This year I hired a new CPA, Lisa, and when I was going over our tax return with her, she gave me some great tips for how to make money in my online biz as a speaker, author, and coach to reach the success I desire.
I am not a money-grubbing, greedy person, but this is my business and the purpose of a business is to make money. If you are taking deductions off your taxes for your business, the IRS wants to see you making money, too.
Otherwise, it’s a nice little hobby.
It’s time to get serious about your business!
Here’s some tips she shared with me for making money as a Speaker:
- Think business, not hobby. It’s all well and good to want to help people and minister to them, but you are in business. Your business needs to make money. Research shows that 46% of startup businesses fail due to incompetence: Specific pitfalls are emotional pricing, living too high for the business, nonpayment of taxes, no knowledge of pricing, lack of planning, no knowledge of financing, and no experience in record keeping. Begin developing a business mindset. Read books, blogs, and articles on business. Attend webinars, telecalls, and other trainings. Get educated by your CPA and others in business on tax deductions, business, and how to make money and cut costs/losses.
- One deduction you can take if you use your personal car for business too is mileage. The 2014-per-miles-rates is 56 cents. When you are driving to and from a local speaking engagement or driving to and from the airport for a speaking engagement in another city or state, keep a book of your mileage for tax deductions.
- Attend local speaking trainings. Let’s face it, it’s really fun to fly to another city or state to attend a speakers’ or writers’ training conference. You get excellent training and some much needed R & R. But unless it is the best of the best, a unique, cream-of-the-crop training that isn’t offered anywhere near you, the IRS prefers that you get continuing education and professional training in your area. This will save you money and cut your costs in business.
- Bring in outside vendors and sell them booths or tables at your conference. If you host your own events as a speaker, you can presell tickets and presell vendors’ booths or tables to make money before the conference even starts! This will help you to buy the needed items and hire the help you need for the conference and help to make you a profit. Vendors such as Thirty One Gifts, Mary Kay, Avon, Scentsy, and more can sell their products at your conference. It is a win-win situation for you both.
- Save costs on advertising by word of mouth. I have a friend named Suzy Bunton who is the best advertisement I know for any great event. She knows a lot of people, runs a prayer line on her phone at home, and talks to people constantly. She’s one of the most loving people I know who operates in the fruit of the Spirit. One of the best ways you can advertise your business is to share about what you’re doing with family and friends, who in turn tell others. You must get the word out about your biz! Advertising in the paper, on the radio or t.v., or on Facebook is sometimes necessary, but our CPA built her successful business solely by word of mouth. If you provide value to others, genuinely want to help them, and are a person of integrity in your business, the word will spread. God will open doors of favor and opportunity for you.
These are just a few of the tips our CPA shared with me for home business success. What are some of your ideas? Leave your comments below.