Today we are continuing our foundational mini-series on business money by talking about bank accounts. 

Now, just to be totally transparent here, I didn’t know what I was doing about setting up an account when I first started my business, either. I felt dumb and naive walking into the bank, and I suspect you might be feeling the same way, too.

But I don’t want that for you.

In this episode, I’ll cover:

• Why you want (and need) a separate business account
• To protect your personal assets
• To keep things clean for the IRS
• How to use your business bank account - and how to coordinate using it with your personal funds
• My answer to the question “What bank should I use - or not use?”
• Bigger is better, but not a credit union - and why
• Why and how you can (and should) make it easy for yourself
• What to bring with you to set up your business account
• A little bit of “mama bear” advice

Finally, don’t forget your homework. If you don’t have one yet, check out some options for a business account. Look online, ask your peers or local business owners… In other words, start your due diligence. And remember - you got this!

Connect with Erica:

Instagram @erica.goode.cpa 

LinkedIn: Erica Goode, CPA

Now, I’m sure you work with “nice people”, and you may even think you don’t need insurance because you’re not selling a product, but let me encourage you to listen up, anyway!

Today I’m covering :

• why you do need insurance
• what base level insurance covers
• the definition of Liability/General Liability Insurance
• an important consideration if you plan on running or hosting an event
• how to start  “shopping around” for insurance

Your homework today: poke around for 15-30 minutes online with a current insurance provider for quotes for (or go ahead and purchase!) your business insurance. Remember to do it in the name of your LLC…

• Find my show notes here: ericagoode.com
• Reach out on social media and say "Hi!" on IG - @erica.goode.cpa
• Or on LinkedIn: Erica Goode, CPA

Podcast Review Giveaway

Between now and Oct 21st, leave an Apple Podcast review for Coaches, Consultants, and Money and be entered to win:

• $100 gift card on Amazon AND
• 1-hour Strategy Session with me!

How to enter:

1. Complete a podcast review on Apple Podcast
2. Complete an entry form here

Full Giveaway Details: Apple reviews must be entered by October 21, 2022 and complete an entry form here. Giveaway is limited to the first 50 entrants. Immediate family members of Erica Goode are not eligible to win. 1-hour Strategy Session can not be used for filing tax or legal documents with any federal or state filing agency.

No, friends, it’s not a recipe for alphabet soup! It’s all about setting a firm foundation for your business!

In this episode, I discuss:

• The difference between a sole proprietorship and an LLC
• How they differ in terms of your personal asset protection
• How they affect your bottom line tax-wise
• When to set up an LLC, and how (it’s not as hard as you’d think!)
• The answer to the question: do I need a lawyer to do this?
• Finding your State’s Secretary of State (and I walk you through a sample set-up)
• How to set up an EIN or FEIN (and do I really need one of those?)

And, finally, your “homework” - Google “register for an LLC in (your State here)” and find the application (really, it’s that simple - just find the application!)

EIN Application website:

https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

But that’s a lot of information for you, so let’s get started!

• Find my show notes on: ericagoode.com
• Reach out on social media and say "Hi!" on IG - @erica.goode.cpa
• Or on LinkedIn: Erica Goode, CPA

Podcast Review Giveaway

Between now and Oct 21st, leave an Apple Podcast review for Coaches, Consultants, and Money and be entered to win:

• $100 gift card on Amazon AND
• 1-hour Strategy Session with me!

How to enter:

1. Complete a podcast review on Apple Podcast
2. Complete an entry form here

Full Giveaway Details: Apple reviews must be entered by October 21, 2022 and complete an entry form here. Giveaway limited to the first 50 entrants. Immediate family members of Erica Goode are not eligible to win. 1-hour Strategy Session can not be used for filing tax or legal documents with any federal or state filing agency.

This week I'm starting a 4-part mini-series.

So I took a little trip down memory lane to draw a colorful correlation between my family home - and how important it is for YOU to set up a firm financial foundation.

You may think you know what I’m gonna say…but you may also learn a thing or two in the process - and be entertained by my reminder (wink-wink). So tune it!

• Find my show notes here: ericagoode.com/podcast
• Reach out on social media and say "Hi!" on IG - @erica.goode.cpa
• Or on LinkedIn: Erica Goode, CPA

Podcast Review Giveaway

Between now and Oct 21st, leave an Apple Podcast review for Coaches, Consultants, and Money and be entered to win:

• $100 gift card on Amazon AND
• 1-hour Strategy Session with me!

How to enter:

1. Complete a podcast review on Apple Podcast
2. Complete an entry form here

Full Giveaway Details: Apple reviews must be entered by October 21, 2022 and complete an entry form here. Giveaway limited to the first 50 entrants. Immediate family members of Erica Goode are not eligible to win. 1-hour Strategy Session can not be used for filing tax or legal documents with any federal or state filing agency.

Whether you don’t take care of your hair, or you haven’t been taking care of your finances, be assured this is a “shame-free zone.” You’re here, and that’s what matters!

I’m not here to judge you…so don’t judge yourself, either.

In today’s episode, I just want to set your fears to rest.

So let’s move forward together!

• Find my show notes here: ericagoode.com
• Reach out on social media and say "Hi!" on IG - @erica.goode.cpa
• Or on LinkedIn: Erica Goode, CPA

Podcast Review Giveaway

Between now and Oct 21st, leave an Apple Podcast review for Coaches, Consultants, and Money and be entered to win:

• $100 gift card on Amazon AND
• 1-hour Strategy Session with me!

How to enter:

1. Complete a podcast review on Apple Podcast
2. Complete an entry form here

Full Giveaway Details: Apple reviews must be entered by October 21, 2022 and complete an entry form here. Giveaway limited to the first 50 entrants. Immediate family members of Erica Goode not eligible to win. 1-hour Strategy Session can not be used for filing tax or legal documents with any federal or state filing agency.

Do you ever feel like money people speak in a foreign language? In today's episode, I recall holiday dinners where everyone around me actually was speaking another language!

So today I'm making a pledge to you...and ask that you'd help me be accountable.

• Find my show notes here: ericagoode.com/podcast
• Reach out on social media and say "Hi!" on IG - @erica.goode.cpa
• Or on LinkedIn: Erica Goode, CPA

Podcast Review Giveaway

Between now and Oct 21st, leave an Apple Podcast review for Coaches, Consultants, and Money and be entered to win:

• $100 gift card on Amazon AND
• 1-hour Strategy Session with me!

How to enter:

1. Complete a podcast review on Apple Podcast
2. Complete an entry form here

Full Giveaway Details: Apple reviews must be entered by October 21, 2022 and complete an entry form here. Giveaway limited to the first 50 entrants. Immediate family members of Erica Goode are not eligible to win. 1-hour Strategy Session can not be used for filing tax or legal documents with any federal or state filing agency.

"Did you Google your tax advice this year?" Perhaps, but that's not really the best idea - and you don't need to do that anymore! Erica Goode, CPA, is a former director of finance with a Fortune 50 company and auditor at a Big Four company.

Today, she's into YOUR business!  

Speaking to coaches and consultants who are business owners, her goal is to be a free resource for reliable money advice so they can make smart decisions with their finances. She'll be addressing some personal money matters, too - because we're more than just business owners, right?! 

Each Tuesday, she'll be talking business money basics, taxes, planning profit, and more...so you can put your money on the right track.

May your week be filled with love...and profit!