Welcome! In today’s show, we talked about setting financial goals for your online business and dished on a word that many business owners hate. (Hint: It starts with b, ends with t, and has a d in the middle.)
In case you need help deciphering the hint above, today we talked about the importance of mastering your money and having a B-U-D-G-E-T for your business. We also discussed the importance of paying yourself a reasonable salary and putting money into savings as well as investing money back into your business.
Here's what you'll learn:
- Why big picture financial goals aren't enough
- The importance of having a “why” for each of your financial goals
- How to determine realistic financial goals for your business
- Why you need to have the right money mindset and the role that discipline plays in your business finances
- Why a seven-figure launch may not be all it's cracked up to be
- . . . and so much more!
Praise Party
In this segment of the podcast we take a break to talk about things that are going well, and love on our clients that have loved on us.
In this episode we gave a shout out to Shane and Jocelyn Sams of FlippedLifestyle.com, for the epic comment they left for us regarding how much they love our podcast. Shane and Jocelyn are clients of ours, and a true delight.
This is a picture of us with them in a rare treat where we actually got to meet up with our online entrepreneurs face-to-face! It was a great Friday full of good food (from Marilyn's Soccer Taco restaurant… yum!), financial stuff, fun, laughs, and tons of online business talk. 🙂
Conversations and Celebrations
In today's show we talked about one of our new clients who needed help setting up their business entity.
In the process of our conversation, we discussed their handling of contractors, and they brought up that they were paying their recently unemployed parents. Unfortunately, the parents didn't have the right skillset to contribute to the business, so it wasn't an ideal situation.
They were relieved to discover that the IRS allows each individual to gift — tax free — up to $20,000 to any other individual in a given year.
This was great news for them because it gave them a way to help their parents out without it being a tax burden on anyone.
The Power Play
Today's Power Play is to set at least one financial goal for your business. Be specific, crunch the numbers, and figure out how you're going to get there.
We hope that our podcast inspires you and provides helpful information as you build your online business!
Links and resources mentioned in today's show:
Thank you for listening! We can't begin to tell you how much we appreciate it! If you enjoyed today's show, please share it with your friends and family! Our goal is to help as many online entrepreneurs as possible fix their finances! Help us help them by spreading the word!
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