Episode 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...
Episode 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...
Episode 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.
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...
Episode 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,...
Episode 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
Episode 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...
Episode 119: How much you can really deduct on taxes
On this episode my guest Parker Stevenson of Evolved Finance answers the question "Is there a limit on how much you can deduct for taxes?"
Parker and I discuss what an ideal profit margin looks like, qualifying for mortgages and your business deductions' impact on PPP loans.
To learn more about Parker Stevenson head to Episode 118 of the Unf*ck Your Biz podcast where I introduce Parker as we discuss credit card fees and their impact on income.
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
Episode 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?"
Episode 117: Signup for Unf*ck Your Biz closes today
The door close today for the fall class of Unf*ck Your Biz. Checkout this episode for more details on the program.
Link mentioned by Braden
Join the fall class at www.unfuckyourbiz.com
Episode 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?"
Link mentioned by Braden
Take the quiz at www.unfuckyourbiz.com
You can find the audio and all the notes here, but better yet, Give it a subscribe in your favorite podcast platform. Make sure to search the the * in unf*ck.
Your Host
Braden
Hi friend! I'm Braden, the host of the Unf*ck Your Biz podcast. So excited that you're checking it out.
