Five Key Financial Building Blocks for Your Business

These are the fundamental building blocks of any business, whether it's online, brick-and-mortar, service-based, or product-based. It's your job to create systems and structure that allow your business to thrive, you are the nurturer and sustainer!

You need to decide whether you'll operate as a sole proprietor or not, if you opt not to, you'll need a business entity. Then you need a payment processor so you can make the big bucks! From there, it's all about data and planning with your money. You need a bookkeeping system to get data and you need a tax strategy to know what to turn that data into decisions. I also recommend having a 'money date' with you and your business on a regular basis!

What you'll hear in this episode:

[1:30] A bit of encouragement before we begin. Even if you don't think your business is serious or you're just making money on the side, you're still in business!

[2:30] First building block: You need a business entity or the decision to operate as a sole proprietor.

[4:00] Second building block: You need a payment processor, a way for customers to pay you!

[7:30] Third building block: You need a bookkeeping system. This data is the backbone of your business, it drives decisions

[10:20] Fourth building block: You need a tax strategy and tax planning

[12:20] Fifth building block: A Money Routine

[14:30] Bonus tip: hiring a pro to work with on your business finances

* Related episodes:

221. How Do I Use the S Corp Strategy?

226. Deducting Business Travel

231. Questions You MUST Ask Your Accountant Before Signing a Return

* Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG @shannonkweinstein

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.