Keep What You Earn

It can be so challenging to change your offers. I know because I've been through it! If you change your offerings and you're trying to sell the new offer while you've still got clients utilizing your old one, it can feel like you're in a very messy middle ground.   If you change your offer and find yourself in an "upgrade or get out" type of situation, will your clients stay? Unfortunately, I don'...

In the last few years, a lot more people are exploring the idea of a side hustle. It's only going to become more obvious that folks need to supplement their income if corporations are not going to increase wages or reduce hours. I think folks are going to explore more side hustles and that we're going to see a much bigger side hustle economy evolve. Nick Loper helps people earn money outside of th...

Nobody is talking about this right now, and they should be! It's not a tax strategy, it's a series of questions that can help you avoid costly mistakes when it comes to your taxes. Avoid all kinds of headaches, mistakes, and fallouts by doing these things with your tax pro, ideally before hiring them.   First, you want to check your engagement letter, it's the contract outlining which things are y...

In this day and age, we have coaches for nearly everything. Since coaching has become such a vague term, I wanted to take a couple of episodes to help you learn a little more about what coaching is, how you can get better at it, and how you can thrive in the coaching industry if that is what you're pursuing.   Chris Goodman joins me today as we converse about the coaching industry, what it takes t...

If you're anything like me, you're fatigued by emails. Maybe you're feeling more like an inbox manager than a CEO. If you don't have to read it, you aren't going to. So how do you stand out in other people's inboxes? How do you get your ideal customer to open, click, and engage? We have Jeff Felten on the show today to answer those questions!   Jeff is an email marketing strategist and copywriter...

Effective goal setting is crucial for the growth and success of any business or personal endeavor. However, many people struggle with setting impactful goals that are both manageable and measurable. One strategy for achieving this is to break down larger goals into smaller, achievable milestones. By focusing on these smaller steps, you can stay on track and make steady progress toward your ultimat...

When it comes to websites, we get a lot of conflicting advice. When should I develop my website? Is it absolutely essential? It can be really overwhelming at any stage of business!   We've got Ari Krzyzek on the show today, CEO and Head of Strategy at Chykalophia (read: see-ka-lo-fia). She helps FemTech, DTC, and women-led brands transform their website into a platform that unlocks business opport...

With travel so expensive at the moment, it's natural to wonder how you could make that upcoming trip deductible. The best thing you can do is plan ahead and get in touch with your accountant to discuss your goals.   The entire point of a business trip must be business if you want to deduct it all. If your primary reason for going to the destination is business but you extend your stay for vacation...

I don't think anyone would argue if I said that short-form video is really the vehicle for attention right now. It's a great way to get seen and heard a lot faster because everyone is consuming this type of content now! We're talking about how to leverage short-form video as a personal brand and as a business to get in front of your ideal customer or client.   Hilary Billings is a popular viral vi...

It's not your CFO or tax professional, so who do you think it is?   You may be surprised to find that I believe your bookkeeper has the most financial control in your business. Your bookkeeper determines how your financial data is logged and shared. They hold a lot of power in the decisions they make.   If they don't have a basic understanding of what is deductible, you could be missing out on ton...

As a new business owner, you may feel like you need to understand what each line and item number on your financial reports is for but I believe the key is to understand what question each statement answers for you.   I'm unpacking the profit and loss sheet, balance sheet, and cash flow statement. Think about it in terms of a weight loss goal; if your profit and loss are like a food and exercise lo...

Shannon is joined on the show by AJ Vaden to dive deep into the world of personal branding for entrepreneurs. As a business owner, your personal brand is crucial for your success, and we're here to show you how to cultivate the personal brand you want and stand out in your industry.   AJ Vaden, the founder of Brand Builders Group, a personal branding strategy firm for experts, shares her backgroun...

All too often, I come across business owners who have their S Corp set up but they don't understand why or how to actually use it to their advantage. It's super common for accountants to file the paperwork without explaining your new responsibilities or the new strategies that come with being an S Corp owner.   The main way that the S Corporation saves you money is by decreasing the amount of self...

The salary requirement is the most ambiguous part of S Corp compliance. The IRS says you have to pay yourself a reasonable salary but they don't say how much that is or how to figure it out! But pay too little, and you'll find yourself in trouble.   I'm walking you through the seven-step process we use with clients to determine their reasonable salary.   * Related episodes: 196. How to Handle Susp...

If you've been scrolling through the finance side of any social media platform recently, you've likely had someone tell you to go get an S Corp. But the worst thing you can do is go get one just because someone told you to.   So how do you know when you're ready for an S Corp? I'm going to walk you through this. One of the barebones requirements for electing S Corp status is having a preexisting e...

How does confidence show up in your business? You could be thinking right now, "Shannon, I'm super confident in what I do and who I am as an entrepreneur." That's all fine and well, but you may still be exhibiting signs of a lack of confidence. It's all about how you're showing up.   This was one of the major blocks I faced in 2022 and I didn't even know I was facing it until my perspective shifte...

What do you know about system implementation in your business? A lot of people don't realize that they need certain systems within their business until it's too late.   Ernesto Mandowsky is the CEO of CPD Advisors. With a degree in Systems Engineering and over a decade of developing technology solutions at companies like Deloitte Consulting, Meyers USA, and The Palm, Ernesto is an expert in design...

When it comes to finding the best accountant for your business, it's not just about their expertise. If the people with the most expertise can't answer every question for every scenario (news flash: nobody knows it all), they aren't going to be able to help you be your best without a little help!   Connectivity is the secret superpower we need to value in accountants and financial professionals. I...

Kali Lee is the founder of Kurate Creative, where she helps entrepreneurs market and scale their businesses. Kurate is our social media management agency! Kali and her team help manage the flow and distribution of so much of our social content. Today we're talking about that process, tips to create your own quality social content, and how to outsource effectively when you're ready.   If your socia...

We've talked about vehicle deductions in previous episodes and how to take the deduction if it makes sense for your business. Essentially, all of the vehicle deductions are grounded in your understanding of how much you use that vehicle for business vs. personal use; and the only way you can document those differences is by tracking your miles!   When the IRS is looking to audit people, vehicle de...

One of the objectives of a CFO is to turn data into decisions and some of those decisions tend to be a lot harder than others. Especially for agency owners and service providers, it's so important to understand how your costs and decisions relate to your bottom line.   Paul Seaton is a CPA and founder of AgencyCFO, a virtual CFO firm dedicated to helping digital & creative agencies develop and mai...

We're wrapping up our 1099 series with how to file them! I'm sharing a trade secret with you; these are actually ridiculously easy and cheap to file.   It's relatively easy to do, it can just be tedious work. If your tax pro doesn't like filing them, they'll likely charge you more for them when you may be able to get them filed cheaper elsewhere. Additionally, make sure you know who's filing them,...

If you accept credit cards in your business, you'll likely be receiving a 1099-K. These are 1099s from your payment processors like Stripe, PayPal, Venmo, etc.   There are some nuances to pay attention to here. The number on the 1099 they send will likely be the gross amount you sold through their service. But you get charged a processing fee right? What you need to do is report the full amount on...

As a service-based business owner, you're likely sending and receiving 1099's each year. In the last episode we covered when to send them and today, we'll be discussing what to do when you receive one.   When you receive a 1099, it shouldn't be telling you anything you don't already know. If it is showing income that you haven't tracked elsewhere, now is your chance to figure it out because the IR...

Questions about 1099s? We're doing a deep dive this week! We're kicking it off by answering the basics. Who needs to send a 1099? Who needs to receive a 1099?   We'll be focusing on the 1099-NEC, used for non-employee compensation. There's a three-step process we can use to determine if we need to send a 1099-NEC to a contractor or service paid for through your business.   First, did you pay them...