Episode 134: 3 ways to add more revenue to your business

biz entities inteview Jan 21, 2021

On this episode, my guest, Maria Bayer, sales and mindset strategist, coach, wealth builder, and creator of Irresistible Seeking, shares three ways to add more revenue to your business.

 

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by new and experienced business owners & how you can avoid them. [Sign up for this free Masterclass here, and get ready to unf*ck your biz](https://www.bradendrake.com/masterclass).

 

After achieving over $25 million in software sales, Maria spoke with a group of photographers about selling and the rest was history. Maria has spent the last 8+ years teaching Irresistible Selling to wedding professionals and creatives.

 

1) There's money you can be making in your business right now without needing to be looking for new clients. The easiest person in the world to sell to is a current client because you've already built the trust. Check in with your current clients to schedule a virtual coffee date....

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Bonus - PPP

biz entities interview Jan 20, 2021

On this bonus episode of the podcast my guest, Kristy Runzer, CFP, about Paycheck Protection Program (PPP).

 

Join the Braden's Besties Facebook Group to hear Kristy's live Q&A about PPP with Braden on January 22nd.

 

PPP became available as part of the stimulus packages. It's a forgivable loan, meaning you receive the money as a loan but as long as you use it for certain things, it's a loan that gets forgiven. As a small business, PPP is more the route to go than EDIL (the SBA Economic Injury Disaster Loan program).

 

With round two of PPP now available, the first step is to determine if you qualify. Two pieces allow you to quality - 1) If you never got money in Round One you can apply like this is Round One. 2) If you did get money in Round One, the qualifier for Round Two is if you saw a 25% decrease in your revenue in any quarter in 2020 compared to that same quarter in 2019.

Ex: If Q2 in 2019 your revenue was $100,000 and in Q2 in 2020 your revenue was...

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Episode 133: How to close sales without a phone call

other legal solo show Jan 19, 2021

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...

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Episode 132: Owning the CFO role in your business

income tax inteview Jan 14, 2021

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...

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Episode 131: Balancing debt payoff with savings

cash flow interview Jan 12, 2021

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...

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Episode 130: Your tax write-off and bookkeeping questions answered

income tax interview Jan 07, 2021

 

On this episode, my guest Parker Stevenson, Co-Owner and Chief Business Officer of Evolved Finance, 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? (asked by Jennefer Cooper)

 

Hire an accountant! An accountant will help you to write-off as many expenses as you can while still being profitable. Tell yourself, "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? (asked by Robes Pierre LaMontagne)

Involve your accountant in this...

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Episode 129: Writing off start-up expenses for a new business

income tax interview Jan 05, 2021

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 ...

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Episode 128: An open discussion on equitable financial practices in business

interview other legal Dec 31, 2020

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...

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Episode 127: What are the benefits of hiring a CPA?

income tax interview Dec 29, 2020

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?"

If you're working on anything related to tax, you want someone who knows what they are doing. Meg suggests you be careful about anyone who is calling themselves a tax strategist, and make sure you are working with a CPA or a tax lawyer like Braden. You don't need a CPA or tax lawyer to provide tax returns.

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...

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Episode 126: My 6 life & business lessons learned from 2020

other legal solo show Dec 24, 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,...

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