Essentially, all businesses are about 80 percent the same, according to serial entrepreneur Peter J. Burns III. To that regard, he’s willing to work on a wide variety of projects with other would-be entrepreneurs—including millennials—as long he deems future partners to be “best in class.”
He says it really doesn’t matter what the industry may be. “If there is a profit in it, the project interests me and I am impressed with the candidate—I’ll take the shot,” says Burns, who is based in Southern California and has helped create more than 150 businesses in a four-decade-plus career.
A Unique Start-Up Method
Peter J. Burns III has identified a unique solution for savvy millennials who see the benefit of being their own bosses (and setting up the proper paperwork to do this) rather than serve as employees: Make yourself a small company.
It’s a scenario he envisions for sharp young people who want to work in his world.
Rather than hire a person as an employee, Peter J. Burns III says there are multiple benefits to an individual incorporating themselves. What’s involved? An individual gets the necessary EIN number, bank account, and business license to establish a consulting business in their specialty field.
“The consulting business would then contract with the small business/person for this service,” Burns says.
“No catches, no hoops to jump through,” Burns says. “It would function as any other business-to-business interaction would, and nobody is faced with the difficult task of categorizing a worker as an independent contractor or full-timer.”
It’s a completely legal process and within all IRS rules, regulations and guidelines.
The Benefits of Creating Your Own Business
The primary benefit is that it is a simple transaction between business to newly created business. There’s no red tape of reporting and withholding taxes, or with social security and healthcare. It streamlines the relationship between the employer and employee into a very efficient business model.
This model is an example for a would-be millennial entrepreneur to start up a business and pay themselves for work. It’s a simple exchange of services for money for an actual service performed.
“You agree on a payment amount, service is rendered, you pay it and it’s a straight deal,” Burns says. “I don’t see the negatives in this…except the IRS can’t grab a bunch of money from people and there’s no way to actually screw the individual or the company if you use my process. I can’t see any negatives, honestly.”
Peter J. Burns III and young entrepreneurs
Why help out future small business owners?
“I’ve had a good life and I’m happy to help others get on a good career path,” Burns says. “It’s from the Bible, and I believe John F. Kennedy also said something like this in a speech—and it’s very true: ‘To whom much is given. Much will be required.’”
Burns believes the small business population in the United States needs help.
“Nobody’s helping us so we’ve got to help ourselves,” he says. “When you involve government with capitalism, it’s a cluster. It always has been and it always will be. I’m just another entrepreneur out there just trying to help my fellow entrepreneurs. I am not a lawyer. I am not an accountant. I’m just a fellow businessman who may have come up with a way to save a lot of time and trouble, and not to mention money, for my fellow entrepreneurs.