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Unf*ck Your Biz With Braden
6 minutes | a day ago
133 - How to close sales without a phone call
On this episode, I chat with Maria Bayer, sales coach, strategist, and wealth builder, about how to close sales when you hate talking on the phone and feel like selling in the DMs is unnatural. This episode is sponsored by my FREE training: 3 legal & tax mistakes made by new and experienced creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz. Today's question comes from Melissa McClure, a wedding and boudoir photographer and educator who asks, "Do you have any tips on closing sales when you hate talking on the phone and when you feel like selling in the DMs is unnatural?" Most importantly you have to get comfortable with talking to your clients. If you can't communicate with them you won't be able to evoke emotion with them and sell them what they truly need. You can't do that in the DMs, especially if you are selling a high-end service. Part of why people are uncomfortable is because no one teaches you how to sell. When you learn a framework of what to say and how to say it in a way that sells value, those conversations are much easier. The more comfortable you are, the more you will come to being open to selling on the phone. Get in touch with our guest Maria Bayer, sales coach, strategist, and wealth builder, owner of Irresistible Selling Website: https://www.mariabayer.com/ Instagram: https://www.instagram.com/mariabayer1/ Facebook Group: https://www.facebook.com/groups/learncollaborateflourish
33 minutes | 6 days ago
132 - Owning the CFO role in your business
On this episode, I chat with Keila Hill-Trawick, owner of Little Fish Accounting, about how to own the CFO role in your business by planning for taxes year-round. This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz. Accountants look at historical data. Are your financial statements accurate, organized, and set up for success for tax prep or applying for grants? A CFO (Chief Financial Officer) should take this information a step further into the future to make financial decisions for the business and reviewing payroll, bill payment, receivables, budgets, forecasting, and the overall financial picture for the business. It's important to find someone who meets your needs - are you just looking for tax prep? Looking for someone to walk you through your finances and explain why it is they're asking you to save? What is it that you're looking to know (tax advice, accounting advice, both, etc.) and let that dictate your decision up front as to what professional you hire. Tax prep is a year-long project. When you go for tax prep in January or February it is too late to correct any behaviors for the year, the tax preparer can only make recommendations on what to do for the upcoming year. Having an advisory component will help you to avoid mistakes leading up to tax time on topics ranging from paying yourself or employees to deductions and everything in-between. It's important to remember that the person that prepares your tax return is not responsible for your tax return, at the end of the day you are the one who signs it. This makes is important to understand your numbers throughout the year. You do NOT need to be making $50,000 a year to form an LLC. A LLC is not a tax designation, it's legal coverage. The IRS does not recognize it, they will treat you based on your tax structure (sole proprietorship, partnership, etc.). Because an LLC doesn't change your taxes, it doesn't matter how much money you make. Deciding to make an LLC is based on what your liability is and how much you want to protect your personal assets. Work with an attorney to set up your LLC. An attorney will know the rules as they apply to your state. Ideally every small or micro business should have an attorney and an accountant if they can afford it. An S-Corp is a tax designation, not a type of entity. You want to file an S-Corp in the beginning of the year. Filing at the end of the end of the year means you need to retroactively ask for permission because you have not been doing all the things you needed to do throughout the year. Waiting until the end of the year can also cause confusion as it takes the IRS a significant amount of time to approve your S-Corp which can lead to you operating under procedures you think are accurate but are not sure until you get your stamped paperwork back. Filing an S-Corp is not something you want to rush into. Another important task for owning the CFO role in your business is forecasting and cash flow analysis. Think of your forecast as a budget that has some real data in it. Your forecast is more flexible than a budget and is based on previous months' data. Forecasting is important for growth. Knowledge is power and that informs your lifestyle. Knowing where your business stands, how much you make, how much it costs to run your business and how much time you need to put in to see those results will help you make decisions. For example, if I raise my price I will be able to make this much more money and have the time and income to take weekends off. This will also help you discover what you are spending time on as it relates to the income it is generating. Is something you're spending 50% of your time on only generating 10% of your revenue? It's time to cut that and readjust. If you are seeking tax filing services, it is advised to reach out to your accountant the sooner the better. Starting in December is helpful to start the onboarding process with your tax preparer to start getting your information together. Listen to episodes 125, 129 and 131 of the Unf*ck Your Biz with Braden podcast to learn even more from Keila Hill-Trawick. Get in touch with our guest Keila Hill-Trawick, founder of Little Fish Accounting Check out Little Fish Accounting's website and schedule a consultation call Listen to the Fish Food podcast Follow Little Fish Accounting on Instagram Like Little Fish Academy on Facebook Join the Braden's Bestie's Facebook group for a chance to have your question answered on the podcast
9 minutes | 8 days ago
131 - Balancing debt payoff with savings
On this episode, I chat with my guest Keila Hill-Trawick about balancing debt payments with saving for an emergency fund and and saving for retirement. This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz. In my alumni group we recently read money philosophy "I Will Teach You to be Rich" by Ramit Sethi for our quarterly book club. On the topic of money philosophy today's question is a hypothetical one. "If you're starting from scratch saving money and paying debt, how would you prioirtize between 1) building an emergency fund of around $3,000, 2) paying your quarterly taxes, 3) saving your first few thousand dollars toward retirement and 4) paying down about $3,000 in high-interest consumer debt? Do you do them all at the same time or in a certain order?" Keila shares her insight that it's what makes you feel safe. If you feel scarce, then you're automatically going to want to prioritize putting money in savings. For example, if you start with retirement but you're struggling with savings, it's going to make it hard to put money away for retirement. Some people prefer savings so they have cash if something happens, other prefer to pay off debt so they feel the money they have it theirs. Work on paying debt while also saving at the same time. Remember that tax money isn't yours so factor that into your pricing so you can immediately remove it and never feel like it belongs to you. Get in touch with our guest Keila Hill-Trawick, founder of Little Fish Accounting Check out Little Fish Accounting's website Follow Little Fish Accounting on Instagram Like Little Fish Academy on Facebook Join the Braden's Bestie's Facebook group for a chance to have your question answered on the podcast
48 minutes | 13 days ago
130 - Your tax write-off and bookkeeping questions answered
On this episode, my guest Parker Stevenson takes a crack at answering 12 different tax and bookkeeping questions from fellow creatives in the Braden's Besties Facebook Group. This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz. 1. First year of business and have a profit loss. How much can I report as a loss? Will I get audited? Is there a limit? Hire an accountant! An accountant will help you to write-off as many expenses as you can while still being profitable. "It's okay for me to pay taxes because that means I have a profitable business." 2. As a small business owner, (two-person LLC), can I deduct the cost of my vehicle on my taxes? starting a business as a live wedding artist, travelling for weddings 30 weekends out of year, can I claim my spare car and its maintenence for my business? i only drive it for my weddings. (Shanna NiCole Britt) As a nutritionist I recommend supplements & clients want to purchase from me: I'm wondering how whole sale works? If I want to purchase & keep stock of certain products in my office & resell them, what do I need to do so I don't f*ck my biz & taxes? (EM Luisi) Can I deduct the cost of a business coach on my taxes for my business? (Kimberly Carman 7-28-2020) what is the write off most creatives miss or don't take advantage of. (Bluebell Florals 1-14-2020). What am I not writing off that I should be? (Danielle Bacon) What’s the most common thing people try to write off on their taxes as creative businesses that is NOT allowed? (Savannah Grace 2-20-2020) Best systems/programs for bookkeeping - currently using a mix of Quickbooks and Google Sheets, and it's not pretty Easiest way to keep it all organized throughout the year? (Kayla Lauriano) Really -- how thorough do my receipts and records need to be for taxes as a first year business owner? (Victoria Newborn 2-20-2020) First thing a small business should do for taxes, on a very limited budget? (Francisca Li 10/28) better to bookkeep inhouse or outsource? (Samantha Bradshaw 2-20-2020) Get in touch with our guest Parker Stevenson, Co-Owner and Chief Business Officer of Evolved Finance Check out Evolved Finance's website Follow Evolved Finance on Instagram Like Evolved Finance on Facebook
7 minutes | 15 days ago
129 - Writing off start-up expenses for a new business
On this episode, my guest Keila Hill-Trawick, founder of Little Fish Accounting in Washington D.C., answers the question "What expenses are allowable write offs for my new business during the start-up phase?" This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz. Start-up expenses are those that you have to incur in order for the business to start. For example, if you are a starting a restaurant, even before you start serving diners you have start-up expenses such as liquor license, architectural drawings, etc. The IRS allows you to write-off $5,000 in start-up expenses in the first year and amortize the rest over the next several years. Resources What's the difference between a hobby and a business? Get in touch with our guest Keila Hill-Trawick, founder of Little Fish Accounting Check out Little Fish Accounting's website Follow Little Fish Accounting on Instagram Like Little Fish Academy on Facebook Join the Braden's Bestie's Facebook group for a chance to have your question answered on the podcast
38 minutes | 20 days ago
128 - An open discussion on equitable financial practices in business
On this episode, I have an open and honest conversion with Meg Wheeler about diversity, equity, and inclusion and how to build better financial practices in business. This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz. Wealth is inequitably distributed among people based on race, gender, sexual orientation, and more causing wealth gaps. It's important to design your business in a way to eradicate these wealth gaps and make your business part of a shifting culture toward equality and long-term wealth. When starting a business, having equitable practices is not as talked about in the small business space as it is in the corporation space with diversity and inclusion. It's planning and conversations that are often put off until a person's company is bigger or they start hiring but the truth, is if we build a business focused on doing the work to be equitable, it will benefit your business from the beginning. How you can get started creating a more financially equitable business 1. Look at your offers and look at the pricing of it Offer a payment plan. Don't punish someone for not being able to pay up front. Ask yourself if you're serving a diverse audience. If not, why? Ask yourself who your business choices impact Focus on bringing what you offer to new people, do not focus on getting money from new audiences 2. Look at your hiring practices Whether it's a virtual assistant, social media manager, etc. make the job description skill-based, not credential-based Focus on wording in your job description. Use words such as "collaboration" instead of "scaling" Do not ask previous salary questions in an interview - it will set you in the wrong mind frame of what someone should be paid now Start looking at small changes in your business that can be altered to be more accessible to a greater group of people and are less focused on things that are going to weed out people. Resources Diversity and Inclusion Training: Crystal Lily Financial Equity and Business Educators: Rachel Rodgers Erica Courdae Trudi Lebrón Get in touch with our guest Meg K. Wheeler, biz money coach and CPA Check out Meg's website Follow Meg on Instagram Join Meg's Facebook group Badass Money Makers
7 minutes | 22 days ago
127 - What are the benefits of hiring a CPA?
On this episode, my guest, Biz Money Coach Meg K. Wheeler, discusses the benefits of hiring a CPA for your small business. This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz. Today on the podcast we're answering the question "What are the benefits/pitfalls of hiring a tax strategist versus a CPA?" What is a tax strategist? Tac - have a cpa or tax lawyer like Braden You don'tneed to be a cpa or tax lawyer to provide tax returns When should you hire a cpa? Difference between cpa and enrollment agent? Beyond tax prep, you should hire a CPA anytime you want to understand how to maximize your business operations. For example, when you start selling more and making more money, should you consider becoming an s corp. Anytime you're doing anything different like expanding into more states, changing up your product lines, selling internationally, or even if you are just starting out. A one hour conversation can sometimes give you what you need for the next 6 months to a year. Look for a CPA that has tax expertise, not all of them do.
23 minutes | a month ago
126 - My 6 life & business lessons learned from 2020
On this episode I'm talking about the six life and business lessons I learned in 2020. This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz. (1) Life lesson: Minimalism is fantastic My desire for minimalism stems from my Ennegram 7 and need for control when stressed. Minimalism and cleaning allows you to take control of your space. On this episode I discuss a conversation I recently had with one of my students about the message that minimalism sends, and thoughts that the message of minimalism is one associated with elitism. I subscribe to the phrase, "Cluttered space, cluttered mind." Minimalism has helped me on the business side of my life to streamline my offers. I've gotten my business down to one funnel (check it out here). It will walk you through the steps to unfuck your biz. Minimalism has helped to curb my spending, my shopping for items I don't need, and my household cleaning. (2) Business lesson: Serve, serve, and serve some more Put out helpful information in the form of content and your audience will come to you (but don't give it all so you still have something to sell). Give yourself the creative time and space in your business to be able to adapt quickly and provide more immediate help to things that are immediately needed. For example, many of my clients are wedding professionals and when COVID hit and events were being postposed, I pivoted my business to focus my content more on contracts so I could help vendors. I worked with other educators to provide contract education, which did lead to an increase in my email list. Keep your eyes and ears open for what can be useful to the people you're serving. (3) Takeaways from the Black Lives Matter movement Conversations this year went beyond the political issues at hand and circled back to our lives as a whole and how even if we thought we were on the right side of history, how we were failing in our own lives to improve the systems as a whole. I spoke a lot with friends on lack of diversity, equity, and inclusion in the online and entrepreneurial space and the differing views on posting the black square on Instagram. You may need to put a conscious effort into following individuals with my diverse backgrounds and viewpoints than you. Following more Black educators, broadening your network and listening to a more diverse range of individuals. If you are looking for contacts that offer diversity, equity, and inclusion training, reach out. I have some friends that would be happy to speak with you. (4) I got a lot done this year I love the quote from Bill Gates, "we often overestimate what we can do in one year and often underestimate what we can do in 10 years." This year I launched Unf*ck Your Biz twice (helping 36 total business owner), launched the alumni membership, created a new course for beginner business owners, and wrote and released a book. Looking back, 2019 was a trial period, creating all the programs I thought I needed to serve and 2020 was the year I realized I missed the mark and began to restructure my programs to meet needs and now I'm ready to scale in 2021. To grow your business in a systemized way, it's important to think about your offers and how you're meeting the needs of the market. (5) Responses to circumstances that are out of our control vary per person Don't stress out about how you handled 2020m everyone's reactions are different. I like to keep myself busy (not saying it's healthy) and others not so much. Either way totally ok. (6) Sometimes things fucking suck, and they don't need a positive spin Going back to my enneagram 7, I like to put a positive spin on everything. People don't always like that and it's not always helpful when I jump into problem solving mode or try to spin something into a positive. It's a hard lesson for me, but there isn't always a positive to everything and it's okay to give someone space and let them know you hear them without making it into a positive. Share your life and business takeaways from 2020 in my free Facebook Group, Braden's Besties.
6 minutes | a month ago
125 - The difference between cost of goods & expenses
On this episode I'm joined by Keila Hill-Trawick, founder of Little Fish Accounting in Washington D.C. This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here to unf*ck your biz. Today we answer the question, "I am clueless when it comes to 'inventory.' I don’t know what items are considered 'supplies,' capital, depreciation, I also struggle when I do my town property tax filings because they want to tax furniture, my computer but these are dual use items." while breaking down the differences between supplies, cost of goods, and inventory. Supplies - what you use to make the "thing." Inventory - the final product. Inventory is an asset, not an expense. The cost of all the components that go into making the "thing" sit as the inventory cost. Cost of goods sold - Once you sell the "thing," you can expense what it cost to make it. This is so the IRS can make sure you aren't hoarding inventory and considering it expenses. Listen to today's episode as we further break down supplies, inventory, and cost of good sold. Questions from my Tuesday episodes come from my free Facebook group, Braden's Besties. Come join us. Get in touch with our guest Keila Hill-Trawick, founder of Little Fish Accounting Check out Little Fish Accounting's website Follow Little Fish Accounting on Instagram Like Little Fish Academy on Facebook
40 minutes | a month ago
124 - Back to basics on pricing your services
On this episode, my guest Jacquette M. Timmons, a financial behaviorist and owner of Sterling Investment Management, digs into all things business pricing. As a financial behaviorist, Jacquette offers 1:1 financial and business coaching with entrepreneurs and small business owners, national speaking engagements to share perspective on the integration of the psychology and math of money, events to bring people together to discuss money, business and life, as well as a pricing made human masterclass training. Building upon last episode's question "Everyone says research your competitors, but how do you get their pricing?" Jacquette covers the positives and negatives of competitor pricing research for service-based entrepreneurs. Everyone's business and personal finances are different and they will influence how you set your pricing. What you need to charge to cover your expenses, factor in your emotional needs, and earn enough to support your living situation may differ from your competitor. Factor in the emotional connection that someone has to your product. Success is not just for your business, it should translate to the health of your personal finances as well. If your business is cash flow positive but your personal finances are not doing as well, it's time to reassess how you allocate your finances and personal salary. Your pricing structure says a lot about your brand. Ask yourself if you want a low dollar, high volume business or a high dollar, high touch business. This answer will help you to create your offers. Your offer, whatever it is you're selling, should have a job - is it to generate leads to guide clients to buy your signature offer (the thing you want to be known for)? Are they free lead generating offers, like digital downloads, or paid offers, like speaking engagements, that will lead people to your signature offer? You can have multiple pillars of that offer - sometimes targeting 2 or more different audiences. Not all services providers, for example wedding vendors and photographers, need lead generating offers. Track your finances by offer to understand what offers are bringing in the most money, especially as it relates to how much time you are investing in them. What is it that you need to feel that your business is supporting you? Is it the revenue you are bringing in? The challenges you have overcome? You can choose to be wherever you want to be and where you want people to perceive you to be. For example, there are McDonalds hamburgers, steakhouse hamburgers, and gourmet restaurant hamburgers, all of which have their own value and their own market. It's important to remember that you don't manage money, you manage your choices. Be intentional with your choices, even if you feel uncertain about it or its outcomes. Manage your choices and be clear about them to prioritize clarity over uncertainty. Join my Facebook group, Braden's Besties, here. Get in touch with our guest: Jacquette Timmons, financial behaviorist and owner of Sterling Investment Management Follow Jacquette and send her a voice message on Instagram Learn how to Rock Your Finances on Jacquette's website Like Jacquette on Facebook at Financial Intimacy
6 minutes | a month ago
123 - How to research competitor pricing
On this episode, financial behaviorist Jacquette M. Timmons answers the question "Everyone says research your competitors, but how do you get their pricing? Catfish that shit?" Before you catfish that shit, ask yourself, "What is the benefit of knowing what the competitor is charging?" While the question "what should I charge?" is a universal one, the answer is a personal one. What you charge for what you bring to the table may differ from your competitor, and comparing prices can be dangerous if you are in different markets or have different offerings. It's best to start your research by identifying what your competitors are offering. Hear more on the podcast about ways to best identify your competition, learn more about their offerings, and get insight on their pricing.
36 minutes | a month ago
122 - How much you need to pay yourself
On this episode, I chat with Keina Newell, financial coach and owner of Wealth Over Now, about all things money and how to begin determining how much income you need to bring home in order to support the lifestyle you want. As a financial coach, Keina helps people create new possibilities with money by saving more, paying down debt, stress less and be in control of your finances instead of your finances being in control of you. The Money Series continues as we discuss how much to pay yourself in your business, how to create a spending plan you can stick to and chat aspirational dream budgets. Anyone can open a spreadsheet and enter their numbers. Keina goes beyond the spreadsheet to discuss goals, budgeting and spending habits. The Wealth Over Now owner answers the question - what are your "stake in the ground" issues about money? In this episode Keina also shares the secret to balancing and prioritizing savings and paying down debt. The good news is, you can save money and pay down debt at the same time - it does not need to be either/or! Get ready to learn what expenses you can cut to save money and how to kick off creating your spending plan!
8 minutes | a month ago
121 - When to switch from hourly to retainer work
On this episode, guest Jacquette Timmons - a financial behaviorist and owner of Sterling Investment Management, answers the question "At what point should you consider switching from hourly to retainer work?" Get in touch with our guest: Jacquette Timmons, financial behaviorist and owner of Sterling Investment Management Check out Jacquette's website Follow Jacquette on Instagram Like Jacquette on Facebook at Financial Intimacy
14 minutes | 2 months ago
120 - Getting started with cash flow management
On this episode, I give an introduction to cash flow management and share how you can get started with my super simple approach. Let’s face it, 2020 has been a financial shitshow for many of us. I'm kicking off the Money Series on my podcast with a discussion on cash flow management. The Money Series will cover personal budgeting, business budgeting, how much to pay yourself, specific tax deduction and bookkeeping questions and how to get more revenue in your business right now with upsells, cross-promotions and more. Today’s topic: what is cash flow management? And once a client pays you, what happens to the money? We’re talking where it should go, how to get paid and ways to intentionally manage your cash flow management. Previously on the podcast we’ve covered the basics of Cash Flow 1.0 – putting all your business money into a business bank account to pay your business expenses, then transferring the money to our personal account once we . That’s the place to start, even if you’re not legally required to. Today I’m talking Cash Flow 2.0 and sharing an excerpt from my book, Unf*ck Your Biz – The Book, to answer the question “Do I need a separate bank account for my business?” and discuss how to manage cash flow.
11 minutes | 2 months ago
119 - How much you can really deduct on taxes
On this episode, my guest answers the question "Is there a limit on how much you can deduct for taxes?"
8 minutes | 2 months ago
118 - How to deduct and handle credit card fees
On this episode, my guest answers the question "I have no idea what to do about credit card fees, like whether I record the income amount that my client paid or the amount I actually got?"
11 minutes | 2 months ago
117 - Signup for UFYB closes today
The door close today for the fall class of Unf*ck Your Biz. Checkout this episode for more details on the program.
8 minutes | 2 months ago
116 - Can I Form My Own LLC?
On this episode, I answer the question "I am a virtual assistant (aka service provider) who is branching out to coaching/courses so I feel I need to get an LLC in place prior to the launch but am worried about doing it wrong & my attorney wants $1200 to do it for me. Can I do it myself?"
26 minutes | 2 months ago
115 - Implementing the Unf*ck Your Biz Framework in a partnership
On this episode, I chat with Maddy and Felicia, owners of I Heart My Groom, a wedding photography and videography company, about how they've implemented the Unf*ck Your Biz framework into their business.
32 minutes | 2 months ago
114 - Cash flow in 2020 and beyond with Emily Reiter
On this episode, I chat with the owner of Anna Delores photography about how unf*cking her biz has helped in this crazy year and what COVID postponements will mean for 2021.
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