Get Profitable HQ: Business Growth Strategies for Online Entrepreneurs
Ever wondered how to turn a passion into a thriving seven-figure business? Laura Smith, host of Get Profitable HQ, spills the secrets that helped her overcome shyness and build a successful online business for over a decade. Running a business while juggling family, travel, and a chronic illness is no walk in the park. She gets real about the struggles entrepreneurs face and shares strategies to help you balance life and business. Discover the behind-the-scenes truths that will resonate with every entrepreneur trying to make it work! *Feel a sense of camaraderie as Laura assures you that everyone faces challenges in growing their business. You're not alone, and she's here to prove it! *Demystify the world of business numbers. Feel empowered to befriend and understand your business metrics, laying the foundation for success. *Gain practical insights into growing your email list, boosting conversion rates, and navigating the intricacies of online tools and courses. Laura breaks down tangible steps you can implement right away. If you’re ready to transform your business and life, hit play now. Don't miss out on the community, knowledge, and REAL talk – your journey to business success starts with this podcast!
Get Profitable HQ: Business Growth Strategies for Online Entrepreneurs
Business Finances 101: Money Topics Every Entrepreneur Should Understand
In the previous episode of Get Profitable HQ, Laura discussed the top five financial mistakes that every entrepreneur makes. If you’ve made one or more of those mistakes in your business, don’t sweat it! You’re not alone! In this episode, Laura breaks down the financial basics that every online business owner needs to understand. Learn the top 3 financial terms you should be familiar with, as well as everything there is to know about filing taxes, including the benefits of filing your business as an S-Corp. If you’re ready to stop saying, “I’m not good at numbers,” then tune into this episode to achieve clarity and start feeling more financially confident running your business!
Key Topics:
- (01:23) Three important terms to know; revenue, expenses & profit
- (05:52) Paying taxes on profit
- (06:45) Taxes we pay in the U.S.
- (09:06) Paying local and state taxes
- (10:26) Standard deduction vs. itemization; when and which one to use
- (14:22) Explaining the graduated income tax system
- (18:17) The effective tax rate; taking all your taxes into account
- (18:46) Operating your business as a S-Corp
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