What if the reason your business feels stressful isn’t more work, it’s how you’re handling your money?

In this episode, Megan Schwan pulls back the curtain on the financial mistakes almost every solopreneur makes (especially early on) and how to fix them without becoming a numbers nerd.

We’re talking pricing mistakes, scope creep, avoiding your books, fearing taxes, and why most solopreneurs are unknowingly treating themselves like underpaid employees. Megan breaks down bookkeeping systems, tax strategies, and the Profit First method in a way that actually makes sense, and helps you step fully into the CEO role.

If you’ve ever said, “I’ll look at my numbers next month,” this episode is for you.

Episode FAQs

What bookkeeping systems do solopreneurs really need to stay organized?

You don’t need complicated spreadsheets or expensive tools, but you do need structure. Megan recommends:

• A real accounting software (like Wave, QuickBooks Online, Zoho Books, or Xero)
• A mileage and receipt tracking system to capture deductions
• A cash flow management system like Profit First to prioritize paying yourself, saving for taxes, and stabilizing cash flow

These systems help you treat your business like a business, not a side project.

What’s the first step if finances feel overwhelming or intimidating?

Start doing your bookkeeping consistently. Megan emphasizes scheduling regular time to work on your business, not just in it. Reviewing your reports and understanding where your money is going builds confidence, clarity, and better decision-making. Avoiding the numbers only makes problems bigger later.

How can solopreneurs become more recession-proof?

Two big moves:

• Create a budget so you have a plan for your money and can ask smarter questions when numbers don’t match expectations.
• Save for taxes proactively (about 8–15% of sales) so tax bills don’t derail your cash flow or peace of mind.

Megan also explains how Profit First helps solopreneurs build “real profit” and spot issues before they become emergencies.

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