business

Focus On Earning Money

Saving money is important. So is not spending more than you earn. And so is understanding the implications of big financial decisions like taking on student loans or a mortgage. All of these are crucial for long-term financial sustainability. 

But one huge piece of the equation that not a lot of people focus on is the earning money part. As you can imagine, I spend a lot of time thinking about this concept.

How an Income Account Can Help You Make More Money

For the past year, I’ve been using an income account as a part of my weekly accounting process.

Accounting process sounds fancy, but it’s just a workflow process that I use every week. The reason I started using an income account was because I wanted to have a better understanding of how much I truly needed to earn. I also wanted to see if I could run my business with less money each month by only giving my business a certain amount of money to work with.

How to Price Your Services

If you work for yourself or dream of working for yourself, I'm sure one of the motivating factors is to make a profit. Making a profit can depend on a lot of different factors. Some of those factors are outside of your control like the market and the competition. You can move the needle on other factors like leadership, management, location and the number of locations. But one of the most important factors that have a direct impact on your profit is pricing. Pricing is how much you charge for your service.

Do I Have to Pay Taxes on Side Gig Income?

One of the first concepts I learned while studying economics is a phrase made popular by the economist Milton Friedman: "There is no free lunch". An Econ professor once wrote it on the white board in all caps and it's stuck with me ever since.

Should You Formalize Your Business? The Pros and Cons

Why the hell would anyone ever go through the pain of formally setting up a business as an entity? Well, while it is costly and annoying, all the drawbacks come with advantages. Let's break them down so you can to understand what to expect with each entity type

How to Determine Who Receives a 1099-MISC

How to Determine Who Receives a 1099-MISC

A 1099-MISC form is used to report certain types of payments made in the course of a trade or business. Let's talk about how to determine who should receive a 1099 and then how to file the damn things.

 

How to Keep Your Business and Personal Finances Separate

If you're running a business, it's a pretty smart move to keep your business and your personal finances separate. In fact, if you have a formal business set up, like an s-corp or LLC, you are required to by law. Keep it separate and don't commit fraud, kids.

Clarity in the New Year.

Clarity in the New Year.

The start of a New Year is a beautiful time. It's full of potential; a natural inflection point; a pause. Whether it's true or not, it feels like everyone is focused on reflection and intention. We're all making space for ourselves and with that comes giving space to others. And that space allows us clarity, if we choose to seek it.

How to Finance Your Company: Know Your Options

How to Finance Your Company: Know Your Options

How you will finance your company is an important decision. Financing will impact how you operate and how you make decisions. For example, a company financed by the founder's personal savings will operate differently than a company that has received funding from venture capital investors.