Why Every Business Needs Solid Systems And How One Tool Helped Me Streamline Mine
This one is for my fellow business owners because I’v been through a few rough patches and figured out a few things along the way. If you’ve ever felt like you’re constantly playing catch-up in your business, juggling customer service, managing a team, handling insurance tasks, running marketing campaigns, and still trying to show up for your clients or patients, you're not alone.
One of the most transformative things I’ve learned as a business owner is this: you don’t just need help, you need systems.
This one is for my fellow business owners because I’v been through a few rough patches and figured out a few things along the way. If you’ve ever felt like you’re constantly playing catch-up in your business, juggling customer service, managing a team, handling insurance tasks, running marketing campaigns, and still trying to show up for your clients or patients, you're not alone.
One of the most transformative things I’ve learned as a business owner is this: you don’t just need help, you need systems.
Systems Separate Hustling from Scaling
Many entrepreneurs believe more hands on deck equals more efficiency. But in reality, more people without structure often just means more confusion. Systems give your business consistency, clarity, and the power to run without your constant oversight.
A solid system can:
Save time
Reduce payroll and overhead
Improve customer experience
Minimize costly errors
Set the foundation for scaling sustainably
And in healthcare practices like mine, where every minute of the day is spoken for, having streamlined systems isn’t just helpful, it’s essential.
The System That Quieted the Chaos
When I started looking for ways to systemize my front office, reduce administrative overhead, and make things actually run smoothly, I came across Weave.
I didn’t want to hire another front desk team member. I needed to replace repetitive tasks, automate communications, and improve our patient experience, without inflating payroll. And Weave helped me do that.
Let me break down how integrating Weave into our practice changed everything.
1. It Reduced My Front Desk Headcount
Staffing is expensive. With Weave, many of the repetitive administrative tasks that used to require one (or more) full-time employees became automated, centralized, and easy to manage.
Things like:
Answering calls and texts from patients
Confirming appointments
Sending reminders
Collecting payments
What once took a dedicated person (or two) now flows through one efficient dashboard. It allowed us to eliminate an entire front desk position without losing a beat.
If you want to see how it works, you can schedule a free demo here.
2. Automated Insurance Verification
Insurance verification is one of the most frustrating bottlenecks in healthcare. It's time-consuming, tedious, and error-prone. Weave changed that for us. Their platform does real-time insurance verification, allowing us to know a patient's eligibility before they even walk in the door. No more last-minute surprises, manual phone calls, or paperwork chaos.
This single feature alone cut hours from our week and saved our front desk from burnout.
3. It Took Our Marketing to the Next Level
Marketing often gets neglected in busy practices. But with Weave, we were able to:
Send customized text or email campaigns
Promote new services to specific patient groups
Re-engage inactive clients with automated messages
It’s not just marketing for marketing’s sake. It’s targeted, trackable, and integrated into the patient journey.
You don’t need a marketing agency when your communication system is this smart.
4. Online Reviews Without the Awkward Ask
Social proof matters. People trust online reviews more than almost anything else when it comes to choosing a provider or service.
Weave makes asking for reviews automatic, sending a friendly prompt after a patient visit. No need for awkward conversations or sticky notes at the front desk.
The result? We grew our Google reviews without any extra effort and that had a direct impact on new patient calls.
5. It Centralizes Communication
It unifies:
Phone
Text
Email
Voicemail
Call recording
All in one interface. So no matter who is at the front, the system retains every interaction. Patients love the responsiveness. Staff love the clarity. I love the peace of mind.
6. It Helps Collect Payments Faster
Patients can receive secure payment links via text after their appointments. It's easy, convenient, and helps reduce awkwardness around asking for payment in person. This means fewer outstanding balances, better cash flow and a happier practice & team.
In today’s business environment, especially in healthcare, profit margins are tighter, competition is fiercer, and expectations are higher. Your team shouldn’t be buried in tasks a software can handle.
When you invest in systems, you’re not just saving time, you’re buying back your energy and building a business that can grow without growing your stress.
Stop Hustling, Start Systemizing
You don’t need more hands. You need smarter systems. If you're a business owner (especially in healthcare or service industries), I highly recommend giving Weave a closer look. You can book a free demo here and see how it could work for your business.
Whether you’re scaling, reducing overhead, or just trying to make the day-to-day more manageable, Weave might be the system you didn’t know you needed.
How To Build a Resilient Business
In business and entrepreneurship, success often hinges on the ability to identify and meet a critical need in the market. This becomes especially vital during times of economic uncertainty. Choosing a business model that addresses a real problem and setting up in a location where your services are in demand can be the difference between thriving and merely surviving. This article explores the importance of these factors and offers insights into building a business that can weather economic downturns and remain recession-proof. A need-based business model ensures sustained demand, customer loyalty, and a competitive edge. Choosing a strategic location enhances accessibility, economic stability, and logistical efficiency. By focusing on these critical factors, entrepreneurs can build businesses that are resilient, adaptable, and capable of thriving even in economic turmoil. Embracing innovation, managing costs effectively, and diversifying revenue streams further strengthen the ability to navigate and succeed through economic challenges.
In business and entrepreneurship, success often hinges on the ability to identify and meet a critical need in the market. This becomes especially vital during times of economic uncertainty. Choosing a business model that addresses a real problem and setting up in a location where your services are in demand can be the difference between thriving and merely surviving. This article explores the importance of these factors and offers insights into building a business that can weather economic downturns and remain recession-proof.
The Importance of a Need-Based Business Model
A business model that addresses a genuine need is inherently valuable. Here’s why focusing on solving a problem is crucial:
Sustained Demand: Products or services that solve real problems are always in demand, regardless of the economic climate. Whether it's essential goods, healthcare services, or technological solutions, people prioritize spending on things they truly need.
Customer Loyalty: When a business consistently meets a critical need, it fosters strong customer loyalty. Customers are more likely to stick with a company they perceive as indispensable, providing a steady revenue stream even during economic slumps.
Competitive Advantage: Businesses that solve specific problems can carve out a niche market, reducing direct competition. This allows for more stable pricing and better profit margins.
Identifying the Right Problem to Solve
Identifying a problem worth solving requires a keen understanding of market dynamics and consumer behavior. Here’s how entrepreneurs can pinpoint the right issues:
Market Research: Conduct thorough market research to understand the pain points of your target audience. Surveys, focus groups, and social media listening can provide valuable insights into consumer needs.
Industry Trends: Stay abreast of industry trends to identify emerging needs. Technological advancements, regulatory changes, and shifting consumer preferences can create new problems that your business can address.
Personal Experience: Often, the best business ideas come from personal experiences. Entrepreneurs who have faced a particular challenge themselves are in a unique position to offer solutions that resonate with others.
The Role of Location in Business Success
The significance of location in business cannot be overstated. Here’s why choosing the right location is pivotal:
Proximity to Target Market: Setting up in a location where your target market is concentrated ensures accessibility and convenience for your customers. This is particularly important for retail businesses and service providers.
Economic Environment: The economic environment of a location affects business performance. Areas with a robust economy, high employment rates, and disposable income are more likely to support new businesses.
Local Competition: Analyzing the competitive landscape of a location helps in understanding market saturation. A less saturated market offers more opportunities for growth and less immediate competition.
Logistics and Supply Chain: Proximity to suppliers and logistics networks can reduce costs and improve efficiency. This is crucial for businesses that rely on timely delivery of goods and services.
Creating a Recession-Proof Business
Building a business that can withstand economic downturns involves strategic planning and foresight. Here’s how to create a recession-proof business:
Diversified Revenue Streams: Diversifying revenue streams can mitigate risk. Offering a range of products or services ensures that if one area experiences a downturn, others can compensate.
Cost Management: Effective cost management is crucial. Keeping fixed costs low and maintaining a flexible cost structure can help a business adapt to changing economic conditions.
Strong Customer Relationships: Fostering strong relationships with customers can ensure repeat business. Loyalty programs, excellent customer service, and personalized experiences can enhance customer retention.
Innovation and Adaptability: Businesses that innovate and adapt to changing market conditions are more likely to survive economic downturns. Staying agile and responsive to market changes can provide a competitive edge.
Case Studies of Successful Need-Based Businesses
Healthcare Services: Companies like CVS Health and Walgreens thrive by addressing the continuous need for healthcare services and products. Their strategic locations and comprehensive service offerings make them indispensable to consumers.
Essential Goods: Businesses like grocery stores and utility companies provide essential goods and services that remain in demand regardless of economic conditions. Their necessity ensures a steady customer base.
Technology Solutions: Companies like Zoom and Slack saw exponential growth during the pandemic by addressing the need for remote communication and collaboration tools. Their ability to solve a timely problem ensured their relevance and growth.
In business and entrepreneurship, success often comes down to solving the right problem in the right place. A need-based business model ensures sustained demand, customer loyalty, and a competitive edge. Choosing a strategic location enhances accessibility, economic stability, and logistical efficiency. By focusing on these critical factors, entrepreneurs can build businesses that are resilient, adaptable, and capable of thriving even in economic turmoil. Embracing innovation, managing costs effectively, and diversifying revenue streams further strengthen the ability to navigate and succeed through economic challenges.
Boost Your Business with Square: Empowering Entrepreneurs with Seamless Payment Solutions
In the fast-paced world of business, staying ahead of the competition and providing convenient payment options for customers is crucial. Square, a revolutionary payment processing platform, has emerged as a game-changer for entrepreneurs and businesses of all sizes. In this blog post, we will explore the numerous benefits of Square and how it can transform your business with its seamless payment solutions.
In the fast-paced world of business, staying ahead of the competition and providing convenient payment options for customers is crucial. Square, a revolutionary payment processing platform, has emerged as a game-changer for entrepreneurs and businesses of all sizes. In this blog post, we will explore the numerous benefits of Square and how it can transform your business with its seamless payment solutions.
As an entrepreneur deeply rooted in various ventures, I'm thrilled to share my personal success story with Square – a versatile payment processing solution that has seamlessly integrated into my diverse business landscape. From my Orthodontics practice where I leverage the Square reader to kickstart new patients' orthodontic journeys at local events such as bridal shows, community gatherings, and farmers markets, to my flourishing candle company that thrives at flea markets, and even in the realm of my aesthetic business where precision and reliability are paramount, Square has been the driving force behind my seamless transactions. The straightforward and efficient nature of Square's payment solutions has allowed me to dedicate more time to providing exceptional service and fostering business growth. Throughout this post we will; explore the exceptional benefits of Square and how it can effortlessly elevate your entrepreneurial pursuits. Plus, an exciting incentive awaits: make the most of your decision to embrace Square before August 24th, using the exclusive discount code SUMMERSAVE to enhance the value of your journey towards success!
What is Square?
Square is a financial services and mobile payment company founded in 2009 by Jack Dorsey and Jim McKelvey. It began as a small, portable card reader that attached to smartphones and allowed merchants to accept credit card payments on-the-go. Since then, Square has grown exponentially and expanded its suite of services to include an extensive range of payment and business management solutions.
Benefits of Square for Your Business
1. Seamless Payment Processing:
Square offers a user-friendly and seamless payment processing system that enables businesses to accept various payment methods effortlessly. Whether it's credit cards, debit cards, mobile payments, or even contactless transactions like Apple Pay and Google Pay, Square has got you covered. With quick and reliable transactions, customers experience a smoother checkout process, leading to increased customer satisfaction and repeat business.
2. Diverse Product Offerings:
Square offers an array of products tailored to cater to different business needs. Apart from the traditional card reader, they provide solutions like Square Terminal, Square Register, Square Stand, and Square for Restaurants. Each of these options is designed to streamline transactions and manage sales efficiently, making it a versatile choice for businesses across industries.
3. Inventory Management:
Keeping track of inventory and sales is a breeze with Square's integrated inventory management system. Users can effortlessly track stock levels, set up low-stock alerts, and manage purchase orders directly from the Square dashboard. This feature helps businesses make informed decisions, prevent stockouts, and reduce the risk of overstocking.
4. Online Payment Solutions:
In addition to in-person transactions, Square offers powerful online payment solutions for e-commerce businesses. Whether you're running a website or selling through social media, Square's e-commerce tools ensure a smooth and secure checkout process for your online customers.
5. Business Analytics and Reporting:
Square provides valuable insights into your business through detailed analytics and reporting features. You can access real-time sales data, track performance, and understand customer behavior, all of which are essential for making informed business decisions and formulating effective marketing strategies.
Square Fees and Costs
One of the most appealing aspects of Square for small businesses is its transparent and straightforward fee structure. Here's an overview of the main fees associated with using Square:
1. Card-present Transactions: For swiped, dipped, or tapped payments, Square charges a flat fee of around 2.6% + $0.10 per transaction.
2. Card-not-present Transactions: For keyed-in or online payments, the fee is slightly higher at around 3.5% + $0.15 per transaction.
3. Additional Services: Square may charge fees for certain additional services, such as chargebacks, instant transfers, and virtual terminal usage.
It's worth noting that while Square's fees may seem marginally higher than some traditional merchant service providers, the absence of monthly fees, contracts, or hidden costs makes it an attractive option, particularly for smaller businesses and startups.
Types of Square Terminals
Square offers a variety of payment processing solutions, each tailored to specific business needs. Here are some of the most popular types of Square terminals:
1. Square Reader:
The original Square Reader attaches to a smartphone or tablet through the headphone jack and is ideal for small businesses and mobile vendors who need a portable payment solution.
Cost: $59
2. Square Stand
Ideal for businesses of all sizes, this sleek stand provides a stable platform for your iPad, creating a seamless checkout experience for your customers. Beyond its aesthetic appeal, the Square Stand is a versatile tool that integrates smoothly with your Square ecosystem.
Cost: $149 ($25 off with discount code)
3. Square Terminal:
A standalone, all-in-one payment terminal with a touchscreen interface. It can process all types of payments and is perfect for brick-and-mortar stores or businesses on the move.
Cost: $299 ($50 off with discount code)
4. Square Register:
An advanced, sleek, and powerful point-of-sale system designed for larger businesses with higher transaction volumes. It offers a full suite of business management features, making it an all-in-one solution for retail establishments.
Cost: $799 ($100 off with discount code)
If you’re in the market for a payment processor, for the month of August Square is offering discounts on their hardware. This offer expires August 24, 2023, at 11:59 p.m. PST or while supplies last, whichever comes first. Offer for $50 off cost of one Square Terminals (limit 2), $100 off cost of one Square Register (limit 2), and $25 off cost of one Square Stand (limit 2) excluding applicable taxes. Each code is limited to one redemption per Square account holder. Use code: SUMMERSAVE to take advantage of the discounted pricing.
Square has revolutionized the way businesses accept payments and manage their operations. With its user-friendly payment processing, diverse product offerings, inventory management capabilities, and detailed analytics, Square empowers businesses to enhance customer experiences and streamline their operations. Moreover, the transparent fee structure and absence of hidden costs make Square a cost-effective and reliable choice for businesses of all sizes.
If you're looking to elevate your business's payment processing and streamline your operations, Square is undoubtedly worth considering. Embrace the power of Square and unlock new possibilities for your business's growth and success.
7 Things I Learned From Creating a 7-Figure Business
When I first started out in business, I had no idea what I was getting myself into. After years of hard work and dedication, I am proud to say that in 2022 I have achieved 7-figure success. It was quite possibly one of the most challenging yet rewarding goals I have accomplished yet. I spent the last week in 2022 completely spent and exhausted with much time to reflect. From this journey, I have learned a great deal about what it takes to be a successful entrepreneur and millionaire.
When I first started out in business, I had no idea what I was getting myself into. After years of hard work and dedication, I am proud to say that in 2022 I have achieved 7-figure success. It was quite possibly one of the most challenging yet rewarding goals I have accomplished yet. I spent the last week in 2022 completely spent and exhausted with much time to reflect. From this journey, I have learned a great deal about what it takes to be a successful entrepreneur and millionaire. In this blog post, I will share seven key things that I have learned from creating a 7-figure business. I will provide tips on mindset, personal, professional, and financial development that have helped me reach my goals. . Here are 7 lessons I learned on the way to 7-figures:
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Step by Step Guide on How To Set Up an LLC
So you’ve decided to take that next big step and start a business or side hustle. You have your idea, business plan and everything else in place but now need to make your business legitimate. Many small business owners decide to set up an LLC for the liability protection it provides. An LLC, or limited liability company, exists separately from its owners , and the owners are, therefore not personally responsible for business debts.
So you’ve decided to take that next big step and start a business or side hustle. You have your idea, business plan and everything else in place but now need to make your business legitimate. Many small business owners decide to set up an LLC for the liability protection it provides. An LLC, or limited liability company, exists separately from its owners , and the owners are, therefore not personally responsible for business debts.
To form an LLC, you'll need to file paperwork with the state where your business is located. Every state has its own rules and procedures, but there are several steps you'll need to follow to get your LLC up and running, no matter where you live.
Step 1: Choose a name for your LLC
Get creative and choose a business name that will stand out and be memorable. Keep in mind however that most states do not allow two different business entities to have the same name. So do your research and make sure your business name is not already taken. You can't, for example, have "Lilly’s Pup Treats, LLC" and "Lilly’s Pup Treats, Inc.," even if they're located in different cities.
Do a google search and check with the US patent and trademark office to see if your proposed LLC name is available. Choosing a unique name can help avoid confusion and trademark infringement claims. Also consider whether a domain name is available that matches your business name, you will want everything to be as cohesive as possible.
If the name you've selected is available, but you aren't ready to file your LLC documents right away, you may want to consider reserving the name. Nearly every state allows you to reserve a name by filing a form and paying a name reservation fee. The length of the reservation period, filing fees, and renewal policies vary from state to state.
Step 2: Choose a registered agent
Almost every state requires LLCs to name a registered agent. A registered agent is a person who agrees to receive official documents (lawsuits, subpoenas, etc) on behalf of the LLC and to pass them along to the appropriate person at the LLC. You, the officer can be the registered agent or you can assign someone like your accountant that role if he/she set your business up for you. Some companies, like legal zoom provide registered agent services for a fee.
Step 3: File organizational paperwork with your state
You will need to file articles of organization that list things such as:
The name and address of the LLC
The length of its existence, if not perpetual
The name and address of the registered agent
The purpose for which the LLC was formed
The paperwork usually must be signed by the person forming the LLC, and in some states, the registered agent must also sign. The filing fee varies from state to state
Step 4: Prepare an LLC operating agreement
The operating agreement typically isn't filed with the state and and is usually not required by state laws. However, it is an essential way for business owners to define their rights and responsibilities and minimize future disagreements. An LLC operating agreement is a roadmap that describes how your LLC will run. Common provisions in this agreement include the statement of intent, its business purpose, the time period during which it will operate, how it will be taxed, new LLC member admissions, and member capital contributions.
Step 5: Determine licenses needed
After the LLC's formation documents are filed and approved, the state will issue a certificate or other document confirming that your LLC now exists. Once you've received the certificate, you can determine whether or not you will need specific permits or licenses—like a zoning permit or liquor license, that your business may need.
Step 6: Get an EIN
The next step is to get your Employer Identification Number (EIN). Your EIN kind of like a Social Security Number for your business. Not only is it unique to your business, but it's crucial for particular business necessities like banking, taxes, and even hiring employees.
Step 7: Register to do business in other states (optional)
If your LLC does business in more than one state, you may need to register to do business in other states. To do this, you'll need to fill out and submit paperwork that's similar to the paperwork you filed when you formed your LLC. You'll also need a registered agent in each state where you are authorized to do business.
An LLC is a popular and flexible business option that works well for many small business owners. LLCs are typically pretty easy to set up and maintain.
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Starting a Business When You’re the Stay-at-Home Parent
In many households, being a stay-at-home parent can be more advantageous than employment due to daycare costs, other obstacles, or the simple desire to be more involved in the lives of your younger children. Still, you may feel as though you could be doing more — such as running a business. There are actually many businesses you can operate successfully while being a stay-at-home parent.
This is a guest post by Marjorie Jones
In many households, being a stay-at-home parent can be more advantageous than employment due to daycare costs, other obstacles, or the simple desire to be more involved in the lives of your younger children. Still, you may feel as though you could be doing more — such as running a business. There are actually many businesses you can operate successfully while being a stay-at-home parent.
Leverage Your Talents and Interests
One of the easiest ways to start a profitable business that doesn’t require too many resources is by using the knowledge you have to teach lessons to others. If you play an instrument, you can offer music lessons. If you paint, you can teach art lessons. Consider that you can also teach lessons online and sell pre-recorded classes.
Being a personal trainer is a great way to make a reliable income without needing to leave your home. You can stream lessons over the Internet to clients working out with weights at home or at their own gyms. This kind of setup also enables you to scale the business to a larger degree.
If you’re knowledgeable about a niche and skilled in writing about it (or writing in general), you can take on clients from the comfort of your own home. Even if you work through a platform that connects you with clients, you can work both online and for local businesses on the side. It’s probably most beneficial to file your taxes through an LLC as an independent contractor.
Set Up Your Business
In order for your business to run smoothly, you’ll need to take some steps to get it set up via paperwork and other factors, so it can operate legally. An LLC offers tax advantages, liability protection, and operational conveniences. This can be done via your state government or proper provincial offices.
When starting out with your stay-at-home business you’ll need to determine how much the business will cost to start and where you’ll get the funding from. You’ll need a comfortable and sufficient workspace somewhere in your house, such as the garage, guest room, or office. Marketing is also a crucial question to figure out, and it’s not a bad idea to start online or use geofencing methods to attract more localized customers.
Get the Ball Rolling
Getting paid requires invoicing clients properly and following up to make sure you receive payments. Your business will probably be on a smaller scale, so up-front payments are probably a good idea. However, there are many tools you can use to make invoicing clients simpler and easier when necessary. This invoice generator will save loads of time and provides several templates you can use for different kinds of businesses. You can also customize different elements of the document by adding logos, photos, or other elements that make identifying and reading them easier for clients and yourself.
A Business Can Change Your Life
If you plan carefully and choose a business niche that works for your circumstances, you can operate a profitable venture that benefits your whole family. Make sure to register your business venture through proper channels and use invoice software to make the process simpler.
For insight and advice from an entrepreneur and mother who’s seen it all, visit The UnOrthoDoc blog.
About The Author
Marjorie Jones created Working Class Wow because she knows you don’t need a big budget to make your business look like a million bucks! From a well-designed logo and a carefully-crafted website to grammatically-correct copy and professionally-printed marketing materials, it is entirely possible (and surprisingly affordable) to bring a little “Working Class WOW” to your small business to build your brand, improve relationships with customers, and benefit the bottom line. WorkingClassWow.com can show you how.
How To Launch Your Side Business Successfully In As Little As 14 Days
There's absolutely nothing wrong with having a job. Some people genuinely love what they do, where they work and the people they work with. But, what if you had more time to spend on the things that you are truly passionate about?
No one gets wealthy from having a job. Read that again!!!
Having a job is great, you receive a paycheck in exchange for time spent completing tasks related to your work. That paycheck affords you the lifestyle you live, you pay your bills, go out to dinner or brunch with friends and you may even be able to squeeze in a vacation with the 2 weeks paid time off you negotiated in your contract. It's the American Dream!
But, that American dream is flawed. With your job, you're exchanging your most valuable asset - your time. Meanwhile, your boss has time to spend with his/her family, take 4-6 vacations per year (maybe more), owns homes in Miami and Fiji (which he flies to in First Class or on his private jet) and host dinner parties on his/her yacht.
There's absolutely nothing wrong with having a job. Some people genuinely love what they do, where they work and the people they work with. But, what if you had more time to spend on the things that you are truly passionate about?
I've always had an entrepreneurial mindset. Both my parents were business owners and growing up I never saw them work for anyone. They were always their own boss. I remember distinctly how my dad lectured me on the dangers of mediocrity and somehow my 10 year old self formulated the conclusion that if you worked for someone you were mediocre. That may not be what he meant, but that's the conclusion I reached at the time.
My dad has always been a self employed businessman that wears many hats. He is an engineer by trade, a lawyer, he owns businesses in a myriad of industries and has time to be involved in politics. It seemed to me that he did whatever he pleased at whatever time he felt like doing it . He employed competent individuals who managed the daily activities of the businesses and allowed himself the freedom to spend most of his days as he saw fit. He is a very shrewd man but I could never figure out how he made money but never went to work at a scheduled time. As a kid I decided, perhaps subconsciously that this too would be my life - wearing multiple hats and being financially independent to live the life I pleased.
As a dental student I loved scented candles and always had a passion for creating things by hand so I decided to merge the two. I started making candles in my kitchen as a way to relax and be creative and I've kept this passion alive till this day. Over the years it has transformed into a steady income earning business. My vision for the company has always been to become a staple in dental offices throughout the U.S (and the world) as well as homes, boutiques, yoga studios, restaurants, etc.
The candle company, my blog and other passive income streams remain my 6-10 (what I focus on when I'm not in my private practice being an Orthodontist and creating smiles between 9-5). However, during the pandemic in early 2020 when we were forced to quarantine I put my full focus into the candle business and was able to grow it over 300% in three short months. During this time I put 100% focus on my side businesses and they flourished! Now, I want to help you do the same.
Mindset Mastery
A lot of people have genius ideas that never get off the ground because they get stuck on turning those concepts into reality. Starting any kind of business is challenging! Despite those challenges, a well thought out idea can become a full time career (if that’s what you want).
Did you know it could take as little as 4 days to slingshot an idea into reality? I am speaking from experience. It involves a little mindset mastery, planning and execution.
Let’s face it, in life your mindset will make or break you. Business is no different. The truth is there is no better time than now to start that side hustle you’ve been thinking of. The Internet has created an environment where anyone can become successful once they have a great idea, fill a void or solve a problem. Those ideas are not serving a purpose in your head or in your notebook. They are worth nothing unless acted upon. This is the first step to starting your side hustle journey.
Mindset Master 1 - Believe in yourself and your business
Mindset Master 2 - Cultivate a mindset of abundance
Mindset Master 3 - Form Profitable Habits
Mindset Mastery 4 - Think 2-3 steps ahead
In my e-book: From Idea to Profit, I go over each mindset mastery step and get into the nitty gritty of launching your business. It includes 7 fundamentals steps every person has to go through to get their business going, in addition to all the steps necessary to get your business set up and fully running. The great part, all of this can be accomplished in as little as 2 weeks!
You have absolutely nothing to lose! For the cost of two cups of coffee you can get all the steps to get a profitable side business up and fully running that will continue to make you money for years to come. Not only that, but you also receive not one, not two but three free bonuses inside!
Tax Write-Offs For New Business Owners
As a new business owner, you may not know all the tax write-offs available to you. I sure did not, but with the help of my trusted CPA I am getting more and more familiar the more seasoned I become. I am going to share with you a few that I have come to know quite well over the last several months.
As a new business owner, you may not know all the tax write-offs available to you. I sure did not, but with the help of my trusted CPA I am getting more and more familiar the more seasoned I become. I am going to share with you a few that I have come to know quite well over the last several months.
But first, What is a write-off anyway? A write-off is an accounting action that reduces the value of an asset while simultaneously debiting a liabilities account. It is primarily used in its most literal sense by businesses seeking to account for unpaid loan obligations, unpaid receivables, or losses on stored inventory. Generally, it can also be referred to broadly as something that helps to lower an annual tax bill.
Here are 5 Write-Offs to take advantage of if you’re a business owner:
1. Startup And Organizational Costs
As a new business owner, there are certain costs associated with getting started in business called startup and organizational costs. Be sure to keep a record of these deductions because the IRS allows you to write off up to $5,000 worth of startup expenses made in the first year of business. If you spend more than $5,000 in your business the first year, the amount in excess would be considered amortized expenses and is able to be written off over the course of 180 months. So until your business is considered “operational” you are not able to take 100% of your expenses but are limited to $5,000 worth of expenses.
2. Equipment Costs
As a business owner, you have the ability to write off your equipment. This is a no-brainer if you are a dental professional. Even If you purchase items through Amazon or other stores of the sort for products and equipment, as long as those expenses are considered business equipment costs and not personal expenses, you can receive a tax deduction for it. At the beginning of my business, what became really important to me was that anything eligible I spent my money on was being written off by my business.
3. Business Meals
Thanks to the Tax Relief Bill that was implemented by the Trump administration as well as the Biden administration you are able to deduct 100% of your meals in the year 2021 as long as there was a business purpose for the meal. So, if you choose to conduct business in a restaurant or you are ordering food for the office, your business-related meals are now 100% deductible - hello dinner team meetings! Make sure that you keep a record of your business meals as well as the purpose of the meal.
4. Your Vehicle
If you saw this post you know that I am writing off my vehicle since I use it for my business. If you have a vehicle that you are using for a business, it's so important to understand how to take a vehicle deduction and how to properly depreciate your vehicle. There are two ways to go about writing off your vehicle, you can
choose to depreciate your vehicle (e.g., taking the purchase amount of your car and writing it off over the course of five years) or you can
choose to take mileage - the mileage is helpful if you drive frequently since there is a set amount, 57.5 cents, that you can deduct per mile of a business-related trip.
When you are depreciating your vehicle you are also able to write off all the expenses associated with that vehicle. When it comes to purchasing new vehicles, you might want to look at buying one that meets specifications (such as weighing more than 6,000 pounds). If a vehicle meets the criteria, including being used for business purposes more than 50% of the time, you may be able to deduct the entire purchase price of the vehicle – financed or not – in the year the car was purchased. What this means is, if you are someone who is in need of a new vehicle for work, you can purchase it and write off 100% of your vehicle purchase amount, whether you make a down payment on the car to finance or if you paid cash. Lastly, you can also write off a leased vehicle's car payments through the business. However, when you are leasing a vehicle you are not able to take the depreciation deduction.
5. Place Your Children On Payroll
Braxton is not of age just yet, but when he is I will definitely be putting him on payroll. If you have children that can do tasks that are ordinary and necessary for your business, this is a great time to grow money for your kids tax-free. Many of us know the benefits of having a Roth IRA and that children can have Roth IRAs, but many taxpayers aren't sure as to how to go about growing tax-free dollars for their children while leveraging a business. When you decide to put your children on payroll, there are no payroll taxes you have to pay on the amounts. You can pay your child up to the standard deduction, which is $12,400, without your child needing to file a tax return. Now as a business owner, you get a $12,400 deduction for putting your child on payroll, without having to file a tax return, and no payroll taxes get paid. On the backend, you can also set up a Roth IRA for your children, place them on payroll and fund the Roth IRA through the payroll #WIN.
Since becoming a business owner, my mindset towards money and taxes have completely shifted. When you are a business owner, you should always be thinking about how you can leverage savings on the things that you are already spending money on. You should definitely speak with your CPA or trusted tax advisor to ensure you are leveraging your business the right way.
Reasons Young Professionals Need a CPA
Spring is usually the time when we talk taxes! But, since 2020 has been an unprecedented year all around, tax time came a bit later this time. Taxes are a necessary evil that is the sobering reality for anyone earning a paycheck. But with each passing filing and with the rising trend of DIY everything, it seems like the younger generation are turning their backs on an accountant and instead trying to do it themselves.
Spring is usually the time when we talk taxes! But, since 2020 has been an unprecedented year all around, tax time came a bit later this time. Taxes are a necessary evil that is the sobering reality for anyone earning a paycheck. But with each passing filing and with the rising trend of DIY everything, it seems like the younger generation are turning their backs on an accountant and instead trying to do it themselves. With the help of google people are turning to software like Turbotax or an employee at H&R Block to prepare and file their taxes at the end of the fiscal year. Nothing against these methods of tax preparation, but not everything needs to be DIYed (side note: don’t get me started on DIY braces). However, in this economic climate CPA’s are more important to young professionals and businesses than ever.
The Rise of Contract Employees, Start Ups and Side Hustles
The economy is primed for startups. We’re at an age when people are constantly able to create and innovate to drive the world forward with the click of an app. But with all new business ventures comes great risk. There is incredible and inherent risk when starting a business and every dollar spent needs to be accounted for. So it’s no wonder that with the boom of the startup sector that there’s a rise in contracted employees. Contracting employees is cheaper. Not only that, but by contracting work, startups everywhere gain the flexibility to adapt and shift to the market needs. Independent contractors are the logical choice for emerging businesses. However for the contractor themselves, the line between employee and freelance can be blurry.
Yes, You Need An Accountant
Inexperience, mixed with the looming tax deadline creates panic for so many young people. An accountant can alleviate that stress - they understand tax laws and can help you save your hard earned money. The same thing can be said for entrepreneurs navigating the world of small businesses. CPA’s can help keep your financials on track, while advising you on taxes. “This may seem obvious, but keep in mind that rules and regulations change frequently, and it’s tough if not impossible for any business owner to keep up with it all. An accounting professional can take away your uncertainty and ensure your business stays compliant.”
So, are we at a time when it’s easy to file your taxes, all on your lonesome? Yes. But nevertheless, more and more people are turning to the side hustle to earn a little extra at the end of the month.
Conversely, a CPA firm that concentrates on the dental industry can not only review QuickBooks, provide tax reduction planning, and provide best practices benchmarking for a dental practice, but should also provide insight into the best local providers for:
Dental Law Firms
Dental Banking
Dental Real Estate
Dental Brokerage
Dental Insurance
Dental Practice Cost Segregation
If you are searching for a higher level of expertise at key points in your dental career, it really pays attractive dividends to align yourself with a CPA firm that is focused on the dental industry. Below are some of the most important inflection points for hiring a Dental CPA:
Incubator Stage – While working in Corporate Dentistry or attending dental school, it really pays to create the right professional relationships to overcome obstacles to dental practice ownership.
Growth Stage (first five years of ownership) – Decisions ranging from office location to practice type to office staff can have profound impact on production, cash flow, client acquisition, and debt reduction.
Adolescent Stage – Decisions focused on technology upgrades, remodeling, office design, improved work flows, and improving clientele quality.
Maintenance Stage – Most of this phase focuses on saving for retirement.
Exit Stage – Most of this phase is focused on maximizing the value of the practice for sale.
If you haven’t found a great dental CPA to work with, feel free to shoot me an email and I can offer my recommendation.
