Your Successful Business Foundation

Katelyn Magnuson: 00:00:16

Okay, welcome back.

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So for all of you that are listening today, we, if you're listening in real

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time, when this has just launched, this is Thanksgiving week, uh, for

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those of you in the us, or it's a national day of mourning, if you don't

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observe Thanksgiving in the U S and so for us in our family, It will just

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be my husband and my sister and her cat and myself and I am so excited.

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Um, my sister and I are almost seven years apart.

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And now that she is in her mid twenties and I'm in my early

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thirties, we've gotten along really, really well the last few years.

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And.

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Frequently get mistaken for twins, which is very flattering since I am older.

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I will take being mistaken for a 25 year old any day.

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So we have, this is going to be a really educational listen.

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I'm going to tell you the exact pieces you need.

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So go ahead and grab a notebook to write all of this down.

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We're going to talk about exactly what you need to have.

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In order to set your business foundation up for success.

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So I'll wait for just a hot second or pause this, go get a notebook,

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pull your laptop up, pull your phone notes up, whatever you need.

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And we're going to walk through all the foundational information that you need.

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So you know why strategy is important?

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You know why just having tips is not going to cut it.

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And you understand, like you've heard some of the other podcast or

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we have chatted about exactly why you need to understand your numbers in

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order to have a successful business.

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So we're going to kick off number one with your infrastructure and your foundation.

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So this is.

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Business entity types and registration.

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So this is like, should you be a sole proprietor or should you be an LLC?

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Should you be an escort?

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Should you be a partnership nailing down?

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Which one of those is the right fit for you and your circumstances?

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You need to make sure that you are then registered.

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Once you pick that entity type, you need to be registered with the IRS and

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registered in the state that you live.

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And sometimes you also have to be registered in your

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county, which is really fun.

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Um, that's not as common.

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And once you have those pieces done, please we'll talk, we'll go into this in

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more depth, but like don't do legal zone.

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It is going to cost you so much more.

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And.

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They really don't do everything that you need.

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So if you need help a go to combat money podcast.com, because we teach this in my

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course, get your finance shit together.

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And we also do business entity setups.

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So reach out, let us know if you need help with it.

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Um, but make sure most importantly, that you're setting yourself up for

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success with what you're choosing.

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So a lot of times.

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Oh, God, I've had clients that will do a partnership and they

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don't really need a partnership.

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Maybe they set up a partnership when they're going to be doing like a one-time.

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You know, shared joint venture and they don't know if it's going to

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be a recurring partnership yet.

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Um, instead of setting up a brand new business for that, it would have been a

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lot easier for one of those partners to just run the business and their joint

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venture through one of their businesses and pay the other one out their fair share

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until you figure out that it's something that's going to actually be going.

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Um, the other thing that I have seen happen.

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Is people either getting bad advice or thinking they're going to grow faster

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or not understanding what happens when you choose certain entities.

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So nine times out of 10, even more than that, probably 9.9 times

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out of 10, I'm going to recommend either a sole proprietor, a single

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member, LLC, or a single member, LLC, with an S-corp election.

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Um, I had a couple of people come to me that were made secret.

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And see Corp's have a whole lot of other filings that have to happen.

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They have quarterly filings that need to happen.

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They have more in depth end of year taxes.

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And for most of us, especially when we're just getting started.

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And the first few years of our business, they're not necessary for

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us to have a C Corp, designation.

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So just making sure that you're really picking the entity type that is right

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for you and your business, because like that's where you're starting.

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If you start off on the wrong foot there, then the whole

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thing, like, yeah, it's fixable.

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Uh, but it can mean, you know, getting a different registration set up later,

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opening different bank accounts later.

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So take a hot second, make sure that you're set up the right way.

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So then next, what you're going to want to do is you're going to want

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to open a business bank account.

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We've talked about that.

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Why do you need a business bank account?

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You need a business bank account, especially if you're an LLC or an LLC

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with an S-corp election or an S-corp.

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But even if you're a sole proprietor, you need a separate business bank account

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because a lets you treat your business like a business B, it allows you to

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actually see the profitability before you ever get your accounting software set.

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And see it, lets you see if you're profitable, once you're looking

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at your income and expenses and D it makes it so much easier for tax

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time, because I can not tell you.

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And we do cleanups all the time for people and it can be a monster of

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a project, especially if you have, you know, seven or eight different

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accounts between credit card accounts, personal accounts, PayPal, Venmo,

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and everything is all over the place.

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If you're doing it yourself, there's a very good chance.

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Things will be missed.

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And if you're having someone else do it, you're going to be paying more

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than you would be need to be paying.

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If you had one, two or even three dedicated accounts.

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So a makes things way cleaner right off the bat to have separate business

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accounts and makes it much easier if you decide to outsource in the future, if you

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have everything running through there.

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So what that looks like.

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Setting up somewhere like chase Wells Fargo, bank of America, you know,

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they're the big banks, but you want to make sure, especially if you know,

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you're going to be working with an accounting software, you want to make

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sure that the bank that you go with integrates with the accounting software

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chases, my personal favorites, uh, for a lot of reasons, this is not paid.

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Chase B.

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Hear this?

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Hello.

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The only downfall is that you generally can't set an account up online.

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They'll say that you can you'll get started.

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Then they'll say you have to come in and call your local branch, make an

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appointment portion out an hour to an hour and a half, ask them what you need before.

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But generally you need your state registration, your IRS

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registration, and sometimes the certificate of good standing.

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And then your.

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You go in, you open the business bank account, and if you're a sole proprietor

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or switching to an LLC, or if you've been just like running it under your

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personal name and you're opening, you know, a legitimate business with a

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different name, with a new EIN, all of those will have to have a new bank

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account set up because if you're moving from having a social security number

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to having an EAN, or you're moving from one EIN to another EIN, our social

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security numbers or identifying number.

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For your business.

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So if you switch entity types, so like from a sole proprietor to a single

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member, LLC, you get a new EIN number.

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When you get a new EA number, you have to open a new bank account.

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I know that was EIN a lot of times.

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So just hold your butts for a second.

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You've picked what type of entity you're going to be in?

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What works best for you right now?

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Again, one of my favorites when you're just getting started generally as

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a single member, LLC, it's really easy to convert to an S Corp later.

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Number two, they're going to open business bank accounts.

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I normally recommend a checking, a savings and a credit card if you're able to do it.

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That's the other reason that I like.

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They're really good about giving newer or first-time business

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owners, decent lines of credit.

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Most of my clients get approved for somewhere between five and $10,000

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credit cards for their business.

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Again, using the business EIN the reason it can be so difficult is

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because your business is brand new generally, and doesn't have any credit.

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And until you've established credit, some of the banks can be really hesitant.

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Wells Fargo, for example, my credit score when I applied for it, like seven

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years ago was in the high seven hundreds.

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And it was just good for those of you that aren't up to speed on credit scores, which

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the flashcard talked about in season two.

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Um, Wells Fargo gave me a $600 line of credit on my credit card.

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For my business.

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Keep in mind, I had almost a $20,000 credit card with them personally.

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Um, I had to put a deposit down of $600 that they held for, I think,

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a year to prove that my business wasn't going to run rampant with the

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credit, you know, all $600 of it.

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And after that year, they then gave me the $600 back and converted

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it to a regular credit cards.

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Avoid my Wells Fargo debacle.

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If you can, um, chase is really great for actually giving you

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a workable line of credit.

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So once that's done.

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Figure out what you need, nail your services down, nail your

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pricing down, make sure that you're charging enough, make sure that

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you're confident in your prices.

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You're confident in your service or your product offerings and figure

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out if you need to have liability insurance, Arizona, missions,

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insurance, um, you know, anything that you need to be covered there.

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And also true.

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And see if you need to have your contract set up.

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Um, generally this is something that you can get.

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There's multiple different places where you can find contracts.

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I really recommend not just copying and pasting one, getting one, putting

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a little bit of cash up front and making sure that you're covered between

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a contract and LLC and insurance.

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You should be in a really good spot in your business.

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So registration, entity type business bank account.

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Contracts and insurance, then here comes the good part.

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We could start selling and making money.

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So we're launching, we're selling, we're making money, we're

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increasing our prices and we're tracking our income and expenses.

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So again, with that business bank account set up that you have going on generally.

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Put all of your expenses on the credit card.

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If you've got one, all of your income comes into the checking and your taxes.

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Your tech savings goes into your savings account, and then you can still pay

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yourself as needed from there, but either get zero set up, get QuickBooks,

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set up, get something taken care of so that you can start tracking.

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Your business, right?

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Offs, your deductions, your income, so that you're not having to do

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it all at the end of the year.

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Can you do it all at the end of the year?

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Yes.

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Is there a chance you're going to miss things.

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You're going to make errors.

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You're going to be super stressed, trying to do it at the last

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minute apps fricking lately.

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Uh, With one exception.

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I had one person sweet human that she is come to me two weeks before the

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tax deadline, three or four years ago.

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I think it was three years ago now.

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Hey, I know I have nothing together for last year.

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I really want your help.

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And I really want to get my taxes filed on time.

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And she got ahold of us at just the right time.

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I'd wrapped up all of her other returns everyone's taken care of.

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And she was so.

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Fucking proactive.

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We got everything done like her entire year in that two weeks and got

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her taxes filed on time, but it was such a collaborative effort and we

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put so many hours in to get it done.

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And had she been doing that every month or every week or even every

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quarter, she would have been in such a less stressed out space and still

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been able to get our taxes filed on.

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She's now a regular client of mine.

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She's a retainer client as an associate bookkeeping client

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and a, her everything is done.

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It's done.

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And she's so happy.

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Like we take care of all of that, which has been so good, but we cover

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how to set up different accounting, softwares, how to audit proof, your

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business, what receipts you need to be saving, how to price yourself.

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Business budgeting and the reports that you need to be looking

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at and advanced accounting.

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So like when you have something you pay for a coach and a

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personal card, how do you get that into your accounting software?

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What actually counts as a.

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Expense.

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And how should I categorize things as an advertising?

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Is it contractors, you know, where do things fall?

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How many different categories should I create?

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How detailed do I need to be?

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How many different categories do I need to have?

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So we cover all of that in the, get your finance shit together, self

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study course, and it's self paced.

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You were able to either dive in and go through all of it in order, but you can

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also hop in like, say it's tax time.

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Say it's time to file 10 90 nines for your contractors.

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You can just hop in and pull standalone modules out and go through

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them on their own as you need them.

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So you don't have to sit here and commit like hours and hours

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to go through the entire thing.

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So make sure you go to confident money podcast.com.

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And you check that out cause it's get your finance shit together.

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Self-study course super, super beneficial.

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Especially coming into tax time.

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It gives you everything that you need to go from.

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I think I have a business.

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I want to do two.

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I filed my taxes as a business owner, so covers infrastructure

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and foundation getting stuff.

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How to do, you know what you need to do free with your bank accounts, income,

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and expenses that are deductible, how to count them, how to categorize

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them, how to set up your different accounting, softwares, how to audit.

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How to calculate and pay quarterly estimated taxes, how to file your taxes

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and TurboTax, how to pay your taxes online and self-employment retirement options.

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And then a whole bunch of different like state resources, federal resources,

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uh, email templates for things like when you need a w nine from someone

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also what w nine even is what a 10 99 is when you need to send them.

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So it is like, I still can't believe how many things we covered in here.

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So if you're needing that, go check it out.

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confident money podcast.com or go directly to the website.

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Caitlin magnuson.com and the get your financial debt together.

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Self study course.

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Um, it is literally.

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People.

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Absolutely love it.

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And they love that it's self paced.

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So business foundations covered everything that you need.

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You don't need.

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If you're a single member, LLC, if you're a sole proprietor for tax time,

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cause it's like one of the biggest questions you don't have separate tax

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returns until you become an escort.

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You have a couple of extra sheets or schedules in your personal taxes.

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And also number one, tip, if you decide like you skip ahead or you end up in

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the middle of this and you decide to pay quarterly estimated taxes, pay

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quarterly estimated taxes as an individual with your social security number.

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Even if you have an EA.

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Because your business does not have income taxes at this point, all of the

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profit passes through to you personally.

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And we'll dive into that further actually in just a couple of episodes.

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So.

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Enjoy your week.

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I hope that you are all doing something that is supportive, whether that's

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hanging out with family, doing your own thing, ordering takeout.

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Our family favorite.

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sister, my husband and I all don't like Turkey.

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So we're going to be doing a roasted chicken, which I'm very excited

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for and are famous or infamous, depending on where we're at.

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Uh, candied bourbon pecan sweet potatoes.

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So if you've had sweet potatoes with marshmallows and you're like,

Katelyn Magnuson: 00:16:51

ah, these are nothing like that.

Katelyn Magnuson: 00:16:52

It is literally.

Katelyn Magnuson: 00:16:54

Sweet potatoes with bourbon and a egg.

Katelyn Magnuson: 00:16:58

And I use a coconut cream because I'm dairy free and the topping is

Katelyn Magnuson: 00:17:03

shortening or, you know, some sort of butter substitute pecans and brown sugar

Katelyn Magnuson: 00:17:08

and oh, and a bunch of vanilla in it.

Katelyn Magnuson: 00:17:10

And then you basically cook it with that crust on top.

Katelyn Magnuson: 00:17:13

So good.

Katelyn Magnuson: 00:17:14

So good.

Katelyn Magnuson: 00:17:15

So SU and tons of olives because we still definitely do alien thinkers in our house.

Katelyn Magnuson: 00:17:22

So I hope you guys have a great rest of your week tune in next week.

Katelyn Magnuson: 00:17:25

We are going to be continuing to chat through all of the things that you

Katelyn Magnuson: 00:17:30

need to know to set your business up for success, to maximize your taxes