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07 / 07 / 2020 in Business Basics

3 Things You Need to Know if You Became an Accidental Entrepreneur

Have you found yourself in the role of “Accidental Entrepreneur”?

 

This pandemic has had a HUGE impact on all of us, there is no question about that… So many of us have been affected, not just health-wise or mental health-wise, but also financially. Many people have been forced to get creative and start their own businesses, in order to survive during this time.

 

Here are 3 things YOU need to know if you have found yourself in the Accidental Entrepreneur space:

 

  • Start keeping an accurate record of your business income and expenses. Don’t wait until the end of the year. Don’t make the mistake of thinking it will magically happen on its own… because it won’t. Open up a simple spread sheet, and start categorizing your business-related income and expenses, TODAY!
  • This one is CRITICAL: Separate your business expenses from your personal ones. If you have another bank account strictly for business, USE IT. If you don’t, I highly recommend opening one as soon as possible. In the future, when you need to use money that your business has generated to pay personal expenses; just transfer that money from your business account into your personal account.
  • Track “mainly personal” expenses like rent, car payments, etc., separately. That will make it easier to appropriately break down the percentages at the end of the year, to ensure you are deducting those things properly.

 

These 3 simple things are by no means the ONLY things that you could be doing, as a new business owner; but it is sure to save you a world of headache and give you a pretty good place to start, if you’ve found yourself in the “Accidental Entrepreneur” space.

 

 

For more extensive detail on each of these steps, check out my most recent video, now available on my YouTube Channel… Click below to watch!

Please remember, information presented should not be construed as legal or tax advice. Consult your tax advisor about how this applies to your individual or business situation.

06 / 22 / 2020 in Business Basics

What it Takes to be the Boss of Your Bottom Line- Interview with Jane Hogan

Have you been trying to find out what it takes to be the boss of your bottom line? In a recent interview with Jane Hogan, she asked me this very question.

One of my favorite areas of expertise is helping business owners get creative with their top line (you know, the INCOME and growth part) in order to ultimately become the boss of their bottom line.

In my upcoming book Dream Bold, Start Smart, I cover exactly that.
I start by helping you understanding the IMPORTANCE of the numbers, and how fundamental the relationship you have with those numbers is for the longevity of your business.

If you have a business idea, but don’t want to pursue it because of the fear of numbers, or if you are “just freelancing” or keeping your business very small; pull up a chair and join my inner circle in the Dream Bold, Start Smart community.

 

 

To view my conversation with Jane Hogan, click below. Don’t forget to subscribe to my channel and leave a comment letting me know what intimidates YOU the most, when it comes to your business $.

Please remember, information presented should not be construed as legal or tax advice. Consult your tax advisor about how this applies to your individual or business situation.

06 / 01 / 2020 in Tax

Is the stuff that makes you cringe important? (Tesla example)

Accounting and most of all TAXES *cringe*, we all hate them, am I right?…

We hate thinking about them, preparing for them, paying them, and generally, just the fact that taxes exist.

 

Want to know a little secret? Even many accountants will put off doing their taxes until the last day possible, because even though we know how important it is to be managing that stuff early, many still avoid this cringy task. No joke!

 

So, you’re probably asking by now “if it’s such a painful thing,  and we have all agreed it’s the worst, is it even important?”

 

Well, unfortunately, it kinda is. Actually, it’s critical… One of THE most foundational aspects of every business is the financial / accounting / tax aspect. Nobody can get away from it, not you and not me.

 

A client once told me: “accountants don’t start businesses: visionaries do”. And it’s sort of true… I think, often times, accountants are hesitant to start other businesses because they know they will need to run the numbers and more often than not, the numbers don’t make sense.

 

Visionaries focus on the vision, and often let the numbers slip away. Take a look at Tesla & Elon Musk: a real visionary, a genius for sure. BUT have you noticed how often articles appear around Tesla running out of money and banks refusing to lend anymore? It’s a great example of where vision is not supported by numbers. Tesla is lucky that there has been enough money so far, however, not everyone is so lucky.

 

Bottom line is the “make-you-cringe” stuff IS super important, critical even. It always will be. Vision unsupported by numbers often has an incredibly low chance of success or its success will come at an extremely high price. So… make friends with numbers. Face it, don’t “fake it till you make it”. You’ll thank me later.

Check Out My Latest Tip Video To Learn More!

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