Episode 18: The Drum Beat Inside You – Starting a Business and Beyond
You have an idea that excites you. Maybe you’ve jumped right in and started a business out of it. But there is a lot to consider – what is the end goal? Can I set it up to run when I’m not around? Can I find a way to monetize it after-hours (residual income)?
That’s what this duocast is all about. We’re looking at uncommon ways of looking at traditional business. Like setting up an LLC to lease space from yourself. Or figuring out health care for you and your family while you are pursuing this “crazy dream.” We tackle all those questions and more.
You’ve got that drum beat inside of you; that urge to monetize that idea that’s been grabbing your attention and won’t let go. It is possible. Building your brand, gaining traction, fulfilling your passion – it is all possible. We have some fun and get into some nitty gritty details all in one fascinating conversation.
What You’ll Learn in this Episode:
- Different ways to establish a business as a legal entity
- What to consider before deciding on the legal corporate structure
- How a C Corp differs from an S Corp
- The importance of knowing from the outset what you hope to achieve by being in business
- The right time to incorporate your business
- Two of our favorite books: The E-Myth Revisited, and Cashflow Quadrant
- Finding a process to develop residual income from your business
- Renting space to your own business for cash flow
- Why you should not diversify too soon
- Why a Health Reimbursement Account (HRA) might be a better option than a HSA
Golden Nuggets“The corporate structure is a secondary issue. The first thing is getting that idea and hearing that drum beat louder.” – Phillip Ramsey Click To Tweet “The corporate structure a lot of times is dictated by just how much cash flow you have and how predictable it is.” Bryan Dewhurst Click To Tweet “I think the biggest thing people forget when starting a business is to ask themselves, ‘what is the end game?’” – Phillip Ramsey Click To Tweet “So what's your process to perfect what you're selling? How do you make it residual? How do you make money when the lights aren't on?” – Bryan Dewhurst Click To Tweet “You’ve got to hire out what you’re not good at, so you can do what you're passionate and excited about doing.” – Phillip Ramsey Click To Tweet “Too often we see business owners pulling money out of their business, throwing it into the stock market, or a real estate portfolio. I think a lot of times that energy and capital diffuses the power and potential of your brand.” – Bryan Dewhurst Click To Tweet “If you have a great idea and want to start a business, concern about health coverage can be a big obstacle. But there are ways of overcoming those obstacles.” – Phillip Ramsey Click To Tweet “A Health Reimbursement Account gives you a lot of flexibility. It gives you control over your health- related decisions. The ability to deduct against your income is really powerful.” – Bryan Dewhurst Click To Tweet