LLC Startup 2023: How to Create Financial Freedom Through Launching a Successful Small Business. From Creating a Business Plan for the Limited Liability Company to Turning the Vision into a Reality.

By Nicholas Regan

Take the guesswork out of setting up a small business — here's everything you need to get started and succeed at launching it

 

Have you finally built up the nerve to go for your dreams and make your business idea a reality?

Are you looking forward to finally being your own boss, but are clueless about the legalities of doing it?

Do you want to start your small business off on the right foot by having all your bases covered before you operate?
 

Inc. Magazine reports that one of the ways highly successful people find fulfillment is by contributing to others… and one way to do this is by having a business.

 

A successful business doesn't just give you tons of money, but it also allows you to live a life of purpose.

 

By being able to serve your market well, you're improving other people's lives — which helps make your business grow. This, in turn, will help you reach financial success. It's like hitting 2 birds with one stone.

 

The best thing about having a business is the more value you create, the more money you can make.

 

And choosing to establish a Limited Liability Company (LLC) is a good start. It has become a popular option for small business owners because it limits their personal liability, has few ownership restrictions, and gives credibility to their business.

 

In addition to this, it's perfect for new entrepreneurs because it's so easy to set up and requires minimal paperwork compared to other business entities.

 

But if you're new to all this, the process of planning, registering, opening, and operating your own business can be intimidating.

 

Thankfully, this guide will lead you through each step so, instead of going through trial and error, you'll be able to avoid costly mistakes and save precious time in putting up your small business.

 

Let this book guide you along the way. Inside, you will discover:

• 5 steps to forming your own LLC — and the 5 common mistakes to avoid
• How to create a business plan to prevent poor performance and protect your rights
• 15 traits of successful entrepreneurs — and how you can develop them
• How your mindset can make or break your business — and how to cultivate the right mindset to help yourself succeed
• 5 strategies to determine if turning your hobby into a business is profitable
• How to file your taxes properly so you won't get into trouble with the IRS
• The 2 components of the business plan that trip people up — and how to deal with them to make your business grow
• How to market your product or service (hint: it's not about your credentials or your business' innovative process)
• How to create a spending plan to avoid going into debt and make your business more efficient

And much more.

 

You don't have to wait until everything is perfect before you get started. You can improve your product or service over time and build on the lessons you learn along the way.

 

The important thing is to just get started… and with this book, you'll have the confidence to do so without second-guessing yourself.

 

Make your dream of owning your business a reality today and begin paving your way to success.

 

If you want to give your business the best chance at succeeding long term, then scroll up and click the "Buy Now" button right now.

• Language: English
• Publisher: Nicholas Regan
• Release date: Oct 14, 2022
• ISBN: 9798215260494

Book preview

LLC Startup 2023

How to Create Financial Freedom Through Launching a Successful Small Business. From Creating a Business Plan for the Limited Liability Company to Turning the Vision into a Reality.

Nicholas Regan

Copyright © 2022 by Nicholas Regan

All rights reserved.

It is not legal to reproduce, duplicate, or transmit any part of this document in either electronic means or in printed format. Recording of this publication is strictly prohibited and any storage of this document is not allowed unless with written permission from the publisher except for the use of brief quotations in a book review.

As a way of saying thank you for your purchase, I wanted to offer you access to this amazing book for free: Entrepreneurial Drive

Access the course here: https://tinyurl.com/2p9esmyw

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This guide takes you through the characteristics of a gritty person, the habits that gritty people develop, and shows you what you need to do to build your grit to leave your old life and become a successful entrepreneur and turn your dreams into reality.

Contents

Introduction

1. Celebrate Yourself

2. The Good, the Bad, and the Ugly: The Whole Truth About Entrepreneurship

3. Get Off Your Hobbyhorse

4. Do You Need a Legal Structure for Your Startup?

5. C Corps, S Corps, and LLCs, Oh My!

6. Why Do So Many Entrepreneurs Choose LLCs?

7. The Taxman Cometh

8. Your Step-by Step Guide to Your Own LLC

9. Don’t Let This Happen To You (Part I)

10. Prior Proper Planning Prevents Poor Performance

11. Budgeting Made Easy

12. Marketing Your Way To Your Goals

13. There Are No Bootstraps, So Hold Out Your Hand

14. The Leap of Faith

15. Don't Let This Happen To You (Part II)

Final Words

Introduction

You’ve probably heard of the Great Resignation that started during the coronavirus pandemic, wherein many corporate employees took stock of their working lives and decided they didn’t want to spend the rest of their lives in the job they had at the time. As a result, 4.4 million new businesses got their start in 2020 - which is about 50% more than the annual average of the preceding ten years.

Whether you consider yourself a member of the Great Resignation, and whether or not the pandemic was for you what novelists call the inciting event - you’re now ready to make the leap into entrepreneurship. But, as many business owners can attest, that leap can be a little scary in addition to being exciting.

Even if you had a previous job where you felt bored to death, you were familiar with the boredom. Routines and ruts are comfortable places to be, and you’re about to face the unknown. This isn’t comfortable, but can definitely bring you significant rewards that your old routines can’t.

Fortunately, you don’t have to do it alone. This book will give you the information that you need to make smart decisions. Having a business structure such as a limited liability company or LLC is the foundation for a successful enterprise, but you’ll need some additional fundamentals too. We’ll discuss them in this book as well, but remember that you don’t have to take all these steps by yourself.

There are a lot of resources that are available to business owners, and plenty of service providers who can take over the necessities that you don’t like to do or aren’t an expert at. No one is an expert at everything, especially when it comes to business, so don’t feel bad for not knowing everything. However, you do need to understand the basics, even if you may eventually delegate these responsibilities to someone else. This understanding is necessary, if for no other reason than making sure that you do not get taken advantage of.

You’ll discover that your mindset is important to your success. While this may sound like some kind of New Age or spiritual belief that isn’t in your own belief system, there’s actually hard science behind why you need to tend to your mind while you’re building your business.

Although we want business owners to be successful and we champion everyone who has the guts to take that next step into the unknown, we’re not going to sugarcoat it. Unless you are the personal friend or relative of an extremely powerful influencer, chances are you’re not going to hit the big leagues right away.

This book will give it to you straight - the good, the bad, and the ugly of owning your own firm. That way you’ll have the best chance of making your company sustainable over time, because you won’t be surprised by any of the typical issues that present challenges for startups. You’ll also learn the difference between a hobby, a side hustle, and a company. For example, the IRS doesn’t allow you to take tax deductions for a hobby, but you can for legitimate business expenses.

Right now, you may or may not have an idea how you want to structure your business: whether it will just be you, or you and an assistant or two, or whether you’re partnering up with someone, or planning to hire a team. Even if it will be just you, it’s still important that you form a business entity such as an LLC. You’ll find out why it’s so critical, as well as some of the other entity structures that businesses use and what kinds of businesses they’re best for.

Many entrepreneurs choose LLCs, and you’ll learn why that is. They’re not just for small companies, so if you’ve got growth plans for your company you don’t necessarily have to make any changes just because you get bigger.

A major reason people choose LLCs is due to tax flexibility. You’ll also discover the taxes that you’ll be responsible for one way or another. To paraphrase George Carlin, Uncle Sam loves you and he needs money!

While some consultants make it sound like creating the LLC is difficult and arduous (and should only be done by someone who charges hundreds of dollars an hour), it’s really just a step-by-step process that we’ll go into. While you may still end up hiring someone to guide you through it, you’ll know what you need for each piece, which should help bring down the cost significantly.

Speaking of reducing costs, you’ll also learn some of the common mistakes people make when they create an LLC, which can be costly to undo. Through reading this book, you’ll learn what to do and what not to do. Hopefully, there will be no undoing of errors necessary because you’ll be able to get it right the first time.

After you’ve learned all the details involved in LLCs, we’ll move on to the business plan. For some reason this often strikes dread into the heart of a budding business owner - but we promise it doesn’t really have to be that bad!

Building a business plan does require you to do a little homework - but that homework is specifically designed to help you be successful. For example, you might need to research your competition and hone in on what makes you different. If you don’t do that, you’ll have a much harder time successfully launching your company.

We also go into detail on a few of the components of the business plan that tend to trip people up, like the financial projections and marketing plan. When you understand how to generate them and why they’re important, they’re not huge hurdles to get over. Instead, they’re smart factors in your growing business.

You’ll also get information about the resources that are available to you. If you are the kind of person who has trouble asking for help, you’re going to need to conquer that issue very quickly! No one, not even the Bezoses, Musks, and Gateses of the world, built their companies all by themselves. Involve yourself in a community and you’ll end up with a lot of problem-solvers on your side.

Becoming a business owner does require a leap of faith, and you can’t wait until you have everything down perfectly. By that time, the market has already passed you by and so your work product, whether it’s a good or a service, just has to be good enough for you to launch it. You’ll refine it over time, and we’ll discuss how you can do that.

Finally, you’ll learn about the common mistakes that new entrepreneurs make. Forewarned is forearmed, and you’ll be able to look back and reality-check the plans you’ve put in place to make sure you’re not committing any of these errors.

We’ve got your back! We are business owners ourselves, and giving back to the community is important to us. We were able to find support when we needed it, and this is one of the ways we pay it back. Or maybe we’re paying it forward, at this point! We’ve made some of these mistakes so you don’t have to and will break everything down into easily digestible steps.

Some new entrepreneurs are good at budgets and projections but bad at marketing, and for some, it’s the other way around. We’ve designed this book so that you will get what you need either way, and we’ll be cheering you along on your journey.

As we’ve found, owning a business can literally be life-changing. So why wait any longer to embark on the life that brings you purpose and meaning? Let’s get started so you can start making those changes!

Chapter 1

Celebrate Yourself

Congratulations! You’re just getting started on what could be one of the most fulfilling journeys that you’ll ever experience. There will be ups and downs, so start off on a positive note. If you understand why you’ve begun this odyssey and hold on tight to your why, overcoming the obstacles you’ll find on your path gets much easier.

What is your why?

Take a moment to reflect on your reason for launching your own business. There are two basic types of motivation, known as intrinsic and extrinsic. Intrinsic motivation happens when you’re doing something for its own sake. For example, learning more about a subject because you find it interesting is an intrinsic motivation.

On the other hand, learning more about a subject because you want to get good grades, or because it’s required for you to get a certification or promotion at work is an extrinsic motivation. Extrinsic motivations are things that you do to avoid punishment or earn some kind of reward; they are external to you. Making a lot of money is an extrinsic motivation, as is winning praise or respect from others like parents, relatives, partners, or neighbors - anyone who isn’t you. Competing in a race or contest is motivated extrinsically.

When you launch your own business, at least in theory, your ability to earn money is unlimited. If you’re working for someone else, you’re limited to how much they agree to pay you. This may be one of the reasons that you decided to launch your own company. If you believe that making a lot of money is your why, you’re probably not going to be very successful. The problem with extrinsic motivations is that when the going gets tough, extrinsic motivators don’t help you keep going.

It is the intrinsic motivation that helps you reframe the problem from I can’t to How can I? If you came up with an extrinsic motivation when you thought about your why, such as making more money or having a more flexible schedule, you need to dig a little deeper. Ask yourself questions like, why do you want to make more money?

If you keep coming up with external reasons, keep digging until you find a why that’s internal to you. For example, maybe you want to make more money because it allows you to have an impact on your community by increasing financial literacy, which is important to you because you were poor growing up because your parents didn’t know anything about finances.

Maybe you want to make money so that you can create a foundation to bring clean drinking water to the whole world. Or you’re on a mission to undermine the surveillance state, and you need lots of money to fund research and development.

Whatever your why is, make sure you write it down. You could even, if you want, create a mission statement that spells out your purpose and the values that will get you there. It may sound silly to do this now, but as a beginning business owner you’ll find a lot of tasks that need to be done, and you can get very busy working in your business instead of working on it.

There will be days, weeks, or even months where you feel like you’re just putting out fires. Having your mission written down in a place where you can easily find it is an easy way to keep reminding yourself why you chose this path. Make sure that you’re constantly reminding yourself of why you need to figure out answers instead of giving up when it gets tough.

Mindset is the key to success

We get it - sometimes people see or hear the word mindset and think we’re about to take a detour down the woo-woo trail and get lost in a sea of affirmations or mumbo-jumbo that doesn’t have anything to do with your purpose or business. However, the truth is that being a business owner requires certain habits for your mind that may be new to you - and they are backed by science.

The subconscious mind makes a lot of decisions - potentially up to 90% of them. Even those of us who consider ourselves logical thinkers have a lot of activity going on in the subconscious that we’re not aware of, and very often all those lists of pros and cons and advantages and disadvantages are run after the fact, which allows the conscious mind to close the loop on those decisions.

Therefore, it’s important that your subconscious is aligned with your conscious mind when you want to accomplish launching your own business. You’re probably familiar with the fear of failure, and that might be a conscious fear that you have, but many people also, at the layer below their conscious mind, struggle with the fear of success.

That may sound very strange! Yet someone who was brought up in a household or a culture where successful people were belittled, or cut down, might be subconsciously worried about how their family and friends will react if they make it big. Will they lose friends and family? They may be afraid that they will become so out of touch with reality that they’ll alienate people without knowing it.

If you have a fear of success, or any other fear that you’re not aware of, you could end up reaching a plateau in your business, or failing outright, because you have a limiting belief about the world that’s holding you back from achieving success. Being aware of what’s going on subconsciously and working to remove those blocks helps you achieve the mindset you need to be successful.

Characteristics of the entrepreneurial mind

If you’ve worked for other people, you will need to make some changes in the way you think. Even if you haven’t and this is your first job, there