075: 10 Ideas to Run Your Business Better with Brandon Scott

Episodes The Bearded Tog

February 27, 2019

10+ Ideas to Run Your Business Better with Brandon Scott

There are so many facets to running a business, and it’s impossible to know all of them. What if you could run your business better? What if we could have a checklist to help us achieve our goals and eliminate pain points in the future?

In this episode, Brandon Scott shares his 10 Ideas to Run Your Business Better with everything from bank accounts to sales tax. As both a tax professional (CPA) and photographer, Brandon is a great resource for photographers hoping to make sure their business is secure and in a good spot.

Ideas to Run Your Business Better from Brandon

Photographers who run successful business for a long time have great business minds on top of being talented. Running your photography business is 80% office work and 20% creative.
Retirement may be a huge issue for millennials. Our life expectancy is getting longer and we need to put away money for future you.
Keep personal and business separate.
Sales tax varies state by state. Products are always taxable, and items that clients know that they’re getting are not “gifts”.
It’s easy to get an EIN. There’s no reason to give anyone your social security number when you can apply for this and get it instantly.
A retainer and deposit are not the same, and a deposit can be refundable.
Keep track of your business finances throughout the year. As your business grows, you may want to graduate into an LLC or S-Corp. Every time you change the structure, the more complicated the finances can get.
Keeping receipts is important. Make sure you have everything available to prove you spent money on business expenses.