Five Key Financial Building Blocks for Your BusinessFeb 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:
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.
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.
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.
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.
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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.