Latest / Founder Unfiltered - What Founders Think But Never Say / Stay Compliant and Take Home The Maximum Revenue: Taxes, Benefits, and Flexibility with Besolo, with Mark Jackson

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Stay Compliant and Take Home The Maximum Revenue: Taxes, Benefits, and Flexibility with Besolo, with Mark Jackson · Founder Unfiltered - What Founders Think But Never Say

• 0:00
  Welcome to another episode of 6 Figure Secrets for Fractional
• 0:03
  Experts. My name is Bradley Jacobs.
• 0:05
  I'm your host and the founder and CEO of my lands.
• 0:08
  Today I'm joined by Mark Jackson.
• 0:11
  Mark is the Co founder and CEO of B Solo.
• 0:14
  Before that he was a fractional CRO and then started B Solo
• 0:18
  about two years ago. I'm super excited to have you
• 0:21
  Mark on the show. Welcome.
• 0:23
  It's good to be here, Bradley. Thanks.
• 0:25
  Yeah. So tell us a little bit about
• 0:28
  your story, because anytime someone starts their own
• 0:30
  business, right, there's there's always a story of how you got
• 0:34
  there and why this problem, why this customer?
• 0:37
  Obviously it's the same customer that we have.
• 0:39
  So tell us a little bit about the journey to starting Be solo.
• 0:43
  My dad was a business of 1 excavation company my whole life
• 0:48
  and I watched him, you know, upstairs during tax season
• 0:52
  swearing at 10:40 schedule CS. And and he did all of his own.
• 0:57
  Like he would literally just pile up receipts and like do all
• 0:59
  of his own quarterly estimated taxes and all of his own
• 1:01
  schedule CS. And it was always like a touchy
• 1:04
  time for my dad and being around my dad during tax season.
• 1:08
  And then when I went to college, after college, I went to the
• 1:11
  film industry and was independent for about like 6
• 1:14
  years. And you just really had this
• 1:18
  like, strong feeling of like, wow, we kind of get screwed when
• 1:25
  you make the choice to be solo, to be an independent, to be a
• 1:29
  fractional freelancer, whatever it is.
• 1:32
  I was even before this, this major event happened in my life,
• 1:36
  You know, I was already starting to understand, like, why there's
• 1:38
  a lot of compromise to living this lifestyle.
• 1:42
  The government's kind of seem to leave us behind.
• 1:45
  And then while I was fractional, most recently, my wife came a
• 1:51
  kidney transplant patient. So she got a kidney transplant
• 1:54
  about 10 years ago now. She's doing fantastic.
• 1:56
  So we're super grateful and happy there.
• 1:59
  But you know, when once you need healthcare, you really
• 2:04
  understand the importance of healthcare.
• 2:06
  My wife's kidney transplant end up costing north of $1,000,000.
• 2:11
  All said and done and in the state that I'm in today, I would
• 2:16
  actually, I'm in Arizona. I would actually rather be for
• 2:19
  be like a fractionally. I love the lifestyle.
• 2:22
  I love working for who I want to work for, how I want to work.
• 2:26
  You know, when I want to work is really important too.
• 2:29
  But the access to healthcare here in Arizona, you know, with
• 2:33
  her specialty medications, I think we'd be out.
• 2:36
  I did the math one day and it was something like 70 to 80
• 2:39
  grand per year all in, including the premiums and then the
• 2:42
  additional cost for the medication.
• 2:44
  And I was just like, super. Pissed about that, honestly, I
• 2:48
  felt abandoned by my government and and I was like, I wonder if
• 2:56
  there's some way that we could pull people together to take the
• 3:00
  solo and and make them powerful in numbers.
• 3:06
  And I was lucky enough to have a little bit of exposure to this
• 3:10
  concept of PEO or professional employer organization.
• 3:15
  Everybody and like most people that's ever been employed at a
• 3:17
  company north of 50 employees has probably been under APEO.
• 3:21
  It's basically where companies, multiple different companies
• 3:23
  pool all their employees together under the payroll of
• 3:27
  another company. And the big names in these
• 3:29
  companies today are like ADP just works Rippling, those are
• 3:35
  all big PE OS. And I was like, I wonder if we
• 3:38
  can take that same concept and work it to the solo space,
• 3:42
  right, to find a way to create strength in numbers because
• 3:46
  there are so many solos today. And so that was like the first
• 3:50
  exploration of B solo is, hey, is it legally viable to create a
• 3:55
  group healthcare option for solos?
• 3:59
  And lot of legal expense later. And a lot of kind of leveraging
• 4:03
  some of my past life of being, you know #4 at one of those big
• 4:06
  PE OS, Velocity Global got us to the point where we're like,
• 4:10
  yeah, we can do this. But we realized we had to be
• 4:13
  able to support all the other pieces in order in order to make
• 4:17
  that happen. Because the only way we could do
• 4:19
  it then was through S Corp, which is like a big topic in the
• 4:22
  solo space. And I was like, okay, we can put
• 4:24
  them under our payroll if they're running payroll for
• 4:26
  themselves, and then unlock our group benefits.
• 4:31
  But you have to be Escorp to do that.
• 4:33
  So we're like, well, we can't just be like, oh, you can just
• 4:35
  do Escorp, right? Because you can't just do
• 4:36
  Escorp. It's like a big undertaking.
• 4:38
  So we're like, OK, we have to support all the financial side
• 4:40
  of Escorp and then we have to support all the compliance side
• 4:43
  of Escorp. And we realized pretty soon
• 4:44
  we're like, well, we've got the complete operational and
• 4:50
  financial and benefits stack for a business of 1.
• 4:54
  And that's where we are today. So yeah, it's been a journey,
• 4:57
  but it's yeah. But it started off from
• 5:00
  frustration. And a lot of people ask me like,
• 5:03
  hey, why this business? And I was like, well, I found
• 5:07
  the problem that I hated the most and also saw a solution
• 5:13
  that could actually be executable within the
• 5:15
  limitations that we exist in today.
• 5:17
  So we were like so then we, myself and my Co founder jumped
• 5:20
  on it. And I feel like a lot of people
• 5:22
  hear S Corp and maybe their eyes glaze over like, what the hell
• 5:26
  are you talking about? And so really the simplest in
• 5:29
  layman's terms, right, is it is a tax classification of an
• 5:34
  entity where you essentially make yourself an employee of the
• 5:38
  entity. And then you need to pay
• 5:40
  yourself a salary, which is where payroll comes in.
• 5:43
  And that's how you can group the benefits together.
• 5:45
  And the biggest benefit from a tax perspective, right, is you
• 5:48
  save on the self-employment tax of the piece that's not.
• 5:52
  A salary? Exactly.
• 5:54
  For the 15.3% of self-employment tax right, you can then avoid,
• 6:00
  whereas if you don't do the S Corp, you're paying 15.3% on
• 6:04
  the. Whole, no whole thing, Caboodle,
• 6:07
  all net income goes through that up to yeah, there's a cap on
• 6:11
  that. It's around I think in 25 it's
• 6:13
  like 177 or 178, but that's typically where, you know, most
• 6:18
  solos live in that kind of successful solos live in that
• 6:21
  100 to 200 range. So most of them are getting
• 6:23
  pretty penalized by that self-employment tax.
• 6:25
  So, yeah, yeah. I mean I know my first year when
• 6:28
  I switched from an LLC to an LLC tax as an S Corp, I think I
• 6:32
  saved about $20,000 like it was a big.
• 6:35
  Deal. It's a big deal, yeah, it's a
• 6:37
  big deal. It's a big deal, but it's also a
• 6:40
  big decision, right? And it's a decision that, you
• 6:44
  know, we as a company offer both LLC support and S Corp support
• 6:48
  because for a lot of solos, what we're finding is the value of
• 6:54
  the freedom and flexibility is so high too, that getting into a
• 6:59
  structure of turning yourself into a corporation and running a
• 7:01
  payroll for yourself might actually be what ends up leading
• 7:04
  to them. But we say churning back to W2,
• 7:07
  right? That's our whole mission now.
• 7:09
  Our whole mission is to make the solopreneurial lifestyle, the
• 7:13
  independent lifestyle, as sustainable and free of
• 7:16
  compromise as compared to AW lifestyle.
• 7:20
  You know, that's we want to level that playing field.
• 7:22
  It won't be exactly even in all the bar charts, but it will pan
• 7:26
  out to being even as long as you can find your own work, Right,
• 7:29
  Right. Yeah.
• 7:30
  Right. Because we all know the benefits
• 7:32
  of fractional work. I don't think anyone at this
• 7:34
  point is not sure of that. But I mean, I'd love to just
• 7:38
  hear you talk more about this Like, the end of the day, you're
• 7:42
  running a full-fledged business of everything a business
• 7:45
  requires. Bookkeeping, taxes, health
• 7:47
  insurance, invoicing, all of it by yourself.
• 7:51
  Yes. Right.
• 7:53
  How do you do that? I mean, that's like the biggest
• 7:55
  thing, right? And and business development, I
• 7:57
  didn't even mention it like, Oh yeah, by the way, marketing and
• 7:59
  sales and that whole thing, yeah.
• 8:01
  That little thing, that little guy.
• 8:03
  Yeah, just the entire, you know, that normally is an entire
• 8:06
  organization of a company, right?
• 8:07
  Yeah, you're doing it all. And I feel like beyond just kind
• 8:12
  of the challenges that we face as solopreneurs and freelancers,
• 8:16
  infractionals from a, you know, from a, hey, there's a real
• 8:21
  compromises where you might hit a brick wall and that you like
• 8:24
  literally cannot move forward with this lifestyle.
• 8:26
  We're also fairly left behind when it comes to the playbooks,
• 8:30
  right? There are real playbooks right
• 8:34
  then and and they are applicable across almost all types of
• 8:39
  solopreneurs, right? Like a a a contract person that.
• 8:44
  Does. Excavation or a trade work is
• 8:47
  actually from a business perspective, not that different
• 8:50
  than, you know, a fractional CMO.
• 8:53
  They're actually extremely similar.
• 8:54
  And that was another big realization for us is to, Oh my
• 8:58
  God, these actually, these people are actually far more
• 9:00
  similar than they think in terms of admin compliance, taxes and
• 9:04
  benefits access. And so like, part of like what
• 9:07
  we're trying to do is playbook that out.
• 9:10
  And I think one of the really unique things that that we're
• 9:13
  trying to do right now is to actually get people to kind of
• 9:15
  let go of the monthly book close idea, right?
• 9:21
  Like we're not reporting to anybody.
• 9:23
  It's not like you have to show your PNL to a board of investors
• 9:26
  or anything like that. It's, it's, it's you and you
• 9:28
  probably know whether or not you're making enough money.
• 9:32
  We're actually finding that one of like our kind of very unique
• 9:34
  playbooks is to actually recommend doing like a macro
• 9:38
  reconciliation on a quarterly level because that's when
• 9:41
  quarterly estimated taxes are done, right?
• 9:43
  So rather than like worry yourself around making sure that
• 9:47
  everything's super balanced each month and like kind of freak out
• 9:50
  and out about that is like what instead of doing like 2.
• 9:54
  Hours. 3 hours a month. Why?
• 9:55
  Don't we just stack it all into like one big moment with a with
• 9:59
  AUSA based CPA to kind of go through and like cool.
• 10:01
  We're good quarters done. Right.
• 10:04
  And I think that's. That's one of the big things.
• 10:06
  Is is it's. Hard to find.
• 10:11
  The education and the playbooks that are right sized for you as
• 10:15
  a solopreneur. Right you go.
• 10:17
  And like, I find a lot of people will accidentally end up in AC
• 10:21
  Corp structure because that's right for a tech startup that's
• 10:24
  trying to raise funding. And they're like, hey, I'm AC
• 10:26
  Corp. I'm like, Oh no, Oh no, Oh no,
• 10:30
  are you making more than like, because it only makes sense if
• 10:32
  you're making more than like 750 or 800 a year.
• 10:35
  And it's like, no, they're just a normal fractional who rabbit
• 10:39
  holed on some information and ended up in AC Corp structure.
• 10:43
  So I think that's the other big piece here is, is access to
• 10:47
  playbooks is going to drastically help the
• 10:50
  solopreneur. It's happening, you know, like
• 10:52
  this. There's a wave of of
• 10:55
  solopreneurism happening since COVID, you know, 3,000,000 new.
• 10:58
  Solopreneurs. Full time solopreneurs per year,
• 11:00
  right? Now, and it's like, yeah, so we
• 11:03
  just want to be a part of that story of helping people.
• 11:06
  You know, Bradley, what was what was what was the thing for you,
• 11:09
  though, that really what was your worst story in Solopreneur
• 11:12
  realism? I'm curious.
• 11:13
  Yeah, I mean, one of them was, it's a little bit less tangible,
• 11:17
  but it was lack of structure of my life.
• 11:19
  Like I would wake up and at one point I at the beginning I only
• 11:23
  had one client. It was 25 hours a week, but it
• 11:25
  was paying me more than my previous W2 salary.
• 11:28
  And so I really didn't need to work that hard.
• 11:31
  And I woke up almost it with like an existential crisis of
• 11:34
  like, what do I do right now? All of my friends are working.
• 11:38
  It's Tuesday at 11. AMI don't really have anything I
• 11:40
  need to be doing right now. I only need to work 3 hours a
• 11:42
  day, You know, it's so it was a creating a structure for myself
• 11:46
  that I had always that someone else had previously given me
• 11:50
  right? Be in the office around 9, go to
• 11:52
  meetings all day and do some work and leave at 7 and whatever
• 11:56
  right? And now I had none of that.
• 11:57
  It was all gone. I had no manager.
• 11:59
  I had no boss, I had no peers. I had no anything performance
• 12:02
  review, promotion, salary. It was just like bizarre.
• 12:05
  So I mean, that was one, it was like, Oh my God, I need a
• 12:07
  structure immediately, right? Like, I'm going to work at these
• 12:10
  times and I'm literally going to set meetings with myself and set
• 12:13
  my own priorities and OK, Rs and like the whole thing, right?
• 12:17
  Absolutely. And even check in with myself
• 12:19
  like I literally gave myself performance reviews like how am
• 12:21
  I doing? Because I've had this
• 12:23
  existential question of am I doing is this OK?
• 12:26
  Like can I only work 25 hours a week?
• 12:28
  And is that, is that allowed? Like it was?
• 12:32
  And then the other piece, honestly, was the bookkeeping
• 12:34
  and taxes. It was something I had no idea
• 12:37
  how to do. I didn't know what I even needed
• 12:40
  to be doing. I didn't know about quarterly
• 12:42
  estimated taxes. I was trying not to get, you
• 12:44
  know, screwed by the IRS. I was like, how do I avoid a
• 12:47
  nasty letter in the mail or a big bill at the end of the year?
• 12:51
  I just didn't know what I didn't know.
• 12:52
  And it was kind of terrifying. So I literally went out and
• 12:55
  hired ACPA. Yeah, I really did.
• 12:58
  And you know this. Did you get lucky with it or was
• 13:00
  it a bad experience? It was not the best experience,
• 13:03
  but you had started the journey of me learning what I needed to
• 13:06
  learn. And you know, and eventually, I
• 13:09
  mean, as you know, I started my Lance and the first product we
• 13:11
  had was bookkeeping. Like similar to you, I was like,
• 13:14
  I'm going to solve my own problem here.
• 13:15
  And I'm not the only one with this problem.
• 13:18
  So we offered a bookkeeping subscription for like 2 years.
• 13:21
  My mine wasn't that different than yours honestly.
• 13:22
  Like I like it was like the third or fourth year in to being
• 13:27
  fractional, you know, had a OK year and then had a really good
• 13:32
  year and had ACPA by that point. And I didn't realize that the
• 13:36
  CPA was calculating my quarterly estimated taxes by just taking
• 13:41
  the previous year's tax and dividing it by 4 and giving it
• 13:44
  the voucher once. I didn't understand at that time
• 13:47
  that like, oh, like quarterly estimated taxes are should be
• 13:50
  responsive to your net income, not just that's what you pay.
• 13:54
  So I was, I was going through this year like I'm like, Oh my
• 13:56
  God, being being independent, amazing.
• 13:58
  I'm crushing it. I've got like so much more
• 14:00
  money. I got so much more time.
• 14:02
  I'm actually like having to figure out what to do with free
• 14:04
  time. Like do I go, is it OK to go to
• 14:06
  the beach midweek to go for a run?
• 14:08
  I guess so, you know, but then got to April and had to pay like
• 14:13
  I think it was $29,000 that I didn't pay because I did like,
• 14:17
  you know, 100K more than I did the previous year.
• 14:19
  And that was one of those moments where I really, I was
• 14:23
  like, that was one of those existential crises of like, do I
• 14:26
  want to keep doing this right? This is nasty.
• 14:29
  Like, I just got not bit by a snake, but like, hit, smashed by
• 14:33
  a rock. And yeah, all of a sudden, that
• 14:36
  Goodyear went to like, really not fun but kept moving forward,
• 14:40
  you know, decided I like the freedom, but.
• 14:42
  But that was definitely a moment where I almost turned back to
• 14:45
  W2. So let's talk about turn back to
• 14:48
  W2 because I think anyone who's going on the fractional journey,
• 14:52
  nobody wants to quote turn back to W2, right?
• 14:56
  Like as a business, you don't want that and they don't want
• 14:58
  that. So what is the biggest
• 15:00
  difference that you've seen from the people that make this truly
• 15:03
  sustainable for the long term versus those who, as you said,
• 15:08
  turn back to W2? Two things come to mind, right
• 15:11
  is 1 is I do think the idea of the portfolio career in general
• 15:18
  is becoming a lot more acceptable and also I think
• 15:22
  should be welcomed. I don't think you have to be so
• 15:27
  staunch on yourself these days of I'm either independent or I'm
• 15:32
  not. We have a large percentage of
• 15:35
  members that what I like to say pendulum and I was one of those
• 15:38
  people too, right? Depending on how the wind blew,
• 15:42
  might hop back into AW2 opportunity for a period of
• 15:45
  time. Because it makes.
• 15:47
  So much damn sense. And I think that's really common
• 15:50
  in the fractional and kind of contractor space, right?
• 15:54
  Whether you're software engineer, designer, fractional C
• 15:57
  something out. And I think that should be
• 15:59
  totally OK. And I think one of the things
• 16:02
  that's really important to think about is to not, you know, to
• 16:07
  make sure that you still have your side hustle supported.
• 16:12
  I actually love it when we get members who are what we call
• 16:17
  solo curious or very early solo. And they asked me the question
• 16:22
  around, hey, like is if I go back to W2, is B solo still
• 16:28
  going to help me out? I said, yeah, because we still
• 16:31
  do your quarterly estimated taxes, which if you're doing
• 16:34
  self-employed income of any kind, those are still on the
• 16:37
  table. And then we also do everybody's
• 16:40
  year end taxes regardless of whether they're they are in AW2
• 16:44
  or not or whether their spouse is in AW2 or not.
• 16:48
  To me, this whole space is evolving to be a little bit more
• 16:50
  flexible. And I think it's a lot more
• 16:53
  common for somebody to have a side hustle, maybe step into
• 16:56
  some independent work for a period of time and then go back
• 17:00
  to AW2 job. So that's like the first thing
• 17:02
  that comes to mind is like, you don't have to be so black and
• 17:05
  white and, and hard on yourself about being black and white.
• 17:10
  If you're consulting and you see an amazing W2 opportunity that
• 17:15
  you just cannot pass up because it's right for your family or,
• 17:17
  or whatever it is, that's totally OK.
• 17:21
  Our recommendation is and, and our, our thought process is
• 17:24
  like, well, why don't you keep your consulting thing going in a
• 17:29
  little way so that if that W2 job ever becomes something
• 17:33
  that's not working for you anymore, you can swing back in
• 17:37
  like the pendulum and, and be. Really responsive.
• 17:40
  To the changing tides. And I think that's we've all
• 17:42
  seen that happen a lot with folks getting laid off without
• 17:45
  knowing, right? Like that seems to be every
• 17:47
  every week in the news. You're like, oh, there goes
• 17:49
  another 10,000 from somewhere. And I just imagine.
• 17:53
  You know, those people had a good side hustle where they were
• 17:56
  consulting that would those moments wouldn't be so painful.
• 18:00
  So that's like. My first thought on it, my
• 18:03
  second thought is it feels like the folks who become very
• 18:09
  sustainably solo figure out how to productize their offer in
• 18:14
  some way, shape or form to say, Oh my God, my, my list rate is
• 18:18
  250 an hour. And I, I know once I do
• 18:21
  fractional work in a retainer structure that I'll that'll
• 18:24
  probably be, you know, reduced down to 150 or 170. 5 or
• 18:28
  something. And I felt really good because I
• 18:29
  was making, you know, what an attorney makes.
• 18:31
  So it's awesome. But I feel like that is a
• 18:34
  potential trap over time if you're just trying to do that
• 18:37
  one to one hours to money relationship that can lead to a
• 18:41
  situation that is not sustainable.
• 18:43
  I know for me, like the big leap forward in my fractional work
• 18:47
  was when I productized basically this how to become an SEOSEM
• 18:54
  company and I called it the Foundation Sprint.
• 18:57
  And it was about building a bridge solution, right?
• 19:00
  I would come into these companies and take all of my
• 19:03
  knowledge and, and kind of get them to that new paradigm and
• 19:07
  they would pay me amazingly for it.
• 19:11
  And it was a repeatable structure that I could hit each
• 19:14
  time that I didn't wasn't going to get completely sideswiped by
• 19:17
  some problem that I couldn't execute against because I had
• 19:20
  this playbook that I built for a problem that I knew was
• 19:22
  reoccurring for lots of different companies.
• 19:24
  So, yeah, I think that's the people that are like, I think
• 19:27
  that I see that are like really crushing it in the
• 19:30
  sustainability, at least from an income perspective, figure out
• 19:33
  some way to take their one to one time to time to dollars
• 19:37
  relationship and turn it into a productized offering in some way
• 19:40
  shape or form. Yeah, no, I I love that take and
• 19:44
  I recently read Built to Sell. Nice, yeah.
• 19:48
  Do you read it? Have you read it?
• 19:49
  Yeah. That's great, yeah.
• 19:51
  And for anyone, we don't need to go into the whole detail 'cause
• 19:54
  this isn't about productizing offers.
• 19:55
  But for anyone wanting more clarity on what that means and
• 19:58
  how to execute it, that book is fantastic.
• 20:02
  Yeah. It's like fundamental, Yeah, you
• 20:03
  like kind of need to. When you do and it is the
• 20:06
  simplest book in the world. Like I love how it's how it's
• 20:10
  done and the story that they tell and how it is simple.
• 20:12
  They make it. In practice, executing a product
• 20:15
  as service is so incredibly difficult 'cause it forces you
• 20:20
  to say no to so much, right? And it forces you to super niche
• 20:23
  down and be like, this is what we offer, nothing else.
• 20:26
  And, and you even, right, you did the same thing.
• 20:28
  You named your method, right, the whole thing, right.
• 20:31
  And so you just got to do it and you got to say no to everything
• 20:33
  else. And the discipline required to
• 20:35
  do that is one of the most challenging things.
• 20:38
  I think it's simple. And practical.
• 20:40
  Wow. For sure.
• 20:41
  And I think it's like it's evolving whatever you were doing
• 20:44
  on your kind of personal outreach side of things to also
• 20:48
  match that offer is I think was a big mental leap for me because
• 20:52
  I never wanted to potentially miss a foot in the door, right?
• 20:57
  Even though a lot of times getting the foot in the door was
• 21:00
  where I ended up with like the worst client scenarios the way
• 21:04
  we see it, right? It's like there is massive churn
• 21:07
  back to W2 traps on both sides of the coin, the demand side and
• 21:13
  delivery side, as well as the, you know, if you hit the same
• 21:18
  brick wall that I hit where your family actually needs benefits
• 21:22
  access, that's game over. You know, like you can't in this
• 21:25
  country right now. You cannot fight that one.
• 21:28
  It's it's proper game over. Well, until we solo came around,
• 21:33
  yeah. A lot of the fractional
• 21:36
  independent consultants of the world, myself included, first
• 21:40
  client kind of falls in your lap in some way, right?
• 21:42
  It just kind of happens. It's a friend of a friend.
• 21:44
  It's a referral. It's like, hey, Mark, can you do
• 21:46
  some work for me? And you're like, sure.
• 21:47
  And then you build this good rate and you're like, Oh my God,
• 21:50
  this is epic. And then maybe another one falls
• 21:53
  and another one falls and all of a sudden you have this business
• 21:56
  and maybe you're doing like 20 or 30 KA month and you know,
• 21:59
  things are good. And then, you know, there's a
• 22:01
  whole business development journey that you start going
• 22:03
  down. But let's just put that to the
• 22:04
  side for a second and let's talk about the other side.
• 22:08
  If I'm a fractional and I am, let's say, making or planning to
• 22:13
  make, you know, somewhere around 100 KA year, what are the things
• 22:16
  like simplify it for me 'cause I feel like it can be very
• 22:19
  overwhelming to think about. What are the things I need to
• 22:22
  get set up for my business from an infrastructure perspective
• 22:26
  that keeps me in a good spot regarding IRS, health insurance,
• 22:31
  whatever. All of the things like what are
• 22:33
  simplify it for me if I'm that person.
• 22:36
  Totally. Yeah.
• 22:37
  So the operational back office stack for a solopreneur, and
• 22:41
  it's actually not just. And this is what I loved.
• 22:43
  Diving into this space as a former is like realizing that it
• 22:48
  actually didn't matter whether you were fractional graphic
• 22:51
  designer, a wedding photographer of, you know, a trades person
• 22:55
  like, like my dad, like it's actually the same stack, right?
• 23:00
  We find that the first decision that everybody needs to make is
• 23:04
  their company type. Are you a sole proprietor,
• 23:06
  right, where you're going to be contracting as yourself?
• 23:10
  Are you going to be an LLC where you actually register an entity
• 23:12
  with the state? Or are you going to be an S
• 23:15
  Corp, which is the most common corporation structure like you
• 23:18
  said, which is LLC electing S Corp in the eyes of the IRS.
• 23:22
  So that tends to be one of those big questions.
• 23:25
  A lot of people lean towards sole proprietor because it's the
• 23:28
  simplest and you don't have to do anything, but don't realize,
• 23:33
  you know, that they're putting themselves potentially at risk
• 23:36
  for a lot of liability, right? If you're contracting, if you're
• 23:40
  handshaking, if you're accepting money from people as a sole
• 23:44
  proprietor, right you are. You are effectively saying my
• 23:48
  person will be on the hook for this work in perpetuity,
• 23:54
  especially if you're doing it without any contracts that
• 23:56
  define the limitations of liability too.
• 23:59
  And you know, what we like to say is like there are certain
• 24:04
  types of businesses and offerings, right?
• 24:06
  That like, that's probably OK, right?
• 24:09
  If you're retouching wedding photo photos as a digital photo
• 24:13
  retoucher, as long as you don't lose all of them, right?
• 24:16
  Because that would be like the one big scenario where like, oh,
• 24:18
  Dang. But The funny thing is like,
• 24:20
  what if you think about like, that's probably not that risky.
• 24:23
  But I I actually look at somebody like a wedding
• 24:24
  photographer and realize, wow, they're holding cameras,
• 24:28
  probably standing above people in a physical space where
• 24:31
  someone might really get injured.
• 24:33
  There's recommending. People stand next to certain
• 24:36
  things. Maybe somebody falls down.
• 24:38
  It's all of these like, you know, and that's once again,
• 24:41
  kind of like the government is not set up well, the country's
• 24:44
  not set up well for kind of defining that risk for a
• 24:47
  business of one. Because if you're doing that
• 24:48
  business, you're the same type of liability that a company with
• 24:52
  a team of lawyers has, but you just don't have the bandwidth to
• 24:56
  actually be able to take that hit if something does happen.
• 24:59
  So yes, I think choosing your company structure and we have a
• 25:01
  whole, we have a whole bunch of webinars on how to decide on
• 25:05
  that. And and you know, S Corp tends
• 25:08
  to be very revenue focused and pretty clear.
• 25:11
  The fuzzy metric is always around, like how much do I value
• 25:14
  my freedom and flexibility? So welcome back.
• 25:21
  We actually had a complete Riverside fail on our first
• 25:25
  recording and so you can notice the wardrobe change and we are a
• 25:30
  week later so you won't know that but just just calling it
• 25:32
  out so. Does my does my facial?
• 25:34
  Hair look different. I can't tell what I had.
• 25:37
  Yeah, we're in the second act now.
• 25:42
  Whole different person a week later.
• 25:45
  Yeah. So, yeah, I've never had that
• 25:48
  happen. So this is the first.
• 25:49
  But so to pick up where we left off, we were talking about the
• 25:54
  the office stack that a business of 1 needs and we were talking
• 25:59
  about LLCS versus S Corps. Let's just go there for a
• 26:03
  minute. You know, how do you think about
• 26:05
  advising someone on LLC versus S Corp?
• 26:08
  What are the considerations there?
• 26:10
  Or neither, right. There's also the sole prop or
• 26:12
  even AC Corp option. There's there's other options,
• 26:14
  right, Right. Yeah.
• 26:16
  Yeah, so let's start at the simplest, right?
• 26:18
  So sole prop C Corp don't even have to think about it unless
• 26:23
  you're making well north of like 556 hundred.
• 26:25
  There's like maybe some math that starts working there, but
• 26:28
  for 99.99% not even worth looking at.
• 26:34
  Sole proprietor, you know, is just the basic idea or the basic
• 26:37
  definition of anybody who starts doing business as a business of
• 26:41
  1. As soon as you make your first
• 26:43
  deal, you are a sole proprietor. You didn't register with
• 26:45
  anybody. But the downside of a sole
• 26:47
  proprietorship, right is like you are contracting as yourself,
• 26:52
  not as a business. There's no separation between
• 26:54
  yourself and the business activities in the business
• 26:57
  liabilities. Right, I'm not a tax.
• 27:00
  Professional. I'm not a law professional, but.
• 27:02
  I think what I'll have to do is. Just kind of give people a
• 27:05
  framework, A simplified framework on how to look at
• 27:07
  these decisions, right? And so sole proprietorship, you
• 27:12
  know, something goes wrong in your business and there's a lot
• 27:15
  of ways that things can go wrong, really stupid ways too,
• 27:18
  right? Like you can injure somebody on
• 27:21
  while driving to a job and that may or may not be a business
• 27:25
  liability, right? You could have a data leak that
• 27:31
  for a client that you were working on, it wasn't actually
• 27:33
  your fault, but you're getting sued because the client is VC
• 27:35
  funded. All these really types of weird,
• 27:37
  weird liabilities that open up. So in our eyes, you know, we
• 27:43
  think about it in terms of the spectrum of risk, in terms of
• 27:45
  should I be a sole prop or an LLCS Corp?
• 27:48
  You know, if you're on the very, very, very low spectrum of risk,
• 27:51
  like I put like wedding photo retouchers in that bucket,
• 27:55
  right? Maybe they don't have that much
• 27:57
  risk. And there's it's the the photos
• 27:59
  are duplicated in four different hard drives and everybody's fine
• 28:02
  with it. But I mean, if you lost the
• 28:03
  photos, that's there's risk right there.
• 28:05
  That's on you. Yeah.
• 28:07
  So sole proprietors, super low risk.
• 28:09
  And then you can use business insurance to kind of hedge
• 28:14
  against any of that risk. Like for some people, that makes
• 28:16
  sense. For the vast majority of people
• 28:18
  that be solo serves, we work with a lot of consultants,
• 28:21
  fractionals, software engineers, designers, people that at a very
• 28:26
  high level actually are impacting businesses in a
• 28:30
  meaningful way. And a lot of those businesses
• 28:34
  are venture backed start-ups or start-ups that make a fair
• 28:38
  amount of money with stakeholders.
• 28:40
  So in our eyes, it's like it doesn't cost that much to make
• 28:45
  an LLC and it's really not that hard with and, and we're not the
• 28:50
  only people that provide like a compliance calendar.
• 28:53
  Like once you understand what the compliance states are and
• 28:55
  how to do that, there are options, but it's something that
• 28:57
  B Solo does too. Once you understand those
• 28:59
  compliance states, it's not that expensive to be able to say like
• 29:02
  I'm working as a business and my business made those choices and
• 29:07
  I have this level of protection to between the business
• 29:10
  liabilities and my house. Or my cats.
• 29:13
  You know, I don't know why somebody who tried to take my
• 29:14
  cats in a lawsuit, but I always that's where my brain always
• 29:17
  goes. They're going to take my fur
• 29:18
  babies. That's how we kind of frame the
• 29:20
  the the the the lens of OK, should I do S soles proprietor
• 29:25
  or LLCS Corp And it's around your tolerance for risk.
• 29:30
  And also this, like I said, this day is super easy to check the
• 29:33
  box. We always say, might as well
• 29:35
  check the box. You know, they're not that hard
• 29:37
  to tear down to if you have to. Once it comes to LLC versus sole
• 29:42
  proprietor, we've found that Desolo is one of the only
• 29:48
  companies out there giving the full picture of the of how to
• 29:54
  consider S Corp. A lot of companies and even Cpas
• 29:58
  will just be like, hey, you're making above this, do it.
• 30:02
  And they won't ask you questions around how consistent is your
• 30:05
  revenue, right? Because the S Corp is going to
• 30:08
  require you to run a payroll to see the big tax savings that
• 30:11
  come from S Corp. And for a lot of people, it's
• 30:13
  huge tax savings. But money's not everything for
• 30:17
  some people, right? Like, and it's not for me.
• 30:19
  Like for me, the whole solopreneurial fractional
• 30:22
  lifestyle was about freedom and flexibility.
• 30:25
  I like to spend time with my wife while she was, you know,
• 30:28
  going through a kidney transplant process and
• 30:30
  recovering from that. Like it was way more about being
• 30:34
  able to be there in my life, could be present and it was
• 30:37
  about saving another 3 grand. So everybody else says, S Corp,
• 30:42
  you get above this level, do it. We say that's consideration #1
• 30:46
  revenue threshold. If they're, if you're above a
• 30:48
  revenue threshold, then you might actually open the door to
• 30:52
  tax savings opportunity. The next consideration is about
• 30:57
  the operational burden of running an S Corp, and that's
• 31:00
  revenue. Consistency.
• 31:02
  It's going to be far easier to run a salary for yourself, which
• 31:06
  can be a lot of people will do that quarterly.
• 31:08
  A lot of people, some people even do that annually.
• 31:10
  They'll do like one big salary at the end of the year.
• 31:13
  Our platform is set up to do salary just like that AW two job
• 31:17
  every other week. It's a lot easier to do that if
• 31:20
  your revenue is consistent. We say hey ±10% is ideal, and
• 31:27
  the revenue threshold that we say is like more like 80 to 100.
• 31:29
  K because we don't want people to just do S Corp.
• 31:32
  And then have to pay for something like the Solo or one
• 31:34
  of the other providers and then like net out $500.
• 31:38
  I promise you it's not worth it for $500 because because of all
• 31:42
  these other things we're talking about.
• 31:44
  The third consideration is your value on freedom and flexibility
• 31:49
  in this lifestyle, right? How much, how important is it
• 31:54
  for you to just be able to, you know, not think about your
• 31:59
  business that much? Because the, the payroll piece,
• 32:01
  we like to call it the payroll treadmill.
• 32:03
  You're going to get on that treadmill and it's going to keep
• 32:06
  going at a certain speed and you got to keep walking with it.
• 32:09
  Otherwise you're going to fall behind and you get really
• 32:10
  stressed out. It doesn't necessarily mean
• 32:12
  there's going to be fines or big compliance challenges, but it
• 32:15
  just means it's way easier if you're.
• 32:18
  Able to just walk on that treadmill.
• 32:20
  So for some people that want to go to Bali for six months out of
• 32:22
  the year, you know, make make 150 grand the first six months
• 32:26
  doing some focus project and then bail out and go work in a
• 32:29
  bar in Bali like S Corp probably not a great fit.
• 32:33
  So those are our, those are our three considerations.
• 32:35
  So just to simplify what I'm hearing, the LOC versus sole
• 32:40
  prop is more of a legal risk decision.
• 32:44
  Yes. The S Corp is a taxation, which
• 32:48
  is more of the the finance and taxes decision of are there tax
• 32:53
  savings for me there? And as you make that decision,
• 32:57
  the additional consideration is the consistency of revenue
• 33:01
  running payroll, the additional compliance pieces that come with
• 33:04
  an S Corp. It's not something you just
• 33:06
  elect and it's like done. You need to stay on top.
• 33:09
  Of it, it's not a boxy check. There are operational burdens.
• 33:13
  The compliance, compliance goes up.
• 33:16
  Payroll compliance is a payroll operations.
• 33:18
  Payroll compliance is a real thing.
• 33:20
  Having cleaner books, no connection of business personal
• 33:23
  finance at all? Yeah, like way more stringent.
• 33:27
  What about the other things, Right, There's health insurance.
• 33:30
  There's obviously like invoicing, more back office
• 33:32
  things. Like, what are the other things
• 33:33
  if we just talk about the entire toolkit that this solopreneur
• 33:37
  needs? Yeah, What are the other things?
• 33:41
  Yeah. And real quick too, I think an
• 33:43
  even even simpler way to look at LLC versus sole prop versus S
• 33:48
  Corp is how am I viewed in the eyes of the state, which is
• 33:53
  basically answering the question is how am I doing business?
• 33:56
  Am I doing business as an individual And that risk is tied
• 33:59
  to me as an individual? In the eyes of the state.
• 34:01
  Because law and courts happen in states.
• 34:05
  And then if I'm electing LLC or Escorp, I'm now registering as a
• 34:08
  company in that state to do business as a company.
• 34:11
  And then the escort piece how whether you're escorp or LLC is
• 34:16
  in the eyes of the IRS, right? So how am I viewed as a business
• 34:19
  in the in the eyes of the IRSLLC and sole proprietor exactly the
• 34:23
  same and for all intents and purposes in the eyes of the IRS
• 34:27
  as Corp and LLC very different. So all of that is like the
• 34:33
  fundamental question that most solopreneurs face from day one.
• 34:38
  How what is my business structure going to be?
• 34:41
  We find that for the vast majority of people, it's
• 34:43
  starting as LLC and then leaning their way and growing towards
• 34:48
  escort while understanding their own personal tolerance around
• 34:52
  freedom, loss, flexibility, gains.
• 34:54
  That sort of thing is on the there's two sides of the coin,
• 34:59
  right? If you're holding up your
• 35:00
  solopreneurial business as a coin, there's the delivery,
• 35:03
  sales, marketing, right? Actually doing whatever it is
• 35:06
  you do to get paid, closing clients, marketing your
• 35:09
  business. And then there's the back office
• 35:12
  finance and benefits, right? So everything the solo does is
• 35:17
  on the back office side, right? We do give webinars and such
• 35:22
  around sales activities, but we're not, we're actively not
• 35:24
  touching that space right now. All the back office things are
• 35:29
  the things that you just the boxes you need to check just to
• 35:32
  even do business in this in in a solopreneurial way at all,
• 35:37
  right? Everybody, if you start doing
• 35:39
  business as a business 1 and you reach a very low revenue
• 35:43
  threshold, you have to do quarterly taxes.
• 35:46
  You have to estimate how much you're going to pay over that
• 35:48
  year and then pay the IRS 4 * a year.
• 35:50
  That's one of the big things that people get really freaked
• 35:52
  out about is like, oh man, how do I calculate this?
• 35:56
  And a lot of people end up working with ACPA, who doesn't
• 35:59
  like you because you're a small business and you try to ask
• 36:02
  questions that they are not allowed to bill for.
• 36:05
  We're basically the least favorite clients in the eyes of
• 36:08
  most Cpas with B solo, like our accounting system will actually,
• 36:13
  because it's connected to your business bank account, all the
• 36:16
  inputs and outputs, it's seeing those and can actually do like a
• 36:19
  fuzzy estimation. We call the quarterly tax
• 36:22
  pedometer. That's happening in real time as
• 36:24
  your business is growing. And then once the quarter rolls
• 36:26
  around, you have a much better idea of how big of a check
• 36:28
  you're going to write to the state and the Fed.
• 36:31
  So let's just go over. So like first big decision,
• 36:35
  right is business structure, sole proprietor LLCS, Corp.
• 36:40
  The next big decision is business bank, right?
• 36:43
  If you're doing an LLC or an S Corp, you should probably have a
• 36:45
  business bank. It's best practice to uphold the
• 36:48
  corporate veil that liability protection that those structures
• 36:51
  give you by having your business and personal finances separated.
• 36:55
  If you have a business bank and you are only running your
• 36:58
  business expenses, meaning you're buying stuff on debit
• 37:01
  card or credit card associated with that business and you're
• 37:03
  receiving money from clients into that business bank account,
• 37:06
  it's actually really easy to do the business accounting.
• 37:08
  Now with a modern accounting system like Bsolo, it just
• 37:11
  integrates with the business bank and helps you categorize
• 37:14
  all those things. And then by categorizing all
• 37:16
  those things will help you get much closer to being able to do
• 37:19
  those quarterly estimated taxes far easier.
• 37:22
  So business structure, business banking accounting to drive
• 37:27
  quarterly estimated taxes and annual tax understanding and
• 37:29
  also overall business like performance.
• 37:32
  How much am I making this year? And then kind of woven into that
• 37:38
  is compliance, right? There are dates that matter to
• 37:43
  businesses, all businesses, businesses of one are no
• 37:46
  different. If you have an LLC or an S Corp,
• 37:48
  there's a statement of information you have to file
• 37:50
  every once in a while. The quarterly estimated taxes
• 37:53
  come up every quarter and then annual taxes every year.
• 37:56
  And there are even for infra S corps, there's even more dates
• 37:59
  associated with that matter. So being able to know, hey, it's
• 38:02
  time to do something is how be solo where we have a dynamic
• 38:07
  compliance calendar that's basically built off of the
• 38:09
  formation date of the business that says, hey, it's time to do
• 38:12
  this. Ask our team if we need help.
• 38:15
  And then the final piece is you know beyond annual tax filing
• 38:20
  which we do with USA based dedicated Cpas for every member
• 38:25
  is OK. I've got all.
• 38:27
  That stuff figured out. How do I recreate a benefits
• 38:29
  package that I had at my job? And that's a really nasty
• 38:34
  problem, right? A lot of people spend the first
• 38:38
  zero to 24 months kind of wedding wading through
• 38:43
  everything before the benefits access piece.
• 38:46
  And then they get their revenue dialed.
• 38:47
  They're like, oh, cool, I'm making 10 grand a month, I'm
• 38:49
  making 120. You know, this is all right,
• 38:51
  cool. And I'm working half time.
• 38:53
  OK, very cool. And then they get to making a
• 38:56
  lot of money. I should probably put some of
• 38:58
  that away, like what's my retirement structure?
• 39:01
  And most people full on choice paralysis, once they get to
• 39:05
  benefits, can't figure out what to do.
• 39:08
  And so that's another thing that we've done is like turn those
• 39:11
  things into toggle switches. Like here's a really great solo
• 39:13
  401K. If you're truly a business one,
• 39:15
  this is the best option and it's included.
• 39:17
  In the platform fee. Does that help them decide
• 39:19
  because they know there's like a Sep IRA, there's 401K solo and
• 39:23
  four there. There are options, right?
• 39:24
  There are options. Do you guys, is it a custom
• 39:27
  depending on their situation or is it like most people are going
• 39:31
  to fit into this bucket? If you are a true business of
• 39:34
  one, most people, the solo 4O1K is the best option, right?
• 39:38
  So and then of course, we have retirement advisors that folks
• 39:41
  can talk to to make sure that they fit that box.
• 39:45
  But you know, we scream and make sure that nobody who's going to
• 39:49
  like who wants to hire employees.
• 39:52
  You can keep in mind you can have as many contractors as you
• 39:54
  want. It's totally fine.
• 39:55
  And that happens all the time. Now we call it a band of
• 39:57
  pirates, right? You can have a company.
• 40:00
  It's got 6 contractors and it's you and six contractors and it
• 40:03
  looks and feels and smells like a company, but it's actually all
• 40:06
  contract based. That is still technically a
• 40:08
  business of one, right? So in that scenario, Solo 4O1K
• 40:11
  is still a really good option. And a lot of people get really
• 40:14
  fuzzy around Sep IRA, Traditional IRA, Roth IRA, or
• 40:20
  Solo 4O1K. At the end of the day, Solo 41 K
• 40:23
  $69,000 contribution limit Max and you can do this really cool
• 40:27
  thing called the Solo 4O1K loan where you can actually take down
• 40:31
  some of the balance if you need it up to 50% of the balance.
• 40:35
  So it's actually up to it. It has a Max cap of $50,000, but
• 40:39
  it's actually a really cool way to stack a rainy day fund in a
• 40:43
  tax advantageous way, right, which is like very unique.
• 40:47
  So that's why you know and of course, if anybody has any
• 40:50
  questions about this, please reach out to us.
• 40:52
  Everybody's unique like we need to make sure you fit into that
• 40:55
  box. But for the people that Sola 41K
• 40:57
  is really good for, it's NRI is the best option and is very
• 41:02
  flexible in this way. Awesome.
• 41:04
  So I'm a solo preneur, and I'm, you know, kind of been keeping
• 41:07
  my head above water with all these different things, trying
• 41:10
  not to get sued or, you know, the nasty letter from the IRS.
• 41:14
  And I want simplicity, right? Yeah, When I come to be solo,
• 41:20
  what do I get? Like, what does it look like?
• 41:22
  How do I just make this simple? Because that's, that's what I
• 41:25
  wanted when I was in this situation.
• 41:26
  Like just take this off my plate and make it simple.
• 41:29
  Give me Peace of Mind. That's really what I wanted.
• 41:31
  I wanted Peace of Mind. So.
• 41:32
  Yeah, we like to say that. The the actual product of B Solo
• 41:37
  is playbooking this space, right is it's actually the tools that
• 41:42
  we have in the platform are a reflection of the playbooks that
• 41:47
  we find to be true across the vast majority of businesses of
• 41:51
  1. And I think the retirement plan
• 41:54
  scenario is a very clear example of this where it's like, yeah,
• 41:59
  for the vast majority of folks who are true businesses of one
• 42:02
  solo 4O1K is, you know, is above, up, above and beyond
• 42:06
  versus the other options. So let's make that really easy
• 42:09
  and turn it into a toggle switch that they can turn on if and
• 42:12
  when they want to. So be solo, right?
• 42:16
  It's the compliance, the formation, the tax, the
• 42:22
  accounting, invoicing, time tracking all in one place, human
• 42:27
  support around the tax cycles, the really scary tax cycles.
• 42:32
  And then if and when you need some benefits options, we've
• 42:36
  curated options to turn those into toggle switches.
• 42:39
  And all of that sits on a really strong foundation of playbooks
• 42:44
  for the space and expert support, meaning our team that
• 42:48
  you can ask as many questions you want to, right?
• 42:50
  And we found that, you know, and I found this for myself being in
• 42:55
  this space. And you probably did too, right?
• 42:57
  Like choice paralysis is brutal when you're trying to put
• 43:01
  together your operational stack. You're like, am I harvester?
• 43:05
  Am I toggle and my QuickBooks and my wave and my zero and my,
• 43:08
  you know, and like, which silver for 1K plan is it?
• 43:10
  Which where should I for my LLC? Do I need a registered agent?
• 43:13
  And we're just like, let's just check.
• 43:15
  Why don't you just make one decision?
• 43:17
  Let's check all those boxes in one decision and then give you
• 43:21
  human beings you can talk to as things come up.
• 43:24
  And also you just know that we're approaching it as a
• 43:28
  there's a playbook that is true for a business of 1 and our
• 43:31
  tools reflect that. Amazing.
• 43:33
  So if I'm listening to this, who is it for?
• 43:37
  Like how do I know if I'm a listener right now I should come
• 43:40
  to be solo and check it out? Or maybe it's not for me.
• 43:43
  Yeah. So we found typically the fit is
• 43:46
  really good for people who are in their first three years and
• 43:50
  even more specifically their first 12 to 18 months.
• 43:55
  That tends to be the time when folks are trying to put together
• 43:59
  this stack and struggling. We are openly saying today that,
• 44:03
  yes, it's more complex if you've already got all of these figured
• 44:07
  out, like you've got you've got QuickBooks, you're using Gusto
• 44:10
  for payroll on the escort piece. You got a great CPA that you
• 44:13
  love. Some people sometimes you'll
• 44:16
  hear, well, like I've got a guy that does my escort taxes and
• 44:19
  he's like 500 bucks. I'm like, that's amazing.
• 44:21
  Do that. That's I can't compete with that
• 44:23
  at all. Yeah, but if you're like
• 44:25
  completely overwhelmed, right, Or even moderately overwhelmed
• 44:30
  with stepping out of the walled city of W2 work where everything
• 44:35
  else was built for you and all you had to do was deliver to Oh
• 44:39
  my God, I have to build the house that I'm living in.
• 44:41
  Like while I'm trying to work and do this, we can just kind of
• 44:46
  help build that whole shell with one decision.
• 44:49
  And for, you know, we have helped people who have been on
• 44:53
  QuickBooks and we can import that in, right.
• 44:55
  So it's not like a hard line that like, if you already made
• 44:58
  some of these choices, you can't still come in to be solo.
• 45:01
  But if the idea of making one decision to check, you know, 10
• 45:05
  or 15 boxes on this side of the coin sounds exciting and and
• 45:09
  like a relief. I, I've had people thank me
• 45:12
  like, oh, thank you for making this.
• 45:14
  Like, I just, I didn't want to think about this anymore.
• 45:17
  It's not and it's truthful. It's not worth your time.
• 45:20
  And and at the end of the day, having the human CPA is probably
• 45:25
  going to be comparably cost costed to what the solo costs
• 45:28
  anyway. And we do it in a nice monthly
• 45:31
  service fee with no commitments. Yeah.
• 45:34
  Amazing. Yeah.
• 45:34
  So and if people have questions or are looking for just a
• 45:37
  consult, do you guys do like a free consult or, or just a chat?
• 45:42
  OK, cool. So we'll we'll, we'll get the
• 45:44
  links for all of that in that show notes so everyone can
• 45:47
  access it really easily. Is that the best way to get in
• 45:51
  touch with you? Yeah, yeah.
• 45:52
  We'll, we'll put together a landing page for the My Lands
• 45:55
  community and you can book a demo there.
• 45:58
  But if you, you know, review everything and be solo and you
• 46:01
  want to just get started as an LLC member, there's a link to
• 46:04
  that that's got a discount associated with it already.
• 46:07
  You get free LLC formation. You just got to cover the state
• 46:09
  filing. Fees and then we also do a no
• 46:12
  risk free. Trial for the first month that
• 46:15
  nobody's backed out of yet, which is really exciting.
• 46:17
  So that's a good sign that we're on to something.
• 46:21
  But, but, but you don't have to be scared.
• 46:23
  And if you do decide to back out, the LLC that we formed for
• 46:27
  you is still yours. It's it's that's yours.
• 46:29
  Yours to keep. Amazing.
• 46:31
  Cool. Any last words of wisdom or just
• 46:35
  something you want to share with the audience before we wrap up?
• 46:39
  Yeah. I mean, I think in general, if
• 46:42
  you're, you know, if you feel like you stepped into this world
• 46:46
  and it's overwhelming, we found that a lot of people are just
• 46:48
  afraid to even ask questions, right?
• 46:51
  They don't want to seem like they don't know if it feels like
• 46:54
  everybody else has this figured out.
• 46:56
  They don't. Everybody from, from, from my
• 47:00
  experience, 90 to 95% of people are living in some type of fear
• 47:06
  of a compliance tax or benefits issue.
• 47:10
  And that's where we're here to help, whether that's with just,
• 47:13
  you know, you can engage with our education, you can engage
• 47:16
  with, you know, one of our team members just to get some
• 47:18
  clarity. At the end of the day, we're
• 47:21
  just trying to be the guides in this space to like get this done
• 47:24
  right and make it easy and sustainable.
• 47:27
  And however we can help, we're here to help.
• 47:29
  Amazing. Well, I'll second the person
• 47:31
  that said thank you because I there's just a huge community of
• 47:34
  people actually need to support. And I know first hand it's not
• 47:38
  an easy business to build and navigate all the compliance
• 47:40
  stuff. So yeah, I know how challenging
• 47:42
  it is. So thank you.
• 47:43
  You want to be happy for the community and then the sole
• 47:45
  preneurs out there that really rely on you guys.
• 47:48
  Once we saw it was possible, like we couldn't Unsee it.
• 47:50
  You know what I mean? We, we being in the shoes of, of
• 47:53
  a, of solopreneurs for 10 plus years.
• 47:55
  I was like, I'm having my dad, you know, have a business on my
• 47:58
  whole life. And watching him complain around
• 48:01
  tax time and complain is a very light version of what he was
• 48:04
  actually. Doing, you know, it was like,
• 48:07
  all right, we. Got it.
• 48:08
  We got to make this work because it's no longer a niche.
• 48:11
  You know, there's, there's around 3,000,000 new full time
• 48:14
  solos in just in the United States alone.
• 48:17
  And like I said, the majority of them are doing exactly what
• 48:20
  everybody else is doing, which is walking around in a jungle at
• 48:23
  night with a flashlight, hoping they don't fall into a pit or
• 48:27
  get bit by a snake or something. And we're like just gonna give
• 48:30
  you the backpack, give you the trail map, give you the
• 48:32
  flashlight, make sure you got the right shoes on, and overtime
• 48:35
  will make it so that it's just very easy to get to a totally.
• 48:38
  Amazing. Well, Mark, thanks so much for
• 48:40
  being on the show and sharing all the insights and just
• 48:42
  everything that you're able to bring your time, energy, all of
• 48:45
  it. So appreciate.
• 48:46
  It thank you. This is the best part of the
• 48:49
  job. It's just getting to push this
• 48:51
  space in the right direction.