By Neil Cowmeadow
4.5
1010 ratings
The podcast currently has 371 episodes available.
Neil dives into the crucial topic of understanding your business finances, emphasising the importance of knowing your numbers. Drawing from his 25 years of experience, Neil shares insights on the difference between turnover and profit, highlighting common pitfalls that many business owners face, such as mistaking revenue for actual earnings. He provides practical advice on managing expenses, including deductions for home office costs, travel, insurance, and training, all aimed at reducing taxable income.
KEY TAKEAWAYS
Understand Your Numbers: It's crucial for business owners, especially tutors, to know the difference between turnover (revenue) and profit. Many mistakenly equate the two, which can lead to financial confusion and unexpected tax bills.
Track All Expenses: Keeping a detailed record of all business-related expenses is essential. This includes costs for teaching premises, travel, insurance, training, and equipment. Deductions can significantly reduce taxable income.
Utilize Tax Deductions: Various expenses, such as home office costs, travel expenses, and professional development, can be deducted from taxable income. This can lead to lower tax bills and even potential rebates if losses occur.
Invest in Professional Help: Hiring a good accountant can save money in the long run. A competent accountant can help navigate tax laws and ensure that all allowable deductions are claimed, potentially saving thousands in taxes.
Plan for Losses: If transitioning from a day job to self-employment, losses from a new venture can be offset against income from a day job, potentially resulting in a tax rebate. Understanding this can provide financial relief during the early stages of a business.
BEST MOMENTS
"There's an old saying in the county that turnover is vanity, profit is sanity. And it is true."
"If you don't know you're allowed to deduct these from your sales volume, you're probably paying for these out of post-tax pounds."
"Remember that good accountant? Well, she's the deductible expense too."
"Your duty is to pay only as much tax as is required in law. There's no moral high ground in overpaying tax."
"If you know your numbers and you know the rules of the game, well, your chances of winning the game go up significantly."
VALUABLE RESOURCES
www.Neilcowmeadow.com
[email protected]
HOST BIO
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
Neil delivers a passionate analysis of the recent budget announced by Chancellor Rachel Reeves, critiquing its implications for working people and businesses. He argues that the budget is politically motivated, laden with hidden tax increases that disproportionately affect those who strive for financial independence and success. Neil highlights various measures, including the introduction of inheritance tax on pensions, increased national insurance contributions for employers, and rising costs for homeownership, all of which he views as detrimental to the working class. Throughout the episode, he emphasises the need for individuals to protect their hard-earned assets from what he perceives as a government intent on redistributing wealth under the guise of social responsibility.
KEY TAKEAWAYS
Political Budget vs. Financial Budget: The recent budget is characterised as a political maneuver rather than a genuine financial strategy, aimed at redistributing wealth from those who typically do not support Labour to those who do.
Increased Tax Burdens: The budget introduces various tax increases, including inheritance tax on pensions, higher national insurance contributions for employers, and frozen thresholds for income tax and ISAs, which disproportionately affect working people.
Impact on Home Ownership: Changes to stamp duty and right-to-buy discounts are expected to make home ownership less affordable, further burdening working individuals and families.
Wage Policies and Automation: The planned increase in the national minimum wage is seen as a catalyst for employers to turn to automation and artificial intelligence, potentially leading to job losses and reduced pay raises for workers.
Call to Action: There is a strong emphasis on the need for individuals to take proactive steps to protect their financial interests and assets from government policies perceived as detrimental, encouraging listeners to seek professional advice and develop protective strategies.
BEST MOMENTS
"The Chancellor, Rachel Reeves, barefaced lied to the public about no increasing taxes for working people."
"This budget is designed to move the money from the pockets of people who wouldn't normally vote Labour into the pockets of people who would vote Labour."
"They've declared war on financial responsibility by upping government borrowing, trapping the UK in a doom loop of increasing debt repayments."
"This is just another tax on working people. Thank you, Ms Reeves. Another lie."
"The government don't care about you. They only care about what you have and what they can get from you."
VALUABLE RESOURCES
www.Neilcowmeadow.com
[email protected]
HOST BIO
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
Neil dives into the upcoming UK budget, offering insights and analysis relevant to small business owners, tutors, and educators. With a critical eye on the current Labour government's policies, Neil discusses potential tax changes that could impact employers, employees, and entrepreneurs alike. He predicts increases in national insurance contributions, changes to stamp duty on second homes, and possible hikes in capital gains and inheritance taxes. Throughout the episode, Neil emphasises the importance of understanding the evolving tax landscape and encourages listeners to prepare for the financial implications of these changes. As always, he aims to provide practical advice and provoke thought, inviting listeners to share their own opinions and reactions.
KEY TAKEAWAYS
Budget Predictions: The upcoming budget is expected to have a strong anti-business sentiment, potentially leading to increased employers' national insurance contributions, which could push businesses towards automation and result in job losses.
Impact on Working People: While the government may freeze employees' national insurance contributions to appear supportive of working people, they might lower the threshold for contributions, affecting lower-paid workers.
Increased Taxes on Investments: There are predictions of hikes in stamp duty for second homes and investment properties, as well as potential increases in capital gains tax, which could rise significantly from the current flat rate.
Pension Taxation Changes: The government may impose higher taxes on pension withdrawals and could change the status of pension funds in estates, making them subject to inheritance tax, which would affect business owners and entrepreneurs.
Excise Duties on Alcohol and Tobacco: A rise in duties on alcohol and tobacco products is anticipated, continuing the trend of increasing taxes on pleasurable goods, which could lead to higher costs for consumers.
BEST MOMENTS
"We all operate within the tax system, and frankly, we're bloody fools if we try and opt out of it."
"Labour's promise to protect working people means that there'll be a strong anti-business vibe to the budget."
"I think we can expect this hike to be jacked up even more, or brought forward, or possibly both."
"If you drink, you can expect a small rise in the cost of your pleasures."
"Labour have already signalled they're going to raid the pensions of anyone who's trying to provide for their retirement."
VALUABLE RESOURCES
www.Neilcowmeadow.com
[email protected]
HOST BIO
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
Neil shares an insightful conversation about the importance of defining one's own version of "normal." Through a personal story involving a friend named Nina, who chose to forgo a luxury vacation in favour of activities that truly bring her joy, Neil emphasises the value of making choices that align with individual values rather than societal expectations. He encourages listeners to embrace their unique preferences and to opt out of conventional norms that do not resonate with them. This episode serves as a reminder to prioritise personal happiness and fulfilment, challenging the notion that one must conform to what is deemed "normal" by others.
KEY TAKEAWAYS
Embrace Your Own Normal: It's important to define what "normal" means for you personally, rather than conforming to societal expectations. Everyone has different values and priorities, and it's okay to prioritise what makes you happy.
Value Your Choices: Making decisions based on what is truly important to you, even if it goes against the grain, is a sign of rational thinking. Choosing to stay home and engage in activities you love is a valid and brave choice.
Reject Societal Pressure: Opting out of societal norms may lead to being labelled as selfish, but it can also earn you respect from those who wish they could do the same. Your happiness should come first, and it's essential to live by your own rules.
Focus on Personal Fulfillment: Fill your life with activities and people that matter to you. Other people's opinions should not dictate your choices; prioritise your own happiness and values.
Encourage Authenticity: Be more like Nina—embrace your unique preferences and choices. By doing so, you not only enhance your own life but also inspire others to pursue their own version of happiness.
BEST MOMENTS
"You chose to do what's most important to you, despite that not being what most people would do."
"Deciding to stay home in your own idea of heaven is a rational choice."
"Normal is what most people do most of the time. Normal may be grim, uninspiring and generally a fun-free zone."
"I know your ideal day absolutely doesn't involve flopping around like a wet fish around a pool."
"Your first duty is to yourself and your values. Everyone else is of secondary importance."
VALUABLE RESOURCES
www.Neilcowmeadow.com
[email protected]
HOST BIO
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
Neil explores the concept of "spoiling magic" in the context of teaching music, particularly guitar. He discusses the allure of guitar heroes and the myths surrounding their extraordinary abilities, emphasising the importance of dismantling these illusions for students. By breaking down the perceived supernatural skills of iconic musicians like Slash and Eddie Van Halen, Neil aims to empower learners to recognise that mastery comes from practice and process, not magic.
KEY TAKEAWAYS
Demystifying Talent: The idea of "natural talent" is often a myth; success in music or any skill comes from consistent practice and process rather than inherent ability. Everyone starts as a beginner.
Breaking Down Illusions: It's essential to shatter the illusion of superhuman abilities in admired performers. By doing so, students can realise that their idols were once beginners too, making their goals seem more attainable.
Teaching Methodology: Effective teaching involves simplifying complex skills into manageable steps, allowing students to progress gradually and build confidence in their abilities.
The Role of Performance: While it's important to teach the technical aspects of a skill, it's equally crucial to show students how to present their skills in a way that appears impressive, blending technique with performance art.
Encouraging Persistence: The journey from novice to proficient requires hard work and dedication. Students should embrace their initial struggles, as everyone experiences challenges along the way to mastery.
BEST MOMENTS
"As long as a student thinks that Slash or Eddie or Brian... are doing something supernatural, their limits and their beliefs about themselves... can't allow that to happen."
"Spoiling magic, as far as I can tell, is an occupational obligation. We have a duty to make things plain and simple and to be brutally honest."
"The assumption of magic is that people can't see the vapour trail of their favourite performer from being a complete lump on the instrument from day one to where they are now."
"If I don't do that, they're never going to believe that it's possible for them because they won't realize that Hendrix and Satriani... were once absolute beginners too."
"Nothing is as proverbial as unrealized genius. And I think talent is a myth. It's a lazy shortcut of a word."
VALUABLE RESOURCES
www.Neilcowmeadow.com
[email protected]
HOST BIO
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
Neil reflects on his 25-year journey as a private guitar tutor, sharing insights on the pivotal decisions that shaped his career and life. He emphasises the importance of taking risks and pursuing passions, highlighting how small choices can lead to significant opportunities. Neil discusses the deeper emotional needs of his students, recognising that their desire to learn often stems from personal struggles. He underscores the rewarding nature of one-on-one teaching, where meaningful connections are formed, and lives are transformed.
KEY TAKEAWAYS
Embrace Opportunities: Reflecting on pivotal decisions, such as starting to teach guitar, highlights the importance of seiing opportunities that can lead to significant life changes and personal fulfilment.
Life's Regrets: Many people regret not pursuing their passions or trying new things rather than regretting actions they took. It's essential to take risks and explore what truly makes you happy.
Teaching as a Lifelong Journey: Teaching is portrayed as an endless game without a finish line, where both the teacher and student continuously learn and grow. This perspective keeps the experience fresh and engaging.
Personal Connection: One-on-one teaching fosters a unique bond between the tutor and student, making lessons a special time for both parties. This personal interaction is often more rewarding than teaching larger groups.
Impact Beyond Skills: The role of a tutor extends beyond imparting technical skills; it involves helping students navigate their personal challenges and emotional wounds, ultimately leading to transformative experiences in their lives.
BEST MOMENTS
"Those decisions that we make are just the hinges in life. They swing open big doors. They open escape routes of opportunity."
"I don't want to lay down to die someday and think, I wish I'd done that, about anything."
"Teaching and helping my students is my game. It's a game with no end."
"Every single individual is damaged and hurting, but in slightly different ways."
"Imagine if schools made their pupils feel that way about being in class. What a revolution that'd be."
VALUABLE RESOURCES
www.Neilcowmeadow.com
[email protected]
HOST BIO
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
In this episode, Neil explores the concept of motivation, specifically focusing on the distinction between "away from" and "towards" motivation. Building on the last episode's discussion, Neil emphasises the importance of creating a compelling vision for the future that draws you towards your goals, rather than merely escaping undesirable situations. He encourages listeners to vividly imagine their ideal life and to document at least 100 positive reasons for taking action to achieve that vision. This episode serves as a motivational guide, urging tutors, teachers, and coaches to harness the power of a clear and inspiring future to propel their businesses forward.
KEY TAKEAWAYS
Motivational Direction: Understanding the difference between "away from" motivation (escaping undesirable situations) and "towards" motivation (moving towards desired goals) is crucial for sustained action and growth.
Compelling Vision: Creating a vivid and detailed vision of your future life is essential. This vision should encompass how you want your life to look, feel, and be, serving as a powerful motivator that draws you forward.
Daily Revisit: Regularly revisiting and refining your vision helps maintain focus and encourages consistent action towards achieving your goals.
Personal Reflection: Writing down at least 100 positive reasons for taking action can clarify your motivations and help you understand what truly matters to you, beyond societal expectations of success.
Life by Design: Emphasising the importance of designing your life according to your own values and desires, rather than conforming to external pressures, leads to a more fulfilling and authentic existence.
BEST MOMENTS
"Motivation away from something is a great starter to action, but it rapidly falls off once you've escaped from the unpleasant thing."
"Build yourself a compelling vision of your future, of how things will look, feel, smell, taste and sound, when everything is perfect and when you've achieved your goals."
"What you're concerned with is your life. Not what everybody else thinks is a good way to spend the rest of your days on this spinning ball of mud."
"I designed a life to suit myself and my own personal pleasures and passions. I imagined a compelling vision of a future life that I'd love to live."
"This exercise helps you to clarify your reasons why you're even thinking about life, business and your future at all."
VALUABLE RESOURCES
www.Neilcowmeadow.com
[email protected]
HOST BIO
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
Neil talks about the concept of human motivation through the lens of "away from" and "towards" movements. Drawing on his 15 years of experience as a certified NLP practitioner, Neil explains how these two motivational systems influence our actions. He shares a vivid thought experiment that illustrates the urgency of escaping discomfort while also highlighting the importance of having a clear vision of what we want to achieve. Listeners are encouraged to create a list of potential negative outcomes if they don't take action in their tutoring businesses, using this as a powerful motivator to spur them into action.
KEY TAKEAWAYS
Understanding Motivation: Human motivations can be categorised into two types: "away from" (moving away from something undesirable) and "towards" (moving towards something desirable). Both play crucial roles in driving action.
The Power of "Away From" Motivation: This type of motivation can spur immediate action in response to discomfort or pain. It serves as a powerful starter system that can help individuals escape from negative situations.
Transitioning to "Towards" Motivation: Once the immediate crisis is alleviated, the "away from" motivation may lose its effectiveness. It's essential to shift focus towards positive goals and visions to maintain momentum and drive progress.
Practical Exercise: A suggested exercise involves writing down 100 negative outcomes that could occur if one does not take action to grow their business. This list serves as a motivational tool to highlight the urgency of making changes.
Daily Reflection: Reading the list of negative outcomes daily can create a sense of urgency and discomfort, effectively harnessing the power of "away from" motivation to encourage proactive behaviour and decision-making.
BEST MOMENTS
"The immediate away from movement will get you out of trouble. And the towards movement will get you towards what you really, really want."
"That away from motivation is a great spur to fast action. It's life's do this or else threat crisis system."
"The more uncomfortable, scary and gut level you can make it, the more powerful it is."
"If I don't grow and scale my business, then these bad things could happen to me."
"Notice how those two systems work. The away from is the starter motor that got you out from under the tree."
VALUABLE RESOURCES
www.Neilcowmeadow.com
[email protected]
HOST BIO
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
Neil discusses the importance of evaluating personal habits and recognising what truly works in your tutoring, teaching, or coaching business. Building on the previous episode's theme of exploring unconventional methods for better results, Neil emphasises the necessity of self-reflection and honest assessment. He encourages listeners to regularly ask themselves if their current practices are effective and aligned with their long-term goals. Through personal anecdotes, including his experience with co-owning music shops, Neil illustrates the value of discontinuing unproductive activities to make room for more fulfilling and profitable endeavours. This episode serves as a motivational call to action for educators and coaches to identify and eliminate what doesn't work, ultimately leading to greater success and satisfaction in their professional lives.
KEY TAKEAWAYS
Evaluate Your Habits: Regularly take inventory of your habits to determine what is working for you and what isn't. This self-reflection can lead to valuable insights and improvements in your personal and professional life.
Embrace Honest Self-Assessment: When assessing whether something is working, be honest with yourself. The answers you may not want to hear are often the most important ones to pay attention to.
Stop What Doesn't Work: Identify and discontinue activities or habits that are not serving you. This creates space for new opportunities and strategies that may yield better results.
Learn from Experience: Reflect on past experiences, such as the decision to close the music shops, to understand that not all ventures will be fulfilling or profitable. Use these lessons to guide future decisions.
Make Room for Growth: By letting go of unproductive habits or ventures, you open up time and energy to pursue activities that align more closely with your passions and goals, ultimately leading to greater satisfaction and success.
BEST MOMENTS
"When was the last time you actually sat down and took inventory of your own habits? I didn't think so. Most people don't take time out to reflect or self-examine very much."
"The answer you don't like is the answer you must pay most attention to."
"Those uncomfortable no's are a gift, because you now know what not to do in order to make space for what you must do."
"If you don't know what isn't working, you'll probably keep on doing it... which won't leave you the space and time to try something which has a better chance of success."
"Continuing to run the shops was going to burn time. And that was an opportunity cost we were no longer willing to pay."
VALUABLE RESOURCES
www.Neilcowmeadow.com
[email protected]
HOST BIO
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
Neil shares insights from his extensive experience in the tutoring and teaching business. He recounts a recent session with a seasoned guitar player who, despite decades of experience, struggled with fundamental techniques due to conventional learning methods. Neil emphasises the importance of questioning the mainstream approaches to learning, highlighting that a staggering 90% of guitar learners quit when following traditional routes. He encourages listeners to explore alternative perspectives and disciplines beyond music education to enhance their teaching methods. This episode serves as a call to action for tutors, teachers, and coaches to continuously seek innovative ideas and improve their practices for the benefit of their students.
KEY TAKEAWAYS
Questioning the Norm: It's essential to continually ask yourself if your current methods are effective. If they aren't working, explore alternative approaches rather than seeking better versions of a failing scheme.
Common Mistakes in Learning: Many guitar learners struggle due to fundamental errors, such as improper guitar positioning and lack of understanding of chords and scales. These issues can lead to frustration and hinder progress.
High Quit Rates: Approximately 90% of people who start learning guitar through conventional methods end up quitting. This statistic highlights the ineffectiveness of mainstream teaching approaches.
Interdisciplinary Learning: Breakthroughs in teaching and learning often come from fields outside music education, such as physics, psychology, and anthropology. Exploring diverse disciplines can provide valuable insights and improve teaching methods.
Continuous Improvement: There is a duty to look beyond traditional methods and constantly seek new knowledge and techniques. This ongoing quest for improvement can enhance both teaching practices and student experiences.
BEST MOMENTS
"Why would a presumably competent player in his 60s start taking guitar lessons?"
"For 50 years, he's been making life hard for himself... All that heavy finger pressure makes everything harder than it needs to be."
"90% of people who start and pursue the conventional route fail; they quit. That's just insane."
"If what you're doing isn't working... start looking for different."
"We have a duty and a right to look beyond the narrow lane of our discipline."
VALUABLE RESOURCES
www.Neilcowmeadow.com
[email protected]
HOST BIO
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
The podcast currently has 371 episodes available.
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