Lots of questions have been coming in about whether to be a sole proprietor, LLC, or S-Corp. I decided to invite my father in-law to chat with me about this topic with all of you! My father in-law, Jim has a lot of great business experience. He ran his own business for many years, did taxes for H&R Block, and SCORE counseling. He also is an engineer which explains his (eccentric side) great attention to detail.
Like a small biz counseling session
Our chat is much like what you would experience if you went in for a SCORE counseling session. We discuss various scenarios like being an individual tutor with no employees to a tutor that has employees.
I am so thankful for Jim and his willingness to come do a video with me. When I called and asked, he was speechless. That never really happens! I told him to think on it and the next day he decided he would do the video with me. One of the things I admire most about Jim is his patience with decisions (well most of the time) and ability to think through all options before moving forward. I (at times) get anxious about decisions and he has this way of talking sense into me.
In this interview, he said one thing that really got me thinking (and anxious too).
“The number one reason businesses fail is, they spend too much time worrying about the details and not enough time marketing…Market-Market-Market.” -Jim Meldrum
I know I am guilty of that for sure! Just this week I was up worrying until 3 AM (YES—3 am!) about details. I called him the next morning and told him maybe I wasn’t cut out for this business stuff! In his own gentle way, he told me not to be so hard on myself. Just what I needed to hear!
Enough of me gushing on about my father in-law…I will tell you though-I am his favorite 😉
Video: Sole Proprietor, LLC S-Corp…Oh My!
If you have any questions for us, leave them in the comments below and we’ll do our best to answer them!