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The Dirty Little Secret of Business Ownership No One Wants to Talk About

Posted by Scott Lynett, Esq. | Nov 26, 2022 | 0 Comments

As an entrepreneur, you're no doubt extremely talented and driven when it comes to your core product or service. Whether you develop smartphone apps, provide healthcare services, or brew craft beer, without a high level of confidence and passion for your particular trade, you probably never would've gone into business in the first place.

On the other hand, when it comes to the dry, nitty-gritty parts of running a business—crunching numbers, negotiating contracts, dealing with insurance, and managing taxes—you likely don't have nearly the same enthusiasm or surety. You might project an outer facade of confidence and certainty about the state of your company, but you may secretly live in fear and worry that it's going to fail.

This hidden insecurity can make you feel like an imposter. Sure, you're a whiz when it comes to the creative side of your job, but truth is, you're likely winging it when it comes to the nuts and bolts of business management—the legal, financial, insurance, and tax components.

What's more, this simmering sense of doubt and uncertainty can drain a significant level of your creativity and energy. If this leak isn't plugged, it can seriously stunt your ability to grow your company into the sustainable and impactful operation you've always dreamed of—and in the process, negatively impact every other part of your life.

The big taboo

Further complicating things, since few people are willing to admit they're struggling like this, it's become taboo to even talk about such fears. Even though countless other business owners out there are feeling exactly like you do, nobody wants to admit their outer confidence is just a mask, so everyone continues suffering in silence.

Or maybe you're one of those people who's still in denial about your situation. For many, business is mainly about making as much money and attracting as many clients as possible. Since dealing with things like legal agreements, insurance, and taxes don't seem to fulfill these primary goals, you ignore them, put them off, or fail to give them much attention. After all, you've got more important things to focus on.

Besides, once you generate enough revenue, all of that stuff will work itself out, right? And even if it doesn't, you'll at least be in the position to hire a crack team of specialists to handle them for you.

One mistake away from collapse

But you can't afford to ignore or put these tasks off another day. And if you're not worried, you certainly should be. Whether you believe it or not, if you don't have the cornerstone legal, insurance, financial, and tax (LIFT) systems in place, the business you've worked so hard to build is just one accident, audit, or lawsuit away from ruin.

Though dealing with LIFT systems may not seem particularly fun or glamorous, they form the very foundation upon which your entire business rests. If this foundation is weak or not ample enough to support your operation, it doesn't matter how hard you work or how much money you make, at some point the house of cards  you've built your business on is going to crumble.

But how do you even begin to address this issue?

Outside of being afraid to talk about it, another big reason entrepreneurs fail to deal with their shaky LIFT foundations is because they have no idea where to start. In fact, not knowing what you need, what to fix, and where to focus your attention is a major contributor to your fear and anxiety.

This lack of clarity also prevents you from getting effective assistance. If you can't even identify what you're lacking, hiring financial advisors, lawyers, and insurance agents is likely to be of little use. Moreover, if you hire someone less than scrupulous, they're apt to take advantage of your uncertainty and sell you a bunch of expensive products and services you don't need. 

Build an unshakeable LIFT Foundation

Fortunately, we offer a proven solution to address this dilemma. It's one that has provided thousands of entrepreneurs the clarity and confidence they need to take effective action. It's specifically designed to help you build an unshakable LIFT foundation, so you'll never have to live in fear, worry, or doubt about your business structure again.  

The LIFT Foundation System and Toolkit is literally a plug-and-play resource designed to give you maximum empowerment with the least amount of overwhelm. It comes with a comprehensive collection of tools, maps, and processes that will walk you step-by-step through what you need to do to establish a sustainable foundation for your company.

To give you a taste of how The LIFT Foundation System works and help identify the weak spots in your foundation, you should take The LIFT 20-Point Assessment. This free assessment allows you to grade the quality of your business's legal, insurance, financial, and tax systems and provides you with an overall score out of 100, which will reflect your foundation's current status.

Get the clarity and confidence you need

Just taking the 20-Point Assessment is a huge benefit, as it shows you the gaps in your foundation that need the most attention. From there, you can meet with us to conduct a more thorough audit of your business, so you can eventually implement the full LIFT Foundation System and Toolkit into your operations.

Take the free  LIFT 20-Point Assessment today to begin taking the necessary steps to build a solid LIFT foundation for your company—and finally gain genuine confidence about your business' long-term success. Armed with that clarity, you can devote all of your energy and passion into growing your business into something truly meaningful for yourself, your clients, and your family. 

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.

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