Michael Whyte
Founding Member
Consulting
How do you define success? The most common answer I hear to that question is financial success. But for some it’s spending more time with their family, sharing their craft with the world, or bringing awareness to important social issues and causes. However you define success, you do not need to have a business degree to be a successful entrepreneur. Some of the most influential entrepreneurs did not even finish college.The driving force for all successful entrepreneurs is passion. A passion so powerful that it pushes through all obstacles. So many people dream about leaving a job or an agency to pursue what they are passionate about. However, they anticipate so many hurdles along the way that they talk themselves out of it. Don’t let yourself get in yourself’s way! Follow that inner guidance that brought you to this site. Continue to follow those urges! Whether you find what you are looking for here or somewhere else, continue to take these inspired action steps. Only you can inspire you!
My goal and the goal of this company is to assist you in the process! Through one-on-one consultation, group consultation, and an à la carte list of services and products we want to help you conquer the hurdles that are keeping you stuck at your “day job” or that are preventing you from the success you are striving for. You have so much light to shine! Let us help!
LLC vs. C/S Corp
Discern the nuances between the different business structures available to you as an entrepreneur. There is no one-size fits all approach here. more…Insurance Ins & Outs
Assurances in life are hard to come by, insurances are not. But which ones do you need? And are you paying or is the company paying for them? more…Payroll Options
There are a lot of questions when entrepreneurs first start out. How to pay yourself or how to keep track of payroll, shouldn’t be one of them. more…Billing Needs
Establishing a good system for keeping track of customers, invoices, payments, and expenses will give you and your customers peace of mind. more…Understanding HIPAA
A client’s privacy is important in any industry, but it is required in the medical industry. Following HIPAA will protect you and your clients. more…Operating Expenses
You deserve to keep as much profit as you can from your work. Services are available that make life easier but don’t take all your profits away. more…LLC vs. C/S Corp
Different business structures include but are not limited to Sole Proprietor, LLC, S Corporation, C Corporation, and Partnership.
Together, we will discern the nuances between the different business structures available to you as an entrepreneur. We will also discuss the general tax implications of each. There is no one-size-fits-all approach here. Each business and owner(s) will have different needs. The goal is to help guide you to a business structure that is right for you and to break down the hurdles that may be preventing you from starting out on your own.
For some consulting is a really good way to absorb this information and it allows for a back and forth dialog. However, for people that are much more tactile and want to see and hold all the information in their hands, a Business Structures guide has been made available to digital download. Click Here for a sample.
FAQs
- Sole Proprietor
- Limited Liability Company (LLC)
- S Corporation
- C Corporation
- Partnership
- Non-Profit
- How much will I have to pay in self employment taxes?
- What portion of my self employment taxes is deductible?
- Can I pay myself a bonus?
- What is double taxation?
- Who pays taxes? Me or my business?
- Does the start-up check list cover everything?
- What is necessary and what is optional?
Insurance Ins & Outs
Assurances in life are hard to come by, insurances are not. But which ones do you need? And are you paying or is the company paying for them?
Insurances can provide peace of mind knowing that you are covered. However for many it can also be the anchor keeping them from exploring new opportunities. We’ve all heard someone say, “it’s boring but it has great benefits.” Entrepreneurs do not have to sacrifice good insurance for job freedom. You can do the things you love while still having the security of insurance.
Heath insurance, liability insurance, disability insurance, and life insurance are all important to consider when self-employed. Depending on how your business is structured as well as other factors can determine how much of your premiums can be tax deductible. This would allow you to take the same advantages your previous employer took and save you money.
FAQs
- Can my spouse and kids get the same insurance?
- Should I purchase a plan through the state or an individual broker?
- Will I save more money having my company purchase the policy?
- I work from home, do I still need coverage?
- What is an umbrella policy?
- Does my insurance meet my office lease requirements?
- Are my premiums a tax deductible expense?
- Is it necessary for me to have disability insurance?
- Should I purchase short-term or long-term coverage?
- If I become pregnant will it cover my maternity leave?
- Can my business purchase a life insurance policy on me?
- Can I have more than one policy at a time?
Payroll Options
There are a lot of questions when entrepreneurs first start out. How to pay yourself or how to keep track of payroll, shouldn’t be one of them.
It may seem like a simple concept but its good to make sure your system of paying yourself is inline with what the IRS is happy with. Do you pay yourself with a W2 or just deposit checks into your personal account? When it comes to payroll and taxes there is a huge distinction. Additionally, you want to make sure you have a good system of keeping track of payroll.
FAQs
- Can I just deposit the money in a personal account?
- How do I pay myself?
- How do I get a business account if I am just starting out?
- I have been using a personal account for years. Is it worth switching?
- How should I deduct medicare and social security from my check?
- What payroll companies work best for my business structure?
- Does a payroll company pay my taxes for me?
- What state or federal programs do I need to pay into?
- Do I need to have workers compensation?
- Can I just write them a check?
- Do I have to give them a 1099 or a W2?
- Am I required to provide them certain benefits?
Billing Needs
Establishing a good system for keeping track of customers, invoices, payments, and expenses will give you and your customers peace of mind.
Keeping good records increases customer retention and allows you to focus on your business not spend your time searching through post-it notes every time you need something.
There are so many different apps and websites designed to help with billing. Over the years, the process of good customer management or invoicing has been greatly simplified. That being said, each industry and business will have its own set of “norms” and so there are different product offerings that may be more tailored to your business.
FAQs
- Can I still use paper receipts?
- Do I have to spend the money on a monthly subscription?
- Can I use a spreadsheet?
- Which programs work with my tax software?
- What is the difference between a bookkeeper and an accountant?
- What will I still have to keep track of if I have a bookkeeper?
Understanding HIPAA
A client’s privacy is important in any industry, but it is required in the medical industry. Following HIPAA will protect you and your clients.
Lean Towards Joy™ offers a guide that is meant to ease your transition into HIPAA compliancy. It provides practical actions you can take to protect you and your clients. The guide is a broad overview of the key elements of HIPAA. HIPAA violations are seldomly the result of malice actions. Most providers would not want any harm to come as a result of their client’s protected information being disclosed. However, stuff happens. By not following proper HIPAA rules, you could potentially be putting your clients at risk. Many providers are unknowingly violating HIPAA guidelines. The key is to start where you are. Now that you know you are doing something that puts you and your clients at risk or something that is not the “best practice”, make a shift. Becoming HIPAA compliant will not only protect your clients, it will protect your organization. Click here to view a sample of the HIPAA Guide.
If reading a lengthy, yet informative, guide on HIPAA is not considered one of your “inspired action” steps, a one-on-one consultation may be a better fit. Together we can discuss your daily practice and how improvements can be made, if any.
FAQs
- What daily technologies can I use?
- What payment processing systems will sign a BAA?
- What is a BAA?
- Do I need to have a separate phone for my business?
- Can I use FaceTime to connect with clients?
- What security do I need to have in place if my client’s files are in my home office?
- Does my computer need to be encrypted?
- Is it okay, if my home office is also my pantry/bedroom/living room?
Operating Expenses
You deserve to keep as much profit as you can from your work. Services are available that make life easier but don’t take all your profits away.
It can be easy to lose track of spending when you are just starting out or trying to grow your business. The cost of materials for you to create something are one thing. But billions of dollars are made from electronic services offered to new startups. Some of these services are necessary or save time or money in some other way. However, about ten years ago, many software companies started changing their pricing to a SAAS (Software As A Service) model. This is great for them, but reduces your profits as those monthly or annual payments start to accumulate.
It is natural to want to spend money as though, the revenues have already started coming in. However, if you are mindful of what services you need now, or which companies offer scalable pricing it could save you money. It could also save you from taking score too early and thinking your profits are not compatible with your expectations.