171: Leveraging Assets for A Profitable Busines: Daniel Blue - a podcast by Meg Rentschler
from 2020-02-12T08:00
We love exploring the different avenues at the intersection of being a professional coach and business owner. We know that being confident and competent in our skills helps us meet the needs of our clients, but being a successful business owner requires financial strength. If your business can use some financial fortification, then today’s show is for you!
Daniel Blue is the CEO of Quest Education, a firm that helps entrepreneurs obtain capital for their companies. He has over ten years’ experience educating small business owners, and he has a knack for helping individuals get creative with their finances. Daniel joins us today to talk about the many considerations in setting up your business and how to use your assets to continue to grow and bring new offerings to your clients. We’ll also discuss creative ways to secure funding for high-end coaching programs that can help your clients reach their goals.
Show Highlights:
● The #1 thing entrepreneurs need to understand is how taxes are different from being a W-2 employee
● Lessons learned the hard way:
○ You need a business bank account that is separate from your personal account
○ You need capital to scale and grow your business, either through a bank loan, credit card, or creative use of a retirement account
● The tax advantage of protection through your EIN as an LLC
● How your coaching clients can afford your high-end programs through a retirement account like a Solo 401K, which is IRS approved, with no penalties or taxes)
● As a business owner, you should outsource your bookkeeping so you can make use of your P & L statement
● Tips for finding a good CPA:
○ Read Profit First
○ Avoid cookie-cutter companies
○ Find a CPA who specializes in working with entrepreneurs
● How Quest Education helps their 1000 clients find and access capital for their businesses
● Daniel’s tips:
○ If you are a solopreneur, look to delegate and outsource so that you can spend your time on your highest producing activity
○ If you have employees, then focus on the culture to share your vision and empower your team
Resources:
Further episodes of STaR Coach Show
Further podcasts by Meg Rentschler
Website of Meg Rentschler