Recently I was listening to Rachel Rodgers' audiobook, "We Should All Be Millionaires: A Woman's Guide to Earning More, Building Wealth, and Gaining Economic Power" and was inspired to do her $10k in 10 days challenge. This peaked my interested because I am working on a goal of $30,000 months in my business.   I encourage you to look at your financial goals - income, retirement, vacations, etc. and what does that look like per day, week, month, etc. What may seem like a lot of money per month may not be as much as you think once you subtract expenses, taxes and savings.   To break down my $10k in 10 Days Challenge, I ended with $9,741. Here's how I did it:   My first few offers were not a hit which was scary at first. Then I got the idea for a new offer: LLC in a day. An offer is anything that you are selling and I decided to sell a 1:1 session with me to get you completely set up with your LLC. I put that out there via my email list. It's $1,000 and I booked 2.   A couple days in I reevaluated, I thought LLC in a day would be my ticket to $10k. I revisited the idea and offered Tax in a Day. This includes calculating your quarterly taxes, figuring out what you should be paying yourself, setting up a system for all of this. It's the money side of the business. I put this out and got a lot more interest. I had 5 people sign up for this at a rate of $1,000. This brought in an additional $5,000 bringing us to $7,000   The additional $2.741 came from 1:1 hour-long strategy sessions, my online course sales and my alumni membership.   My biggest takeaway was that people want to get things done quickly when it comes to legal and tax stuff which is why my tax/LLC in a day was so popular. This does present a challenge for me because I want everyone to be able to maintain these aspects of their business moving forward.   These 6 hour VIP days are going to stick around so if you missed it, don't worry, you can still book! I'm going to start them at $2,000 with four slots a month and it will cover tax and legal in the session.   The other idea I had was offering a VIP day for brand new business owners. This is tricky because for some, they've set aside money to start the business and spend money on services like this, for others, this is a lot trickier. If you're interested in trying this with a group VIP day, send me an Instagram DM today because I am starting this on August 17.

Unf*ck Your Biz With Braden

187 - $10k in 10 Days

On this episode of the podcast I announce the return of my Profit Reports and what they'll look like moving forward.  I'm launching a private podcast! This will be a second podcast exclusively for members of my free Facebook group, Braden's Besties. In the group I host a Friday Facebook Live where I answer questions I've collected throughout the week. I'll be turning this Q&A into a private podcast that will be accessible only to members of my Facebook group, so join now by clicking here or visiting www.bradensbesties.com   If you're new to the podcast in the last year you may not be familiar with my profit reports. These reports came to be in 2019 when I was reading the book Profit First by Mike Michalowicz where he walked readers through an exercise to determine the profitability of your business. I was operating at 30-40% profit at the time which was very low and I set out on a journey to operate at 70% profit. I started sharing my income and expenses with my followers as I started growing my profit.   I stopped these profit reports when COVID started because I didn't like sharing the money I was making knowing that others were not having the same experience in the pandemic, especially my audience of wedding professionals.   To wrap up the last several months, I launched Unf*ck Your Biz last fall and this past spring. This past spring's launch was not as financially successful as my fall launch, bringing in $10,000 compared to the previous $30,000. Typically this program was brining in 80% of my revenue. This $10,000 for a high-level program spread out over 10 weeks comes to $1,000 a week as compared to the $10-15,000 months I was having in the fall.   Last week I started a $!0k in 10 days challenge inspired by Rachel Rodgers' book We Should All Be Millionaires: A Woman’s Guide to Earning More, Building Wealth, and Gaining Economic. I needed to bring in some money to hire some new professionals to help me with a refresh for my new offering coming this fall, stay tuned.   To reach $10k in 10 days I launched a new offer called the Legally Launched VIP Day that has a few spots left for a program geared toward brand new business owners that need help implementing their legal and tax essentials.   I'll be recapping the August profit report at the end of August. Until then, I'll bedriving into the $10k in 10 days challenge and an episode with an insurance professional in the coming weeks. Be sure to join the Braden's Besties Facebook group and rate and share this podcast.

186 - Profit Reports Are Back!

185 - You Need More Than One Contract

Today's episode is part four of the Contract Series where I share what to do if a client is planning to sue you.   Client issues are more common than you think, and client issues do not mean you're not good at what you do. Sometimes we fuck up, sometimes we just have messy clients. There will always be client issues when it comes to owning a business.   Back on Episode 112, I spoke with DJ Kevin Dennis about his experience with the legal system with a lawsuit from a couple about Kevin's contract and COVID related cancellation refund. Similarly, last year on Judge Judy a client sued a wedding planner for a refund due to a COVID cancelation/postponement. The planner said the retainer was non-refundable and have already substantially performed under the contract.   I give you examples not to scare you but to show you that even for small businesses with contracts under $5,000 can get into legal disputes.   If it looks like you're heading down this road with a client, the first thing to do is consider what your contract says. Contracts are generally going to state what you can and can't be liable for, but you'll still need to defend it. With proper contract revisions, you can at times waive your liability, especially if it's something that is not your own fault.   Your contract can do a lot, but it can't do everything. You can also put in your contract what happens if there is a legal dispute. Where must the parties file suit? Are you going to have an arbitration provision? Are you going to have a mediation provision? A small claims court provision? There are a lot of options available and it can vary by state. My recommendation is to be strict with these provisions. The worst case scenario is that it doesn't help you. Venue provisions of where people can sue you are super helpful, especially if you do a lot of travelling.     If you have a client who is mad at you, ask yourself why they are angry. Are they mad at me or are they just angry in general and I am the outlet? This is common with wedding planners. If it seems like they might sue you, you always want to try and resolve the situation amicably if possible, stay away from legalese and if it looks like you won't move forward amicably, consider extending an olive branch such as a partial refund. It's always a negotiation and it's important to know what you're entitled to. Even if you're not sure, stick to your contract and then consider that your bargaining point. Never put your best offer out right from the start, you can often negotiate without giving them all of your money and never make any bold legal claims. Instead of saying "you're legally obligated to____" say, "Our contract is clear that ____"   Consider a refund a worst case scenario before a lawsuit. If you do give a refund, have the client sign a mutual cancellation and release agreement. This is a template that says why you're giving a refund, if you're cancelling the contract (most likely you are) and that both parties agree not to sue each other. Once you come to a resolution the first thing is to put it in writing. This can go in an addendum to the contract, an addendum is good for a hiccup in your services. Postponement agreements are typically for event-based contracts. The other option is a cancellation agreement where you need to specify what services have already been completed, what services won't be completed, that both parties agree to move on, and if there is any payment due or will be refunded.   If you are ever facing a client problem, seek assistance in my free Facebook group, Braden's Besties (be careful with specific private details especially if it's a B2B client, the world is small.)  

184 - Try This Before You Get Sued

Five Ways Small Businesses Typically Taking Payments: 1. Hourly Payment - Most common along virtual assistants, coaches, consultants. If you have a no cancelation policy, you are better off charging a package price so you are still compensated for any hours you miss due to the client's no-show 2. Monthly - Conover with coaches, VAs, and even wedding planners. Monthly payments can be on a schedule, for example for a wedding planner let's say it's $12,000 you can say it's $1,000 a month that way if there is a cancelation you've still been paid for the months of work you did leading up to the event.  3. Flat fee per project - Common for graphic designers, web designers, creators who sell physical or digital goods.  When you offer a flat fee per project you can split the payments into all the payment up-front, half up-front half after, or all after (which is not recommended). 4. Flat fee Retainer - Getting a deposit to guarantee a project and then taking the rest in installments 5. Percentage Retainer - Let's say your package is $4,000 and your retainer is $1000 you could say in your contract "Client agrees to pay a retainer equal to 25% of the full contract price in exchange for photographer holding the date for the client." I encourage people to use the percentage method so you don't have to edit numbers in your contract.    You also need to consider that your cancelaron/refund provisions will be based on your payment method.    Go through your contact and take a moment to review all the contract provisions that are impacted by payment terms such as your cash flow.

183 - Outlining Your Payment Terms in Your Contract

On today's episode, I continue the Contract Series with the importance of outlining your scope of services as a way to avoid the dreaded "Scope Creep."

182 - Defining Your Scope of Services in a Contract

On today's episode, my guest, Danait Berhe, Founder & Brand Strategist of The Asmara Agency, shares her insight on evolving your contract as your business grows.   Offering a wide scope of services from logo and web design to brand refreshes, Danait's scope of services changes for each and every client which means each client is getting their own custom contract.   Clarity is key when it comes to contracts. Start by spelling out all the details in your proposal before the contract so your client understands what they will be getting and the timeline for the project to be completed so this way you can accommodate and charge for any changes as you move them into the contract and need to charge additional rates for faster results.   Be sure to include: -updated scope of services - define what they're getting out of the services -project schedule - detailed timeline of when to expect client responses and what happens if the client does not respond by the specified time in the contract -payment details - when is each round of payment due and what happens if they do not pay on time -additional services provision and timelines -client on-boarding process - lay out expectations, communication styles, and how your clients can expect to hear from you.   For each additional update to the contract, start by sending a new proposal and then making amendments to the contract. BE super clear in your proposal and contract to avoid your own headaches and also headaches for your client. Keep in mind the Entire Agreement Clause, which says that only what's in the contract is part of the contract. For example, if you put in a proposal or an email one thing but it's not in the contract, then it does not apply to the contract.   Get in touch with our guest Danait Berhe, Founder & Brand Strategist of The Asmara Agency Visit The Asmara Agency Follow Danait on Instagram @danaitbg

181 - The Importance of Clear, Detailed Contracts

180 - Contractor Laws By State

On today's episode I chat with Emily Loeppke, Principal and Founder of Anna Delores Photography about how much to pay your contractors as you grow your team.   Emily was doing paid advertising on every blog she could, networking at local events, and building her relationships with wedding planners which lead to her having a fully booked wedding photography schedule and knowing it was time to hire.   As Emily grew her team of second shooters, she started by calling them associates but transitioned to keeping that an internal term, understanding the importance of calling them the team or lead photographer because they are not any less than and she wanted to avoid clients feeling like these photographers were not all equal members of the photography team.   The question Emily was facing was if her team should be employees or associates (more on this in Episode 177). Emily started by paying her contractors on an as-needed basis per job. She would pay them a booking bonus as a thank you for saving the date, and then a flat hourly rate.   Emily determined starting rates by doing mentorship programs with other photographers that offered associate programs to see how they paid and structured their team. She knew it needed to be more than what a second shooter was paid because there was more responsibility when you are the lead photographer on a wedding day.   How and how much to pay associates is a common problem Emily sees. Many pay their associates on a percentage-based model which is a dangerous model that can simplify expenses and what you are able to pay yourself for all the coordinating and behind the scenes work you are doing along with your fixed business costs.   When you hire a team you will need to track their hours, especially if you pay them hourly. As you continue to hire a team, it becomes easier to get clock-in and hour tracking software, like Gusto,   Get in touch with our guest: Emily Loeppke, Principal and Founder of Anna Delores Photography DM @AnnaDelores on Instagram to sign-up for coaching from Emily on how to build your own team Check out Emily's website AnnaDelores.com

179 - How Much to Pay Your Contractors or Associates

On today's episode I chat with Ashley Ebert, Co-Founder at The Abundance Group + Owner of The Simply Elegant Group, about what goes into successfully hiring a team.   Ashley started hiring 6 months into her business by hiring a contractor and now has part-time and full-time salaried employees and helps other businesses hire and grow their own team of employees.   The biggest challenge is overcoming mental hurdles/mindset blocks to hiring whether it's thinking that you - wouldn't be good leader (leadership is a skill, not a personality trait) - don't want to be a boss (being a boss opens up freedom for you to do the parts of your business you love) - can't afford (start with a small position you can afford and build the role) - it's my art (hiring a team does not mean you need to lose creative control of your business. It means training someone so your creativity can be in multiple places at once).   Don't wait until you're 100% booked to start hiring. If you wait that long then you don't have time to hire and onboard your employee(s)properly.  Instead, it will be less stressful to do around 75% mark. Document your hours to get a better understanding of time spent on projects and what areas an assistant or other employee could help your business. Be sure to have strong onboarding measures in place, such as Standard Operating Procedures (SOPs), to set your new hire up for success.   Hiring comes with increased cost - wages, taxes, payroll management software, etc. When you hire, it often goes hand-in-hand with increasing your prices to cover costs of the the new employee without you and your business needed to take a huge hit to your profit.   Don't get stuck procrastiresearching, do the research on hiring in your area and jump in, there's always some to be figured out along the way.     Get in touch with our guest: Ashley Ebert, Co-Founder at The Abundance Group + Owner of The Simply Elegant Group Learn more about joining The Abundance Group Follow @theabundancegroup on Instagram

178 - Getting Started Building a Team

177 - Do Your Contractors Need to Be Employees?

176 - It's Time for Me to Pivot

Today on the podcast we are reairing episode 63 of the podcast where my friend, and sales tax expert, Amy Monroe shares the five steps to manage small business sales taxes.   1.  Where do you need to collect tax (do I have nexus)? This can depend on the size of your business and the services/goods you sell. You will need to know if you need a seller's permit.  2. How you register for a seller's permit You will also need to search if there may be a secretary of state requirement. 3. What are the sales tax rates and how do you collect them? Often the sales tax rate is based on the location of the buyer. You need to make sure you are also collecting any additional local, county, city and district taxes. 4. Know and manage taxability and exemptions If you provide goods and services it's important to know what is and isn't subject to sales tax and when/if they need to be bundled together or specifically stated. The exemptions may be more nuanced than you need. 5. Deadlines and filing obligations Accounting is important.  When you document a transaction separate out revenue and sales taxes.  Most sales tax returns for most industries it's gross revenue minus any deductions or exemptions equals your taxable revenue. Factor in the applicable tax rate and that's how much you owe   Get in touch with our guest Amy Monroe, Sales Tax Guru Follow Amy on Instagram at @iamamymonroe www.instagram.com/iamamymonroe/  

175 - 5 Steps to Manage Small Business Sales Tax

When a business is in the business of selling something, chances are they have a sales tax filing obligation. Sales tax is a consumptive tax, based on consumer consumption of tangible personal property.   As a business, you act as an agent on behalf of your state to collect the tax. The tax belongs to the state, not to you. Every state is different and even every locality can be different. There are local tax rates, but the state collects everything. You file it all on one form and then it's up to the state based on the form to send those tax dollars to the local government.   If you are running a business, you want to visit the state tax website to learn more about your area's basic tax rules. Failing to pay the sales tax and keeping it for yourself is illegal and can result in jail time. It's critical to keep record of your sales tax as part of your bookkeeping, consider keeping the sales tax money in its own bank account so that's ready to pay each quarter.   Homework: Figure out if your state generally taxes services or does not tax services. If your state does tax services, then do a search to see if your industry happens to be exempted or your type of service. If you're in a state that does not tax services, ask yourself if there are any pieces of your business that still should be subject to sales tax     Get in touch with our guest Amy Monroe, Sales Tax Guru Follow Amy on Instagram at @iamamymonroe  

174 - Laying the Groundwork for Understanding Sales Tax 101

173 - Cart Close!

On the UFYB podcast, we breakdown all the legal, tax, and money related stuff you need to be getting done in your small business.

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Unf*ck Your Biz With Braden

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