As a business advisor, what is the most likely recommendation you would give to Ryan and Tish?

The recommendation to consider all options except individual ownership reflects a strategic approach to business structure that takes into account various factors such as liability, tax implications, and growth potential. Individual ownership, while offering simplicity and ease of setup, often exposes the owner to unlimited personal liability for business debts and actions. This can be a significant risk, especially for businesses in the beauty industry which may encounter higher liabilities due to customer interactions and product usage.

By exploring other ownership structures—such as partnerships or corporations—Ryan and Tish can benefit from limited liability protection, which separates personal assets from business liabilities. This layer of protection is crucial in ensuring that if the business incurs debt or faces legal challenges, their personal finances remain safeguarded. Moreover, incorporating as a corporation could provide tax advantages and enhance credibility with customers and suppliers, which can be vital in a competitive market.

Ultimately, considering various ownership options allows for a more informed decision that aligns with their business goals, risk tolerance, and future growth aspirations. The emphasis on not limiting themselves to individual ownership opens the door to potentially more advantageous and protective business structures.