You have an idea that excites you. Maybe you’ve jumped right in and started a business out of it. But there is a lot to consider – what is the end goal? Can I set it up to run when I’m not around? Can I find a way to monetize it after-hours (residual income)?

That’s what this duocast is all about. We’re looking at uncommon ways of looking at traditional business. Like setting up an LLC to lease space from yourself. Or figuring out health care for you and your family while you are pursuing this “crazy dream.” We tackle all those questions and more.

You’ve got that drum beat inside of you; that urge to monetize that idea that’s been grabbing your attention and won’t let go. It is possible. Building your brand, gaining traction, fulfilling your passion – it is all possible. We have some fun and get into some nitty gritty details all in one fascinating conversation.

What You’ll Learn in this Episode:

• Different ways to establish a business as a legal entity
• What to consider before deciding on the legal corporate structure
• How a C Corp differs from an S Corp
• The importance of knowing from the outset what you hope to achieve by being in business
• The right time to incorporate your business
• Two of our favorite books: The E-Myth Revisited, and Cashflow Quadrant
• Finding a process to develop residual income from your business
• Renting space to your own business for cash flow
• Why you should not diversify too soon
• Why a Health Reimbursement Account (HRA) might be a better option than a HSA