Do you know how much it costs your business to earn each dollar it makes? Unlike traditional employees, when you're a self-employed service provider, every dollar you earn has a cost beyond your time and energy. How much do you need to pay for employee payroll, taxes, operating costs like marketing and insurance, profit, and personal pay?
Even if youโre a one-person freelance practice, understanding how much it costs you to earn each dollar in your company is a valuable shift in perspective that can help you build a sustainable, efficient business.
Read MoreItโs been over 4 years since Iโve gone off my own and Iโve learned more about the world and myself in this short amount of time than I think Iโve learned in my whole life - at least it feels that way. Now that my business is no longer a sketchy house of cards that could fall down at any moment, itโs a lot of fun making things exist in the world to help people.
Here are twelve small truths that Iโve learned while forging my own path.
Read MoreA balance transfer is when you pay off a higher interest credit card with a lower interest credit card. You're transferring the balance from one credit card to another. A lot people use this strategy with their personal finances to get out of credit card debt. Credit card companies will often advertise balance transfer deals where no interest will be charged for a certain period of time. For example 0% interest (APR) on balance transfers for 12 months. Sounds like a pretty good deal, right? It can be, but there are some things you should know before making the transfer.
Read MoreIf our calendar year could be compared to a basketball game, we're at about half time. Halftime is a chance to pause and reflect. What's the score? How is the other team playing? How are you playing? You probably went on the court with an objective. Maybe the objective is to win. Or maybe the object is to not lose by 30 points. Whatever the objective is, now is the time to take stock of the score, your performance and how you can make adjustments to finish strong.
Read MoreWhether you're in business for yourself or working for the man, the woman or the big faceless corporation, the principles of how to earn money are the same. Understanding these principles and applying them consistently are key. Progress comes from consistency.
Read MoreI scream, you scream, we all scream for payroll!
If you're an employee who has ever gotten a paycheck, getting paid is a pretty awesome feeling. As an employer, payroll is pretty damn costly. It tends to be the biggest expense for most businesses and not just because of the actual cost of salaries. There are taxes too. Payroll can have complexity and any missteps may cost you. According to an IRS report, roughly 40% of small businesses incur an average of $845 per year in IRS penalties for errors with payroll tax filings and payments.
Read MoreMost of American society has had a pendulum swing from rampant consumption to mindful curation. The reasons are likely both by design and by default (The Great Recession). If you're like me, you've at least haphazardly implemented the KonMari method in your home. You've thrown out all your 8-year-old underwear and dusty text books. Now it's time to overlay this philosophy in your financial house.
Read MoreYou've probably heard your accountant or that one friend who totally has their shit together talk about how you should be saving for retirement in an IRA. And like a good adult, you probably make all the right noises at the right times to suggest you understand what the hell they're talking about. In case you've been living a lie because you don't really know what the hell an IRA is, I'm here to free you from the shackles of your own confusion.
So let's go balls deep into the non-sensical world of IRAs.
Read MoreThere are three different ways to get bookkeeping set up for your small business: do it yourself, hire someone or a combination of the two.
Read MoreTax season is in full swing. And in celebration of today's tax deadline (March 15, 2017, is the deadline for filing 2016 S-Corp and partnership tax returns, or extensions, 2017 S-Corp elections, and 2017 Section 475 elections), here are my tax strategies for entrepreneurs.
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