Sole Proprietorship or Solo Practice: Which is the Best Business Structure for You?

Choosing a legal business structure is one of the most important decisions you will make as an entrepreneur or freelancer. Many people start businesses all by themselves, without a partner, and depending on the state laws, there are a variety of solo business entities that can be operated by one person.

Sole Proprietorship

A sole proprietorship (SP) is the easiest business type to set up; you don’t have to do anything to get started. Sole proprietorships are unincorporated businesses operated by one person for profit. Without a formal business entity, the company and the person are one and the same, and the owner is personally liable for any debts and obligations incurred by the business. Although most states do not require an SP to register with the government, it is a good practice to register your company with your local jurisdiction, choose a name, and pay a small fee, and set up shop. If you decide to operate as a sole proprietorship, you should weigh the ease of business setup with the potential risk of personal liability.

Solo Practice

A solo practice is operated by a licensed professional such as an attorney, a doctor, or an accountant. While a solo practice does not have any partners, it can include support staff such as administrative assistants, nurses, paralegals, and other professionals. A solo practice can be a sole proprietorship but often chooses to formalize as another business entity, such as a limited liability company (LLC), a corporation (C), or a professional limited liability company (PLLC). There are advantages and disadvantages to each of the types of formal business structures, but the major advantages are the avoidance of double tax obligations and the protection of your personal assets.

Consult the Experts

Many freelancers, such as writers, musicians, designers, artists, etc., start off as sole proprietors, but later may formalize their business and protect their personal assets by eventually setting up some type of corporation. It is also illegal to commingle your business finances with your personal finances. It is always recommended to consult with an attorney and an accountant as you set up your company.

The professionals at Your Business Your Brand Creatively work with entrepreneurs, freelancers, and solo professionals on various branding, marketing, business communication, and social media projects. Please contact us and we would be happy to work with you.

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Posted by Pamela Hilliard Owens  |  0 Comment  |  in business structure, entrepreneurship, freelancing

What is a Business Consultant?

This post was written and published by our Summer 2017 Intern, Mallory Corbin, a student at Aquinas College in Grand Rapids, Michigan.

To find out how YB2C (Your Business Your Brand Creatively) can help you with your business challenges, contact us! We’d love to talk to you!

A business consultant is an expert in their field. They know the ins and outs of all things business and they know how to help you and your business succeed. With a business consultant, you will create a business partnership that will ultimately lead to exponential growth and development for your business. Business consultants can have varying involvement in your business, that of which is totally dependant on your needs and wants as the business owner. These business professionals are highly experienced and can bring exponential benefits to you and your business that may totally change how you do business.

The Benefits of Hiring a Business Consultant

• They will market. Both in traditional and non-traditional settings, a business consultant will help you market your business to the appropriate audience. This can range from traditional advertising work to social media marketing campaigns, to much much more. Depending on your business, your marketing needs may vary, these needs can be recognized and met by your consultant.

• They will network. It is your business consultant’s job to know people in the business world. As they have consulted and worked with many businesses before you, they can provide a network of businesses that you may be able to connect with. These kinds of connections can hugely impact your business.

• They will strategize. A lot of unexpected problems may occur throughout the life of your business. Your business consultant will help you plan and strategize in order to find the most effective business plan for you. This plan can be used as a roadmap for you and your consultant to return back to whenever any problems arise.

• They will plan and set goals. Project planning and goal setting will be a huge part of your business consultant’s job. They may work with you or solo to create a timeline for a certain project or goal that you and your business may be working toward.

• They will do the work for you. Sometimes there are certain projects or business ventures that are too big for you to handle, and that is okay. It is very common that a business consultant will do the work you cannot, and join on your team as more of a subcontractor than an advisor. They may be the ones to thank for closing that big sale or finishing that dubious project you thought would never get finished.

• They will make decisions. When it comes to decision making, some situations can be nearly impossible. Thankfully, your business consultant can be there to either guide you to the correct decision or make the correct decision so that you don’t have to.

The Business Machine

In our post about business coaches, we talked about how a business coach works with you to create your perfect business machine. A business consultant does similar work. However, rather than being on the sidelines, like the business coach, a business consultant is taking the co-pilot seat right next to you inside your machine, guiding you and occasionally taking control of the wheel. Unlike a coach, a consultant pulls their weight and works alongside you as a teammate. They may even be in charge of their own sector of the machine, which you have designated for them to be responsible for.

A co-pilot is not absolutely necessary for every machine, just as a business consultant is not imperative for every business. However, a consultant could make the difference between smooth sailing with your successful business and making a huge error that effectively totals your business machine.

Is it Worth the Investment?

Before you can experience all of these benefits and more, there is one decision you will have to make on your own: whether you will invest in a business consultant.

A consultant can totally transform the way you do business. They can be similar to a business coach, and work as your business mentor. They may also provide advice and guidance for you and your business. They may be minimally involved, or totally immersed in your work; additionally, they may perform any number of important tasks. Their work can include making up a game plan for you to follow, along with networking and marketing for your business. Additionally, they may take work into their own hands and work as a subcontractor for your business.

With the help of the right kind of business consultant, which can vary depending on your business’ needs, you will see your business grow and prosper exponentially.

To find out how YB2C (Your Business Your Brand Creatively) can help you with your business challenges, contact us! We’d love to talk to you!

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Posted by Pamela Hilliard Owens  |  0 Comment  |  in branding, consulting, entrepreneurship, Freelance Business

What is a Business Coach?

This blog post was written and published by our Summer 2017 Intern, Mallory Corbin, a student at Aquinas College in Grand Rapids, Michigan.

To find out how YB2C (Your Business Your Brand Creatively) can help you with your business challenges, contact us! We’d love to talk to you!

Running your own business can be hard, but luckily you don’t have to do it alone. A business coach may be exactly what you need to really get things going. Whether, you are looking to start a business, or you need someone to keep you on track if you already have a business, a business coach can be the business game changer you need. A business coach works as a magnifying glass to concentrate what it is you already have inside you and your business in order to further help promote growth and prosperity.

You do not need to actually know or see your coach in person. In fact, your business coach may work totally remotely, whether that be from your preference or theirs. With the help of the internet, business coaching can occur entirely online, something often referred to as “E-coaching.” This fact certainly broadens your business coaching options, making it possible to find the perfect business coach for you and your business.

Oftentimes, these business coaches are former business owners, CEOs, or business executives. This means they have real-life experience within business that they can use to guide you and your business in the direction that is right for you.

The Benefits of Hiring on a Business Coach.

• They will provide an outside perspective on your business. Sometimes, when running your own business, you may get a little too close to the cause. Meaning, because you are so immersed in your business, you may not be able to recognize any errors or issues within the business on your own. Your business may be like your child, and as far as you may be concerned, it can do no wrong. A business coach can help pull the wool from your eyes and reveal to you what you are doing right, and exactly what needs to be fixed or changed within your business.

• They will motivate you to keep moving forward. When you are feeling overwhelmed or stumped, a business coach can be there to metaphorically hold your hand. They can assist you on getting your business back on track through time-management coaching and action planning that will prevent you from getting distracted. Brainstorming with your coach can help you solidify your business vision. Once this business vision is solidified, you can work with your coach to implement that vision into reality.

• They will prevent you from self-sabotaging. Your coach will be an empathetic presence that you can go to when you are feeling lost or as if you may be on the verge of making a business mistake. Whether it is you or your coach who recognizes it, they will be there to assist you in either preventing or reversing a self-sabotaging business choice.

A Well-Oiled Machine

Imagine a scenario where you are trying to build a machine. Picture the perfect machine in your head. What does it look like? How does it sound? What does it do? A business coach will help you build your machine. They will help you understand how your machine works, and help you implement your ideas into your machine in order to make your machine exactly what you imagined it to be. They will watch as you operate your machine, from the outside, and inform you of any errors that occur. These errors may be the fault of the machine or of the operator. Once these errors are recognized, they will work alongside you in order to remedy these errors and get your machine working to its absolute highest performance.

Your machine, is your business. With the help of your business coach, your business will become the well-oiled machine that you always dreamed it could be.

Making the Investment

By hiring a business coach, you will be hiring a business asset that can guide you and your business; whether it be on building your business from the ground up, or for an already well-established business. Your business coach will help you brainstorm, plan, and implement your business vision. With the right business coach, you will find that making this investment will pay for itself through growth that you are bound to see just months or even weeks after you and your coach get to work.

A business coach can unlock your potential and serve as a priceless business companion that could be exactly what you and your business need.

To find out how YB2C (Your Business Your Brand Creatively) can help you with your business challenges, contact us! We’d love to talk to you!

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Posted by Pamela Hilliard Owens  |  0 Comment  |  in branding, consulting, entrepreneurship, Freelance Business, marketing