Five Key Financial Building Blocks for Your Business

Five Key Financial Building Blocks for Your Business

podcast tax Feb 22, 2023

These are the fundamental building blocks of any business, whether it's online, brick-and-mortar, service-based, or product-based. It's your job to create systems and structure that allow your business to thrive, you are the nurturer and sustainer!

You need to decide whether you'll operate as a sole proprietor or not, if you opt not to, you'll need a business entity. Then you need a payment processor so you can make the big bucks! From there, it's all about data and planning with your money. You need a bookkeeping system to get data and you need a tax strategy to know what to turn that data into decisions. I also recommend having a 'money date' with you and your business on a regular basis!

 

"You are in business the moment you decide you want to be."

 

In this episode, you will learn the following:

1. How to create a structure and habits for a side business to turn it into a real thing?
2. The importance of having a professional payment processor to accept payments from customers?
3. What are the benefits of a money routine to track and optimize business goals?

 

What you'll hear in this episode:

  • It’s really tough to be a cash-only business and it’s really tough to accept only paypal or Venmo.
  • Why you need a way to get paid that is easy for the customer and intuitive.
  • You need to have a system to do bookkeeping.
  • You need a tax strategy. 
  • The importance of having a money routine.

 

Here are some brief snippets from this episode:

[00:00:40]
Five financial building blocks that you need for a brand new business. As soon as you make money providing a service or a product, you're in business. You should be taking your business seriously and treating it with respect.

[00:02:16]
You do not want to commingle business and personal. You need a way of accepting payments from your customers. It's worth the investment, in my opinion, to have a payment processor and to accept credit cards.

[00:10:19]
You need a tax strategy. You need to understand what deductions and credits are available to you and how to take advantage of them. You should be hiring a tax professional, a tax strategist, to help you.

[00:12:19]
Having a business entity structure, bookkeeping, tax strategy, five is a money routine. These are things that you want to have in place and have a goal to build in your business. There are plenty of people that are well-equipped to help you with any of these elements.

 

Related episodes:

How Do I Use the S Corp Strategy?

Deducting Business Travel

Questions You MUST Ask Your Accountant Before Signing a Return

 

Resources:

Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so

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See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.