Real Money Talks

Michelle Nedelec the founder and owner of Success Therapy and the author of Business Ownership Mindset is here to talk about fostering and developing a true entrepreneurial mindset.

Too many entrepreneurs start a business, but still have that employee mindset. We talk about the differences in mindsets for employees, entrepreneurs, and business owners. Running a business is not the same as buying a job. Michelle gives advice for removing yourself from your business and thinking like an owner instead of an employee. 

Ask Loral Success Therapy

• [01:28] Michelle's book is called the Business Ownership Mindset, because a business owner’s mindset needs to be completely different than an employee mindset. 
• [02:20] How many entrepreneurs still do not have the business ownership mindset. 
• [02:55] The first mistake a lot of people make is checking their email first thing hoping that a client has put in an order. They are looking for direction from someone else. Which is completely the wrong way to look at business. 
• [04:04] How business owners need to be the ones running the show. They have to figure out what they want and then tell the team how to get it done. 
• [04:10] It's a completely different way of looking at things and business owners and leaders have to be able to do that. 
• [04:21] Michelle focuses on the concepts that need to be owned as an entrepreneur first and then a business owner. You have to have an entrepreneurial mindset first.  
• [05:00] When you really understand how to take the focus of control internally and start directing what is going on in your business. 
• [06:01] The success therapy process which helps people get to the root cause of why they do what they do. 
• [06:15] The three ways we change our beliefs include reason, repetition, and emotional charge. 
• [06:38] It doesn't take 21 days to form a new habit. The more emotionally involved you are the faster you will change. 
• [06:57] Seeing how people who already have the millionaire mindset operate can help you develop that same mindset. 
• [07:06] These people aren't afraid of what other people think of them. They're not afraid of making the tough choices and they have internal control. 
• [07:34] If someone else is making you angry, then you are giving them control. Once you take control of things then you can do something about it. 
• [09:04] When you have resistance towards something you are rejecting the part of you that could be good at that. 
• [10:55] The line of knowing when to hire versus when you should be doing it yourself. If you have a lot of resistance towards something, you should probably learn how to do it. You can hire someone but understand what they're doing and how they do it. 
• [12:01] If your company is running effectively without you in it, you have probably learned the business mindset. 
• [13:02] Plan what you want your day to look like first thing in the morning. 
• [14:00] Look at areas of your business that cause anxiety and decide what action you can take right now to improve that. 
• [14:38] You can find business ownership mindset on Amazon. Michelle wrote the book by having an interview with a friend and transcribing it. She wanted to get it out of her head, because it was occupying mental space. 
• [16:33] By getting your book out of you more content will come to you. 
• [16:37] Michelle also wants to write a book about strategic building or how to think strategically. Too many entrepreneurs think tactically and don't have a overall big picture strategy. 
• [17:16] She also wants to write about systematizing a business. 
• [18:10] How important it is to design an organizational chart of your business without you in it. 

• Loral’s Real Money Talks 
• Business Ownership Mindset: The ultimate guide to freedom and self-expression through building a seven figure business 
• The E-Myth 
• Ask Loral 
• Success Therapy 

Michelle Nedelec the founder and owner of Success Therapy and the author of Business Ownership Mindset is here to talk about fostering and developing a true entrepreneurial mindset.

Too many entrepreneurs start a business, but still have that employee mindset. We talk about the differences in mindsets for employees, entrepreneurs, and business owners. Running a business is not the same as buying a job. Michelle gives advice for removing yourself from your business and thinking like an owner instead of an employee. 

Ask Loral
Success Therapy

• [01:28] Michelle's book is called the Business Ownership Mindset, because a business owner’s mindset needs to be completely different than an employee mindset. 
• [02:20] How many entrepreneurs still do not have the business ownership mindset. 
• [02:55] The first mistake a lot of people make is checking their email first thing hoping that a client has put in an order. They are looking for direction from someone else. Which is completely the wrong way to look at business. 
• [04:04] How business owners need to be the ones running the show. They have to figure out what they want and then tell the team how to get it done. 
• [04:10] It's a completely different way of looking at things and business owners and leaders have to be able to do that. 
• [04:21] Michelle focuses on the concepts that need to be owned as an entrepreneur first and then a business owner. You have to have an entrepreneurial mindset first.  
• [05:00] When you really understand how to take the focus of control internally and start directing what is going on in your business. 
• [06:01] The success therapy process which helps people get to the root cause of why they do what they do. 
• [06:15] The three ways we change our beliefs include reason, repetition, and emotional charge. 
• [06:38] It doesn't take 21 days to form a new habit. The more emotionally involved you are the faster you will change. 
• [06:57] Seeing how people who already have the millionaire mindset operate can help you develop that same mindset. 
• [07:06] These people aren't afraid of what other people think of them. They're not afraid of making the tough choices and they have internal control. 
• [07:34] If someone else is making you angry, then you are giving them control. Once you take control of things then you can do something about it. 
• [09:04] When you have resistance towards something you are rejecting the part of you that could be good at that. 
• [10:55] The line of knowing when to hire versus when you should be doing it yourself. If you have a lot of resistance towards something, you should probably learn how to do it. You can hire someone but understand what they're doing and how they do it. 
• [12:01] If your company is running effectively without you in it, you have probably learned the business mindset. 
• [13:02] Plan what you want your day to look like first thing in the morning. 
• [14:00] Look at areas of your business that cause anxiety and decide what action you can take right now to improve that. 
• [14:38] You can find business ownership mindset on Amazon. Michelle wrote the book by having an interview with a friend and transcribing it. She wanted to get it out of her head, because it was occupying mental space. 
• [16:33] By getting your book out of you more content will come to you. 
• [16:37] Michelle also wants to write a book about strategic building or how to think strategically. Too many entrepreneurs think tactically and don't have a overall big picture strategy. 
• [17:16] She also wants to write about systematizing a business. 
• [18:10] How important it is to design an organizational chart of your business without you in it. 

• Loral’s Real Money Talks 
• Business Ownership Mindset: The ultimate guide to freedom and self-expression through building a seven figure business 
• The E-Myth 
• Ask Loral 
• Success Therapy 

It's tax time, and I have my partner and tax expert Weldon Wulstein here to share with you everything you need to know to get the most out of your money and tax savings. A lot of people are underserved, because they don't ask their accountants the right questions. Weldon is here to share some of the questions that you should ask your accountant.

A lot of people assume that the accountant will just take care of everything. That is not always the case, so you need to know these questions. Even worse, if you're doing your own taxes, you really need to know about these concepts. We also talk about incorporating and tax entities.

Ask Loral Wulstein Financial Services Weldon Wulstein on Twitter

• [01:37] Weldon has been in the tax world since 1989. He cut his teeth in the oil and gas industry.
• [01:59] He moved up to Tahoe as a lifestyle choice. Using technology he converted his practice to an international practice.
• [02:22] Weldon loves the puzzle aspect of tax strategy.
• [03:04] The US tax code is upward of 80,000 pages.
• [03:13] Weldon is also it's experienced in cross-border taxation.
• [03:26] This is not just the US-based podcast. In principle, even though, the company names are different they operate very similarly.
• [03:56] How all of the tax deductions are not in TurboTax. You need to set up an entity and a strategy that fits your situation.
• [04:11] Why do accountants tell people not to get incorporated?
• [05:07] The problem to having a certain number before you incorporate is that some people are never fully focused on their business.
• [05:24] Treat your business like a company, and your mind will start treating your expenses like business expenses.
• [05:37] There are processes to write off business expenses as legitimate expenses.
• [05:59] When you incorporate, you do have to have an annual meeting and do some administrative work.
• [06:03] This work is minimal for the benefits that you will get out of it. There are so many strategies that you are missing if you are not using a corporate or entity structure.
• [06:32] When you have income in your company it is time to set up the entity. If you wait, you will have to redo all of your contracts.
• [07:57] When you start your company that is technically the first day you are in business. So if you've been a sole proprietor for 10 years and then you incorporate it's like starting over when you apply for credit.
• [08:27] Put your money in the right account because companies make money and individuals get taxed.
• [09:11] Keep in mind, there is a big difference between tax compliance and tax strategy. Tax strategy happens now for the year.
• [10:10] Guidelines for filing an extension.
• [11:46] You can wait until your extension date to fund your retirement plan.
• [12:41] Writing off the home office is not a red flag for the IRS. If your expenses are ordinary and necessary and directly related to the production of that income then you can take that deduction.
• [13:28] As long as you're documenting what you are doing getting audited isn't that big of a deal.
• [13:40] Have a business person's thought process not an employee thought process.
• [13:57] You now can't write off entertainment expenses.
• [14:36] A mistake people make is not doing their bookkeeping for last year until now. It's a lot harder to remember stuff from last year.
• [15:17] Don't cheat yourself out of deductions by not keeping good records.
• [15:40] Things that are going to affect people this new tax year.
• [15:55] If you have a W-2, you cannot deduct your employee expenses.
• [16:35] The limitation of income and property taxes. Property tax deductions are now limited to 10 grand.
• [17:00] New mortgage write offs are now limited to $750,000.
• [17:18] You can still write off rental property mortgage interest.
• [17:37] Flow-through of business income. You will get a 20% deduction off of this taxable income. Convert your business into an S corporation so you can run your income through your company and get that big 20% deduction.
• [18:25] Sole proprietors get the deduction, as well but they have to pay the Medicare and Social Security tax.
• [19:42] This tax law was designed for high income real estate moguls.
• [21:35] The first thing you need to do is set up your entity.
• [21:43] Get your ID numbers, get a bank account, and get a credit card account that is used only for your business.
• [22:05] Then get bookkeeping in place.
• [22:12] Your monthly profit and loss information is key to help plan your future strategy.
• [23:05] Get your stuff done now. Don't wait until the last minute.
• [23:25] What do you do if you haven't filed your taxes in years? File your current year's taxes. You can order what has been reported to the IRS and reconstruct the tax documents.

Ask Loral

It's tax time, and I have my partner and tax expert Weldon Wulstein here to share with you everything you need to know to get the most out of your money and tax savings. A lot of people are underserved, because they don't ask their accountants the right questions. Weldon is here to share some of the questions that you should ask your accountant.

A lot of people assume that the accountant will just take care of everything. That is not always the case, so you need to know these questions. Even worse, if you're doing your own taxes, you really need to know about these concepts. We also talk about incorporating and tax entities.

Ask Loral
Wulstein Financial Services
Weldon Wulstein on Twitter

• [01:37] Weldon has been in the tax world since 1989. He cut his teeth in the oil and gas industry.
• [01:59] He moved up to Tahoe as a lifestyle choice. Using technology he converted his practice to an international practice.
• [02:22] Weldon loves the puzzle aspect of tax strategy.
• [03:04] The US tax code is upward of 80,000 pages.
• [03:13] Weldon is also it's experienced in cross-border taxation.
• [03:26] This is not just the US-based podcast. In principle, even though, the company names are different they operate very similarly.
• [03:56] How all of the tax deductions are not in TurboTax. You need to set up an entity and a strategy that fits your situation.
• [04:11] Why do accountants tell people not to get incorporated?
• [05:07] The problem to having a certain number before you incorporate is that some people are never fully focused on their business.
• [05:24] Treat your business like a company, and your mind will start treating your expenses like business expenses.
• [05:37] There are processes to write off business expenses as legitimate expenses.
• [05:59] When you incorporate, you do have to have an annual meeting and do some administrative work.
• [06:03] This work is minimal for the benefits that you will get out of it. There are so many strategies that you are missing if you are not using a corporate or entity structure.
• [06:32] When you have income in your company it is time to set up the entity. If you wait, you will have to redo all of your contracts.
• [07:57] When you start your company that is technically the first day you are in business. So if you've been a sole proprietor for 10 years and then you incorporate it's like starting over when you apply for credit.
• [08:27] Put your money in the right account because companies make money and individuals get taxed.
• [09:11] Keep in mind, there is a big difference between tax compliance and tax strategy. Tax strategy happens now for the year.
• [10:10] Guidelines for filing an extension.
• [11:46] You can wait until your extension date to fund your retirement plan.
• [12:41] Writing off the home office is not a red flag for the IRS. If your expenses are ordinary and necessary and directly related to the production of that income then you can take that deduction.
• [13:28] As long as you're documenting what you are doing getting audited isn't that big of a deal.
• [13:40] Have a business person's thought process not an employee thought process.
• [13:57] You now can't write off entertainment expenses.
• [14:36] A mistake people make is not doing their bookkeeping for last year until now. It's a lot harder to remember stuff from last year.
• [15:17] Don't cheat yourself out of deductions by not keeping good records.
• [15:40] Things that are going to affect people this new tax year.
• [15:55] If you have a W-2, you cannot deduct your employee expenses.
• [16:35] The limitation of income and property taxes. Property tax deductions are now limited to 10 grand.
• [17:00] New mortgage write offs are now limited to $750,000.
• [17:18] You can still write off rental property mortgage interest.
• [17:37] Flow-through of business income. You will get a 20% deduction off of this taxable income. Convert your business into an S corporation so you can run your income through your company and get that big 20% deduction.
• [18:25] Sole proprietors get the deduction, as well but they have to pay the Medicare and Social Security tax.
• [19:42] This tax law was designed for high income real estate moguls.
• [21:35] The first thing you need to do is set up your entity.
• [21:43] Get your ID numbers, get a bank account, and get a credit card account that is used only for your business.
• [22:05] Then get bookkeeping in place.
• [22:12] Your monthly profit and loss information is key to help plan your future strategy.
• [23:05] Get your stuff done now. Don't wait until the last minute.
• [23:25] What do you do if you haven't filed your taxes in years? File your current year's taxes. You can order what has been reported to the IRS and reconstruct the tax documents.

Ask Loral

Linda Cain is an event specialist. She has been involved with presenting live events for the past 20 years. Event dynamics have shifted over the past few years. There are more coaches and transformational leaders looking for event audiences, and the Internet has been a game changer.

Today, we talk about current trends when it comes to filling a room for an event and how to keep your event in the black. We talk about online methods including video series, webinars, and Facebook Live. We also talk about keeping costs down, creating a one sheet, collaborating with like minded speakers, and sharpening your speaking game.

You can find Linda here:

BluDiamond Event Management Linda on LinkedIn

• [01:10] Linda has been doing live events and corporate events for over 20 years. She started with corporate, legal, and international.  She has spent the last 12 years working in the live event industry. 
• [01:56] Linda and I both know how to lock in an event so you are in the black. 
• [02:15] Marketing and strategies for packing a room. 
• [02:28] Twenty years ago it was a lot easier to fill a room for corporate people, coaches, and transformational leaders. 
• [02:41] You just send out a flyer or make an announcement and people would show up. It was that easy. 
• [03:09] An event host or producer could count on the speaker to bring 50 or 60 people. 
• [03:27] Things have shifted. Coaches have large lists, but the people on the list don't go out to events. 
• [03:39] A really cool new trend is that more people are coming together in Internet rooms. 
• [04:11] People are able to do workshops and get their information out and sell to people in those smaller 50 or 60 group Internet rooms. 
• [04:41] The new trend of getting people into rooms. 
• [04:49] The engagement process. You have to hard market within three months of your event and keep your prospects engaged the entire time 
• [05:53] With the engagement process, you can send your prospects information each week. You can send them a video one week then a blog post the next week. Whatever it takes to keep them engaged. 
• [06:48] You can also do joint projects with speakers and guests you're going to have. Use things like podcast interviews and Facebook Live. 
• [07:28] Facebook Live needs to be structured and organized. 
• [07:46] The key to Facebook Live is the engagement process and having a regular schedule. Also have substance and personality. 
• [08:24] Video series - it works well to have a series that keeps people engaged during the process. Do short 20 minute hits where people can get in and then get out. The same thing works for webinar series. Putting the same webinar series out 10 different times will start to drive traffic. 
• [09:59] Speaking engagements. In the beginning of the speaker's career, they need a speaker sheet. It needs a great bio with a great picture and two or three topics they speak about plus testimonials. As you grow, you can even add ROI. 
• [11:21] Have a really good signature topic and presentation. 
• [12:11] Perfect your presentation skills and have a really good one sheet. 
• [12:56] You have to do your homework and know your audience. 
• [13:21] You can also approach other speakers that talk about similar topics and approach a company as one speaking body or program. 
• [15:32] The pay to play model. This is great when you're first starting out. You can also pay a little upfront and then do a split of sales on the backend. 
• [17:27] How to get sponsors. To get a sponsor, you need to give them time on stage or space in a vendor section. 
• [20:34] When having your event in a hotel, put a nice banner up and have a theater style room. You do a catering contract with the hotel. This means you look for space that is not being used for other events. 
• [23:13] Get out and speak.  
• [24:50] Get creative and innovative and have people invest in themselves to come to an event. 

• Ask Loral 
• Toastmasters 
• eWomenNetwork 
• TEDx 

Linda Cain is an event specialist. She has been involved with presenting live events for the past 20 years. Event dynamics have shifted over the past few years. There are more coaches and transformational leaders looking for event audiences, and the Internet has been a game changer.

Today, we talk about current trends when it comes to filling a room for an event and how to keep your event in the black. We talk about online methods including video series, webinars, and Facebook Live. We also talk about keeping costs down, creating a one sheet, collaborating with like minded speakers, and sharpening your speaking game.

You can find Linda here:

BluDiamond Event Management
Linda on LinkedIn

• [01:10] Linda has been doing live events and corporate events for over 20 years. She started with corporate, legal, and international.  She has spent the last 12 years working in the live event industry. 
• [01:56] Linda and I both know how to lock in an event so you are in the black. 
• [02:15] Marketing and strategies for packing a room. 
• [02:28] Twenty years ago it was a lot easier to fill a room for corporate people, coaches, and transformational leaders. 
• [02:41] You just send out a flyer or make an announcement and people would show up. It was that easy. 
• [03:09] An event host or producer could count on the speaker to bring 50 or 60 people. 
• [03:27] Things have shifted. Coaches have large lists, but the people on the list don't go out to events. 
• [03:39] A really cool new trend is that more people are coming together in Internet rooms. 
• [04:11] People are able to do workshops and get their information out and sell to people in those smaller 50 or 60 group Internet rooms. 
• [04:41] The new trend of getting people into rooms. 
• [04:49] The engagement process. You have to hard market within three months of your event and keep your prospects engaged the entire time 
• [05:53] With the engagement process, you can send your prospects information each week. You can send them a video one week then a blog post the next week. Whatever it takes to keep them engaged. 
• [06:48] You can also do joint projects with speakers and guests you're going to have. Use things like podcast interviews and Facebook Live. 
• [07:28] Facebook Live needs to be structured and organized. 
• [07:46] The key to Facebook Live is the engagement process and having a regular schedule. Also have substance and personality. 
• [08:24] Video series - it works well to have a series that keeps people engaged during the process. Do short 20 minute hits where people can get in and then get out. The same thing works for webinar series. Putting the same webinar series out 10 different times will start to drive traffic. 
• [09:59] Speaking engagements. In the beginning of the speaker's career, they need a speaker sheet. It needs a great bio with a great picture and two or three topics they speak about plus testimonials. As you grow, you can even add ROI. 
• [11:21] Have a really good signature topic and presentation. 
• [12:11] Perfect your presentation skills and have a really good one sheet. 
• [12:56] You have to do your homework and know your audience. 
• [13:21] You can also approach other speakers that talk about similar topics and approach a company as one speaking body or program. 
• [15:32] The pay to play model. This is great when you're first starting out. You can also pay a little upfront and then do a split of sales on the backend. 
• [17:27] How to get sponsors. To get a sponsor, you need to give them time on stage or space in a vendor section. 
• [20:34] When having your event in a hotel, put a nice banner up and have a theater style room. You do a catering contract with the hotel. This means you look for space that is not being used for other events. 
• [23:13] Get out and speak.  
• [24:50] Get creative and innovative and have people invest in themselves to come to an event. 

• Ask Loral 
• Toastmasters 
• eWomenNetwork 
• TEDx 

A topic that comes up over and over when we are doing business is Canada. My husband is Canadian. There are a lot of Canadians that want to do business with us here in the US. Here to talk about doing business with Canada is Dave Hare who is a licensed CPA both in the US and Canada.

Dave is a cross-border CPA. He has done corporate business both in the US and Canada. Then he decided to leave the corporate world behind and venture out on his own. He owns 5 multi unit properties and is a successful real estate investor. He recently signed a 5 million dollar deal. Daves talks about the differences between US and Canadian tax entities and cross border investing to maximize your money.

[email protected]

• [01:24] Dave got his degree in Michigan. Then he worked for several years for public accounting firms. After he became a CPA, he went over to the Canadian side and work for companies like Caterpillar and Volkswagen.

• [02:01] Eventually, Dave decided to branch out on his own and do his own thing instead of working for corporations.
• [02:18] Dave approached Loral about investing in real estate about a year and a half ago. He signed up for the big table. Now he has five multi unit properties.
• [03:10] Dave learned how to raise money through Loral, and he became pretty good at it.
• [03:26] Dave became part of Loral's team in September. Dave drove 37 hours to get to Tahoe and begin working with Loral.
• [03:47] They have been working on some solid deals including the marina deal and major renovations. He also recently signed a $50 million contract.
• [04:31] Dave surrounded himself with the right people and the right team. Build a diverse team that will provide you the expertise you need.
• [05:09] It's tough to find it's cross-border team members.
• [05:21] Three business structures that apply in Canada are partnerships, limited companies, and sole proprietors.
• [05:50] Partnerships are where you join with someone to set up a business. You will have a partnership return. Each partner does their own taxes. The tax write offs go to your personal tax returns. Any money you make on the partnership returns go straight to your taxes.
• [06:20] You have to be careful because of liability issues and tax issues.
• [06:36] Sole proprietorship's in Canada give you write offs towards your T4 income. This is a great tax strategy from that standpoint.
• [07:57] You want to make sure you protect your personal assets like your house and your vehicle. You have to be careful with liability issues with a sole venture.
• [08:55] As a sole proprietor, you may be able to write off 10 to 20% of your house if its use for your business. If you use more than that you might be able to use it as a carryover.
• [10:12] With the company, the carry forward losses can be used now and in the future.
• [10:29] If you have T4 income and you start making more money your taxes will be high, so you might want to look at other entities at that point.
• [11:12] You might want to move into a limited company. You will have more flexibility on write offs.
• [12:04] If you work from your house, your business will take a 10 to 20% of your house expenses.
• [13:05] In Canada, you can now write off entertainment expenses if you take out the entire office. You can now write off 50%.
• [13:56] For business driving, you can use electronic tracking and write that off. You need to be very careful about your record keeping and the rules.
• [14:36] As a sole proprietor, everything is questioned.
• [15:05] The benefits of setting up an entity in getting Incorporated. Set up a limited liability company to protect your assets. You will also have more right off opportunities. You can also protect yourself by having an operating agreement or contract.
• [16:23] If you have a company in Canada, you can also set up a US structure like a c corp.
• [18:55] Be careful of withholding taxes when setting up entities for businesses that are cross-border.
• [19:59] Make sure you set things up right from the beginning.
• [20:21] You can avoid exchange rates by keeping your money someplace where the tax rates are lowest like the US and then using a US credit card.
• [22:42] To talk to Dave,you need to think about trusts, whether you have children involved, whether you can send money down to the US, and possible insurance products. The plan needs to be individually tailored to you.

• Ask Loral
• [email protected]

A topic that comes up over and over when we are doing business is Canada. My husband is Canadian. There are a lot of Canadians that want to do business with us here in the US. Here to talk about doing business with Canada is Dave Hare who is a licensed CPA both in the US and Canada.

Dave is a cross-border CPA. He has done corporate business both in the US and Canada. Then he decided to leave the corporate world behind and venture out on his own. He owns 5 multi unit properties and is a successful real estate investor. He recently signed a 5 million dollar deal. Daves talks about the differences between US and Canadian tax entities and cross border investing to maximize your money.

[email protected]

• [01:24] Dave got his degree in Michigan. Then he worked for several years for public accounting firms. After he became a CPA, he went over to the Canadian side and work for companies like Caterpillar and Volkswagen.

• [02:01] Eventually, Dave decided to branch out on his own and do his own thing instead of working for corporations.
• [02:18] Dave approached Loral about investing in real estate about a year and a half ago. He signed up for the big table. Now he has five multi unit properties.
• [03:10] Dave learned how to raise money through Loral, and he became pretty good at it.
• [03:26] Dave became part of Loral's team in September. Dave drove 37 hours to get to Tahoe and begin working with Loral.
• [03:47] They have been working on some solid deals including the marina deal and major renovations. He also recently signed a $50 million contract.
• [04:31] Dave surrounded himself with the right people and the right team. Build a diverse team that will provide you the expertise you need.
• [05:09] It's tough to find it's cross-border team members.
• [05:21] Three business structures that apply in Canada are partnerships, limited companies, and sole proprietors.
• [05:50] Partnerships are where you join with someone to set up a business. You will have a partnership return. Each partner does their own taxes. The tax write offs go to your personal tax returns. Any money you make on the partnership returns go straight to your taxes.
• [06:20] You have to be careful because of liability issues and tax issues.
• [06:36] Sole proprietorship's in Canada give you write offs towards your T4 income. This is a great tax strategy from that standpoint.
• [07:57] You want to make sure you protect your personal assets like your house and your vehicle. You have to be careful with liability issues with a sole venture.
• [08:55] As a sole proprietor, you may be able to write off 10 to 20% of your house if its use for your business. If you use more than that you might be able to use it as a carryover.
• [10:12] With the company, the carry forward losses can be used now and in the future.
• [10:29] If you have T4 income and you start making more money your taxes will be high, so you might want to look at other entities at that point.
• [11:12] You might want to move into a limited company. You will have more flexibility on write offs.
• [12:04] If you work from your house, your business will take a 10 to 20% of your house expenses.
• [13:05] In Canada, you can now write off entertainment expenses if you take out the entire office. You can now write off 50%.
• [13:56] For business driving, you can use electronic tracking and write that off. You need to be very careful about your record keeping and the rules.
• [14:36] As a sole proprietor, everything is questioned.
• [15:05] The benefits of setting up an entity in getting Incorporated. Set up a limited liability company to protect your assets. You will also have more right off opportunities. You can also protect yourself by having an operating agreement or contract.
• [16:23] If you have a company in Canada, you can also set up a US structure like a c corp.
• [18:55] Be careful of withholding taxes when setting up entities for businesses that are cross-border.
• [19:59] Make sure you set things up right from the beginning.
• [20:21] You can avoid exchange rates by keeping your money someplace where the tax rates are lowest like the US and then using a US credit card.
• [22:42] To talk to Dave,you need to think about trusts, whether you have children involved, whether you can send money down to the US, and possible insurance products. The plan needs to be individually tailored to you.

• Ask Loral
• [email protected]

Chris Williams is a world-class marketer and salesperson. We have known each other for years, and we both have a love of sales in common. Everybody wants more customers and that comes down to sales. Everyone looks to the marketing community for leads, but even if you get those leads they aren't going to convert unless you know how to sell.

Today, we discuss the most important part of sales, and how many people are afraid of the follow-up. We also talk about Facebook sales strategies, how to have that all important sales conversation, time-blocking, some of the most important things you can do to get more sales, and more.

Wide Awake Business on TwitterWide Awake Business WebsiteChris Williams on LinkedIn

• [01:20]  Chris Williams began selling when she was nine years old and sold more Girl Scout cookies than anyone else for three years in a row.
• [02:02] At her young age, she understood the advantage of leveraged time and got friends and relatives to sell the cookies for her.
• [03:14] The most important part of sales is follow-up. 80% of business owners and sales reps never follow-up after the first interaction. Also, 80% of people don't make a decision until after the 5th interaction. If you don't follow-up it's never going to happen.
• [04:46] People often fail to follow-up, because they don't want to bother people or they have a sales problem.
• [05:16] There's nothing wrong with calling people when you have a reason to call them.
• [05:59] Gracious follow-up strategies include visiting or dropping something off with a potential client every 3 weeks. Otherwise they will just forget about you.
• [07:06] Once you identify a potential prospect find them on LinkedIn and Facebook and have a conversation with them. A handwritten note with a sticky note on an article that's appropriate for them is a great way to follow up.
• [07:49] Don't stop following up. Follow-up until they tell you no. I love it when people say no not now, because I immediately make a date to follow up.
• [08:42] Get used to no, because it just means not now.
• [09:23] Most people get their business from no not now and taking advantage of the follow-up.
• [09:48] If your why isn't clear enough, and you're not doing something for a specific reason then you can get your feelings hurt all day long.
• [10:31] Get clear on your big why and what gets you out of bed every morning. Understand the consequences of not accomplishing what you set out to do.
• [11:43] There are a certain amount of people that have to get through your funnel in order to have a conversion. If you have someone who's just a phone dialer they need to do a hundred calls a day. Understand how many people you need to get through the top of your funnel in order to make two or three productive cells.
• [12:59] How many brand new people did you talk to last week?
• [13:21] 98% of emails go unread, and most people at networking events just chat with their friends.
• [13:40] The sales process. Always ask open-ended questions. Start with how or what not why. Always leave the conversation.
• [14:07] Ask situational questions. Understand what the person's problem is by asking open ended questions that begin with how or what.
• [15:49] Ask if I could... would you? Go out and ask five people.
• [16:33] Talk about things from a sales perspective not a subject matter perspective.
• [19:09] Most people don't make all of their money from online sales. People buy from people.
• [20:15] New Facebook strategy. Post your blog on Facebook and then once a week give out a tool or PDF. Get them in your database. Then do a little Facebook Live to augment that.
• [22:12] Get people out of the social channels and into your database.
• [23:47] Integrity and making money when you say you're going to make money.
• [24:28] Challenge: go over the last two weeks of your calendar and highlight everything that's personal time. Then highlight everything that's revenue-producing in green.  Figure out where you're spending your time. Don't waste time, make money.
• [25:39] Have a power hour where you block out an hour every day where you are making sales calls.  Providing you have a list of people to call.
• [26:35] Final words: Power Hour, If I could would you?, and highlight revenue-producing time in your calendar.

Wide Awake Business on TwitterWide Awake Business WebsiteChris Williams on LinkedIn

Chris Williams is a world-class marketer and salesperson. We have known each other for years, and we both have a love of sales in common. Everybody wants more customers and that comes down to sales. Everyone looks to the marketing community for leads, but even if you get those leads they aren't going to convert unless you know how to sell.

Today, we discuss the most important part of sales, and how many people are afraid of the follow-up. We also talk about Facebook sales strategies, how to have that all important sales conversation, time-blocking, some of the most important things you can do to get more sales, and more.

Wide Awake Business on Twitter
Wide Awake Business Website
Chris Williams on LinkedIn

• [01:20]  Chris Williams began selling when she was nine years old and sold more Girl Scout cookies than anyone else for three years in a row.
• [02:02] At her young age, she understood the advantage of leveraged time and got friends and relatives to sell the cookies for her.
• [03:14] The most important part of sales is follow-up. 80% of business owners and sales reps never follow-up after the first interaction. Also, 80% of people don't make a decision until after the 5th interaction. If you don't follow-up it's never going to happen.
• [04:46] People often fail to follow-up, because they don't want to bother people or they have a sales problem.
• [05:16] There's nothing wrong with calling people when you have a reason to call them.
• [05:59] Gracious follow-up strategies include visiting or dropping something off with a potential client every 3 weeks. Otherwise they will just forget about you.
• [07:06] Once you identify a potential prospect find them on LinkedIn and Facebook and have a conversation with them. A handwritten note with a sticky note on an article that's appropriate for them is a great way to follow up.
• [07:49] Don't stop following up. Follow-up until they tell you no. I love it when people say no not now, because I immediately make a date to follow up.
• [08:42] Get used to no, because it just means not now.
• [09:23] Most people get their business from no not now and taking advantage of the follow-up.
• [09:48] If your why isn't clear enough, and you're not doing something for a specific reason then you can get your feelings hurt all day long.
• [10:31] Get clear on your big why and what gets you out of bed every morning. Understand the consequences of not accomplishing what you set out to do.
• [11:43] There are a certain amount of people that have to get through your funnel in order to have a conversion. If you have someone who's just a phone dialer they need to do a hundred calls a day. Understand how many people you need to get through the top of your funnel in order to make two or three productive cells.
• [12:59] How many brand new people did you talk to last week?
• [13:21] 98% of emails go unread, and most people at networking events just chat with their friends.
• [13:40] The sales process. Always ask open-ended questions. Start with how or what not why. Always leave the conversation.
• [14:07] Ask situational questions. Understand what the person's problem is by asking open ended questions that begin with how or what.
• [15:49] Ask if I could... would you? Go out and ask five people.
• [16:33] Talk about things from a sales perspective not a subject matter perspective.
• [19:09] Most people don't make all of their money from online sales. People buy from people.
• [20:15] New Facebook strategy. Post your blog on Facebook and then once a week give out a tool or PDF. Get them in your database. Then do a little Facebook Live to augment that.
• [22:12] Get people out of the social channels and into your database.
• [23:47] Integrity and making money when you say you're going to make money.
• [24:28] Challenge: go over the last two weeks of your calendar and highlight everything that's personal time. Then highlight everything that's revenue-producing in green.  Figure out where you're spending your time. Don't waste time, make money.
• [25:39] Have a power hour where you block out an hour every day where you are making sales calls.  Providing you have a list of people to call.
• [26:35] Final words: Power Hour, If I could would you?, and highlight revenue-producing time in your calendar.

Wide Awake Business on Twitter
Wide Awake Business Website
Chris Williams on LinkedIn