The Secret Weapon for Entrepreneurs: It’s NOT Revenue! | Shannon Weinstein DSH #530

Digital Social Hour

Sean Kelly

Self-improvement, Education

5.0 • 1.1K Ratings

🗓️ 2 July 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Unlock the secret weapon for entrepreneurs that’s NOT revenue! 🚀 Join us on the Digital Social Hour with Sean Kelly as we dive deep with Shannon Weinstein, founder of Keep What You Earn. In this riveting episode, Shannon spills the beans on why revenue is a vanity metric and what truly drives your business forward. 💰 Packed with valuable insights, Shannon shares why discipline and strategic spending can transform your entrepreneurial journey. Listen in as she debunks the myth that you need an accountant from day one and offers game-changing advice on focusing on profit and EBITDA over revenue. 📈 Don't miss out on this eye-opening conversation! Watch now and subscribe for more insider secrets. 📺 Hit that subscribe button and stay tuned for more eye-opening stories on the Digital Social Hour with Sean Kelly! 🚀 Join the conversation, get inspired, and learn how to truly keep what you earn. 💼 Tune in now! #DigitalSocialHour #SeanKelly #Podcast #Entrepreneurship #ShannonWeinstein #BusinessGrowth #ProfitOverRevenue #EntrepreneurSuccess #ScalingBusiness #FinancialStrategiesForEntrepreneurs #EntrepreneurAdvice #TaxStrategies CHAPTERS: 00:00 - Intro 00:35 - Do you need an accountant 01:36 - Revenue is a terrible metric 03:18 - Lifetime revenue metric 06:29 - Do you want your businesses to be profitable year 1 07:37 - What are the winning companies doing that the losing companies aren’t 08:53 - What Were You Doing Before You Started Your Business 09:58 - Moving to Costa Rica 12:52 - Are You Launching a Community 14:02 - Biggest Tax Mistakes People Make 17:04 - AI is getting good 18:37 - Scaling vs. growing 19:47 - EBITDA explained 20:40 - Tax returns vs. books 23:15 - Tax strategies are time intensive 24:58 - Audits 27:30 - IRS access to bank accounts 28:25 - How do you find out you're being audited 30:04 - How do they pick who they audit 31:29 - What Counts as a Write-Off 32:42 - What Receipts to Keep 33:45 - 100% Write-Offs 34:20 - Where to Find Shannon APPLY TO BE ON THE PODCAST: https://www.digitalsocialhour.com/application BUSINESS INQUIRIES/SPONSORS: Jenna@DigitalSocialHour.com GUEST: Shannon Weinstein https://www.instagram.com/shannonkweinstein https://www.keepwhatyouearn.com SPONSORS: Deposyt Payment Processing: https://www.deposyt.com/seankelly LISTEN ON: Apple Podcasts: https://podcasts.apple.com/us/podcast/digital-social-hour/id1676846015 Spotify: https://open.spotify.com/show/5Jn7LXarRlI8Hc0GtTn759 Sean Kelly Instagram: https://www.instagram.com/seanmikekelly/ Learn more about your ad choices. Visit megaphone.fm/adchoices Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	There's a lot that you can do if you have discipline. You don't necessarily need another person to tell you what to do.
0:04.8	If you just have that discipline to track and you have separate business and personal bank accounts, you're fine.
0:10.8	You don't have to do it all on day one and I would rather people spend their money on stuff that will actually generate them revenue.
0:20.0	Wherever you guys are watching this show I would truly appreciate it if you follow or
0:24.0	subscribe. It helps a lot with the algorithm. It helps us get bigger and better guests and it helps
0:28.7	us grow the team. Truly means a lot. Thank you guys for supporting and here's the
0:32.4	episode.
0:34.8	All right guys Shannon Weinstein here founder of Keep What You Earn.
0:38.0	We're gonna talk about money today right?
0:39.7	Yeah.
0:40.3	Let's do it.
0:41.1	So I'll start off right here. You basically think you don't need an
0:44.8	accountant in your business. Yeah as an accountant I tell people you really don't need
0:49.3	an accountant which is kind of like please don't kick me out of the club but the truth is that a lot of people
0:55.4	like accountants will tell you oh you really should have an accountant from day one
0:58.8	just like a personal trainer will tell you that to get your ass off the couch you should
1:02.1	hire a trainer.
1:03.2	There's a lot that you can do if you have discipline, enough discipline to get by and enough
1:07.1	of a motivation to track what you're doing that you don't necessarily need another person to tell
1:10.9	you what to do if you just have that discipline to
1:13.4	track and to keep track of your stuff and you have separate business and personal
1:17.2	bank accounts you're fine and you can always add and layer that on later you don't
	...

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