Top 3 IG questions answered that will better your business
While I should probably dedicate an entire blog for basic tax tips; last month I got an overwhelming amount of questions about my tax appointment!
“Should I hire someone to do my taxes?” And “What should I be saving for taxes?” were commonly asked questions in my direct messages so I will just give a brief breakdown on what I’ve done over the past eight years and what has worked for me- Don’t forget I’m not an accountant LOL.
Find someone to handle your taxes the moment you start collecting money from clients. You want to build a relationship with your tax person before you get really busy and there is more to explain to them so get started before you think you’re ready and don’t be afraid to ask questions.
Give them a rundown of your business and how it works and handover access to your bank accounts if they are willing to handle that as well. ( My tax person uses QuickBooks to organize all my expenses and sees what I’m spending, helps me decide what to pay myself and tells me when I should pull back on spending)
If you don’t want to put yourself on payroll at least be paying yourself a weekly salary from your business account to your personal account and yes; with that being said make sure you only take money from clients and put it into a business account and from there you will pay yourself to your personal because you and your business are not one in the same.
“How do I pay myself?”
This topic can seem totally overwhelming because in the beginning you are just spending money and paying yourself as it comes but as you get a feel of what you are bringing in each month you can begin to determine what you can be paying yourself so that you can personally be living a comfortable life. I will just break down how I do it for myself because truthfully I love when people give me details...
I put myself on payroll and I pay myself every week on Tuesday I know exactly what I’m going to make I know taxes will be taken out and I know it will direct deposit into my personal bank account. From there I also pay quarterly business taxes that means money is getting pulled directly from my account for taxes so that I don’t have to worry about it at the year end… This is much easier for me instead of writing a very big check at the beginning of the following year and going into a dark depression over it LOL. This is where your tax person will determine based on how much money you’re bringing in what you would be paying and quarterly taxes if you want to go down that road….
On the business side I have one account for money coming in I have another account for taxes, another account for savings and yes- I am paying quarterly taxes but I always like to deposit a small amount into each account when I have a good month or when it’s available to help me save a little extra on the side… At the end of the year I hope that I won’t need to give this to the IRS and then I can use it to either pay myself a bonus personally or for something really cool for the business!
I don’t pay myself an extravagant amount of money but I do make sure that I am able to pay my bills have spending money to live and enjoy my life… Everything else I keep for the business so that I can launch new shirt designs buy more inventory etc. but I do my best to not overspend on those kind of things because I do believe that I work really hard and should be paid for that hard work.
“What is a good posting schedule for social media?”
I will give you a breakdown that is healthy for someone just starting out please don’t follow what I do because it’s my full-time job and a big part of my business but if I were just beginning or trying to manage working and taking clients full-time and social media I would aim to post on my feed three times a week and I would try and do at least three stories a day. The key really is consistency and making sure that you were staying active on the social media platform you choose… What you don’t want to happen is for a potential new client to go to your Instagram and see that you haven’t posted in months that might give them the impression that you weren’t working anymore. So it doesn’t need to be glamorous with tons of filters do you need to hire a photographer for professional shoots? I would say that is something you definitely want to aim for because the beauty industry is competitive and people are really working hard to ramp up their social platforms but my best advice would be just to start because starting is the hardest part.
If you want to go into detail about any of these topics my online consulting is perfect for this ! You can book an hour zoom call with me and we can cover any topic! BOOK HERE! ( don’t forget if you’re a TEE CLUB MEMBER, you can use your discount code for 20% off...this code is in your inbox monthly) If you aren’t a member- this is just another reason to sign up because you get major deals on the site plus a cute lash tee!
I hope these answers to the questions a lot of you’ve asked were super helpful and as always you can find me on Instagram to connect xx