NEMT Experts Podcast Episode 9: How to set up your NEMT Business Structure with Willena McGee the "NEMT Startup Coach" and Bambi CEO Nirav Chheda.
Bambi CEO Nirav Chheda interviews Willena McGee, the "NEMT Startup Coach", on the importance of startup NEMT companies setting up their business structure in the right way.
See the full interview at: https://youtu.be/0HjWUQnVgtU
Please don't forget to subscribe and like NEMT Experts Podcast: https://www.youtube.com/@bambihealth
Learn more about Willena's NEMT Startup Coaching at https://www.nemtstartup.net/
Reach out to Willena at firstname.lastname@example.org
Podcast Show Notes:
- Slow Down and Focus on Fundamentals: Don't rush into buying vehicles and starting operations. Focus on the fundamental administrative aspects of your business first. This creates a strong foundation that facilitates future growth.
- Government Contract Readiness: Getting SBA certified opens up your business to various contracts beyond just brokers, such as those within schools, prisons, and the community in general. This expands your income opportunities.
- Business Structure Matters: An LLC is often a good, simple starting point for new NEMT businesses. However, it's vital to:
- Understand tax implications and potential double-taxation situations if considering an S-Corp.
- Consult your tax advisor to determine the most suitable structure for your individual business.
- The Importance of Mentorship: Working with a mentor or coach, especially someone who has owned and run an NEMT company, can help you navigate challenges and avoid common pitfalls experienced by many new business owners in this industry.
Here are some time-stamped show notes:
02:59 Willena's background
10:00 NEMT startup coaching service
12:49 NEMT business structuring
17:09 Willena's client stories