On this season of the podcast, we’ve been discussing everything you need to know in order to transition from self-employment to business ownership. In today’s episode, we’re talking about business scalability and sustainability, and how they both apply to the growth of a business.

For the context of this episode, sustainability refers to the ability to maintain or support a process continuously over time. In other words, we’re digging into the sustainability of you as the business owner. In today’s business environment, there is an astonishing amount of business models that aren’t sustainable in the long term. When you set out to own your own business and craft a business model that fits your business, your services, and your mission, it’s important to consider and factor in sustainability. 

Scalability refers to a business’s capacity to grow to meet increased demand. However, there is an important difference between growing a business and scaling a business. Business growth essentially means more of everything. Whereas business scalability is the potential to increase profits while overhead costs stay the same or decrease. 

The two primary aspects of building a sustainable and scalable business model are time and money.

• Time - Time is something that we can’t possibly create more of; it’s a forever depleting resource. But figuring out how to multiply time is how we can achieve freedom. For this reason, time management will be your greatest asset. 
• Money - For your business to be both sustainable and scalable, you will need to generate revenue and have a profit margin. Once a profit margin is achieved, money will need to be reinvested in the business. 

The evidence suggests that longevity in business ownership and career development allow for athletic trainers to continue impacting the patient populations they serve, and when we do that, we increase access to affordable healthcare services for the general public.

On this season of the podcast, we’ve been discussing what you need to know in order to transition from self-employment to business ownership. In today’s episode, we’re talking about the necessary legal components of running a business.

One of the benefits of owning a business is the ability to separate the business entity from yourself personally. Separating business affairs from personal affairs allows you to mitigate the risk associated with operating a business.

However, if you’re not tending to the legal aspects of the business, you won’t fully reap these benefits. If you move into business ownership without having all of the legal aspects set up and accounted for, you might be leaving yourself exposed.

Business legalities can feel daunting and looming, but this information is necessary and very straightforward. The more you know about business legalities before jumping in, the more you can prepare for and expect on your journey to business ownership.

Tasks that should be considered and completed at the onset of your business include:

• EIN - Employer Identification Number. This number operated as the social security number for your business. 
• Registered Agent - An individual or entity designated by an active company to receive service of process notices, government correspondence, and compliance related documents on behalf of the company. Basically, someone who is responsible and available to accept formal documentation and correspondence. This can be yourself, or another entity.
• Business Permits and Licenses - Secure all of the necessary permits from the city, county, and/or state that apply to your work.
• Trademarks - Ensure that you’re not infringing on another trademark, then consider if it’s the right time for you to file for your own trademark or not.
• Business Bank Account and Accounting Software - Regardless of entity status, this is required and will continue to help you separate business and personal affairs.
• Contracts - Determine which contracts you need to have set up and in place to conduct your work legally and in a way that allows you to protect yourself.
• Taxes - A legal requirement for your business that will be made easier when you have a business bank account and accounting software set up.

There are legal implications for not running your business in legal ways. You could face fines, penalties, lawsuits, or even the reality of your business having to close. None of these things are worth exposing ourselves to, and when you recognize the legal components of running a business you protect yourself. Your ability to keep serving your patients is reliant on sound legal practices.

IRS EIN Application

On this season of the podcast, we’ve been discussing the transition from self-employment to business ownership. In today’s episode specifically, we’re moving the conversation toward the tangible steps you need to take to start your business.

Before we jump straight into the tangible steps, we discuss the importance of having a “why” prior to starting your new venture. Starting a new business is a challenge, and it’s important to have a “why” that you believe in. When things get hard, your “why” will be the thing that helps you persevere.

The first component of starting a new business is to determine which entity type you will pursue for your business. There are two primary options to consider - DBA (doing business as) or LLC (limited liability company).

• DBA: When the business is conducted and presented under a name other than the legal name of the person or persons who own it. Those who are best fit for a DBA are those who have a low risk of liability and don’t have personal assets to protect.
• LLC: This is the type of business entity that provides its owner the liability protection. This is an entity that is entirely separate from the person who starts it, and the government views it as such. 

Once you determine which entity type is right for your business, you’ll start the second component of starting a new business - seeing if your desired business name is available. First, you’ll start by checking the Secretary of State website from your state. Next, you’ll check for name availability on the federal level through the United States Patent and Trademark Office. Finally, you’ll check for name availability on social media outlets and website domains.

In summary, we discuss the actual steps to take your business from concept to reality. By validating your business idea first, you can save yourself time and money while providing a tangible and practical business model from the very beginning. Having all of these stressors navigated and solutions provided for allows you to focus the majority of your work on clinical execution, thereby increasing patient outcomes. 

Simon Sinek TED Talk

Reframe The Game Podcast

Secretary of State Offices

United States Patent and Trademark Office

Namecheckr.com