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Speaker 1: Welcome to had to Money. I'm Joel, I'm Matt, and

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Speaker 1: today we're talking money smart Solopreneurs with Laura Adams.

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Speaker 2: Yeah, let's talk about how to quit your nine to

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Speaker 2: five start your own business. It can't be all that hard,

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Speaker 2: right Joel. It wasn't too difficult for us.

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Speaker 3: Yeah, there were some growing pains.

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Speaker 2: I don't know, like, there are a lot of folks

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Speaker 2: out there and they might have a great idea. I

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Speaker 2: think there might be some folks who've like stumbled upon

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Speaker 2: maybe a unique niche that you feel that you can

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Speaker 2: step into. So because of that, you're pumped. But then

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Speaker 2: you start thinking it through and some major questions start

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Speaker 2: bubbling up to the surface, right like how do you

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Speaker 2: go about exiting your day job? Or like how do

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Speaker 2: you know that you have enough money or enough work

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Speaker 2: on the side to go all in? What about giving

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Speaker 2: up those W two benefits those are pretty valuable, even

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Speaker 2: getting organized, paying taxes. That's like some of the less

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Speaker 2: sexy side of owning your own business. But luckily today

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Speaker 2: we're joined by the author of the money Smart solopreneur,

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Speaker 2: Laura Adams. And Laura is actually the author of nine books.

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Speaker 2: She's the host of the Money Girl Podcast, and honestly,

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Speaker 2: by the end of this episode, we hope that folks

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Speaker 2: are going to feel empowered to start their own business.

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Speaker 2: I'm certainly glad Joel that you and I we stuck

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Speaker 2: it through. Yeah, made it through those growing pains and

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Speaker 2: started our own business. But Laura, thank you so much

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Speaker 2: for joining us today on the podcast.

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Speaker 4: It's so good to be with you. Matt Joel, thank

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Speaker 4: you so much for having me on. I'm super pumped

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Speaker 4: to be here.

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Speaker 3: Oh, we're excited too. Laura.

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Speaker 1: You've been doing the money thing for a long time,

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Speaker 1: so we've got so many questions for you. First question, though,

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Speaker 1: we ask everybody who comes on, is what do you

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Speaker 1: like to spor jehn, Because that, like I don't know,

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Speaker 1: gives us a little peek under the hood of what's

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Speaker 1: your deal is? Even though you're doing the smart thing,

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Speaker 1: you're you're saving, you're investing for the future, what is

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Speaker 1: it that you like to spend money on right now?

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Speaker 4: Yeah? You know, if you looked at my check book,

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Speaker 4: the quote unquote check book, the virtual checkbook, you would say, gosh, Laura,

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Speaker 4: you spend a lot of money on healthcare, like supplements.

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Speaker 4: I go to a boutique doctor. I just do a

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Speaker 4: lot of health related extra spending because I just and

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Speaker 4: my husband as well.

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Speaker 5: So it's it's the both of us, Okay, we really

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Speaker 5: want to be healthy.

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Speaker 4: And I feel like investing in your health is worth it.

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Speaker 4: If you don't have your health, you know, it doesn't

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Speaker 4: matter how much wealth you have, right, It's all about

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Speaker 4: being able to enjoy, you know, what you work so

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Speaker 4: hard for. So I do invest a lot in healthcare.

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Speaker 4: And I think a lot of people would look at

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Speaker 4: that and say that's a lot of money, You're crazy,

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Speaker 4: But to me, it's so well worth it.

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Speaker 2: Okay, so this is hopefully this doesn't derail us too much, Laura.

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Speaker 2: But you mentioned like supplements and stuff. I feel like

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Speaker 2: this is a small This is an area that I've

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Speaker 2: started to kind of do some reading and trying. I'm

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Speaker 2: trying to explore. Do you feel Let's that's a quick disclaimer.

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Speaker 2: This is not medical, not medical advice. But do you

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Speaker 2: think that there are one, two, or three supplements that

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Speaker 2: pretty much everybody out there should be considering?

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Speaker 4: Yeah, you know, I do take a really good multi vitamin.

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Speaker 4: Of course, I'm also taking extra vitamin D. A lot

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Speaker 4: of folks are deficient in D So that's something you,

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Speaker 4: you know, should probably check with your doctor and find

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Speaker 4: out if that's something you should boost. I also, I'm

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Speaker 4: trying to think what else. I take just a handful,

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Speaker 4: just just a load of stuff every day. But you know,

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Speaker 4: I do think that all the omegas, the omega three,

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Speaker 4: the omega six, if you're not eating a lot of fish,

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Speaker 4: is so important for brain health. So those are a

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Speaker 4: few that you know, could probably could help and maybe

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Speaker 4: not hurt. But of course, like you said, get some

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Speaker 4: advice from the doctor.

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Speaker 3: Nice. Very cool.

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Speaker 1: Yeah, I was just curious, right, So I'm curious about

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Speaker 1: something else, because Laura, you've been podcasting for a long time,

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Speaker 1: Like before ninety eight percent of America knew what a

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Speaker 1: podcast was. You were out there on I think Apple podcast,

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Speaker 1: which was just formally iTunes, that was the only game

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Speaker 1: in town. And you had a podcast since seven. What

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Speaker 1: have you learned through almost two decades of podcasting. What's

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Speaker 1: that trajectory been like for you?

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Speaker 4: Yeah, it's interesting. When I started, it was really a

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Speaker 4: passion project. I was very obsessed with consuming podcasts. I

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Speaker 4: was listening. I mean I had probably like fifty shows

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Speaker 4: I was subscribed to. I was kind of fascinated with

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Speaker 4: them and just the you know, the casual style. I've

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Speaker 4: always been somebody that enjoys audio, so you know, I

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Speaker 4: was the person that had the CD in the car

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Speaker 4: or the cassette in the car, was always listening to things.

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Speaker 4: And then all of a sudden, this free medium is

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Speaker 4: there that's very casual, and it really captivated me. So

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Speaker 4: I thought, what can I do to give back to

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Speaker 4: this community, what can I do to get involved? And

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Speaker 4: so yeah, I started podcasting in early two thousand and seven,

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Speaker 4: so it's almost been eighteen years weekly and I'd say,

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Speaker 4: you know, we've seen a lot of changes. At first,

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Speaker 4: it was kind of exploding, and then we went through

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Speaker 4: a period where everybody was like podcasting is dead. You know,

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Speaker 4: podcasting is going away, and I just never believed it

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Speaker 4: because I just personally enjoy audio so much.

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Speaker 5: I've always got.

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Speaker 4: Earbuds in, I'm always listening while I'm doing other things.

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Speaker 4: So it's a lifestyle for me, and I just figure

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Speaker 4: there are a lot of other people out there that

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Speaker 4: really want the entertainment, the education, They're going to want this.

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Speaker 4: This is not going away. So really it's just been persistence.

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Speaker 4: I was doing it for one a week, one show

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Speaker 4: a week, and a few months ago we kind of

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Speaker 4: doubled down and I started doing two a week and

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Speaker 4: have seen really great results from that. So I think

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Speaker 4: we have over eight hundred and sixty shows now.

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Speaker 3: There you go.

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Speaker 2: I remember those early days in iTunes and you'd click

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Speaker 2: the podcast tab and it would just it was almost

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Speaker 2: like you were in Finder, like on your on your

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Speaker 2: Mac computer and list view, like that's basically how you

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Speaker 2: search Ability wasn't great.

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Speaker 5: It wasn't great.

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Speaker 2: Yeah, like there was no cover art, there's just the

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Speaker 2: name of the podcast. But I think that's awesome.

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Speaker 4: And of course the analytics. Analytics have gotten a little

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Speaker 4: bit better. They're still, you know, great, but they're a

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Speaker 4: little better.

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Speaker 3: Podcasting has grown up a little bit. Yeah.

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Speaker 2: Absolutely, entrepreneurship. When I say that, I think like when

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Speaker 2: a lot of folks hear that, they're often visualizing Elon

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Speaker 2: Musk or the Bezos, right, like they're thinking of titans

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Speaker 2: of industry, but solopreneurs they essentially make the world go round,

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Speaker 2: just the small businesses we interact with, the different products

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Speaker 2: we consume. I would love to hear you make an argument,

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Speaker 2: Laura for solopreneurs and for more folks to maybe consider

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Speaker 2: starting their own business.

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Speaker 4: Yeah, it is very interesting when you think about it.

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Speaker 4: They're actually more solopreneurs than any other type of business

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Speaker 4: out there there are. As you said, they really make

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Speaker 4: the world go round. The interesting thing about solopreneurs is,

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Speaker 4: and I'm one of them, we don't employ people per se,

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Speaker 4: but we do use a lot of other solopreneurs. So

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Speaker 4: it's kind of like this ecosystem that you can get

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Speaker 4: involved with and find other solopreneurs that help you do

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Speaker 4: the things in your business that you're not so good at,

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Speaker 4: whether that's bookkeeping or marketing or graphic design, website, all

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Speaker 4: of that good stuff. So I do think it has

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Speaker 4: never been easier than it is right now to get

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Speaker 4: involved as a business owner, whether that's part.

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Speaker 5: Time or full time.

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Speaker 4: I mean, I know so many people that are working

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Speaker 4: a day job that are also doing consulting and other

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Speaker 4: types of business on the side. Number one, it's a

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Speaker 4: great way just to make extra income. Maybe that's to

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Speaker 4: help fight inflation, or boost up your retirement savings, or

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Speaker 4: just feel like you're getting ahead. And I do think

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Speaker 4: it also can make you maybe a more interesting person

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Speaker 4: you know, you're going to meet new people, and a

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Speaker 4: lot of times people are doing side work that makes

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Speaker 4: them better at their day job.

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Speaker 5: That actually is what happened to me.

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Speaker 4: I found that when I was getting involved with podcasting

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Speaker 4: and kind of doing all of that and writing on

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Speaker 4: the side, it made me. It opened a whole new

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Speaker 4: world up to me. That made me more desirable as

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Speaker 4: an employee to have those skills. And then the experience

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Speaker 4: that I got in my W two job made me

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Speaker 4: better as a freelancer. So it you know, kind of

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Speaker 4: fed each other and just you just see some kind

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Speaker 4: of compounding effects in your business and income. So depending

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Speaker 4: on what your interests are, your you know, your time,

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Speaker 4: your your skills, your interests, the desired income level that

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Speaker 4: you want. I think there's a side business in everyone

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Speaker 4: you know, ultimately, So it may not be that it's

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Speaker 4: something you want to do right now, but maybe retirement,

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Speaker 4: you know, or maybe if you decide to make a

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Speaker 4: career shift one day if you're not somebody that feels

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Speaker 4: like you want to do it on top of the

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Speaker 4: day job. And a lot of people are very stressed

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Speaker 4: and very overworked already, and the thought of doing side

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Speaker 4: work is overwhelming to them and that's.

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Speaker 3: Thank you, Laura. Yeah, another job?

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Speaker 1: No, thanks right, yeah, no, I think that would probably

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Speaker 1: be one of the biggest cons that people would cite.

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Speaker 1: Can you kind of maybe steal man the other side?

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Speaker 1: And what is it? Maybe that the downsides of trying

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Speaker 1: to go the solopreneur out And we kind of started

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Speaker 1: off by using this term solopreneur? Is that the best

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Speaker 1: term to use? Like, how do you what terms do

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Speaker 1: you use typically when you're talking about people starting essentially

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Speaker 1: their own business from scratch.

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Speaker 4: Yeah, And we do have a lot of very confusing

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Speaker 4: terminology and that's some of the things that I cover

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Speaker 4: in Money Smart Solopreneur in the book, I kind of

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Speaker 4: address the fact that we call each other different things. Entrepreneur,

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Speaker 4: you know, side hustler, business owner, freelancer, contractor independent contractor.

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Speaker 4: But the bottom line is if you are getting income

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Speaker 4: from anywhere but an employer, that's business income. And so

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Speaker 4: a lot of people will start something like a little

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Speaker 4: side business, maybe driving for a ride sharing company, and

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Speaker 4: they start creating income and they don't even think of

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Speaker 4: themselves as a business. They don't think that they are

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Speaker 4: a business owner, but by default you are, so there's

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Speaker 4: a lot of rules and regulations and things you need

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Speaker 4: to be aware of when you start creating that extra income.

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Speaker 4: But on the other hand, a lot of people get

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Speaker 4: very caught up in the details that will prevent them

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Speaker 4: from getting started. They know, oh, what do I have

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Speaker 4: to do with taxes? What do I have to do

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Speaker 4: with insurance? And they'll think of all of the kind

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Speaker 4: of typical business sort of components, and that will keep

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Speaker 4: them from beginning to earn business income. So there's kind

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Speaker 4: of this sweet spot where you don't want to be

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Speaker 4: too overwhelmed and intimidated. You've got to go for it

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Speaker 4: and maybe test your idea and always tell people if

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Speaker 4: you once you can earn about ten thousand dollars doing

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Speaker 4: your side gig, that's at the point where maybe you

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Speaker 4: want to think about should I incorporate, should I get

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Speaker 4: a tax accountant, you know, get a little bit more

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Speaker 4: serious about it. But until then, to me, you're kind

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Speaker 4: of still playing. So you know, getting out there and

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Speaker 4: testing is really what I encourage people to do.

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Speaker 2: So is that sort of the threshold at what you

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Speaker 2: think that someone Okay, hey, I know you're calling this

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Speaker 2: your side gig. But once you get beyond that ten

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Speaker 2: thousand dollars, you think that's basically when they need to

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Speaker 2: start taking this a bit more seriously, and maybe that's

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Speaker 2: when they can personally start thinking, oh, this is something

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Speaker 2: I can totally launch into. It's like a legitimate business.

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Speaker 5: Yeah, I do.

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Speaker 4: I mean it's a very arbitrary number, but I use

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Speaker 4: that number because I actually had a friend come to

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Speaker 4: me who was asking, how do I incorporate and how

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Speaker 4: do I get a business bank account? And I mean

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Speaker 4: she wanted to do all of this stuff before she

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Speaker 4: had made a penny at her at her desired side business.

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Speaker 4: And I said, look, you're getting ahead of yourself. Let's

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Speaker 4: just go make the money first, and then when you've

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Speaker 4: made a few thousand dollars, maybe ten thousand, come back

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Speaker 4: to me, and then we'll talk about how to kind

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Speaker 4: of take it to the next level. You know, unless

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Speaker 4: you're doing something with some liability upfront.

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Speaker 5: You know, if you're.

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Speaker 4: Let's say, you know, maybe you're catering, you're doing something

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Speaker 4: in the food business, so you're doing something where maybe

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Speaker 4: even like personal training, you're doing something where somebody could

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Speaker 4: get hurt or sick if there's liability there, yes, maybe

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Speaker 4: you want to do a little bit in the in

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Speaker 4: the beginning stages to protect yourself if you're really serious.

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Speaker 4: But for most people, it's really just about making the income,

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Speaker 4: feeling confident that yeah, I can do this, and then

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Speaker 4: once you've got a little money in the bank, then

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Speaker 4: it's investing in that business and taking it to the

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Speaker 4: next level.

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Speaker 1: All right, Let's say someone's listening and they're like, man,

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Speaker 1: I've had this kind of like business idea in the

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Speaker 1: back of my brain for a lot of years. I've

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Speaker 1: been a little too nervous to get started. Well, how

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Speaker 1: can a potential solopreneur distinguish with I mean, a good

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Speaker 1: business idea and a bad one? And you know, not

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Speaker 1: to be a downer, but it's possible to take the

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Speaker 1: leap and have a rocky time just because maybe you

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Speaker 1: didn't think through your business plan well enough, or you

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Speaker 1: didn't really even have let's say a market that you

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Speaker 1: could cater to, or maybe something that you had not

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Speaker 1: enough expertise, and like, how do you maybe hone in

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Speaker 1: on the type of business that makes sense for you

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Speaker 1: to launch?

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Speaker 4: Yeah, I do think you want to look at areas

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Speaker 4: that overlap in your life. What are the things you

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Speaker 4: truly enjoy doing. What are the things that are making

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Speaker 4: you money?

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Speaker 5: Now?

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Speaker 4: What are the skills that you have? And in a

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Speaker 4: lot of cases, successful side businesses are kind of that

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Speaker 4: then diagram where all of those circles overlap. And for

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Speaker 4: many people it's something that they're probably already doing in

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Speaker 4: their day job in some cases, or similar to what

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Speaker 4: they're doing, so they have a level of expertise and interest.

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Speaker 5: You know, maybe not.

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Speaker 4: It could be that they go back to school, maybe

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Speaker 4: they go back or go into a totally different direction,

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Speaker 4: but you do if you do go in a different direction,

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Speaker 4: maybe you want a mentor maybe you want a partner

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Speaker 4: somebody that does have a skill and expertise.

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Speaker 5: In that area.

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Speaker 4: So testing the market is critical, and if you can

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Speaker 4: find ways to test that are very inexpensive, that's a

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Speaker 4: great way to find out is this going to fly?

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Speaker 4: You know, before I spend a lot of time and

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Speaker 4: money getting something created or building something, you do want

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Speaker 4: to have some ideas of potential success. And that may

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Speaker 4: be even surveying people trying to find ways. And it

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Speaker 4: can't be your mom or your best friend, you know,

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Speaker 4: it needs to be potential potential clients. Would they actually

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Speaker 4: be willing to pay you, and so you may need

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Speaker 4: to get a little creative just depending on what that

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Speaker 4: idea is.

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Speaker 5: But it all comes.

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Speaker 4: Down to testing and even keeping a little security. That's

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Speaker 4: why I love transitioning from a day job slowly over

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Speaker 4: to a side gig when possible, because you got this

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Speaker 4: security of the regular paycheck, the benefits, all that good stuff.

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Speaker 4: You're kind of you know, that's sort of boosting you.

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Speaker 4: That's your safety net while you're testing that potential business idea.

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Speaker 2: Yeah, it seems like you're gonna get to a certain point,

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Speaker 2: like there's a tipping point, and you might have sort

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Speaker 2: of tapped out the amount that you can grow the

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Speaker 2: business because of the fact that you still have that

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Speaker 2: nine to five. Do you have any advice or tips

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Speaker 2: for folks as they're thinking through, Okay, how do I identify

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Speaker 2: once I have gotten to that point to where I

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Speaker 2: know that I'm pretty sure that I could generate a

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Speaker 2: full time income, but you're just not totally sure. You

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Speaker 2: see what I'm getting at. It's like there's this point

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Speaker 2: where you might have to like jump in with both

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Speaker 2: the air playing going to stay in the air.

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Speaker 4: Yeah, absolutely, that happens all the time and one thing

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Speaker 4: that really worked for me was negotiating with my employer

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Speaker 4: over time. I needed more time, and so what I

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Speaker 4: did is ended up negotiating to work part time, to

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Speaker 4: kind of slowly go from a five day work week

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Speaker 4: to a four day then later down to a three

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Speaker 4: day and the timing just worked for me. It was

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Speaker 4: during the during our last great recession, and so the

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Speaker 4: company that I was with really couldn't afford me, but

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Speaker 4: they didn't want to let me go either, and so

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Speaker 4: I thought, hmm, let me just see if we can

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Speaker 4: stay part time and then I can continue building my

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Speaker 4: side business simultaneously. So maybe you do a little negotiating

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Speaker 4: with your current employer. Can you work different hours, maybe,

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Speaker 4: you know, earlier in the morning or late at night,

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Speaker 4: some way that would give you a little bit more time,

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Speaker 4: you know, And that may not be possible for some

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Speaker 4: people who could be scared to even bring up the

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Speaker 4: topic of, you know, negotiating their hours, feeling like that's

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Speaker 4: just not going to fly with their employer. But it

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Speaker 4: does come down to juggling time, and so if you

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Speaker 4: can't create more time, maybe you can even delegate. You know,

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Speaker 4: for a while, I was delegating, not my side build

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Speaker 4: business tasks, but my day job tasks. So I was

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Speaker 4: able to find people who are actually helping me do

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Speaker 4: my like real job work while I was investing a

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Speaker 4: lot of time in my side business. So, you know,

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Speaker 4: finding creative ways to delegate, you know, in some cases

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Speaker 4: that may be a way around it.

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Speaker 1: And that's a cool way to potentially retire too, right,

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Speaker 1: like the getting towards the end of your working career

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Speaker 1: and you don't need to go all or nothing. You

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Speaker 1: can go from full time to part time and that

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Speaker 1: just kind of like eases you into it. And I

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Speaker 1: love that too. You're kind of easing yourself into running

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Speaker 1: your own business and becoming a full time solopreneur. And

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Speaker 1: you mentioned the safety net portion of things like that,

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Speaker 1: a successful exit essentially involves having a solid safety net,

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Speaker 1: and that is part of the reason that the overlap

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Speaker 1: can be so clutch. But what else does that include,

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Speaker 1: Like what is the what other sort of safety net

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Speaker 1: factors do people need to consider?

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Speaker 4: One thing is insurance, you know, certainly health insurance is

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Speaker 4: a big benefit, a valuable benefit a lot of people

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Speaker 4: are getting, and that does keep many people from leaving.

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Speaker 4: But I do want to help people sort of understand,

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Speaker 4: you've got options, you know, there are other ways to

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Speaker 4: get coverage. Yes, it's going to be a little bit

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Speaker 4: more expensive, more than likely than what you were paying

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Speaker 4: with an employer, because they're getting a group plan, which

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Speaker 4: is going to be less expensive than an individual plan. However,

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Speaker 4: there are some really great ways that you can save

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Speaker 4: money on health insurance, you know. Of course, if you're

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Speaker 4: making less income when you leave, you're going to qualify

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Speaker 4: for higher subsidies if you do purchase a marketplace plan,

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Speaker 4: an ACA qualified plan through the federal or state marketplace,

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Speaker 4: and those are really easy to shop. So if you're

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Speaker 4: kind of worried about that, I would say shop it.

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Speaker 4: You start looking at what is the price of health

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Speaker 4: insurance if I need to quit my job. Other things

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Speaker 4: that you're getting at work, like life insurance, maybe disability insurance,

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Speaker 4: Those are also very easy to replace and in most

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Speaker 4: cases are probably less expensive than you think, or can

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Speaker 4: be less expensive. So definitely thinking about what am I

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Speaker 4: getting right now that I need to duplicate on my

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Speaker 4: own retirement plan. Of course, Yeah, you're not going to

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Speaker 4: be getting any matching funds from yourself, you know, but

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Speaker 4: you can certainly create a pretty nice self employed retirement account.

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Speaker 4: Those that are set up for businesses, like a SOLO

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Speaker 4: four H one K or a step ERA let you

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Speaker 4: put in a lot more than you can with an

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Speaker 4: employer plan as long as you're making higher income. So

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Speaker 4: those are actually I think an area where entrepreneurs get

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Speaker 4: a little bit.

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Speaker 5: Of a benefit.

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Speaker 4: You know, they get a kind of a better retirement

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Speaker 4: plan or the ability to save more on a tax

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Speaker 4: deferred or tax free basis if you've got that much income.

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Speaker 4: So those are the main things. And of course, if

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Speaker 4: you have a business with any kind of liability, maybe

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Speaker 4: you need a business policy. You maybe need an auto

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Speaker 4: like a commercial auto policy if you're using a vehicle

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Speaker 4: for your business. So depending on the type of work

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Speaker 4: you do, you may need some additional coverage. But I

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Speaker 4: think it's a lot more affordable than many people might anticipate.

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Speaker 2: I love that you're getting into these nuts and bolts, Laura,

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Speaker 2: and we've got plenty more questions to get to on

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Speaker 2: that front. But I guess before we leave this first section,

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Speaker 2: one of the benefits of being a small business owner

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Speaker 2: is that you don't have anyone else telling you what

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Speaker 2: to do, which is awesome. That's totally great. But if

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Speaker 2: no one's telling you what to do, how do you

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Speaker 2: know what to do? And maybe if someone is asking

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Speaker 2: themselves that question, should that be an indicator that maybe

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Speaker 2: they're not cut out to own their own business because

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Speaker 2: they're like I almost feel like there should be a

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Speaker 2: need when it comes to the business that you're launching

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Speaker 2: and sort of how it is that you're spending your time.

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Speaker 2: But if someone doesn't necessarily have that drive, I guess

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Speaker 2: what would you say to that person.

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Speaker 4: Yeah, you do need to of what you're doing, and

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Speaker 4: you know, ideally you love sort of those core functions

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Speaker 4: in the business that are really driving revenue. But that's

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Speaker 4: not to say you can't find people or partners to

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Speaker 4: help you. There are a lot of folks out there

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Speaker 4: that do like fractional CEO, fractional CMO and you know,

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Speaker 4: can help you. But I would hope that somebody does

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Speaker 4: have some skill and expertise, you know, in the core

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Speaker 4: of what that business is all about. You're going to

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Speaker 4: be doing this business, hopefully for a long time or

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Speaker 4: be involved with it, so you know, it should be

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Speaker 4: something I think that you naturally like to do and

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Speaker 4: have the skill and ability to do.

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Speaker 1: Nice We've got a few more questions we want to

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Speaker 1: get to with you, Laura, and we're going to talk

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Speaker 1: about some really important ones like how do you find

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Speaker 1: the clients? How do you get paid? Talk about that

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Speaker 1: and more. Right after this, we are.

437
00:22:00,320 --> 00:22:02,920
Speaker 2: Back from the break again talking with Laura Adams about

438
00:22:02,920 --> 00:22:06,000
Speaker 2: starting your own business. And Laura, you mentioned before the

439
00:22:06,040 --> 00:22:08,520
Speaker 2: break your friend who is kind of I don't know,

440
00:22:08,560 --> 00:22:11,720
Speaker 2: maybe I picture y'all like having this conversation over coffee

441
00:22:11,720 --> 00:22:12,960
Speaker 2: and she's like, Oh, what do I do?

442
00:22:13,000 --> 00:22:14,120
Speaker 3: How do I start this business?

443
00:22:14,240 --> 00:22:15,720
Speaker 2: She wanted to make sure she was taking all the

444
00:22:15,760 --> 00:22:18,919
Speaker 2: proper steps to make sure she was doing it in

445
00:22:18,920 --> 00:22:21,200
Speaker 2: a legitimate way, maybe in the eyes of the irs

446
00:22:21,320 --> 00:22:23,679
Speaker 2: or the government. But a big part of that is

447
00:22:23,760 --> 00:22:28,399
Speaker 2: business formation, and there are a lot of different business

448
00:22:28,520 --> 00:22:32,119
Speaker 2: entity possibilities out there. Is there a right path for

449
00:22:32,240 --> 00:22:33,680
Speaker 2: most solopreneurs out there?

450
00:22:34,359 --> 00:22:37,840
Speaker 4: Oh, it's a tough question because it really depends on

451
00:22:38,680 --> 00:22:43,239
Speaker 4: your business, your level of potential liability, whether you're going

452
00:22:43,280 --> 00:22:46,600
Speaker 4: to have a partner, the amount of income you plan

453
00:22:46,720 --> 00:22:50,600
Speaker 4: on making. So most people start out as a soul

454
00:22:50,680 --> 00:22:55,080
Speaker 4: proprietor by default because they simply do not know what

455
00:22:55,119 --> 00:22:58,280
Speaker 4: they need to do or want to do. So you know,

456
00:22:58,400 --> 00:23:01,199
Speaker 4: there's nothing wrong with that, but you do need to

457
00:23:01,320 --> 00:23:06,280
Speaker 4: understand how that is different from let's say, becoming an

458
00:23:06,560 --> 00:23:11,560
Speaker 4: LLC or becoming an ES corp S corporation. It affects

459
00:23:11,760 --> 00:23:14,560
Speaker 4: a lot of your business, so it's going to affect

460
00:23:14,920 --> 00:23:19,240
Speaker 4: how you pay taxes. It's going to affect just the

461
00:23:19,320 --> 00:23:23,879
Speaker 4: potential liability of your business. So it is something that

462
00:23:23,920 --> 00:23:26,240
Speaker 4: you don't want to take lightly. But I will say,

463
00:23:26,320 --> 00:23:29,600
Speaker 4: if you know you're somebody who's like a freelancer or

464
00:23:29,680 --> 00:23:34,359
Speaker 4: something something that has very low liability, you're probably okay

465
00:23:34,400 --> 00:23:37,280
Speaker 4: to start out as a sole proprietor for a little while.

466
00:23:37,640 --> 00:23:41,000
Speaker 4: As you begin and you test this business again, as

467
00:23:41,040 --> 00:23:43,920
Speaker 4: you begin making money, maybe it's that ten thousand dollars mark.

468
00:23:44,359 --> 00:23:47,560
Speaker 4: You can say, now is the point where I need

469
00:23:47,560 --> 00:23:49,760
Speaker 4: to get some advice and you want to talk to

470
00:23:50,680 --> 00:23:53,760
Speaker 4: I would advise you know, maybe starting out with a CPA,

471
00:23:53,960 --> 00:23:57,400
Speaker 4: a tax advisor. They can definitely look at your business

472
00:23:57,440 --> 00:24:00,960
Speaker 4: and make some recommendations for you that they might send

473
00:24:00,960 --> 00:24:03,680
Speaker 4: you to an attorney if you have a complex situation,

474
00:24:04,280 --> 00:24:07,159
Speaker 4: but in most cases a CPA is going to be

475
00:24:07,200 --> 00:24:10,400
Speaker 4: able to explain to you kind of the tax pros

476
00:24:10,440 --> 00:24:12,960
Speaker 4: and cons of different business entities.

477
00:24:13,440 --> 00:24:14,800
Speaker 5: My business, I'm an LLC.

478
00:24:15,240 --> 00:24:19,719
Speaker 4: I pay taxes as a sole proprietor, though with an

479
00:24:19,960 --> 00:24:22,720
Speaker 4: LLC you can choose that or you can choose to

480
00:24:22,760 --> 00:24:26,680
Speaker 4: be taxed as a corporation, so you've got some flexibility

481
00:24:26,880 --> 00:24:30,639
Speaker 4: with that particular structure. And you know, it gets a

482
00:24:30,640 --> 00:24:34,240
Speaker 4: little complicated, but bottom line is you either need to

483
00:24:34,280 --> 00:24:38,800
Speaker 4: pay taxes with money that's flowing to you as an individual,

484
00:24:39,320 --> 00:24:42,480
Speaker 4: or you pay tax on the behalf of your company.

485
00:24:43,160 --> 00:24:45,880
Speaker 4: And so they're pros and cons to both of those.

486
00:24:46,720 --> 00:24:50,359
Speaker 4: But for me, my level of liability is such that

487
00:24:50,960 --> 00:24:54,200
Speaker 4: I'm okay with the LLC that gives me enough protection

488
00:24:54,840 --> 00:24:58,439
Speaker 4: and I'm just fine having income passed through to me

489
00:24:58,720 --> 00:25:02,399
Speaker 4: as an individual and paying that on my individual tax

490
00:25:02,440 --> 00:25:04,679
Speaker 4: return each year. So that's kind of how it works.

491
00:25:04,960 --> 00:25:07,120
Speaker 4: And I'd say most people I know who are in

492
00:25:07,160 --> 00:25:11,359
Speaker 4: my same situation who have a side business or built

493
00:25:11,359 --> 00:25:14,520
Speaker 4: a side business into a full time business or doing

494
00:25:14,560 --> 00:25:18,840
Speaker 4: something similar. I also know folks that are s corporations.

495
00:25:18,880 --> 00:25:22,119
Speaker 4: That also allows you to incorporate and have money flow

496
00:25:22,200 --> 00:25:26,720
Speaker 4: through to you as an individual. So you know, get

497
00:25:26,760 --> 00:25:29,800
Speaker 4: a little advice, maybe listen to a few podcasts on

498
00:25:30,160 --> 00:25:33,640
Speaker 4: this topic. Do a little digging and you'll find out

499
00:25:33,720 --> 00:25:36,399
Speaker 4: quickly what the differences are. But the bottom line is

500
00:25:36,440 --> 00:25:39,080
Speaker 4: there is no one right or wrong answer. It all

501
00:25:39,119 --> 00:25:42,640
Speaker 4: depends on your goals and your needs in the business today.

502
00:25:43,200 --> 00:25:46,119
Speaker 1: Well, okay, making or paying tax assumes you're making money,

503
00:25:46,160 --> 00:25:48,080
Speaker 1: which is a good thing, right as a business owner,

504
00:25:48,080 --> 00:25:50,399
Speaker 1: that's what you're going for. You're like, there's like a

505
00:25:50,440 --> 00:25:54,119
Speaker 1: success tax, which is paying the irs a percentage of

506
00:25:53,880 --> 00:25:57,160
Speaker 1: the income that you've generated, and that's an awesome thing.

507
00:25:57,240 --> 00:26:00,200
Speaker 1: That means you've arrived, right, I guess. So let's say

508
00:26:00,280 --> 00:26:03,200
Speaker 1: someone has a solid business idea, they formed an entity,

509
00:26:03,760 --> 00:26:05,399
Speaker 1: but now they've got to get the word out they

510
00:26:05,400 --> 00:26:09,000
Speaker 1: want to generate that income. What suggestions do you have

511
00:26:09,080 --> 00:26:11,360
Speaker 1: for people when it comes to finding paying.

512
00:26:11,119 --> 00:26:13,080
Speaker 5: Clients paying clients?

513
00:26:13,200 --> 00:26:17,320
Speaker 4: Yes, you know, it all depends on where they live.

514
00:26:17,560 --> 00:26:20,879
Speaker 4: And I know a lot of people who are really

515
00:26:20,920 --> 00:26:24,400
Speaker 4: trying to do things that is not going to move

516
00:26:24,400 --> 00:26:25,159
Speaker 4: the needle forward.

517
00:26:25,160 --> 00:26:27,640
Speaker 5: They think that being on social media all day long.

518
00:26:27,640 --> 00:26:30,480
Speaker 4: Is going to move the needle forward when none of

519
00:26:30,520 --> 00:26:34,400
Speaker 4: their clients, their potential clients, are on their social media channels,

520
00:26:34,440 --> 00:26:36,680
Speaker 4: nor do they want to be. And so I think

521
00:26:36,720 --> 00:26:39,040
Speaker 4: a lot of people have this idea like, oh, I'm

522
00:26:39,040 --> 00:26:42,440
Speaker 4: supposed to be making these great Instagram posts or I'm

523
00:26:42,480 --> 00:26:46,120
Speaker 4: supposed to be here or there, and that may work.

524
00:26:46,200 --> 00:26:48,719
Speaker 5: That may be the case, but it may not. And

525
00:26:48,760 --> 00:26:50,200
Speaker 5: so really.

526
00:26:50,000 --> 00:26:54,760
Speaker 4: Understanding where your clients are, who are they how can

527
00:26:54,840 --> 00:26:58,280
Speaker 4: you best reach them? That's ultimately where you've got to

528
00:26:58,320 --> 00:27:02,320
Speaker 4: invest the majority of your time in marketing and advertising,

529
00:27:03,080 --> 00:27:06,919
Speaker 4: no matter your your business or your business's size. So

530
00:27:07,080 --> 00:27:11,800
Speaker 4: you do have to not make any assumptions. And if

531
00:27:11,840 --> 00:27:14,600
Speaker 4: you are spending a lot of time on social media

532
00:27:14,680 --> 00:27:17,800
Speaker 4: and it's not bringing you results, you got to pivot.

533
00:27:17,920 --> 00:27:20,359
Speaker 4: You really have to have to have to make a

534
00:27:20,400 --> 00:27:24,080
Speaker 4: move and do something different and test something else. So

535
00:27:24,240 --> 00:27:26,879
Speaker 4: I guess you can't make an assumption that just because

536
00:27:26,920 --> 00:27:29,480
Speaker 4: somebody else is getting a lot of leads off of Instagram,

537
00:27:29,520 --> 00:27:32,600
Speaker 4: that that's going to work for you. You have to

538
00:27:32,640 --> 00:27:36,119
Speaker 4: ask yourself some pretty hard questions like where where is

539
00:27:36,160 --> 00:27:40,600
Speaker 4: my ideal client? And you know, maybe they you're in

540
00:27:40,640 --> 00:27:42,840
Speaker 4: a B to B business, you know, maybe it's more

541
00:27:42,960 --> 00:27:46,640
Speaker 4: like LinkedIn or doing something that's a little bit more

542
00:27:46,680 --> 00:27:48,399
Speaker 4: sophisticated in reaching them.

543
00:27:48,920 --> 00:27:49,720
Speaker 5: So that is tough.

544
00:27:49,800 --> 00:27:52,879
Speaker 4: That is probably I'd say one of the most challenging

545
00:27:52,960 --> 00:27:57,159
Speaker 4: aspects of running a business, especially something like you know,

546
00:27:57,200 --> 00:28:00,520
Speaker 4: what I'm doing. For me, there's not one group people

547
00:28:00,560 --> 00:28:05,159
Speaker 4: sort of sitting in one bucket somewhere, and so trying

548
00:28:05,160 --> 00:28:07,600
Speaker 4: to figure out how do I really reach the people

549
00:28:08,160 --> 00:28:10,399
Speaker 4: who I want to work with. You know, there are

550
00:28:10,400 --> 00:28:12,960
Speaker 4: a lot of people out there who probably would work

551
00:28:13,000 --> 00:28:16,080
Speaker 4: with me, but maybe you know, they're not my ideal client.

552
00:28:16,640 --> 00:28:18,879
Speaker 5: So that's been a challenge for me.

553
00:28:19,080 --> 00:28:22,800
Speaker 4: And I can definitely tell people, you know, my sort

554
00:28:22,800 --> 00:28:25,680
Speaker 4: of secret, I guess has been just trying different things

555
00:28:25,800 --> 00:28:29,280
Speaker 4: and figuring out some simple things that have worked, and

556
00:28:29,320 --> 00:28:31,760
Speaker 4: then just doubling down on those things and just doing

557
00:28:31,760 --> 00:28:33,240
Speaker 4: it over and over, week after.

558
00:28:33,119 --> 00:28:36,040
Speaker 2: Week, just keep hitting it. How long you said the

559
00:28:36,080 --> 00:28:39,240
Speaker 2: word test, so it sounds like you're testing different avenues.

560
00:28:39,480 --> 00:28:42,040
Speaker 2: How long would you And gosh, it's got a very

561
00:28:42,160 --> 00:28:45,120
Speaker 2: right depending on the industry they're in the specific business,

562
00:28:45,160 --> 00:28:48,520
Speaker 2: maybe what avenue that they are considering, but how what

563
00:28:48,640 --> 00:28:50,520
Speaker 2: kind of effort do you think most folks need to

564
00:28:50,560 --> 00:28:55,720
Speaker 2: give a certain directory or a certain listing or social

565
00:28:55,760 --> 00:28:58,240
Speaker 2: media or even going in person and going to kind

566
00:28:58,240 --> 00:29:01,000
Speaker 2: of like in person meetups that kind of thing before

567
00:29:01,280 --> 00:29:02,080
Speaker 2: they should pivot.

568
00:29:02,520 --> 00:29:05,960
Speaker 4: Yeah, I would say maybe a minimum of six months

569
00:29:07,480 --> 00:29:10,080
Speaker 4: would probably give you an idea. I would say if

570
00:29:10,120 --> 00:29:11,960
Speaker 4: your lead time, if you don't have a really long

571
00:29:12,080 --> 00:29:14,200
Speaker 4: lead time in your business, like you know, you're if

572
00:29:14,240 --> 00:29:17,200
Speaker 4: you're selling something that takes a year, you know lead time,

573
00:29:18,640 --> 00:29:21,000
Speaker 4: that maybe you would need a little bit more time.

574
00:29:21,000 --> 00:29:23,760
Speaker 4: But if you're somebody that's looking for clients, that you

575
00:29:23,800 --> 00:29:28,120
Speaker 4: should be able to get down your funnel within a

576
00:29:28,120 --> 00:29:28,960
Speaker 4: few weeks.

577
00:29:29,240 --> 00:29:30,280
Speaker 5: I would say six.

578
00:29:30,080 --> 00:29:32,840
Speaker 4: Months is probably plenty of time to know if something

579
00:29:32,920 --> 00:29:36,720
Speaker 4: is bringing in not only the quantity of leads, but

580
00:29:37,040 --> 00:29:38,000
Speaker 4: quality leads.

581
00:29:38,880 --> 00:29:41,560
Speaker 1: What about pricing, Laura, Because like, I have a buddy

582
00:29:41,560 --> 00:29:44,600
Speaker 1: who he kind of has this amazing idea of this business.

583
00:29:44,600 --> 00:29:47,200
Speaker 1: He wants to start locally. But when it comes to

584
00:29:47,280 --> 00:29:49,440
Speaker 1: when people ask him reach out even proactively, hey how

585
00:29:49,520 --> 00:29:53,720
Speaker 1: much how much for the thing you're making, he's typically like, oh, well,

586
00:29:54,320 --> 00:29:56,480
Speaker 1: I'll do it for this and it's not too much

587
00:29:56,480 --> 00:29:59,240
Speaker 1: above the cost and so but it's basically it's hard

588
00:29:59,280 --> 00:30:03,120
Speaker 1: to figure out whether or not this could be profitable

589
00:30:03,160 --> 00:30:06,080
Speaker 1: for him. How to solopreneurs how should they figure out

590
00:30:06,080 --> 00:30:09,200
Speaker 1: what they should charge clients and how like, how do

591
00:30:09,240 --> 00:30:10,080
Speaker 1: they know what they're worth.

592
00:30:10,560 --> 00:30:11,840
Speaker 5: This is really tough too.

593
00:30:12,200 --> 00:30:15,680
Speaker 4: I think a good way to start is to think

594
00:30:15,880 --> 00:30:19,080
Speaker 4: think about what your ideal income is in a year,

595
00:30:19,160 --> 00:30:23,800
Speaker 4: you know a realistic number, and work your way from

596
00:30:24,000 --> 00:30:26,800
Speaker 4: that and say, okay, from that, how many clients what

597
00:30:26,880 --> 00:30:30,600
Speaker 4: I really need? And is that realistic or how many

598
00:30:30,640 --> 00:30:32,840
Speaker 4: things would I need to sell and at what margin?

599
00:30:33,480 --> 00:30:37,200
Speaker 5: So that's one way to do it. You know, another way.

600
00:30:37,160 --> 00:30:40,920
Speaker 4: Is competitive You could look at other people that are

601
00:30:40,960 --> 00:30:44,040
Speaker 4: in your industry you're doing something similar. Now they may

602
00:30:44,080 --> 00:30:48,000
Speaker 4: be very underpriced, so that's hard to know, but it

603
00:30:48,040 --> 00:30:51,360
Speaker 4: could give you just some kind of you know, a point,

604
00:30:51,720 --> 00:30:54,960
Speaker 4: whether it's high or low. If you see several competitors,

605
00:30:55,000 --> 00:30:57,360
Speaker 4: you could sort of take an average of what they're doing.

606
00:30:58,120 --> 00:31:02,280
Speaker 4: And of course being value based is probably the best way.

607
00:31:02,360 --> 00:31:06,440
Speaker 4: And I think you know, the ability to earn more

608
00:31:06,640 --> 00:31:11,360
Speaker 4: by doing less comes from really pricing yourself well, being

609
00:31:11,360 --> 00:31:14,840
Speaker 4: able to provide a lot of value that someone is

610
00:31:14,880 --> 00:31:18,320
Speaker 4: willing to pay you very well to get that service

611
00:31:18,400 --> 00:31:20,760
Speaker 4: or to get that product from you. And that does

612
00:31:20,840 --> 00:31:23,320
Speaker 4: take a little bit of finesse. It does take time

613
00:31:23,360 --> 00:31:27,040
Speaker 4: to understand, you know, what is the value here, what

614
00:31:27,080 --> 00:31:30,960
Speaker 4: am I bringing? And so thinking about what someone's The

615
00:31:31,080 --> 00:31:35,120
Speaker 4: alternative is, let's say if you give somebody a quote,

616
00:31:35,240 --> 00:31:39,240
Speaker 4: some kind of a proposal, thinking about where else could

617
00:31:39,240 --> 00:31:41,160
Speaker 4: they go to get this service if they don't get

618
00:31:41,200 --> 00:31:43,640
Speaker 4: it from me, where else could they go, you know,

619
00:31:43,680 --> 00:31:46,360
Speaker 4: and if it's not very likely that they could get

620
00:31:46,400 --> 00:31:50,920
Speaker 4: it or get it quickly, you know, maybe you're underpricing yourself.

621
00:31:50,960 --> 00:31:52,880
Speaker 4: Maybe you need to be a little bit more confident.

622
00:31:53,160 --> 00:31:56,040
Speaker 4: So that's something that I've had to struggle with as well.

623
00:31:56,160 --> 00:32:00,120
Speaker 4: Do you overpriced yourself and let some deals fino all

624
00:32:00,200 --> 00:32:02,720
Speaker 4: in the garbage? Or you know, do you underprice and

625
00:32:02,760 --> 00:32:05,280
Speaker 4: maybe feel like hmm, you know, this is something that

626
00:32:05,680 --> 00:32:07,320
Speaker 4: I'm not truly excited about.

627
00:32:07,360 --> 00:32:08,800
Speaker 5: You want you want to be in the middle.

628
00:32:08,920 --> 00:32:11,360
Speaker 4: You don't ever want to have a product or service

629
00:32:11,520 --> 00:32:14,600
Speaker 4: sold that you don't feel is really worth your time

630
00:32:14,640 --> 00:32:15,080
Speaker 4: and effort.

631
00:32:15,120 --> 00:32:18,400
Speaker 2: I like that, Yeah, looking at the unique selling proposition

632
00:32:18,480 --> 00:32:21,120
Speaker 2: that you're able to offer by looking at the alternatives.

633
00:32:21,360 --> 00:32:24,280
Speaker 2: What about as folks are starting to generate some of

634
00:32:24,320 --> 00:32:25,760
Speaker 2: this income, I think a lot of folks might be

635
00:32:25,800 --> 00:32:27,440
Speaker 2: turned off by the fact that they don't have a

636
00:32:27,480 --> 00:32:30,360
Speaker 2: steady income. I remember when my wife and I started

637
00:32:30,360 --> 00:32:32,959
Speaker 2: our first business, there was highs there's certain months that

638
00:32:33,000 --> 00:32:35,680
Speaker 2: felt like we were kings and queen of the like

639
00:32:35,760 --> 00:32:38,360
Speaker 2: queens of the world. But then there's some months where

640
00:32:38,400 --> 00:32:40,600
Speaker 2: I'm just like, oh my gosh, we don't have any

641
00:32:40,720 --> 00:32:43,160
Speaker 2: money coming in this month. I mean, and obviously I

642
00:32:43,160 --> 00:32:45,080
Speaker 2: think the solution here is just to have some margin

643
00:32:45,080 --> 00:32:47,000
Speaker 2: built in. But I guess how would you talk to

644
00:32:47,120 --> 00:32:49,120
Speaker 2: clients about that? How do you talk to friends? How

645
00:32:49,120 --> 00:32:53,000
Speaker 2: would you advise folks to get over this hurdle of

646
00:32:53,000 --> 00:32:53,880
Speaker 2: that erratic income.

647
00:32:54,320 --> 00:32:56,480
Speaker 4: It's never going to go away, so you got to

648
00:32:56,520 --> 00:33:01,160
Speaker 4: get comfortable with the uncomfortable. And I think most entrepreneurs

649
00:33:01,240 --> 00:33:04,360
Speaker 4: are willing. They're risk takers, maybe by heart. You know,

650
00:33:04,440 --> 00:33:06,720
Speaker 4: maybe if you don't think of yourself as a risk taker,

651
00:33:07,640 --> 00:33:09,960
Speaker 4: you know, maybe there's a little bit of that in you,

652
00:33:10,080 --> 00:33:13,600
Speaker 4: and you know you're going to be able to let that,

653
00:33:13,800 --> 00:33:16,920
Speaker 4: let part of you grow and feel more comfortable with

654
00:33:16,960 --> 00:33:19,800
Speaker 4: taking risk. Again, that's a great reason to keep the

655
00:33:20,160 --> 00:33:22,600
Speaker 4: day job if you can while you make the transition.

656
00:33:23,280 --> 00:33:25,760
Speaker 5: But the variable.

657
00:33:25,240 --> 00:33:29,960
Speaker 4: Income is something that most entrepreneurs are going to deal with,

658
00:33:30,240 --> 00:33:32,400
Speaker 4: and you know, there's some ways that you can kind

659
00:33:32,440 --> 00:33:36,320
Speaker 4: of smooth it out. One way is to create what

660
00:33:36,400 --> 00:33:39,480
Speaker 4: I call a holding account for your income. And then

661
00:33:39,560 --> 00:33:42,240
Speaker 4: once you put money in that holding account, you pay

662
00:33:42,280 --> 00:33:45,920
Speaker 4: yourself sort of a regular salary or a regular amount

663
00:33:46,400 --> 00:33:49,120
Speaker 4: on a monthly basis. And so on the good months,

664
00:33:49,160 --> 00:33:52,560
Speaker 4: you're going to let that holding account get bigger and bigger.

665
00:33:52,880 --> 00:33:55,560
Speaker 4: But then on the months where the business hasn't done

666
00:33:55,640 --> 00:33:58,400
Speaker 4: quite as well as you would have liked, you're still

667
00:33:58,400 --> 00:34:00,480
Speaker 4: going to be able to pay yourself the same, but

668
00:34:00,520 --> 00:34:04,360
Speaker 4: the holding account is going to decrease. So something like

669
00:34:04,440 --> 00:34:08,680
Speaker 4: that can help you smooth out and irregular income, it

670
00:34:08,760 --> 00:34:11,360
Speaker 4: still doesn't take the worry, you know, or maybe the

671
00:34:11,440 --> 00:34:15,000
Speaker 4: stress away in most cases. So this is why it's

672
00:34:15,080 --> 00:34:19,600
Speaker 4: so wise to go into a new business with a

673
00:34:19,960 --> 00:34:23,880
Speaker 4: kind of a buffer, a financial buffer. Maybe it's a

674
00:34:23,880 --> 00:34:26,759
Speaker 4: certain number of months in savings, like in a like

675
00:34:26,800 --> 00:34:32,080
Speaker 4: a superpower emergency fund that you really beef up so

676
00:34:32,200 --> 00:34:34,520
Speaker 4: that you're going to be okay. You're going to feel

677
00:34:34,560 --> 00:34:37,680
Speaker 4: safe if the business doesn't do as well as you hoped,

678
00:34:37,800 --> 00:34:40,520
Speaker 4: or it just is going to be seasonal, you know,

679
00:34:40,680 --> 00:34:43,360
Speaker 4: could be that just some seasons are not going to

680
00:34:43,360 --> 00:34:45,640
Speaker 4: be profitable for you, and you're going to need to

681
00:34:45,680 --> 00:34:49,400
Speaker 4: be comfortable with, you know, continuing and waiting and just

682
00:34:49,520 --> 00:34:53,120
Speaker 4: kind of knowing that those good months are going to come.

683
00:34:53,400 --> 00:34:56,640
Speaker 4: So that's a difficult part about being self employed. And

684
00:34:56,680 --> 00:34:59,360
Speaker 4: I would say you got to just youve got to

685
00:34:59,440 --> 00:35:01,920
Speaker 4: just make make it, you know, part of your mindset.

686
00:35:02,000 --> 00:35:04,600
Speaker 1: Yeah, I think highlighting those in advance can be powerful. Like,

687
00:35:04,640 --> 00:35:06,640
Speaker 1: for instance, Matt, you're the business you're alluding to is

688
00:35:06,680 --> 00:35:10,759
Speaker 1: wedding photographer. Guess what, January not the biggest month for weddings, right,

689
00:35:11,000 --> 00:35:13,799
Speaker 1: but if you know spring and fall and are going

690
00:35:13,880 --> 00:35:15,600
Speaker 1: to be kind of your heavy hitting seasons.

691
00:35:15,760 --> 00:35:18,800
Speaker 2: When I was raking in the car, it yeah, exactly,

692
00:35:19,080 --> 00:35:21,680
Speaker 2: but it's it's it's somewhat predictable.

693
00:35:21,719 --> 00:35:24,040
Speaker 1: It's not one hundred percent predictable, but it's somewhat predictable,

694
00:35:24,040 --> 00:35:25,880
Speaker 1: and you should be able to kind of look ahead

695
00:35:25,920 --> 00:35:27,799
Speaker 1: and say, yeah, it's gonna be lean for a couple

696
00:35:27,800 --> 00:35:31,600
Speaker 1: of months, so kind of stock up while the sun shines.

697
00:35:32,840 --> 00:35:35,440
Speaker 1: I'm curious to Laura, one of the things that I

698
00:35:35,480 --> 00:35:39,600
Speaker 1: think some people starting a business get excited about is deductions.

699
00:35:39,680 --> 00:35:41,799
Speaker 3: You know, we were talking about taxes just a second ago.

700
00:35:42,239 --> 00:35:44,520
Speaker 1: Well, oh man, these things I'm buying for my business,

701
00:35:44,640 --> 00:35:47,319
Speaker 1: I get to deduct them all my taxes. You know,

702
00:35:47,400 --> 00:35:51,520
Speaker 1: talk to us about deducting business expenses, and uh, yeah,

703
00:35:52,040 --> 00:35:53,480
Speaker 1: is the hype? Is the hype worth it?

704
00:35:53,760 --> 00:35:53,960
Speaker 5: Yeah?

705
00:35:54,080 --> 00:35:56,719
Speaker 4: You know, in some cases it is like, you know,

706
00:35:56,800 --> 00:35:59,520
Speaker 4: if you get to travel and you can make a

707
00:35:59,560 --> 00:36:03,120
Speaker 4: business trip a little personal, you know, that portion of

708
00:36:03,160 --> 00:36:07,640
Speaker 4: the trip that is business gets to be deducted. Those

709
00:36:07,680 --> 00:36:10,560
Speaker 4: are some of the biggest perks for me. I was

710
00:36:10,600 --> 00:36:14,120
Speaker 4: recently down in Miami working for a client down there,

711
00:36:14,280 --> 00:36:17,200
Speaker 4: and I extended the trip. My husband came and we

712
00:36:17,239 --> 00:36:20,040
Speaker 4: had a wonderful weekend down there, and so a portion

713
00:36:20,120 --> 00:36:24,080
Speaker 4: of that trip is deductible. But you know, there are

714
00:36:24,560 --> 00:36:27,000
Speaker 4: a lot of things also maybe to think about if

715
00:36:27,040 --> 00:36:30,399
Speaker 4: you're working from home, so like a home office. If

716
00:36:30,440 --> 00:36:34,960
Speaker 4: you qualify for the home office deduction, that can also

717
00:36:35,239 --> 00:36:39,920
Speaker 4: make some of your personal expenses fully or partially deductible.

718
00:36:39,960 --> 00:36:42,160
Speaker 4: So that's kind of the sweet spot. I think if

719
00:36:42,200 --> 00:36:45,400
Speaker 4: you can work from home, you know, you do a

720
00:36:45,400 --> 00:36:48,360
Speaker 4: little bit of traveling. But of course, all the expenses

721
00:36:48,520 --> 00:36:53,960
Speaker 4: related to creating income in your business are always one

722
00:36:54,000 --> 00:36:57,160
Speaker 4: hundred percent deductible, but the home office it may be

723
00:36:57,360 --> 00:37:00,360
Speaker 4: just a percentage of Some of those expenses is like

724
00:37:00,760 --> 00:37:05,520
Speaker 4: your rent or you know, mortgage insurance, some of those things.

725
00:37:05,560 --> 00:37:07,319
Speaker 4: So that's kind of a nice perk.

726
00:37:07,680 --> 00:37:10,440
Speaker 2: Is that still based on the on the ratio of

727
00:37:10,520 --> 00:37:13,359
Speaker 2: the square footage of your home office compared.

728
00:37:13,000 --> 00:37:14,960
Speaker 3: To the rest of the house. That's how it used

729
00:37:15,000 --> 00:37:15,120
Speaker 3: to be.

730
00:37:15,120 --> 00:37:19,160
Speaker 4: At least there's a simple way they do it now

731
00:37:19,239 --> 00:37:22,080
Speaker 4: where they give you five bucks per square foot basically

732
00:37:22,480 --> 00:37:25,040
Speaker 4: where you don't have to keep up with your expenses,

733
00:37:25,080 --> 00:37:29,480
Speaker 4: so you can do the simplified method or actually, you know,

734
00:37:29,640 --> 00:37:32,399
Speaker 4: list everything out and choose the method that gives you

735
00:37:32,480 --> 00:37:36,719
Speaker 4: the largest deduction. But basically, you know, if you've got

736
00:37:36,760 --> 00:37:41,760
Speaker 4: a fairly decent sized home office, itemizing everything listing everything

737
00:37:41,800 --> 00:37:45,120
Speaker 4: out usually means you're going to come out ahead. So

738
00:37:45,200 --> 00:37:48,160
Speaker 4: it's wise to keep really good records of all of

739
00:37:48,200 --> 00:37:52,320
Speaker 4: your expenses related to home and business and take advantage

740
00:37:52,320 --> 00:37:54,640
Speaker 4: of it. And if you don't understand any of what

741
00:37:54,760 --> 00:37:56,839
Speaker 4: we are talking about, you need to go to an

742
00:37:56,840 --> 00:37:59,759
Speaker 4: accountant and at least get them, let them set you

743
00:37:59,840 --> 00:38:02,960
Speaker 4: up the first year that you're in business, and maybe

744
00:38:03,000 --> 00:38:04,680
Speaker 4: you can you know, kind of keep up with it

745
00:38:04,719 --> 00:38:07,520
Speaker 4: on your own after that. And if you're really not

746
00:38:07,560 --> 00:38:09,920
Speaker 4: inclined to do bookkeeping, I would hand it over to

747
00:38:10,320 --> 00:38:13,320
Speaker 4: them one hundred percent, but they will help you maximize

748
00:38:13,360 --> 00:38:15,880
Speaker 4: deduction so that you pay as little tax as possible.

749
00:38:16,280 --> 00:38:16,520
Speaker 3: Yeah.

750
00:38:16,600 --> 00:38:18,960
Speaker 2: Kind of on that note, do you think for a

751
00:38:18,960 --> 00:38:21,720
Speaker 2: lot of folks working from home makes the most sense?

752
00:38:22,040 --> 00:38:24,920
Speaker 2: Does it kind of depend on their distractability and how

753
00:38:25,160 --> 00:38:27,759
Speaker 2: adhd they might be. Yes, the vices right is on

754
00:38:28,640 --> 00:38:30,239
Speaker 2: or like, oh, let me go ahead and just throw

755
00:38:30,400 --> 00:38:32,560
Speaker 2: another lot of laundry in, or oh, actually I need

756
00:38:32,600 --> 00:38:34,200
Speaker 2: to flip that laundry and then before you know it,

757
00:38:34,360 --> 00:38:36,239
Speaker 2: you're actually not working on your business at all.

758
00:38:36,600 --> 00:38:37,720
Speaker 3: What would you say to those folks?

759
00:38:38,000 --> 00:38:42,960
Speaker 4: Yeah, it is very personality dependent, and I do think

760
00:38:43,040 --> 00:38:46,799
Speaker 4: a lot of entrepreneurs tend to be driven people, you know,

761
00:38:47,160 --> 00:38:51,160
Speaker 4: just broadly speaking, so you know, they're probably more suited

762
00:38:51,320 --> 00:38:54,480
Speaker 4: to being able to do that. But I definitely know

763
00:38:54,520 --> 00:38:57,319
Speaker 4: a lot of people who need to get out. You know,

764
00:38:57,320 --> 00:38:59,360
Speaker 4: maybe they've got small kids at home, they need to

765
00:38:59,360 --> 00:39:02,000
Speaker 4: have an office, they need to separate work and home,

766
00:39:02,800 --> 00:39:05,480
Speaker 4: and you may want to just build that into the

767
00:39:05,480 --> 00:39:08,400
Speaker 4: cost of your business if you don't have a local business,

768
00:39:08,560 --> 00:39:10,800
Speaker 4: or you know, you don't have employees where you're meeting

769
00:39:10,840 --> 00:39:13,960
Speaker 4: that kind of thing. So I do think it comes

770
00:39:13,960 --> 00:39:16,279
Speaker 4: with a lot of great tax benefits if it's right

771
00:39:16,400 --> 00:39:19,360
Speaker 4: for you don't work from home at the detriment of

772
00:39:19,400 --> 00:39:21,520
Speaker 4: your business just to say, oh, I can work from home.

773
00:39:22,120 --> 00:39:24,480
Speaker 4: You know, you've got to be productive and make sure

774
00:39:24,560 --> 00:39:27,799
Speaker 4: that you're building building a business. You know you're bringing

775
00:39:27,800 --> 00:39:29,200
Speaker 4: in as much revenue as possible.

776
00:39:29,560 --> 00:39:31,520
Speaker 1: Yeah, all right, Laura, We've got a few more questions

777
00:39:31,520 --> 00:39:33,400
Speaker 1: to get to with You want to specifically talk about

778
00:39:33,719 --> 00:39:36,200
Speaker 1: mistakes to avoid, and we want to talk about paying

779
00:39:36,200 --> 00:39:38,759
Speaker 1: for help. We'll get to a few questions on both

780
00:39:38,760 --> 00:39:40,000
Speaker 1: of those topics right after this.

781
00:39:48,200 --> 00:39:50,560
Speaker 2: We are talking about how you can be a money

782
00:39:50,760 --> 00:39:54,200
Speaker 2: smart solarpreneur with Laura Adams and Laura. Right before the break,

783
00:39:54,239 --> 00:39:56,960
Speaker 2: Joel mentioned maybe some of the different mistakes that a

784
00:39:57,000 --> 00:39:58,280
Speaker 2: solopreneur might.

785
00:39:58,120 --> 00:39:59,880
Speaker 3: Make, and uh, here's one.

786
00:40:00,000 --> 00:40:02,520
Speaker 2: But you've actually talked about not spending enough on the

787
00:40:02,600 --> 00:40:04,480
Speaker 2: right thing. You talk about how that's one of them.

788
00:40:04,960 --> 00:40:07,719
Speaker 2: Do you think there are any specific areas when it

789
00:40:07,760 --> 00:40:11,120
Speaker 2: comes to business expenses that you see solopreneurs maybe being

790
00:40:11,160 --> 00:40:13,759
Speaker 2: a little too cheap on, Like oftentimes on the show

791
00:40:13,800 --> 00:40:16,640
Speaker 2: we have like a frugal versus cheap segment where man

792
00:40:16,760 --> 00:40:18,239
Speaker 2: I really thought that was gonna be a frugal move,

793
00:40:18,239 --> 00:40:20,239
Speaker 2: but in the end, it ends up biting us in

794
00:40:20,280 --> 00:40:22,479
Speaker 2: the butt. Do you also see that apply to owning

795
00:40:22,480 --> 00:40:23,080
Speaker 2: your own business.

796
00:40:23,320 --> 00:40:23,719
Speaker 5: I do.

797
00:40:23,880 --> 00:40:27,440
Speaker 4: I think that many times people are not investing in

798
00:40:27,520 --> 00:40:35,680
Speaker 4: good advice, whether that's legal, accounting, even branding, general just operations.

799
00:40:36,520 --> 00:40:40,439
Speaker 4: It really pays off when you pay somebody who's done

800
00:40:40,560 --> 00:40:43,080
Speaker 4: what you want to do or need to do, and

801
00:40:43,120 --> 00:40:47,160
Speaker 4: they can condense like thirty years of experience into a

802
00:40:47,160 --> 00:40:50,719
Speaker 4: couple hours of consultation with you. It can be some

803
00:40:50,760 --> 00:40:54,520
Speaker 4: of the wisest money that you ever spend in your business.

804
00:40:55,360 --> 00:40:57,759
Speaker 4: But a lot of people think, oh, I can do

805
00:40:57,840 --> 00:41:00,319
Speaker 4: this myself, Why I don't need anybody's help, And you know,

806
00:41:00,360 --> 00:41:02,879
Speaker 4: we feel very want it, like we want to be independent.

807
00:41:04,280 --> 00:41:06,360
Speaker 4: I think in a lot of cases we need to

808
00:41:06,560 --> 00:41:09,200
Speaker 4: just admit that there are people out there that know

809
00:41:09,280 --> 00:41:11,720
Speaker 4: a lot more than we do, and it's really smart

810
00:41:11,760 --> 00:41:15,080
Speaker 4: to tap into that. So you've got to figure out

811
00:41:15,120 --> 00:41:18,240
Speaker 4: what that is for you any areas of your business

812
00:41:18,239 --> 00:41:21,680
Speaker 4: that you're struggling with. Literally having a thirty minute phone

813
00:41:21,680 --> 00:41:26,640
Speaker 4: call with an expert could completely revolutionize what you're doing

814
00:41:26,719 --> 00:41:27,480
Speaker 4: in your business.

815
00:41:27,880 --> 00:41:30,800
Speaker 1: And of course that's great advice, and it's free advice

816
00:41:30,800 --> 00:41:33,040
Speaker 1: from lauras I appreciate that, so did.

817
00:41:33,040 --> 00:41:33,719
Speaker 3: You charge you for that?

818
00:41:33,840 --> 00:41:33,960
Speaker 2: Now?

819
00:41:34,560 --> 00:41:36,920
Speaker 4: In taxes, this is another area that this is a

820
00:41:37,040 --> 00:41:40,319
Speaker 4: huge mistake that people mess up on. And typically the

821
00:41:40,360 --> 00:41:43,640
Speaker 4: first year they don't know that they need to pay

822
00:41:43,920 --> 00:41:48,440
Speaker 4: estimated quarterly taxes and so all this money is, you know,

823
00:41:48,480 --> 00:41:51,359
Speaker 4: coming into the account, maybe it's all being spent, and

824
00:41:51,400 --> 00:41:54,960
Speaker 4: then they're fortunate enough to have made some money. Taxes

825
00:41:55,000 --> 00:41:58,160
Speaker 4: come around and it's like, oh, we've got a we've

826
00:41:58,160 --> 00:42:01,400
Speaker 4: got a really hefty tax bill here. So the second

827
00:42:01,480 --> 00:42:03,920
Speaker 4: year you're kind of in the hole. You're you're trying

828
00:42:03,960 --> 00:42:06,560
Speaker 4: to pay off those taxes that you owed from the

829
00:42:06,600 --> 00:42:10,080
Speaker 4: first year, and that just doesn't set yourself up for

830
00:42:10,200 --> 00:42:13,200
Speaker 4: a good second year or third year or beyond. So

831
00:42:13,920 --> 00:42:20,160
Speaker 4: don't underestimate the pain that it could could take and

832
00:42:20,200 --> 00:42:22,879
Speaker 4: make on your business if you're not setting yourself up

833
00:42:22,920 --> 00:42:27,799
Speaker 4: to pay estimated taxes and be on time and not

834
00:42:28,120 --> 00:42:30,600
Speaker 4: behind with your taxes when you go into year two.

835
00:42:31,040 --> 00:42:33,719
Speaker 2: Yeah, and even making those quarterly estimates, even that can

836
00:42:33,760 --> 00:42:36,120
Speaker 2: also be painful, So you have to cozy up to that.

837
00:42:36,400 --> 00:42:39,920
Speaker 2: The EFTPS dot gov. Yes, I love that system at

838
00:42:40,000 --> 00:42:42,400
Speaker 2: it's the most upddate software. It feels very much like

839
00:42:42,440 --> 00:42:47,160
Speaker 2: Apple iosa teen intuitive. Yeah, yeah, every time, Like how

840
00:42:47,200 --> 00:42:49,920
Speaker 2: do you do this again? And I just I shake

841
00:42:49,960 --> 00:42:52,840
Speaker 2: my fist of the sky. But I digress.

842
00:42:53,640 --> 00:42:53,960
Speaker 3: Laura.

843
00:42:54,160 --> 00:42:55,840
Speaker 1: You talk about in your book, which is such a

844
00:42:55,880 --> 00:42:57,960
Speaker 1: helpful book if somebody wants to get started building their

845
00:42:57,960 --> 00:43:01,240
Speaker 1: own business. You list a bunch of helpful tools for solopreneurs.

846
00:43:01,719 --> 00:43:03,680
Speaker 1: And the great thing you said at the very beginning,

847
00:43:03,920 --> 00:43:05,920
Speaker 1: and I think you're spot on, is that it's easier

848
00:43:05,960 --> 00:43:07,880
Speaker 1: than ever in so many ways to start your own business.

849
00:43:07,880 --> 00:43:11,040
Speaker 1: Think about everything's so many things can be done online again,

850
00:43:11,040 --> 00:43:13,520
Speaker 1: and you can even have a client facing service where

851
00:43:13,719 --> 00:43:17,759
Speaker 1: through zoom calls. But like, what are the tools that

852
00:43:17,840 --> 00:43:21,000
Speaker 1: are most helpful alleviating some of the biggest pain points

853
00:43:21,080 --> 00:43:22,200
Speaker 1: that solopreneurs have.

854
00:43:22,520 --> 00:43:26,480
Speaker 4: Yeah, I definitely think a good bookkey keeping or accounting

855
00:43:26,600 --> 00:43:29,360
Speaker 4: software is going to help. You know, even if you

856
00:43:29,400 --> 00:43:32,600
Speaker 4: have an accountant, they need you to be organized. You know,

857
00:43:32,320 --> 00:43:35,040
Speaker 4: you can't just show up with the shoe box of receipts,

858
00:43:35,080 --> 00:43:37,680
Speaker 4: although I'm sure a lot of people do that. You

859
00:43:37,800 --> 00:43:40,640
Speaker 4: need to be able to understand what's going on with

860
00:43:40,719 --> 00:43:44,600
Speaker 4: your business through just some simple reporting. And if you're

861
00:43:44,760 --> 00:43:48,280
Speaker 4: entering and having all of your transactions pulled into something

862
00:43:48,280 --> 00:43:50,640
Speaker 4: that's intuitive and easy to use. You're going to have

863
00:43:51,000 --> 00:43:55,480
Speaker 4: great reporting, You're going to be able to tag certain transactions.

864
00:43:56,280 --> 00:43:59,040
Speaker 4: It just will make a world of difference in your.

865
00:43:59,000 --> 00:43:59,600
Speaker 5: Day to day.

866
00:44:00,239 --> 00:44:03,440
Speaker 4: So that's awesome, you know. I'd say also some of

867
00:44:03,480 --> 00:44:08,200
Speaker 4: the communication tools that we're using for me, Slack has

868
00:44:08,320 --> 00:44:11,960
Speaker 4: been fantastic working with clients and being able to kind

869
00:44:12,000 --> 00:44:15,600
Speaker 4: of centralize communication with them. Trying to think of what

870
00:44:15,760 --> 00:44:20,759
Speaker 4: else I really love. There are some great new products

871
00:44:20,800 --> 00:44:24,840
Speaker 4: that are out there that even incorporate banking, business banking

872
00:44:25,200 --> 00:44:30,240
Speaker 4: with bookkeeping. So I would say definitely have a good

873
00:44:30,320 --> 00:44:33,760
Speaker 4: business bank, one that doesn't.

874
00:44:33,480 --> 00:44:35,720
Speaker 5: Charge you but maybe pays you a little interest.

875
00:44:35,840 --> 00:44:39,560
Speaker 4: You know, wouldn't that be nice, So that the business

876
00:44:39,560 --> 00:44:43,480
Speaker 4: bank you choose needs to really flow with how you

877
00:44:43,520 --> 00:44:46,399
Speaker 4: do business. Some people are going to need something very

878
00:44:46,480 --> 00:44:50,560
Speaker 4: robust because maybe they're taking credit cards, they're doing some

879
00:44:50,640 --> 00:44:54,200
Speaker 4: kind of payment transactions that they need to handle, and

880
00:44:54,320 --> 00:44:58,080
Speaker 4: maybe other people just kind of will use it very sparingly.

881
00:44:58,280 --> 00:45:02,399
Speaker 4: But whatever the needs are for you, talk to your

882
00:45:02,440 --> 00:45:05,160
Speaker 4: bank if you're not getting the service that you need.

883
00:45:05,680 --> 00:45:08,680
Speaker 4: In a lot of cases, they can actually customize things

884
00:45:08,719 --> 00:45:12,239
Speaker 4: for you as your business grows and changes. So this

885
00:45:12,280 --> 00:45:15,279
Speaker 4: is something I've learned after working with banks over many

886
00:45:15,360 --> 00:45:20,719
Speaker 4: years helping them with marketing and pr. They're actually there

887
00:45:20,719 --> 00:45:23,880
Speaker 4: are some very good banks out there, and they really

888
00:45:24,000 --> 00:45:29,320
Speaker 4: want to work with businesses to kind of tailor programs

889
00:45:29,320 --> 00:45:32,239
Speaker 4: and products for them based on their needs. So I

890
00:45:32,239 --> 00:45:36,319
Speaker 4: would say, if you're struggling with transactions, you're struggling with bookkeeping,

891
00:45:37,160 --> 00:45:40,000
Speaker 4: finding the right bank can be a really good solution

892
00:45:40,160 --> 00:45:41,799
Speaker 4: to just helping you stay organized.

893
00:45:42,200 --> 00:45:45,839
Speaker 2: That makes sense. What about tools as far as finding contractors?

894
00:45:46,400 --> 00:45:49,200
Speaker 2: You talk about the beauty of solopreneurship is the fact

895
00:45:49,200 --> 00:45:51,600
Speaker 2: that it's a bunch of individuals and they all specialize

896
00:45:51,600 --> 00:45:54,480
Speaker 2: in their own thing and you get to hire those individuals.

897
00:45:54,520 --> 00:45:57,000
Speaker 2: Do you have any recommendations when it comes to finding

898
00:45:57,040 --> 00:45:59,560
Speaker 2: some different folks that you're looking to basically plug and

899
00:45:59,560 --> 00:46:02,319
Speaker 2: play to get these folks plugged into your business so

900
00:46:02,360 --> 00:46:03,720
Speaker 2: you can immediately hit the ground running.

901
00:46:03,840 --> 00:46:05,480
Speaker 5: Yeah, you know, certainly.

902
00:46:05,680 --> 00:46:09,600
Speaker 4: Personal referrals are some of the best ways to find people,

903
00:46:09,920 --> 00:46:13,200
Speaker 4: but there's so many great platforms out there just depending

904
00:46:13,239 --> 00:46:14,640
Speaker 4: on the type of work you need.

905
00:46:14,800 --> 00:46:18,520
Speaker 5: I mean, even fiver is just a.

906
00:46:18,360 --> 00:46:23,080
Speaker 4: Wealth of information these days about for people and they're

907
00:46:23,120 --> 00:46:26,160
Speaker 4: all over the world doing all kinds of very specialized

908
00:46:26,280 --> 00:46:30,160
Speaker 4: types of work. So you know, if you maybe know

909
00:46:30,320 --> 00:46:33,680
Speaker 4: somebody who knows somebody, that's what I love. I love

910
00:46:33,719 --> 00:46:38,160
Speaker 4: getting a personal referral. But definitely look at what's available

911
00:46:38,200 --> 00:46:43,200
Speaker 4: out there with marketplaces, whether it's engineering. Maybe you need

912
00:46:43,200 --> 00:46:47,160
Speaker 4: somebody to do some advanced computer work for you. I

913
00:46:47,320 --> 00:46:51,440
Speaker 4: have also found you know a lot of people simply

914
00:46:51,480 --> 00:46:54,040
Speaker 4: by searching Google. I mean looking at if you're looking

915
00:46:54,040 --> 00:46:56,520
Speaker 4: for somebody to help you with SEO, well, if they

916
00:46:56,560 --> 00:46:58,760
Speaker 4: pop up at the top of the Google search results,

917
00:46:58,840 --> 00:47:01,640
Speaker 4: you know they're probably they know their stuff, you know.

918
00:47:01,760 --> 00:47:05,000
Speaker 5: So it just depending on the type of work you need.

919
00:47:06,160 --> 00:47:08,719
Speaker 4: I would say, don't be afraid to try different people too,

920
00:47:09,320 --> 00:47:11,400
Speaker 4: and let people know we're going to work together on

921
00:47:11,440 --> 00:47:14,400
Speaker 4: a trial basis. Let's work together for thirty days or

922
00:47:14,440 --> 00:47:16,040
Speaker 4: sixty days.

923
00:47:16,440 --> 00:47:18,920
Speaker 5: Don't maybe over promise.

924
00:47:19,239 --> 00:47:22,520
Speaker 4: Just try to let people know you're going to test

925
00:47:23,000 --> 00:47:25,439
Speaker 4: them out for a little while, and that way they'll

926
00:47:25,480 --> 00:47:27,880
Speaker 4: be sure to really give you their best, and you

927
00:47:27,920 --> 00:47:30,560
Speaker 4: can be clear about the fact that you know, I

928
00:47:30,640 --> 00:47:32,919
Speaker 4: may not be working with you forever, but if you're

929
00:47:33,000 --> 00:47:35,560
Speaker 4: really good, I may have a lot of future work

930
00:47:35,560 --> 00:47:38,680
Speaker 4: for you, so testing people out a little bit. You

931
00:47:38,719 --> 00:47:41,919
Speaker 4: may even have some of your friends' kids that would

932
00:47:41,960 --> 00:47:44,080
Speaker 4: love to work for you for free. Some of them

933
00:47:44,120 --> 00:47:46,839
Speaker 4: are looking for internships, you know.

934
00:47:47,960 --> 00:47:50,200
Speaker 5: Free, they're looking for experience.

935
00:47:49,719 --> 00:47:52,600
Speaker 4: They want to put something on a resume. So a

936
00:47:52,600 --> 00:47:58,440
Speaker 4: lot of them are exactly they have skills.

937
00:47:57,960 --> 00:48:00,360
Speaker 5: So don't overlook those those young And.

938
00:48:00,400 --> 00:48:05,400
Speaker 1: What about accountability and motivation, Laura, because the solopreneur lifestyle

939
00:48:05,760 --> 00:48:08,319
Speaker 1: can get a little lonely. You are, like you said,

940
00:48:08,360 --> 00:48:11,359
Speaker 1: kind of connected in this ecosystem of other solopreneurs who

941
00:48:11,400 --> 00:48:13,520
Speaker 1: you can hire and do work for, and that's kind

942
00:48:13,520 --> 00:48:18,040
Speaker 1: of beautiful and wonderful in so many ways. But what

943
00:48:18,120 --> 00:48:21,040
Speaker 1: if you're, let's say, in that first couple of first

944
00:48:21,040 --> 00:48:24,120
Speaker 1: couple of years, trying to get the ball rolling, It

945
00:48:24,120 --> 00:48:26,480
Speaker 1: can get a little demoralizing. So do you have any

946
00:48:26,840 --> 00:48:29,920
Speaker 1: like tips for people to stay motivated, to kind of

947
00:48:30,360 --> 00:48:34,480
Speaker 1: have somebody else in their corner who's cheering them on.

948
00:48:34,960 --> 00:48:38,080
Speaker 4: Yeah, if you have a group of like minded people,

949
00:48:38,320 --> 00:48:40,680
Speaker 4: doesn't have to be people in your industry. Maybe even

950
00:48:40,880 --> 00:48:43,279
Speaker 4: sometimes it's better if they're not in your industry, but

951
00:48:43,360 --> 00:48:45,759
Speaker 4: you're kind of all at the same level, whether you know,

952
00:48:45,760 --> 00:48:48,600
Speaker 4: whether it's just starting out or you're in a growth phase,

953
00:48:49,560 --> 00:48:54,000
Speaker 4: having like a monthly just a monthly video call to

954
00:48:54,120 --> 00:48:58,239
Speaker 4: chat about challenges or ways to save money. Tips for

955
00:48:58,280 --> 00:49:01,799
Speaker 4: each other that I think can be really helpful. Not

956
00:49:01,840 --> 00:49:05,200
Speaker 4: only is it a social connection, but you can give

957
00:49:05,239 --> 00:49:10,480
Speaker 4: each other some tips and advice for problems that you're experiencing.

958
00:49:11,280 --> 00:49:13,759
Speaker 4: If you are in your house all day and you

959
00:49:13,880 --> 00:49:17,879
Speaker 4: really feel isolated, make a point to get out, go

960
00:49:17,960 --> 00:49:21,279
Speaker 4: work in a coffee shop one day a week or

961
00:49:21,320 --> 00:49:25,040
Speaker 4: even every other week. Just being around other people, kind

962
00:49:25,080 --> 00:49:27,759
Speaker 4: of being in a different environment can really recharge you

963
00:49:28,160 --> 00:49:32,720
Speaker 4: and keep you motivated. So if yeah, I would say

964
00:49:33,520 --> 00:49:35,759
Speaker 4: you got to know yourself. And if you start to

965
00:49:35,880 --> 00:49:39,800
Speaker 4: feel depressed about being at home or like your energy

966
00:49:39,960 --> 00:49:43,200
Speaker 4: is just being sapped because you're by yourself all day,

967
00:49:43,800 --> 00:49:46,520
Speaker 4: make a point to get out, take a walk, take breaks.

968
00:49:46,680 --> 00:49:48,560
Speaker 5: I do that. I get out, take a lot.

969
00:49:48,360 --> 00:49:51,600
Speaker 4: Of walks and breaks, and it's just a good way

970
00:49:51,600 --> 00:49:55,319
Speaker 4: to mentally recharge. It definitely will lift your mood again.

971
00:49:55,440 --> 00:49:57,560
Speaker 4: Getting a walk good for the good for the body,

972
00:49:57,560 --> 00:49:59,840
Speaker 4: good for the health. To get yourself moving, get the

973
00:50:00,000 --> 00:50:03,279
Speaker 4: blood flow, you become so creative. I get some of

974
00:50:03,320 --> 00:50:07,480
Speaker 4: my best ideas when I'm out, just taking a brisk walk, and.

975
00:50:07,520 --> 00:50:09,440
Speaker 5: I usually do bring my phone.

976
00:50:09,520 --> 00:50:12,080
Speaker 4: I like to listen, as we talked about, listen to podcasts,

977
00:50:12,120 --> 00:50:15,360
Speaker 4: but also i'll take voice memos if I think about things,

978
00:50:15,800 --> 00:50:18,400
Speaker 4: just kind of constantly talking into the voice memo. The

979
00:50:18,440 --> 00:50:26,040
Speaker 4: people who see me probably think I'm great. Yeah, you know,

980
00:50:26,080 --> 00:50:28,719
Speaker 4: these fleeing things that come into your brain. I know,

981
00:50:28,800 --> 00:50:31,680
Speaker 4: if I don't get it down right away, I'll forget it.

982
00:50:32,080 --> 00:50:35,799
Speaker 4: So it can be a great way to brainstorm if

983
00:50:35,840 --> 00:50:38,200
Speaker 4: you need a brainstorm by yourself, but of course if

984
00:50:38,239 --> 00:50:41,680
Speaker 4: you can brainstorm with other people, that is always going

985
00:50:41,760 --> 00:50:44,560
Speaker 4: to be probably the most effective way to get over

986
00:50:44,600 --> 00:50:46,719
Speaker 4: some of the hurdles that a lot of business owners have.

987
00:50:47,000 --> 00:50:48,279
Speaker 3: I love it. Yeah, I think that's great.

988
00:50:48,560 --> 00:50:50,200
Speaker 2: A change of scenery and how that can get the

989
00:50:50,200 --> 00:50:51,880
Speaker 2: creative juices flow, and kind of going back to what

990
00:50:51,920 --> 00:50:55,759
Speaker 2: you're saying earlier, just solopreneurship in general, it's just interesting,

991
00:50:55,920 --> 00:50:58,560
Speaker 2: right then, The ability to interact with different folks within

992
00:50:58,600 --> 00:51:01,200
Speaker 2: your industry or even outside of outside of your industry.

993
00:51:01,239 --> 00:51:03,280
Speaker 2: The ability to just see some folks at the coffee

994
00:51:03,280 --> 00:51:05,880
Speaker 2: shop can spur a lot of fun conversations. But Laura,

995
00:51:06,040 --> 00:51:08,040
Speaker 2: we really appreciate you taking the time to talk with

996
00:51:08,120 --> 00:51:11,160
Speaker 2: us today, working folks to learn more about you, your

997
00:51:11,200 --> 00:51:12,440
Speaker 2: podcast and your book.

998
00:51:12,840 --> 00:51:15,720
Speaker 4: Yeah, everybody can definitely check out Money Girl.

999
00:51:16,000 --> 00:51:17,719
Speaker 5: We do shows twice a week.

1000
00:51:17,760 --> 00:51:20,560
Speaker 4: They're coming out on Wednesdays, they're coming out on Fridays.

1001
00:51:21,080 --> 00:51:23,920
Speaker 4: I also have a newsletter called The Money Stack. It's

1002
00:51:23,920 --> 00:51:27,080
Speaker 4: a sub stack, and when you sign up for free,

1003
00:51:27,160 --> 00:51:30,279
Speaker 4: I've got some good gifts. Like one of them is

1004
00:51:30,320 --> 00:51:35,000
Speaker 4: called a Money Success Toolkit, So it's a financial planner

1005
00:51:35,239 --> 00:51:39,120
Speaker 4: and a personal financial statement. It's actually the same statement

1006
00:51:39,160 --> 00:51:42,520
Speaker 4: that I use a template for tracking and keeping up

1007
00:51:42,560 --> 00:51:45,800
Speaker 4: with my net worth, which is something I always recommend

1008
00:51:45,840 --> 00:51:48,040
Speaker 4: that people do. Kind of looking at that on an

1009
00:51:48,080 --> 00:51:51,400
Speaker 4: annual basis is a great way to kind of just

1010
00:51:51,520 --> 00:51:54,800
Speaker 4: take the temperature of your financial health, if you will,

1011
00:51:54,880 --> 00:51:59,279
Speaker 4: whether you're improving or flat or decreasing in terms of

1012
00:51:59,320 --> 00:52:02,480
Speaker 4: your network. So I'd love people to sign up for

1013
00:52:02,520 --> 00:52:06,440
Speaker 4: the Money Stack again, it's free and we have lots

1014
00:52:06,440 --> 00:52:09,760
Speaker 4: of fun stuff in the newsletters that come out each week.

1015
00:52:10,160 --> 00:52:12,439
Speaker 1: Very cool, Laura, thank you so much for joining us today.

1016
00:52:12,440 --> 00:52:13,520
Speaker 1: We really appreciate it.

1017
00:52:13,680 --> 00:52:15,680
Speaker 4: Matt and Joel, you guys are amazing. Thank you for

1018
00:52:15,719 --> 00:52:16,320
Speaker 4: having me.

1019
00:52:16,840 --> 00:52:19,319
Speaker 2: Well Joel, I'm so thankful that Laura Adams was able

1020
00:52:19,360 --> 00:52:21,680
Speaker 2: to set aside a little portion of her day to

1021
00:52:21,680 --> 00:52:24,200
Speaker 2: talk to us about starting our own business. Something she

1022
00:52:24,280 --> 00:52:26,759
Speaker 2: did something I honestly, I guess most folks out there

1023
00:52:26,800 --> 00:52:29,879
Speaker 2: who are creating and publishing, like by default they've sort

1024
00:52:29,920 --> 00:52:32,880
Speaker 2: of gone through this, but it's not something that everyone

1025
00:52:32,960 --> 00:52:35,000
Speaker 2: talks about. Some folks are better at it than others.

1026
00:52:35,360 --> 00:52:36,919
Speaker 2: But I think Laura had a lot to say about

1027
00:52:36,920 --> 00:52:38,360
Speaker 2: how to do this in a way that is going

1028
00:52:38,440 --> 00:52:40,399
Speaker 2: to make the most sense. It's like the most pain

1029
00:52:40,440 --> 00:52:42,400
Speaker 2: free way to maybe start a business. Yeah, is what

1030
00:52:42,440 --> 00:52:44,360
Speaker 2: I think about when I think of her book.

1031
00:52:44,400 --> 00:52:46,799
Speaker 1: And let's be honest, it's just kind of motivating to

1032
00:52:47,160 --> 00:52:49,480
Speaker 1: get out there and I don't know, start something even

1033
00:52:49,560 --> 00:52:51,279
Speaker 1: when maybe it's been in the back of your brain

1034
00:52:51,320 --> 00:52:52,759
Speaker 1: for a long time. And I think that's one of

1035
00:52:52,760 --> 00:52:54,400
Speaker 1: the bigges hurdles of people need to overcome. And one

1036
00:52:54,440 --> 00:52:56,480
Speaker 1: of the things that Laura is really helping people do.

1037
00:52:56,520 --> 00:52:59,400
Speaker 2: Totally was that your big takeaway now, all right, more general,

1038
00:52:59,480 --> 00:53:01,680
Speaker 2: kind of vague, I'll give my big takeaway, and I

1039
00:53:01,719 --> 00:53:05,560
Speaker 2: think it is to dial back slowly on your current

1040
00:53:05,680 --> 00:53:08,360
Speaker 2: job while you're implementing the new thing, and it's what

1041
00:53:08,400 --> 00:53:10,279
Speaker 2: we did. Right when we were starting the podcast, it

1042
00:53:10,360 --> 00:53:12,919
Speaker 2: was like, cool, let's record late at night one night,

1043
00:53:12,960 --> 00:53:15,000
Speaker 2: and so we were burning the midnight oil for a while,

1044
00:53:15,239 --> 00:53:18,680
Speaker 2: and it took time to build this thing up into

1045
00:53:18,760 --> 00:53:21,120
Speaker 2: being like, wait a second, could we potentially at some

1046
00:53:21,120 --> 00:53:23,640
Speaker 2: point ditch our day jobs? All right, well, let's not

1047
00:53:23,680 --> 00:53:26,279
Speaker 2: do it yet, Like, let's build that financial runway. Let's

1048
00:53:26,320 --> 00:53:28,560
Speaker 2: also make sure that the proof of concept is going

1049
00:53:28,640 --> 00:53:32,000
Speaker 2: to endure. But yeah, over time we were like taking

1050
00:53:32,040 --> 00:53:35,240
Speaker 2: steps back and building this thing up, taking steps forward

1051
00:53:35,719 --> 00:53:39,640
Speaker 2: in the business area, and then finally we were able

1052
00:53:39,680 --> 00:53:41,680
Speaker 2: to jett us in the day job down the road.

1053
00:53:42,040 --> 00:53:44,000
Speaker 2: So it doesn't have to be all or nothing. You

1054
00:53:44,000 --> 00:53:46,200
Speaker 2: don't necessarily have to put forty hours a week into this,

1055
00:53:46,280 --> 00:53:48,439
Speaker 2: but find out if there's a proof of concept, find

1056
00:53:48,440 --> 00:53:52,120
Speaker 2: out if there's something you enjoy doing, and then later

1057
00:53:52,200 --> 00:53:54,520
Speaker 2: on down the road, you can move the dimmer switch

1058
00:53:54,600 --> 00:53:58,720
Speaker 2: on both your day job and your side hustle, turning

1059
00:53:58,760 --> 00:54:01,560
Speaker 2: one into a little bit a little going down on

1060
00:54:01,800 --> 00:54:03,960
Speaker 2: the other one's going up. Right, Yeah, I think that

1061
00:54:04,000 --> 00:54:07,680
Speaker 2: can help folks to feel more comfortable in making that transition, obviously,

1062
00:54:07,680 --> 00:54:09,719
Speaker 2: but one of the things she said that you have

1063
00:54:09,800 --> 00:54:11,680
Speaker 2: to kind of get used to no matter what is

1064
00:54:11,800 --> 00:54:14,880
Speaker 2: being comfortable with the uncomfortable. Yeah, that's when we're talking

1065
00:54:14,880 --> 00:54:16,480
Speaker 2: about that irregular income.

1066
00:54:16,760 --> 00:54:19,680
Speaker 1: There's no IT department to come solve your computer issues.

1067
00:54:19,480 --> 00:54:22,640
Speaker 2: Right yeah. Yeah, Well, and specifically to when it comes

1068
00:54:22,680 --> 00:54:25,759
Speaker 2: to income, like it doesn't really matter I guess how

1069
00:54:25,800 --> 00:54:28,960
Speaker 2: successful you are, Like there's it's still variable. Like it's

1070
00:54:28,960 --> 00:54:31,200
Speaker 2: still not something that you can one hundred percent count

1071
00:54:31,239 --> 00:54:33,799
Speaker 2: on being there. It's going to very month to month

1072
00:54:33,880 --> 00:54:36,759
Speaker 2: or from quarter to quarter, year to year even. And

1073
00:54:36,760 --> 00:54:39,040
Speaker 2: so when it comes to your personal finances that I

1074
00:54:39,080 --> 00:54:40,759
Speaker 2: think what that means is making sure things are really

1075
00:54:40,800 --> 00:54:42,839
Speaker 2: buttoned up because you have to be able to weather

1076
00:54:43,320 --> 00:54:45,280
Speaker 2: some of those I don't want to call them storms

1077
00:54:45,360 --> 00:54:47,719
Speaker 2: because it's just a natural part. I guess storms are

1078
00:54:47,760 --> 00:54:51,480
Speaker 2: a natural part of weather. Yeah, but they happen fairly often.

1079
00:54:51,560 --> 00:54:53,520
Speaker 2: It's think of it more like a shower, like an

1080
00:54:53,560 --> 00:54:56,200
Speaker 2: afternoon shower. It's going to happen, and so just being

1081
00:54:56,239 --> 00:54:58,600
Speaker 2: able to handle that and expecting that. That's the part

1082
00:54:58,640 --> 00:55:00,440
Speaker 2: of owning your own business as well. I don't think

1083
00:55:00,440 --> 00:55:02,440
Speaker 2: everyone's cut out for that, and I think those are

1084
00:55:02,440 --> 00:55:03,960
Speaker 2: the folks who are like yeah, no, I could never

1085
00:55:04,000 --> 00:55:06,040
Speaker 2: do that, But other folks, I just want you to

1086
00:55:06,040 --> 00:55:10,280
Speaker 2: realize that there are ways to mitigate some of those disturbances,

1087
00:55:10,680 --> 00:55:12,880
Speaker 2: if that's what you might call it, to your income.

1088
00:55:12,960 --> 00:55:15,359
Speaker 1: I think I had like a mental barrier to not

1089
00:55:15,400 --> 00:55:18,040
Speaker 1: receiving a paycheck every two weeks then, and it took

1090
00:55:18,040 --> 00:55:20,000
Speaker 1: time for me to get adjusted to that. But it

1091
00:55:20,040 --> 00:55:23,520
Speaker 1: also took just financial preparation, having more in savings, knowing

1092
00:55:23,560 --> 00:55:25,120
Speaker 1: that that was going to be the case, and that

1093
00:55:25,440 --> 00:55:28,160
Speaker 1: resolved a lot of that anxiety that I felt. So

1094
00:55:28,400 --> 00:55:30,960
Speaker 1: know that, Yeah, you might be like I really like

1095
00:55:30,960 --> 00:55:32,080
Speaker 1: itting two paychecks a month.

1096
00:55:32,640 --> 00:55:33,160
Speaker 3: I get it.

1097
00:55:33,160 --> 00:55:36,120
Speaker 1: Most people do, but it doesn't mean that you can't

1098
00:55:36,280 --> 00:55:36,840
Speaker 1: get over.

1099
00:55:36,680 --> 00:55:38,120
Speaker 3: That hurdle too. Totally agree.

1100
00:55:38,400 --> 00:55:41,720
Speaker 2: Let's get to our beer. You and I enjoyed head High.

1101
00:55:42,080 --> 00:55:46,680
Speaker 2: That's an IPA from Cain Brewing Company. Caine spelled with

1102
00:55:46,719 --> 00:55:49,040
Speaker 2: a K. This is another one donated to the show

1103
00:55:49,080 --> 00:55:52,520
Speaker 2: by Michael G. This is a brewery out of Ocean,

1104
00:55:52,800 --> 00:55:56,760
Speaker 2: New Jersey. I'm just gonna say that this was fantastic.

1105
00:55:56,280 --> 00:55:58,040
Speaker 3: So good. I was not expected.

1106
00:55:58,160 --> 00:55:59,799
Speaker 2: I mean, I've never heard of these guys, never heard

1107
00:55:59,800 --> 00:56:02,640
Speaker 2: any thing about this brewery. But it poured really pretty,

1108
00:56:03,000 --> 00:56:05,280
Speaker 2: and man was it delicious. I've heard good things actually

1109
00:56:05,280 --> 00:56:08,000
Speaker 2: about that. Yeah, yeah, you read your craft Beer Digest

1110
00:56:08,480 --> 00:56:10,840
Speaker 2: message boards have song the praises of Caine for a

1111
00:56:10,840 --> 00:56:13,200
Speaker 2: long time, but I've never really been able to get

1112
00:56:13,239 --> 00:56:13,759
Speaker 2: my hands on him.

1113
00:56:13,760 --> 00:56:15,400
Speaker 1: So a big thanks to listener Michael for sending this

1114
00:56:15,440 --> 00:56:17,759
Speaker 1: one our way. This was truly next level. It was

1115
00:56:17,800 --> 00:56:19,880
Speaker 1: like fresh, vibrant and juicy.

1116
00:56:20,040 --> 00:56:20,799
Speaker 3: It was so fresh.

1117
00:56:20,880 --> 00:56:22,160
Speaker 2: Yeah, that's the first thing.

1118
00:56:22,280 --> 00:56:22,480
Speaker 3: I mean.

1119
00:56:22,480 --> 00:56:25,360
Speaker 2: Once I took a sip, you realize it tasted alive.

1120
00:56:25,560 --> 00:56:27,399
Speaker 2: Like this is almost tasted like one of those fresh

1121
00:56:27,440 --> 00:56:30,759
Speaker 2: hot beers, but on the nose, super citrusy and just

1122
00:56:31,120 --> 00:56:34,160
Speaker 2: was incredibly bright on the tongue as you're drinking it

1123
00:56:34,200 --> 00:56:36,480
Speaker 2: as well. Really really enjoyed this one.

1124
00:56:36,520 --> 00:56:37,960
Speaker 1: They might have put extra into this one because this

1125
00:56:38,040 --> 00:56:40,400
Speaker 1: was I think at thirteenth anniversary beer, but this, I

1126
00:56:40,400 --> 00:56:44,120
Speaker 1: mean incredible, incredible IPA. So yeah, really enjoyed it.

1127
00:56:44,160 --> 00:56:45,200
Speaker 3: Thank you, Michael.

1128
00:56:45,480 --> 00:56:47,400
Speaker 2: Everyone else can head to our show notes up on

1129
00:56:47,440 --> 00:56:49,080
Speaker 2: the website at how tomoney dot com. That's where you

1130
00:56:49,120 --> 00:56:51,520
Speaker 2: can learn more about Laura where you can find her

1131
00:56:51,560 --> 00:56:53,520
Speaker 2: book as well. But buddy, that's going to be it

1132
00:56:53,560 --> 00:56:55,880
Speaker 2: for this episode until next time. Best friends out, best

1133
00:56:56,000 --> 00:57:06,359
Speaker 2: friends out,