Category: Entrepreneurship
Why Entrepreneurship is the Ultimate Empowerment
We all want to feel like we are the masters of our destiny.
We want to be free.
We wish there was more time in a day.
We hate being controlled by someone else.
Quantum Leap Your Business in 6 Weeks
With Instagram entrepreneurs making entrepreneurship look sexy and tech start-ups becoming household names, it’s no wonder so many people (including you) dream of starting their own business.
How to Create an Elevator Pitch for Life Coaching That Actually Works
We’ve all had that awkward moment: someone asks, “So, what do you do?” and you freeze—or worse, ramble until their eyes glaze over. It’s frustrating when you know your work is powerful, but you can’t seem to explain it in a way that clicks. If you’re a coach and want to know how to create an elevator pitch for life coaching that actually works, you’re in the right place.
Choosing a Legal Business Structure
It’s important to consider what legal business structure, or business entity, will work best for you, when you are starting a new business or if you already have one but you haven’t yet considered if you need a business entity. It’s important to choose the right business structure for you, by considering the tax and liability consequences of your actions, from establishing your business to operating it and potentially, to ending it through a sale, dissolution, or even death.
Business Entity: Sole Proprietorships
In general, any business can start as a sole proprietorship or a partnership (especially in the life coaching or similar fields) and it can stay like this unless your business needs change and you decide to choose another legal structure.
Business Entity: Partnerships
Think of a partnership like a business marriage because when 2 or more people form a partnership, they are essentially married from a business standpoint. In other words, when two or more people engage in business activity, and they have not filed papers with the state to become a corporation or an LLC by default the business is considered a partnership.
Business Entity: LLCs vs Corporations
Before the formation of LLCs came along, the only way for the owners of a business to have limited personal liability, was to form a corporation. The problem was that not many entrepreneurs wanted the hassle and expense of incorporating, not to mention the complexity of dealing with corporate taxation.
Business Entity: Corporations
When we hear the word “corporation”, most of us imagine this massive industrial empire the size of a nation, much more often more than we imagine a small business. The truth is that corporations don’t have to be big at all and in fact, most of them are not.
Business Entity: Non-Profit Entities
A non-profit organization is a group organized for purposes other than generating profit and in which no part of the organization’s income is distributed to its members, shareholders, directors, or officers, aside from the salaries of those who operate the business.
