According to statistics cited by Inc. magazine, 63% of people in their 20s dream of starting a business. This statistic likely holds steady amongst every other age group, too, and it’s easy to see why. Who wouldn’t want to make their own schedule, direct their future, and advance their skills? There’s a reason why only a portion of those who dream of starting a business actually do so, though. It’s a difficult process, and the risk is too great for many would-be entrepreneurs. Still, if you’re ready to break the mold, you can benefit from an understanding of the best startup business model. Read on for some pointers from Let’s CEO.

 

Benefits of Different Business Types

One of the most common business types for startups is the limited liability company (LLC). This type of company is designed to shield business owners and their assets from any business-related liabilities. An LLC does this by establishing a business that’s separate from its owner. This separation minimizes the owner’s personal risk.

 

Starting an S corp is another popular option for entrepreneurs. Business owners who file this way see significant self-employment tax savings when they file with the IRS every year. As a bonus, this structure allows you to claim tax deductions when your business has losses, and larger S corps also enjoy the option of pass-through taxation.

 

If you’re a solopreneur, you could also consider a sole proprietorship. This kind of business structure allows an owner to quickly and easily establish their business, and it’s typically simple to manage tax liability, too. Disadvantages include difficulty selling the business, and you could also be held personally responsible for business liabilities.

 

Finally, some startups opt for incorporation. Like an LLC, a corporation shields owners from personal liability, and it also typically offers easier access to capital. This is a major advantage if you have plans to expand your business, and it also offers some attractive tax breaks that can help your business achieve higher profits.

 

Other Steps to Jumpstart a Startup

When you’re starting your own business, choosing the best startup business model is just one part of the equation. LivePlan notes that you’ll need to develop a strategy, too, based on your own skills and experience. To do this, you should start asking yourself key questions: what strengths have you developed throughout your career? What tasks are you most confident doing?

 

In addition to an assessment of your own skills, you must assess the demand for the product or service you want to offer. You can do so by conducting market research, surveying friends and family, and even gathering data from social media. Understanding market demand will help you ensure your company launch is a success.

 

If you aren’t sure what type of business is right for you, another way you can move your entrepreneurial dreams forward is by going back to school for an MBA degree where you can learn about finance, management, leadership, and more. Fortunately, online degree programs make it easy to achieve your diploma while still working full-time or tending to family obligations.

 

You should also realistically assess the time and resources you have available. Many people realize that starting an entire company isn’t feasible with a full-time job or family obligations. There are other ways to pursue your passions, though, including going back to school. An online master’s degree program can offer an accredited degree and affordable tuition that can help you chase entrepreneurship.

 

Explore Entrepreneurship in Every Form

Everybody wants to be an entrepreneur, but only a few will successfully launch a startup. You can become one of these few if you devote your time and energy to a new business. In order to succeed, though, you must choose the right startup business model and assess your professional skill set. If it’s not the right time to dive into a new business, you can still invest in your dreams by enrolling in an online master’s degree program. Find an accredited program that aligns with your goals and allows the flexibility you need to maintain the rest of your life.

 

Article by:
Cherie McLaughlin

 

In search of an online resource that helps aspiring entrepreneurs, freelancers, and startups grow their businesses? Let’s CEO engages in comprehensive research and in-depth analysis to assist you to discover your ideas and bring them to life- startup business model. Contact us today to learn more!

 

Are you stuck in the 9 to 5 rat race?

Do you feel like you’re not being paid what you are worth?

Do you feel like you could be doing something much more enjoyable and fulfilling during the day?

Have you hit a plateau in your career and feel like there’s no way to get ahead?

If you answered yes to any of those questions, then this book is for you! Achieve not just financial freedom but freedom over your entire livelihood. As your own boss it is you that dictates what you do throughout the day, and it is you that determines how much you are paid.

However, diving into the world of self-employment and entrepreneurship is not without it’s risks. This book will guide you through the various pathways that you can forge for yourself as an aspiring business owner. Be Your Own Boss examines the various areas that successful entrepreneurs take in order to achieve success and true freedom.

Do you envision yourself working from Rome one day and then Thailand the next? You can’t do that with a dead-end job or with a boss that demands the majority of your time. You CAN do that if you take the necessary steps to start your entrepreneurial journey. That is why this book exists. Be Your Own Boss provides the instructions that you need to successful start your money making adventure!

Self-employment is major topic covered in Be Your Own Boss because for most successful CEOs and entrepreneurs it is the first step they take. Billionaires like Elon Musk and Jeff Bezos started off as self employed solo entrepreneurs before they built their massive empires.

Freelancing is another way that emerging or established professionals can begin their self-employed journey. Although many freelancers including myself have taken unorthodox paths in their freelancing success. Be Your Own Boss can provide the strategies and guidance needed for anyone to become a successful freelancer. This book will help set you up for success by teaching you the ins and out of various freelancing platforms and how to go about building your client pipeline.

There many different paths one can take when it comes to consulting and your skills and experience will determine how you make consulting work for you. Be Your Own Boss takes the approach of using freelancing to build up your skills before moving on to more professional high-level consulting and advising. For example, I personally started off freelancing for various sales and marketing campaigns in more entry level and mid-level roles before becoming an adviser/consultant for startups.

Online businesses are another great way to generate income and there are many different ways to go about doing this. Be Your Own Boss uses the approach of online businesses as a way to compliment the work that you already doing with freelancing or consulting. For instance, Let’s CEO is an online business that is directly related to a consulting agency, Ulin Consulting.

The book also explores the world of startups and how to about making your first hires. Be Your Own Boss teaches you how to scale up your solo venture into a full fledged startup company. We dive into the various ways your company can obtain funding and how it can continue to grow. We examine the different infrastructure your business needs to have in place as your team continues to expand.

Be Your Own Boss was written and published by me, Lance Ulin. I am the CEO of Ulin Consulting and the founder of Let’s CEO. I have been advising startups in the areas of sales, marketing, operations, growth, scalability, ect for many years now. My team, Ulin Consulting, works with many clients located all around the globe.

For inquiries regarding our consulting services please contact us at our website: www.ulinconsulting.com

Be Your Own Boss is available online on Amazon, Google, and Barnes & Noble and wherever ebooks are sold.

Physical copies of Be Your Own Boss will be available this fall!

Are you ready to start your own business? 6 highly effective tips for becoming successful

It is no secret that starting your own business can be quite overwhelming. You’ll most probably come across a lot of different advice from people who don’t even know the first thing about running a successful business. Research indicates that almost 75% of business startups end up failing every year because their created products or apps did not quite resonate with the market demand. Turn to the internet, and you’ll be swamped by the vast majority of articles claiming to be the authority on the subject. 

 

Starting your own business and running it successfully means that you’ll often blaze your own trail. While countless books and seminars offer useful advice, no career guides, maps or counselors can actually guide you from one step to the next. You’ll have to make it up as you forge ahead into unchartered territory. However, while no two entrepreneurs are the same, some advice is universally valid no matter your niche, area of focus or industry. Following are six essential tips to help you pave your way to success.

 

  1. It all starts with a vision.

When you start your own business, things can go wrong pretty quickly. However, sticking to your vision will take you far. It will enable you to make your dream venture a successful one. Although this course may not always be the one you imagined for your business, in times like these, your big vision can become your north star and help you navigate and orient yourself through the darkness. Remember! Your vision for your business is like your compass. It is a celestial beacon that will light the way forward and steer you to success.

 

  1. Network, network, and network!

Many businesses would not be where they are today if they did not engage in professional networking when they first started. To start your own business and make sure that it succeeds, you’ll need to create your own word of mouth. So begin by becoming your own brand ambassador, touting the benefits of working with your business, and showing others why they should give you a chance.

 

Today, given the importance of networking, several trade shows, and networking groups exist to connect aspiring entrepreneurs with other professionals. So get out there and start with your own momentum. After all, these initial connections are essential to help lead to future business prospects, strategic partners, and even mentors with the possibility to help grow your business.

 

  1. Spending slowly and strategically

With today’s cutthroat competition, almost every entrepreneur wants to hit their first major milestone faster, especially if you have just started your own business. While some entrepreneurs choose to fund their projects themselves, others gather investors to do their bidding. However, what many new businesses don’t realize is that when you get too aggressive with spending, you become careless and lose sight of what’s important for the success and survival of your business in the long run, which is profits.

When you start your own business, focus on investing every dollar planning on near-term returns so that you can invest cash flows back into the business. This ensures that you won’t end up burning through your cash pile and prevent you from situations where you have to panic-raise more funds later.

 

  1. Staying ahead of the curve.

Now that you have taken on the role of an entrepreneur, you can no longer afford to be rooted in the present and focus solely on the day-to-day tasks. Starting your own business involves taking on the role of a leader and keeping one eye focused on the future. If you don’t engage in anticipating the upcoming movement in your industry, you’re destined to fall behind. This is why successful business owners always study new trends and anticipate what’s coming around the bend. This helps them to adapt and evolve nimbly. 

 

So, as a new startup, try to read trade magazines and websites to stay on top of emerging issues and trends in your field. Keeping your pace aligned with the changes in your niche industry assures that you’ll have your finger on the pulse to predict what customers will want and in which direction your competitors will be moving.

 

  1. Make room for a healthy work-life balance.

Starting your own business and succeeding at it requires a lot of time and energy. While it’s good to stay on top of things, it’s paramount that you find a healthy work-life balance, no matter how challenging it might be. Letting your work dominate you can result in burnout and losing touch with those you consider most important. 

 

It is also important to take care of your health and well-being. Remember! Your business cannot run without you. While you might think that you need that perpetual hustle to succeed, that pace can and will eventually burn you out unless you don’t take time out for yourself. So, set clear boundaries and invest in finding ways to maintain healthy relationships outside work. You’d be amazed by how recharging your batteries will only inspire you to persevere as you dream even bigger.

 

  1. Believe in what you are doing.

We’ve all heard this advice way too many times, haven’t we? However, believing deeply in the vision of your newly established venture and the products or services that it provides is imperative. To be successful, there has to be a spark, something so motivating that failure is not even an option. Indeed, you will stumble across a few hurdles and obstacles on your way to success. But instead of allowing it to dissuade you, be laser-focused on the right steps, messages, and marketing to pave your way to success.

 

While this may sound simple but upfront, unbridled enthusiasm over an idea must be tempered with thoughtful planning to anticipate obstacles and approach a new venture with a clear strategy in order to create the energy to succeed.

 

The bottom line

When you start your own business succeeding in your new business requires careful financial, legal and strategic planning. Still, if you keep the tips mentioned above in mind, it will surely lead you forward towards victory and triumph. And if things get challenging on your path as an entrepreneur, simply fuel your big vision and remain committed to moving forward! Good luck.