and valuable and if you drop the ball you might regret it for the rest of your life.
For God's sake, quit catering to the government, the lawyers, the scam-artists. Get a solid base and get your ass moving.
All of this may sound contrary, since I'm ultimately trying to sell you on my products and services --> but... don't buy anything from me today. Just do something to move your business forward.
Thanks,
Travis
PS. If you really agree or disagree with this message, please leave a comment below.
PPS. If you still want to get the 6 hours of expert interviews and my PR Stream report for free, go here to complete the 3 minute survey: