On today's episode I chat with Emily Loeppke, Principal and Founder of Anna Delores Photography about how much to pay your contractors as you grow your team.
Emily was doing paid advertising on every blog she could, networking at local events, and building her relationships with wedding planners which lead to her having a fully booked wedding photography schedule and knowing it was time to hire.
As Emily grew her team of second shooters, she started by calling them associates but transitioned to keeping that an internal term, understanding the importance of calling them the team or lead photographer because they are not any less than and she wanted to avoid clients feeling like these photographers were not all equal members of the photography team.
The question Emily was facing was if her team should be employees or associates (more on this in Episode 177). Emily started by paying her contractors on an as-needed basis per job. She would pay them a booking bonus...
On today's episode I chat with Ashley Ebert, Co-Founder at The Abundance Group + Owner of The Simply Elegant Group, about what goes into successfully hiring a team.
Ashley started hiring 6 months into her business by hiring a contractor and now has part-time and full-time salaried employees and helps other businesses hire and grow their own team of employees.
The biggest challenge is overcoming mental hurdles/mindset blocks to hiring whether it's thinking that you
- wouldn't be good leader (leadership is a skill, not a personality trait)
- don't want to be a boss (being a boss opens up freedom for you to do the parts of your business you love)
- can't afford (start with a small position you can afford and build the role)
- it's my art (hiring a team does not mean you need to lose creative control of your business. It means training someone so your creativity can be in multiple places at once).
Don't wait until you're 100% booked to start hiring. If you wait...
On this episode, we're kicking off the Hiring Series with a look at California's strict independent contractor laws, its most recent amendments and exceptions, and how the law is paving the way for changes on a federal level.
When someone is classified as an employee it means their taxes are withheld by their employer, something that the state favors over contractors who come with the risk of not reporting all their income on their tax returns. Even if you are not in California, the California law has paved the way for independent contractor laws nationwide. Currently at Congress, the House has already passed a bill called the PRO Act that is being debated in the Senate. For more info, check out my blog post on AB5 and dealing with California's new contractor laws.
Today on the podcast we are reairing episode 63 of the podcast where my friend, and sales tax expert, Amy Monroe shares the five steps to manage small business sales taxes.
1. Where do you need to collect tax (do I have nexus)?
This can depend on the size of your business and the services/goods you sell. You will need to know if you need a seller's permit.
2. How you register for a seller's permit
You will also need to search if there may be a secretary of state requirement.
3. What are the sales tax rates and how do you collect them?
Often the sales tax rate is based on the location of the buyer. You need to make sure you are also collecting any additional local, county, city and district taxes.
4. Know and manage taxability and exemptions
If you provide goods and services it's important to know what is and isn't subject to sales tax and when/if they need to be bundled together or specifically stated. The exemptions may be more nuanced than you need.
When a business is in the business of selling something, chances are they have a sales tax filing obligation. Sales tax is a consumptive tax, based on consumer consumption of tangible personal property.
As a business, you act as an agent on behalf of your state to collect the tax. The tax belongs to the state, not to you. Every state is different and even every locality can be different. There are local tax rates, but the state collects everything. You file it all on one form and then it's up to the state based on the form to send those tax dollars to the local government.
If you are running a business, you want to visit the state tax website to learn more about your area's basic tax rules. Failing to pay the sales tax and keeping it for yourself is illegal and can result in jail time. It's critical to keep record of your sales tax as part of your bookkeeping, consider keeping the sales tax money in its own bank account so that's ready to pay each quarter.
You're invited to join Unf*ck Your Biz! The cart closes on Friday. Check out Tuesday's episode to hear from our previous students and learn more about what you'll get when you join the program.
Want a closer look at the content you'll get from the program? Click here.
On this episode of the podcast, my Unf*ck Your Biz alumni answer commonly asked questions about their experiences with the program. To learn more about the course click here.
If you’ve been listening to this podcast lately you’ve heard me mention the Oh Shit Cycle. You might even be in it right now, many of us are or have been. The Oh Shit Cycle is when you’re trying to do all the things at once like keep up with loan payments, put money into savings, pay off back taxes and save for retirement all at the same time. It can feel never ending, which do you pay first and how do you save money for all of them at once? Getting out of the cycle is covered in my Unf*ck Your Biz course.
I often hear business owners who are considering the Unf*ck Your Biz course share a few of the same common concerns over and over again. They’d rather hire someone to do it for them, they don’t have time, they don’t have the money, they’re...
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." In this Masterclass you will learn if it's time to go from a sole proprietorship to an LLC, an LLC to a S-Corp, and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear or IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
This week on Facebook Live I answered the following questions:
1. I have a business that was recently registered as an S-corp under the advice of my accountant. I registered my business in my home state of TX. Due to my husband's work in the military, we move every few years. What's the point of registering my company in my home state when apparently I need to register it in whatever current state we're living in as well? - submitted by Jen H
As a military...
On this episode of the podcast I talk abut what types of mail may be headed your way in regard to business documents and what you can expect to find when opening your mailbox.
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
Do you have an increase in panic every time you open the mailbox? Fear of getting bills on top of debt or IRS hate mail that you fear will be in there, leading to procrastinating in opening the mail?