When I first started my business, I was 14 years old. My income was pretty light, and my expenses were even lighter. Heck – I didn’t even pay for hosting. I hosted my few client websites on a web server in my bedroom (don’t tell my old ISP).

But even then, I knew the importance of keeping track of my income and expenses, which I did in an Excel sheet. I’ve always had an interest in accounting, which I thought served me well.

Then I hired Rachel Stas. She made some fantastic changes to my business that ended up saving me money AND lowered my tax bill. And while everyone is different, I know the advice she gives today will be great for any solopreneur*.

Want to hear a longer, ad-free version of this episode where Rachel and I talk about my business, and I ask her specific questions about my books? Become a member of Streamlined Solopreneur Accelerated.

Top Takeaways

• Forming an LLC alone does not provide tax benefits. While incorporation is an important aspect of running a business, you also need to file as the right type of entity (like an S Corp), to help lighten your tax load.
• Track all business income and expenses from day one in a spreadsheet or separate bank account. Don't rely on memory or mix business and personal finances.
• Don’t deduct for the sake of deducting, and be cautious with what you deduct. Some things, like a home office, might offer short-term gains for long-term pain.

Finally, I believe that investing time upfront to properly track finances and get professional accounting help pays off in the long run in taxes saved and peace of mind. Don’t wait until your business gets big to implement good accounting practices.

Show Notes

• Rachel Stas Tax
• Why Solopreneurs Need to Time Track
• Podcast Growth Audit

• Check out Podcast Workflows here or wherever you get your podcasts
• Get started with Clariti for just $1 your first month with code SOLO2024

My newsletter has gone through a lot of changes over the years, but something that's been steadfast is promoting the latest episode of this podcast at the beginning of the week. And that made perfect sense when both the newsletter and this podcast talked about largely the same thing.

But now this show talks about running a solo business generally, while the newsletter is supposed to focus on podcast processes and systems.

They both make the same promise, but the audiences are different.

I've tried splitting the baby, so to speak, by promoting the episode, and then something behind-the-scenes look at that episode.

But it doesn't work. You know...don't talk to more than one audience, yada yada.

As a result, the newsletter isn't growing the way I'd like. And that’s what we’re talking about today.

Top Takeaways

• I need to make my newsletter’s value proposition clear. Right now, it’s trying to attract and talk to two different audiences.
• As a result, it’s not a “recommendable” newsletter. People with great newsletters (like Chenell Basilio and Justin Moore) have great newsletters with a clear focus, so people know who to recommend them to.
• The new format of the newsletter will drive home my promise: to improve your podcast processes. And while I may recommend Streamlined Solopreneur sometimes, it will not be the focus of any newsletter.

• Get started with Clariti for just $1 your first month with code SOLO2024

I remember the first time I got an affiliate payout. I didn’t even know it was coming. The money just showed up in my account.

“What is this from?” Then an email followed. A hosting company I had written a blog post about paid my affiliate commission for the last 2 months.

Since then, I’ve been stumbling through, clumsily trying to make affiliate income an appreciable part of my income – but it’s never worked as well as I hoped.

So I brought in an expert: my friend Justine. She’s been doing affiliate programs forever and currently leads ConvertKit, as well as consults through her own business, Brilliant Affiliate. She’s the perfect person to talk to.

Justine not only sets me straight, but she offers a TON of fantastic actionable advice for how to make the most of affiliate programs, how to find the right ones, and how they can live harmoniously (and even help) with sponsorships.

Top Takeaways

• Affiliate programs provide a way to earn passive income by referring customers to products/services you recommend. Look for ones that pay well.
• Target your affiliate content to the right people – people who are low in the funnel, and are weighing their options between your recommended product and competitors.
• Balance affiliate income with sponsorships - affiliates are more passive/long-term while sponsorships are good for timely campaigns. But being a good affiliate can also help you land sponsored campaigns from the same company!

Show Notes

• Justine Galea
• Justine on Twitter
• ConvertKit
• Podcasting Tools

Sponsors:

• Check out Liquid Web
• Get started with Clariti for just $1 your first month with code SOLO2024