Consultants and Money

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Is THIS the year that you are leaving the corporate cushion and heading out on your own? If so, here's the "speed dating version" of what you need to get set up.

1. Set up an LLC
2. Get an EIN
3. Get a separate business bank account
4. Get business insurance
5. Set up a good bookkeeping system (and maybe hire a good bookkeeper, too!)

If you want a deeper dive into the items above, check out the episodes below:

Episodes in the "Business Money 101" series:

• Ep 3 - Financial Foundations - https://www.ericagoode.com/podcast/ep3
• Ep 4 - LLCs and EINs -https://www.ericagoode.com/podcast/ep4
• Ep 5 - Business Insurance - https://www.ericagoode.com/podcast/ep5
• Ep 6 - Bank Accounts - https://www.ericagoode.com/podcast/ep6
• Ep 7 - Bookkeeping Practices - https://www.ericagoode.com/podcast/ep7

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Enjoy this casual conversation I had with our 12-year-old daughter about money - and a little bit of life.

From our family to yours, we hope you're taking this time during the holiday season to relax and enjoy some time with family and friends!

This episode, we're talking through what type of accountant you need in your business and when to hire them.

And to keep it in the spirit of the Holidays, I've borrowed a page from The Christmas Carol to explain how each of "the ghosts of accounting" work, how to decide when you need each one - and why.

Talking through:

• Difference between an accountant and a CPA
• What type of tax preparer you should hire?
• When to invest in a bookkeeper
• What does a fractional CFO do?

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We're talking all-things high-yield business savings account today:

• What's a high-yield savings account?
• How much should you put in a high-yield savings account
• Are they safe?
• How to find a good one

I'll even walk you through how I move money in and out of my high-yield savings account throughout the year.

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Are you a "corporate refugee"?

In this informative and engaging conversation with David Shriner-Cahn, he touches upon a wide range of issues that relate to the journey from being an employee to becoming a successful entrepreneur.

Just some of the topics discussed in this episode:

• What exactly IS a corporate refugee?
• The reasons some people get pushed out of corporate over time and the unspoken biases that can create entrepreneurs
• The sense of loss and other transition issues related to moving from getting a paycheck to being responsible for it
• How goal setting and accountability lead to success as a consultant or coach
• The myth of freedom as an entrepreneur

Books referenced in the show:

• Getting Things Done by David Allen - https://amzn.to/3Rb8d5i
• 12 Week Year by Brian P. Moran - https://amzn.to/49NSGzC
• Traction by Gino Wickman - https://amzn.to/3STzEC6

David Shriner-Cahn's weekly advice program has been named by Forbes as a Podcast To Power Up Your Ultra-Lean Business. David has also been recognized as an Entrepreneur That Will Change The Way You Communicate by Inc. Magazine. David is the podcast host and community builder behind Smashing The Plateau, an online platform offering resources, accountability, and camaraderie to high-performing professionals who are making the leap from the corporate career track to entrepreneurial business ownership. Starting your own business is hard enough without having to go it alone. Smashing The Plateau is David's solution to the problems that keep entrepreneurs up at night. As he likes to say, "With the help of people just like you in our community, you'll be able to do more of what you love and get paid what you're worth."

Reach out to David:

• His website: SmashingThePlateau - https://smashingtheplateau.com/
• LinkedIn: https://www.linkedin.com/in/davidshrinercahn/

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In this episode, Erica talks through what needs to change in your business once you convert to an S-corp for IRS tax purposes.

Covered in this episode:

• When to start considering an S-corp
• Paying yourself as an employee
• Reasonable compensation
• Accountable plans (i.e. employee reimbursement policies)
• Business tax returns (1120-S)

Related episodes:

• Ep 25 - How to Pay Yourself From Your Business

• Ep 21 - What's an S-Corp and When Should I Become One?

• Ep 30 - Extending Your Tax Deadline

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Wishing you a very happy Thanksgiving!

With Much Gratitude,

Erica

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Today I welcome fellow CPA and Certified Life Coach, Sheila Hansen to the show.

Sheila supports creative service providers, providing financial support to business owners such as copywriters, photographers, social media managers, coaches, and speakers.

Our conversation covered such topics as:

• What is a "money mindset," what a healthy one looks like, and how it drives your "financial behavior"
• How and where do children develop money mindsets: nature vs nurture?
• Money mindset within marriage and the family
• The shift that occurs when moving from being an employee to being a business owner
• Getting paid based on value vs. time
• How to get rid of the "I should…" for new business owners

Reach out to Sheila:

• Get her weekly newsletter
• On Instagram
• On LinkedIn

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This week, I talk with Kate Stewart, LCPC who recently went from being a W-2 employee to a private practice and small business owner as a mental health professional.

In today's conversation, we cover:

• employee-to-business owner mindset
• using a spreadsheet vs QuickBooks
• how no one ever taught us business tax in high school
• small business retirement

Related episodes:

• 43 - How Do I Roll Over an Old 401K?

• 37 - Gaining Confidence in Making Business Decisions

Reach out to Kate on LinkedIn: https://www.linkedin.com/in/kate-stewart-lcpc/

Book a strategy session here!

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$1 million IT / marketing / cybersecurity / consulting agency owners - this one's for you!

Today we're diving right into the $1M agency owner's planning process. (And if you're not there yet, you may want to listen anyway, so that you're prepared for the future!)

Considering revenue, human resources, travel plans, taxes, etc, I run through a handful of questions to consider as you plan for a successful 2024, such as:

• Do you have contracts that are expiring?
• Is your retainer pricing or hourly billing rate going to change?
• How are your HR costs?
• How will your team grow?
• Taxes (of course)
• And more…

Need a fractional CFO for your business to help with 2024 business planning? Reach out below…

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