Business By The Books with Danielle Hayden

In this episode of "Entrepreneur Money Stories", Danielle is joined by Tanessa, a health consultant for 7-figure earners, to discuss how entrepreneurs are prone to overwork, lack of concentration or energy, and even burnout, because they neglect the greatest asset of their business, has—their mind. Together they talk about sleep, diet, tools, and routines to increase productivity. Topics discussed: Intro (0:00) Your brain is the greatest asset your business has. (2:44) Aura ring as a way to measure our quality of sleep. (5:31) What is REM sleep, and how does it impact your business? (7:22) Bedtime Routine: Dos and Don'ts (10:31) Circadian rhythm and ways of triggering your brain to slow down (11:42) How late exercise and food can alter good sleep (14:40) Ways to mitigate disrupting factors (16:37) Finding your Money Mindset personality type (18:20) Alcohol as a sedative and how it influences REM sleep (19:39) Start implementing consistency at bedtime to see fast results (22:35) Adjusting your sleep time with chronobiology (23:34) Ways to know if you are sleeping at the right time (25:09) What to eat for breakfast to feel satiated and maintain energy stability (26:43) Healthy breakfasts and the truth about carbohydrates (28:47) Importance of blood sugar stability and inflammatory effects of meals (31:03) Monitoring fight or flight response using heart rate on food adaptability (32:56) Evaluating your diet and the consumption of whole foods (34:51) Advice on caffeine: when to drink coffee (37:24) How to elevate your energy levels through resilience (39:37) Conclusion (41:25) Get in touch with Tanessa and The Becoming Limitless Podcast (43:08) Connect with Tanessa Shears: Website | tanessashears.com Instagram | @tanessashears YouTube | Tanessa Shears LinkedIn | Tanessa Shears Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

In this episode of Entrepreneur Money Stories, Danielle is joined by Kelsey to discuss a frequent question among listeners: How do I get paid as an LLC or sole proprietor? There can be a lot of confusion among business owners when it comes to being an LLC, such as what exactly is an LLC, the cost of becoming one, "Should I pay my mortgage from my business account?", and more. Together, Danielle and Kelsey, answer all these questions and more, so that you and your business can thrive while being legally protected. Topics Discussed: Intro (0:00) What exactly is an LLC? (1:30) Should a sole proprietor become an LLC? (2:17) The cost of becoming an LLC (2:55) Sole proprietor vs. LLC vs. S-Corp (3:08) Single-member LLCs vs. partnerships (4:54) How to pay yourself as an LLC (5:27) Legally distinguishing between personal and business expenses (7:13) How to have clean bookkeeping (9:02) Does it matter how often you take owner draws? (10:17) Owner draws and taxes (10:55) How to calculate owner draws and how much to pay yourself (11:16) Paying yourself as an S-Corp vs. an LLC (14:55) How to pay yourself during slow months (16:09) Treat your business as a business, not a personal ATM. (17:09) Connect with us for help (19:52) For help becoming an LLC or calculating owner draws, visit https://kickstartaccountinginc.com/get-started/ Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

In this episode, Danielle delves into the five essential actions you must cease immediately to uncover joy, happiness, and fulfillment in your financial life, whether in business or your personal affairs. She begins by addressing a notable study from 2010, which observed that day-to-day happiness increased with rising income up to a certain threshold. However, an opposing study conducted in 2021 revealed that happiness continued to climb with income levels well beyond that initial limit. This apparent contradiction underscores the intricate relationship between money and our intrinsic needs, all interwoven with our money mindset. The Hierarchy of Needs Danielle draws inspiration from Maslow's hierarchy of needs, a concept suggesting that humans possess a structured hierarchy of needs, motivated to fulfill them in a hierarchical manner. The foundational needs start at the bottom, encompassing physiological essentials like food, water, shelter, and sleep. These basic necessities are intricately linked to one's financial situation, with a clear correlation between meeting these needs and financial stability. Progressing upward, safety needs include personal and financial security, health, and protection from harm. Financial security serves as a prerequisite for ascending the hierarchy and reaching one's fullest potential. Following that, a sense of belonging emerges, with ties to money as it relates to the community and connections within one's business. The upper tiers of the hierarchy—esteem needs and self-actualization—are areas where significant attention is often focused. Esteem needs center around earning respect from others, cultivating self-confidence, and achieving a sense of accomplishment. Money plays a pivotal role here, influencing how we are perceived and impacting self-esteem. At the apex of the pyramid lies self-actualization, encompassing personal growth, creativity, and a sense of purpose. This is an arena where business owners frequently invest substantial time and effort as they strive to attain their full potential in their unique entrepreneurial pursuits. Understanding these needs at their deepest level is crucial for comprehending their intricate connections with our money mindset. The Five Things You Need to Stop Doing 1. Stop Saying You're Not Enough: Reframe negative self-talk that undermines self-esteem and self-confidence. 2. Stop Ignoring Your Personal Budget: Establish a personal budget to meet the basic needs of yourself and your family, providing the essential foundation for financial security. 3. Stop Ignoring Your Money Mindset: Recognize the fundamental role of mindset in your entrepreneurial journey. Understand and heal your money mindset, utilizing it in conjunction with financial tools to pave the path toward self-actualization. 4. Stop Trading Short-Term Happiness for Long-Term Fulfillment: Resist the allure of immediate gratification in favor of long-term goals that promise sustained security and happiness. Avoid trading short-term dopamine rushes for enduring contentment. 5. Stop Living the YOLO Lifestyle: Shift your mindset away from a "You Only Live Once" approach, maintaining focus on your long-term objectives and avoiding distractions. What Can You Do About These Five Things? So what can you do to step away from these bad habits? When we stop saying I'm not enough, wonderful things can happen so start reframing those negative thoughts. Episode 110 of Entrepreneur Money Stories does a deep dive into this topic. Secondly, stop ignoring your personal budget and plan out a budget so that you know what you need to survive and thrive. If you haven't set a personal budget before, click here for a template. A personal budget is also going to help you in your business too- it takes the guesswork out of how much you should pay yourself in your business. Healing your money mindset is a common thread through all of the above action steps. Understanding and healing your money mindset gives you as an entrepreneur the tools you need to ramp up your business to meet your self-actualization journey. Key Points [03:20] The hierarchy of needs [10:42] The five things you need to stop doing right now [15:54] What can you do about these five things? Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

For help calculating your reasonable compensation, visit https://kickstartaccountinginc.com/comp Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

Show Notes In this episode, we delve into the intricacies of building successful co-founder partnerships with the guidance of Tanis Jorge, a seasoned tech entrepreneur and a leading advisor in the field. With over two decades of experience and the co-founding of four companies with the same partner, Tanis is the author of the Co-Founders Handbook and the Co-Founders Hub, on a mission to empower entrepreneurs in nurturing their most crucial asset—their co-founding partnerships. Keys to Success in Partnerships One key insight shared by Tanis is that roles within a co-founder partnership can evolve over time. While in the early stages of a business, founders often wear multiple hats, the most successful partnerships thrive on having clear and specific expectations for each partner. This adaptability, tailored to the unique needs of the business, ensures that as the business and partners grow, they remain aligned. Intentionality is a cornerstone of prosperous partnerships. Tanis emphasizes that co-founders should not merely "set and forget" their collaboration, as both partners are human, and emotional support is vital. Unlike in marriage, where partners primarily serve each other, in a business partnership, the focus centers on the business itself, often requiring non-emotional decision-making. How Do You Find a Business Partner? Finding the right business partner can be a challenge, and Tanis advises individuals to start by self-assessing their strengths and weaknesses. Understanding what you bring to the table allows you to identify the gaps that require a complementary partner. This introspection is valuable not only for those actively seeking partnerships but for all, as effective communication is essential. Tanis introduces the P.I.K.E. framework—Passion, Interest, Knowledge, and Excitement—as a tool for evaluating potential partners. Ensuring alignment in these areas prevents the need to drag partners along, ensuring their full commitment to the projects at hand. The episode explores the top reasons people enter partnerships, with moral support and validation being among the most common. However, Tanis cautions that feeling obligated or rushing into a partnership without careful consideration can lead to unfavorable outcomes. Aligning your self-assessment with potential partners is crucial. What Happens If Life Changes? Life inevitably brings changes, and the episode underscores the importance of having a well-defined partnership agreement. This agreement acts as a safety net, ensuring that the business won't collapse if a partner needs to exit. Seeking legal counsel to draft such an agreement is recommended, promoting peace of mind for both partners. Effective communication is a central theme, with regular meetings at varying intervals—daily, weekly, monthly, or yearly—being essential to partnership success. These meetings ensure continuous dialogue, preventing catastrophic surprises. What If My Business Partner Isn't Cooperating? For a partnership to thrive, both partners must share the same end goal, fostering a unique kind of intimacy. Honest discussions about roles and operations are crucial, and maturely addressing issues can lead to a successful partnership, whether it involves dissolving the company, splitting the partnership, or finding a new direction. The episode acknowledges that sometimes dissolving a partnership isn't as simple as it seems, often entailing substantial costs. Therefore, careful evaluation of the situation and seeking advice from legal and financial experts is vital. Tanis' Biggest Lesson Learned Tanis shares a sobering reality: the dissolution of a partnership often marks the end of the friendship. She advises keeping business and friendship separate, cautioning that the statistics on maintaining friendships after a partnership ends are low. However, the bonds formed in successful partnerships can be profound and among life's greatest gifts. In Tanis' extensive experience, she aims to help people elevate their partnerships from good to great. Tune in to gain valuable insights into building, maintaining, and thriving in co-founder partnerships. Key Points [02:44] Keys to success in a partnership [08:51] How do you find a business partner? [15:33] Why do people look for partnerships? [18:15] What happens if life changes? [24:48] What if my business partner isn't cooperating? [29:04] A piece of advice for the business partner hanging on [31:41] Tanis' biggest lesson learned Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

Show Notes Tune in to the latest episode of Entrepreneur Money Stories as Kelsey and Danielle from Kickstart Accounting unveil the ins and outs of transitioning your business to an S-corporation. If you've been pondering the concept of an S-corp, this episode is your comprehensive guide to understanding its intricacies. In a phase of rapid business growth? Then this could be a game-changer. What's an S-Corp and What are the Advantages? Delve into the essence of an S-corp and its role in taxation strategy. Should you be an incorporated S-corp or an LLC S-corp? The distinction lies in a specialized tax election that can unlock significant tax savings. With a keen focus on businesses with net income exceeding $50,000 for two years, the hosts highlight the pivotal role of accurate bookkeeping. Your profit and loss statement serves as the cornerstone for this crucial decision-making process. Discover the advantages that an S-corp status brings—opportunities for retirement plans, potential to engage a board of directors, and more. But it's essential to recognize that there are specific revenue thresholds and increased financial responsibility. Keeping business and personal expenses separate is paramount, particularly under the S-corp structure, where improper handling could lead to complications during audits. Drawbacks and Requirements for Becoming an S-Corp Becoming an S-corp when your business meets the requirements above doesn't have many drawbacks, but there are some things that become a bit tedious when you are setting it up. Uncover the intricacies of reasonable compensation—what should an owner's role fetch in terms of payment within your region? Seeking guidance from tax accountants or online benchmarks can aid in this determination. Navigating payroll intricacies is another vital aspect. Even if you're a one-person operation, being on payroll is mandatory. Federal and state payroll system registration and tools like Gusto streamline this process. Meticulous bookkeeping takes center stage. Understanding where your funds flow is critical. While a degree of separation between personal and business expenses is mandatory, it doesn't demand perfection—communication with your bookkeeper can rectify occasional overlaps. Conclusion Kelsey shares anecdotes of clients who missed out on substantial tax benefits due to misconceptions about S-corp advantages. Remember, you don't have to navigate this decision alone. Seeking help and guidance is a smart move, enabling you to capitalize on potential tax savings. Transitioning to an S-corp isn't just about altering business structure—it's about harnessing its potential to drive financial efficiency and growth. Key Points [02:54] What's an S-corp and why do I want to be one? [10:49] Drawbacks to becoming an S-corp [16:38] Requirements for an S-corp [21:56] Conclusion Connect with Danielle: Website | Kickstart Accounting Facebook | Kickstart Accounting Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

Show Notes Welcome back to another episode of Entrepreneur Money Stories! Today on the show Danielle, the Founder and CEO of Kickstart Accounting Inc. is flying solo. With an unwavering passion for empowering women in service-based businesses, she's dedicated to unraveling the complexities of financials, enabling entrepreneurs to make a lasting impact. Today, Danielle delves into a topic that often sparks anxiety - operating in the red. But fear not, her insights will guide you through this challenge with a level head and strategic approach. What Does Operating in the Read Mean? When your operating income reflects a loss, you're officially operating in the red. Danielle kicks off by emphasizing the importance of accurate bookkeeping and monthly profit and loss analysis. Unveiling the root causes of such losses is pivotal, as they could stem from isolated incidents like annual subscriptions or project revenue dips. In some cases, seasonal patterns might be the culprit, as seen during vacation-heavy periods. Identifying whether your business follows such a seasonal trend is crucial. Should the loss extend for more than three consecutive months, it's time to widen the lens. Danielle advises considering broader market shifts that might be affecting your business. Understanding your finances is paramount. She highlights the impact of becoming an S-corp, where your previous draws now translate into expenses, potentially altering your business's profitability. Collaborating with your financial team becomes essential to grasp the implications and make any necessary operational adjustments. Taking Action After exhausting these considerations, it's time for action. Swift decisions are crucial, with a focus on non-personnel cuts initially. Using the expense grading worksheet, Danielle demonstrates how to trim expenses without compromising your valuable team members. While cuts might be tough, remember that you can reintroduce these elements later. Survival is the key objective at this moment. As you navigate this challenging phase, building a cash reserve is imperative to adapt to the evolving market landscape. Luxury expenses take a backseat as you build a financial cushion. Danielle then suggests pinpointing your business's primary problem without succumbing to fear. Resist the urge to panic and concentrate on addressing one issue at a time. If it's a revenue decrease, is it a marketing or market-related challenge? A deep dive analysis can offer insights into the underlying causes. Questions for Reflection Danielle encourages introspection amidst this period of financial challenge. Each valley holds valuable lessons, whether it's a brief setback or a more extended struggle. Revisit your money mindset stories that might be exacerbating the situation. Kickstart's money mindset mastery program can aid in reframing your perspective for positive change. Are you putting in the extra effort? Revisit the strategies that yielded success before. Examine your schedule, habits, and interactions. Rekindling those practices can rejuvenate your momentum and passion. Consistency reigns supreme; avoid distractions that divert your attention from your business objectives. Fuel your business with renewed energy and surround yourself with those who uplift you. Danielle underscores the importance of leadership during challenging times. Visualization and focus on success are potent tools for steering your business out of fear's grasp. Remember, succumbing to fear isn't an option, even when uncertainty ripples through the entrepreneurial community. As we conclude this insightful episode, Danielle's guidance echoes in our minds: face challenges head-on, adapt strategically, and lead your ship through the storm. Thank you for joining us today on Entrepreneur Money Stories, where wisdom meets action. Key Points [02:32] What does operating in the red mean? [11:08] Taking action [17:05] Questions for reflection Connect with Danielle: Website | Kickstart Accounting Facebook | Kickstart Accounting Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

Show Notes In this episode, we're joined by the talented Shelli Warren, a seasoned expert in helping service-based business owners cultivate exceptional leadership teams. Shelli's deep-rooted connection with Danielle is evident as they share a mutual commitment to empowering female entrepreneurs. Their insightful conversation delves into the challenges and rewards of forming a robust leadership team in the world of business. Things to Keep In Mind as a Leader Entrepreneurship often springs from a passion for one's craft, but the broader aspects of running a business require acquired skills. Shelli reassures us that it's absolutely normal not to adore every facet of being a business owner – a sentiment many can relate to. Acknowledging that you can't excel in all domains is crucial. Just as it's acceptable to seek financial advice, it's perfectly fine to seek help in the realm of team leadership. Shelli emphasizes that the pursuit of perfection in every role is an unrealistic expectation. Instead, the focus should be on building a leadership team that complements your strengths. Drawing parallels to the corporate world, she highlights that in service-based businesses, a leadership team comprises dedicated individuals who align with the mission and vision. These professionals are skilled in their anchor areas, forming a cohesive unit that drives growth. Creating a Leadership Team The journey to creating such a team starts with recognizing potential leaders within your existing ranks. Shelli advises to identify those who think like business owners, exhibit core values, and uphold high standards. Transparent communication is paramount: openly express your intent to develop leadership roles within the company. This not only fosters internal growth but also sets the stage for a smoother transition if external hires become necessary. Building Your Culture When conversations with potential leaders fall short, maintaining transparency is key. While it can be disheartening, the team should understand that changes are vital for progress. Shelli stresses that leadership transformation begins with the founder's vision for the team experience. Reflecting on personal team experiences helps define desired workplace dynamics, which should be communicated openly. Recognizing and commending behaviors that embody core values further nurtures a positive atmosphere. The Tough Conversations Tackling challenging conversations requires clear intention. Shelli advises a focused approach, highlighting the desired outcome and encouraging the individual to actively resolve issues. Avoid overwhelming the recipient by addressing incidents individually, offering constructive feedback that paves the way for improvement. Why Do I Want a Leadership Team? The significance of a leadership team's role in business expansion is undeniable. Shelli explains that this team acts as a bridge between the founder and the extended team, managing day-to-day operations and reporting back. As the founder concentrates on high-value tasks, a sense of self-sufficiency grows within the leadership team. This cascades into a culture where direct leaders guide their teams, leading to quality interactions and fewer interruptions for the founder. In conclusion, Shelli Warren's insights illuminate the path to creating a leadership team that complements your strengths, propelling your business to new heights. By embracing the idea that you can't excel in every aspect and fostering transparent communication, you empower your team to take ownership and drive success. Tune in to discover how to cultivate a leadership team that propels your business growth while allowing you to focus on your core passions. Key Points [03:56] Things to keep in mind as a leader [07:09] Creating a leadership team [21:25] Building your culture [28:40] The tough conversations [32:53] Why do I want a leadership team? Connect with Danielle: Website | Kickstart Accounting Facebook | Kickstart Accounting Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

Show Notes Welcome to another enlightening episode of Entrepreneur Money Stories! In today's episode, we delve into a powerful technique that can transform your money mindset and overall outlook on life – the High Five Habit. Our guest, Danielle, a devoted follower of Mel Robbins' pioneering work, introduces us to this innovative practice and explores how it can rewire and reframe our approach to money. What Does a High Five Mean to You? Think back to that impactful high five you received. Imagine the emotions coursing through you, the context of the moment, and the person behind that uplifting gesture. Danielle takes us on a journey through her own experience, where a high five during a grueling Spartan race shifted the course of her race, metaphorically and literally. What is the High FIve Habit? At the heart of the High Five Habit is the concept of starting your day with a mirror-side high five. Originating from Mel Robbins' personal experience of combating negative self-talk during a rushed morning, this simple practice triggers the release of dopamine in the brain, providing a much-needed boost. Scientists have also revealed that the act of raising your arm creates additional energy, highlighting the significance of seemingly small actions in shaping our days. Why Does It Work? But why does the high five work wonders in dispelling negativity and ushering positivity? Just as we internalize negative self-talk through experiences, the habit of celebrating ourselves through high fives can also be etched into our subconscious. This transformation is facilitated by linking the practice with new neural pathways, interrupting the cycle of self-doubt and welcoming fresh energy. If you find yourself resisting this notion, it could be a sign that you're not accustomed to celebrating your own accomplishments. By extending a high five to yourself, you're declaring "I see you" and "I hear you," momentarily halting the tide of negativity and embracing a newfound vitality. How to Use the High Five Habit Mel recommends incorporating this habit into your daily morning routine. As you set intentions for the day and envision your future self, choose a trigger like brushing your teeth or sipping your morning coffee. Lift your arm, give yourself a high five in the mirror, and if you're a fan of mantras and affirmations, this is a perfect moment to recite them. Recognizing the challenges business owners face as their harshest critics, Danielle highlights how this practice can be a catalyst for self-celebration. The inner turmoil of being an entrepreneur can be met head-on with the high five habits, celebrating achievements and milestones along the way. This practice isn't confined to personal triumphs; it can be harnessed to confront financial insecurities too. Whether it's looking at your financial reports or engaging with your money team, incorporating high fives amplifies your self-affirmation and rewires negative thought patterns. In conclusion, the High Five Habit offers a simple yet transformative approach to shifting our money mindset and daily outlook. With the guidance of our insightful guest Danielle, we've explored how the act of celebrating ourselves through high fives can override ingrained negativity, setting us on a path of self-discovery, positivity, and achievement. So join us on this episode of Entrepreneur Money Stories as we uncover the power of the high five and its profound impact on our relationship with money and self-worth. Key Points [01:44] What does a high five mean to you? [05:20] What is the high five habit? [08:55] Why does this work? [13:18] How to use the high five habit Connect with Danielle: Website | Kickstart Accounting Facebook | Kickstart Accounting Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/