So I currently have five different projects I am very interested in
- Starting my business
- Learning to invest in stock, bonds, options, etc
- Learn personal financial planning for myself
- Learn about Real Estate
- Medical school (can’t do much here but to wait )
Ideally, I would love to master them all at the same time and be rich in a few years and live happily ever after :). No, I’m kidding what fun would that be! Realistically I know I have to learn a few at a time and have to take into consideration the fact that I have a limited cash flow to work with. So I think the ones I am going to focus on are numbers 1,2 and 3 with the possibility of changing my mind.
For my business idea, I think there are many different routes to begin from. Usually, people will ask well What do you want to do? Who are you trying to target? Why do you want to do it? I think I have a good foundation of the idea of my business so that I will discuss that later. I am a science guy, so I have very limited experience in business, so I think for me it would be important to know what I am trying to make my business into. So I began googling around and started with standard searches such as what is a Sole proprietorship, Business Partnership, LLC (limited liability company) and Non-profit. There are many other types but these were the ones I started with. As always they all have their pros and cons, but I am looking for an entity that won’t be directly tied to my personal funds (I’d cry to see my Xbox 360 taken away).
A sole proprietorship makes the individual the owner and legally responsible for the establishment. You are also liable for business debts and any claims made towards your company. That was a no-no regardless of the fact that business profit can be used however I would want. So I crossed that out.
A business partnership is what a sole proprietorship, but instead of one person being in charge, it is 2+ people in charge. Again that is a no-no in my book because of what I’m looking for.
An LLC was more attractive because it offers protection from the liability of business debts. So let’s say you are in $250,000 in debt and declare bankruptcy, people cannot come to you in search of repayment for the debt. An LLC also has a lot of flexibility with tax options.
I really liked this option because it fits what I am looking for but, I don’t plan to provide a product but a service so I needed to find something that would allow me to get grants and donations.
A nonprofit organization is a tax-exempt organization that requires you to publicly show financial information so that donors can see where their money is going to. Non-profits also have limited liability like an LLC and if not insurance can be purchased to compensate for that part. I like this branch because it fits what I want to do and I’m not looking to make a fortune out of this currently. I am more interested in helping communities prosper and motivate people to aspire to bigger and better opportunities. Being a non-profit gives the ability to ask for charitable donations from both public and private parties. I don’t mention the cons because to me they aren’t that bad. One thing is that a non-profit requires a lot of work to launch and sustain especially in the beginning. I personally don’t mind working hard to make sure my organization flourishes, I’ve always been a hard worker and with this will be no different. Having a non-profit also means that one does not have the entire control of the organization because of all the laws and regulations in place. However, in my opinion, it is 100000x better than being a working slave (ill touch on that some other time).
I am still learning more about the options but it looks like a non-profit is my choice and as I continue learning I will continue writing about my discoveries and the next steps I take. In the meantime, I will email other non-profit CEO’s and see if they would be willing to meet with me and hopefully someone will take some time to have a chat with me. If you know someone that founded or started a CEO I’d love to reach out to them.
I know this may not be as in depth as you would have wanted it to be for a second post but I promise it will get better. I will get better at explaining things and being more technical. I guess I’m a little nervous of bombarding you with so much detail that you’ll be bored out of your mind. I also posted the links I used for this blog at the end because it’s important not to plagiarize! I may be over my head, but it’s a goal I wish to fulfill, and I will fight for it AAO.
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