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Welcome to the hair of the dog podcast.

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I'm Nicole.

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And today we are starting a six week series on the

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pillars of pet photography.

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These are your pillars of business.

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And today we are starting with week.

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Number one,

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Welcome to the hair of the dog podcast.

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If you're a pet photographer,

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ready to make more money and start living a life by

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your design,

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you've come to the right place.

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And now your host,

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pet photographer,

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travel addict,

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chocolate martini connoisseur,

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Nicole Begley.

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Heyeverybody. Nicole Here.

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Welcome back to another hair of the dog podcast.

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I am pretty excited for the series.

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We are going to be diving in for six weeks in

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a row.

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It's just me.

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Sorry. No guests for the next six weeks.

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Don't worry.

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I'll bring them back.

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You won't have to get too tired of my voice,

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but we're going to have six weeks of diving into the

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six pillars of business for the business of pet photography.

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Now it's no secret.

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I absolutely love teaching business stuff.

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It just lights me up.

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I love numbers.

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I know all of you guys,

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all those creatives out there,

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don't worry.

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I'm going to make it easier for you guys.

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Now we're going to be just going down the list of

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all the things you need to make sure you have done

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to get your business started for pillar number one,

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which is the legal and admin side of the business.

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And if you want that checklist,

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cause you're in the car,

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you're walking the dog you're out and about.

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Go ahead and go to hair of the dog academy.com/seven

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nine. And right there,

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you'll be able to download our show notes.

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You can download the checklist here so you don't have to

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be walking around making notes or worse driving and taking notes.

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Please don't do that.

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Just go to hair of the dog academy.com/

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79. You can download a super easy checklist to go over

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all of these pieces.

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All right.

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Are you ready to,

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just to start diving in now before we do,

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I guess I do need to do a little legal disclaimer.

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Since I'm talking about some legal things.

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I am not a lawyer.

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This is not legal advice.

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This is for entertainment purposes only.

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And I just wanted to share with you some of the

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things that you want to look into now for all legal

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and tax related things,

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I, 100% recommend that you hire a professional.

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They are 100% worth their weight in gold because they will

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make sure that you do all of this perfectly illegally.

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But one of the challenges we run into sometimes is we

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don't even know what legal things we need to look into.

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So this episode today,

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I hope will give you the idea of the things that

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you need to at least look into.

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Whether you look into them yourself,

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or if you go off and hire somebody else,

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you at least know what to ask and know what you

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need. So are you ready to dive in?

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These are going to be fairly quick,

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short and sweet episodes,

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but they are going to pack a punch and we're going

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to go over a lot of different content here.

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All right.

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So let's dive in.

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What do we need for our legal and admin part of

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our business?

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This is pillar number one,

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because quite frankly,

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if you don't have this setup,

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you really don't have a business.

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So it's really important to set this up correctly and take

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it from me.

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You don't want to have to change it later on.

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How do I know that it's a pain in the butt

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to change later on?

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Oh, because I've made some of these mistakes.

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One of the mistakes I made when I was getting started

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was that I started my business as a sole proprietorship because

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that was just easier,

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especially in the states.

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You know,

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if you guys,

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we have an international audience,

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so different countries are going to call your business formations,

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different names,

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keep listening.

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I know the business names might not pertain to you,

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but the rest of this still mostly will.

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And it will at least get you going in the right

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direction of what you need to look into in your home

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country. But anyway,

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the biggest mistake I made when I was starting,

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my business is I took the easy route and I was

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like, oh,

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I'll just become a sole proprietor.

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But then eventually I decided,

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oh really?

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I should be an LLC for a couple of different reasons.

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Number one,

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LLC has give you more legal protection in the United States.

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And number two,

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the main reason that drove me to make that change is

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once you hit a certain revenue number,

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and that depends on your state,

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because it depends on your state taxes.

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It depends on how expensive an LLC is to run in

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your state.

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It depends what your personal tax situation is.

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So this will be a different number for everybody.

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But at some point you hit a point that your LLC,

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that becoming an LLC would be more tax advantageous to you

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because you can file as an S Corp.

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Oh my gosh,

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Nicole, what do all those letters mean?

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Don't worry.

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We're not going to dive too,

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too deep in that this is why you're going to want

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an accountant for these tax situations.

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But basically when you're a sole proprietor in the United States,

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you take the profit from your business and your expenses in

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your business.

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And whatever that bottom number is,

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you are going to pay income tax on and self-employment taxes.

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So you're paying both of those taxes.

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Now, when you file as an S Corp,

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then you're able to pay yourself a salary.

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And on that salary,

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you have to pay your payroll taxes and you have to

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pay your income taxes,

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but the rest of the profit in your business,

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you only have to pay income tax on.

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You don't have to pay those payroll taxes.

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That would be things like social security,

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FICA, all those payroll taxes.

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And you also don't have to pay that self employment tax,

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which is essentially both sides of that FICA and social security

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taxes, because when you're employed,

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then your employer pays half of those.

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But when you're self-employed,

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you get the fun bonus of paying all of that on

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your own.

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Whew. But anyway,

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that's kind of the long and short of why you might

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want to look into becoming an is that you get a

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little bit more tax advantages.

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Once you start making a little bit more money,

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and of course you have that more legal protection,

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but like I said,

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not an accountant,

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not a CPA,

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not a lawyer check with your professionals on that for how

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it influences your particular situation.

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Now, still get into that big mistake that I made going

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off on a tangent here,

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because I wanted to make sure you knew those differences.

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But the mistake I made was taking that easy way out

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at the beginning and just being that sole proprietor.

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So then a couple years down the road,

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once I was making six figures in photography and I was

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ready to start saving a little bit more money on taxes,

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I want it to become an LLC.

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Well, guess what?

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You can't change without totally shutting down and opening a new

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one. Oh,

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your federal EIN number or your,

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the businesses associated with your bank account.

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So I had to shut down my business,

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checking and open up a new business,

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checking with my new EIN number with the new LLC,

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anybody that's ever moved or anybody that's ever changed bank accounts,

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you know what a Royal pain in the butt that is

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because my gosh,

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I mean,

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it just is right.

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So yeah,

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so that was my big mistake.

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There is just not looking at that big picture from day

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one and then having to go back and make all those

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changes later on in the game.

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So my hope for you from this episode is that you

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can start to take a look at these things and make

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the right decisions from the beginning.

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So now that that story is out of the way let's

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really dig into this checklist.

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Shall we?

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All right?

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The first thing we need to do,

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number one on our checklist is we need to make sure

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we have a name,

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right? We need a business name.

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Now what's that name going to be?

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Is it going to be your name?

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Mine, Nicole Begley photography.

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That's pretty easy.

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There's a couple advantages to that.

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Number one is I don't need to worry about the copyright

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of that.

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I don't need to trademark that.

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I mean,

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that's my name I'm allowed to use it.

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It's really,

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really easy.

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I don't need to register for a fictitious name.

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I can use that name for whatever I want to do.

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If I want to do pets.

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If I want to do weddings,

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I don't,

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if I wanna do newborns,

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I don't.

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But regardless if I changed say I was doing a really

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classic style and then I wanted to go really like wide

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angle and bright colors or whatever,

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you can totally change up that style when your business name

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is your name,

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it can work for wherever the wind wants to take you,

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whatever changes you want to make in your business.

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So I think that's great.

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However, the other side of the coin for a business name

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is having a name like,

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you know,

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fluffy dog photography or some sort of,

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you know,

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name. That's not your personal name.

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Now there's a couple pros for that.

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And that is,

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that can be really fun.

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It can be when people see that name on like Instagram

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or Facebook,

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they're like,

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what is that?

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And they click on it.

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Some of the other fun things about that is it can

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really be dialed into whatever your branding is,

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whatever your style is,

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things like that.

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Now the challenges of having a name like that is it's

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not as easy to change.

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So a fits,

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you know,

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fluffy, white dog photography,

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or I don't know something just like really cute,

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but you're going to go for like a really classic early

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moody style.

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Then there's going to be a disconnect in that name.

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One of the other challenges of having that fictitious name is

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that you're going to want to trademark it most likely,

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which costs money this time.

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And then once you get it trademarked,

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you're going to have to defend that trademark.

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If other people end up using that name,

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which as this industry continues to grow,

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I imagine that will happen more and more often from people

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not realizing that they can't use it or just not doing

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their due diligence or for whatever reason.

273
00:09:59,360 --> 00:10:01,190
So those are some of the challenges,

274
00:10:01,190 --> 00:10:02,780
pros, and cons of either way.

275
00:10:03,200 --> 00:10:04,760
There's not really a right or wrong.

276
00:10:04,790 --> 00:10:08,300
Please don't let this first step of the puzzle hold you

277
00:10:08,300 --> 00:10:08,960
up too,

278
00:10:08,960 --> 00:10:09,650
too long.

279
00:10:09,980 --> 00:10:12,380
Just go ahead and make a decision.

280
00:10:12,380 --> 00:10:14,720
If you guys need some input,

281
00:10:14,720 --> 00:10:15,710
you can always,

282
00:10:16,160 --> 00:10:16,430
you know,

283
00:10:16,430 --> 00:10:18,890
ask in our podcast community.

284
00:10:18,890 --> 00:10:20,960
If you're a member of the hair of the dog academy,

285
00:10:21,050 --> 00:10:24,020
you can grab an office hours or laser coaching time and

286
00:10:24,020 --> 00:10:27,200
we would be happy to help you brainstorm and figure out

287
00:10:27,230 --> 00:10:28,820
what that looks like.

288
00:10:29,120 --> 00:10:30,260
So that's all right.

289
00:10:30,260 --> 00:10:31,100
That's step number one,

290
00:10:31,190 --> 00:10:32,270
choose your business name.

291
00:10:32,600 --> 00:10:33,380
Step number one,

292
00:10:33,380 --> 00:10:36,170
B slash two is if it's a fictitious name,

293
00:10:36,170 --> 00:10:38,150
you need to get that name registered.

294
00:10:38,300 --> 00:10:38,540
All right.

295
00:10:38,540 --> 00:10:39,410
Step number three.

296
00:10:39,830 --> 00:10:42,530
What type of business entity do you want to be in

297
00:10:42,530 --> 00:10:43,760
the United States?

298
00:10:43,760 --> 00:10:45,500
It's usually a sole proprietor or,

299
00:10:45,500 --> 00:10:47,180
and LLC.

300
00:10:47,690 --> 00:10:48,980
Now I already mentioned benefits,

301
00:10:48,980 --> 00:10:51,470
pros and cons and the big old pain.

302
00:10:51,470 --> 00:10:52,760
And, but that's waiting for you.

303
00:10:52,760 --> 00:10:55,310
If you start out as a sole proprietor and then decide

304
00:10:55,310 --> 00:10:56,060
later, oh,

305
00:10:56,090 --> 00:10:57,710
maybe now I want to be an LLC.

306
00:10:58,010 --> 00:11:00,020
So if it's at all possible,

307
00:11:00,050 --> 00:11:03,950
I would definitely look at starting out as an LLC first,

308
00:11:04,010 --> 00:11:06,320
instead of just starting as a sole proprietor and having to

309
00:11:06,320 --> 00:11:10,310
change things later on now how feasible that is,

310
00:11:10,310 --> 00:11:11,780
is going to depend on a few things,

311
00:11:11,810 --> 00:11:13,130
namely, where you live.

312
00:11:13,850 --> 00:11:14,930
When I was in Pennsylvania,

313
00:11:14,960 --> 00:11:18,170
it was a one-time fee of I think $125 and then

314
00:11:18,170 --> 00:11:19,700
no annual fee after that.

315
00:11:19,970 --> 00:11:22,280
So it was a pretty much a no brainer if you're

316
00:11:22,280 --> 00:11:23,030
in California,

317
00:11:23,030 --> 00:11:25,760
I believe it's an $800 fee a year to have an

318
00:11:25,760 --> 00:11:26,630
LLC. So,

319
00:11:26,630 --> 00:11:29,810
okay. That requires a little bit more thought here in North

320
00:11:29,000 --> 00:11:31,880
Carolina, it costs about $400 a year to keep an ELA.

321
00:11:31,880 --> 00:11:32,390
I'll see.

322
00:11:32,720 --> 00:11:36,470
So you want to look into your state requirements for that

323
00:11:36,470 --> 00:11:38,390
and how much it costs to kind of start to make

324
00:11:38,390 --> 00:11:39,440
that decision there.

325
00:11:39,740 --> 00:11:42,050
But if you're really serious about your business and you really

326
00:11:42,050 --> 00:11:42,680
want to grow it,

327
00:11:42,680 --> 00:11:44,390
and you really want this to be your main source of

328
00:11:44,390 --> 00:11:48,290
income and create this as really your full-time and business,

329
00:11:48,920 --> 00:11:51,470
an LLC might be the way to go.

330
00:11:52,280 --> 00:11:52,610
All right,

331
00:11:52,610 --> 00:11:55,810
number. If you're creating an LLC,

332
00:11:55,810 --> 00:11:58,840
you need to create an operating agreement and or articles of

333
00:11:58,840 --> 00:12:00,340
organization. Generally,

334
00:12:00,370 --> 00:12:03,400
you'll find that on your secretary of state website.

335
00:12:03,460 --> 00:12:06,190
So wherever you are creating your business,

336
00:12:06,310 --> 00:12:10,480
you can find so much information at your state's secretary of

337
00:12:10,480 --> 00:12:11,380
state website,

338
00:12:11,410 --> 00:12:12,700
just Google on there.

339
00:12:12,700 --> 00:12:15,610
Do I need an operating agreement for my LLC?

340
00:12:15,760 --> 00:12:18,430
And it will tell you details and it will also,

341
00:12:18,430 --> 00:12:21,400
it usually gives you basically a template that you can print

342
00:12:21,400 --> 00:12:24,760
out and create for your own.

343
00:12:25,090 --> 00:12:27,970
So that is usually fairly easy to do on your own.

344
00:12:28,570 --> 00:12:28,750
All right,

345
00:12:28,750 --> 00:12:29,380
number five,

346
00:12:29,410 --> 00:12:33,250
do you need a local county or state business license?

347
00:12:33,720 --> 00:12:34,600
That is again,

348
00:12:34,600 --> 00:12:36,400
you're going to want to get in touch with your state

349
00:12:36,400 --> 00:12:39,430
or your county and find out about that that will vary

350
00:12:39,430 --> 00:12:40,930
widely based on where you are.

351
00:12:41,050 --> 00:12:41,230
All right,

352
00:12:41,230 --> 00:12:41,950
number six,

353
00:12:42,310 --> 00:12:44,380
for those of you in the U S whether you have

354
00:12:44,380 --> 00:12:47,440
decided to be a sole proprietor or an LLC,

355
00:12:47,800 --> 00:12:51,340
the next step is to file for a federal EIN number.

356
00:12:51,790 --> 00:12:56,320
Now that is basically just like a social security number for

357
00:12:56,320 --> 00:12:57,160
your business.

358
00:12:57,160 --> 00:12:58,480
It's a number that the government,

359
00:12:58,480 --> 00:13:00,280
the IRS puts with your business.

360
00:13:00,520 --> 00:13:01,900
So on all your tax paperwork,

361
00:13:01,960 --> 00:13:06,010
you use that particular number and I would get your LLC

362
00:13:06,010 --> 00:13:06,730
first. So that way,

363
00:13:06,730 --> 00:13:09,070
you know exactly what the name is of your LLC.

364
00:13:09,070 --> 00:13:11,530
So then you can apply for that federal EIN number.

365
00:13:11,620 --> 00:13:11,950
You guys,

366
00:13:11,950 --> 00:13:15,190
this is completely free and it takes literally five minutes,

367
00:13:15,370 --> 00:13:20,140
just Google apply for federal EIN number and make sure you're

368
00:13:20,140 --> 00:13:21,760
going to the IRS site,

369
00:13:21,850 --> 00:13:24,880
because when you Google that some other sites will pop up

370
00:13:24,880 --> 00:13:27,610
first and they'll try to get you to pay them to

371
00:13:27,610 --> 00:13:29,680
file the form,

372
00:13:30,040 --> 00:13:32,920
which is really just kind of infuriating.

373
00:13:32,920 --> 00:13:33,460
You get up.

374
00:13:33,490 --> 00:13:36,220
I almost did this when I was getting an EIN number

375
00:13:36,220 --> 00:13:38,320
for the conservation fund is I was like,

376
00:13:38,350 --> 00:13:40,030
oh, this is the right website.

377
00:13:40,030 --> 00:13:41,740
And I start to put all my information in and I

378
00:13:41,740 --> 00:13:42,880
get to the part to submit.

379
00:13:42,880 --> 00:13:43,330
And it's like,

380
00:13:43,330 --> 00:13:45,970
it'll cost you $69 and we'll submit it for you.

381
00:13:46,060 --> 00:13:47,560
Like, no,

382
00:13:47,890 --> 00:13:49,240
I just gave that information.

383
00:13:49,240 --> 00:13:50,590
I could have just typed that into the,

384
00:13:50,860 --> 00:13:53,530
the IRS site myself and gotten it for myself.

385
00:13:53,530 --> 00:13:54,430
So that's what I did.

386
00:13:54,430 --> 00:13:56,500
I just exed out of that website and re typed it

387
00:13:56,500 --> 00:13:58,270
all in on the proper website.

388
00:13:58,660 --> 00:14:01,750
So you do not have to pay for that federal EIN

389
00:14:01,750 --> 00:14:05,080
number, make sure that you are on the actual IRS site

390
00:14:05,140 --> 00:14:06,460
and it is completely free.

391
00:14:07,420 --> 00:14:07,720
All right.

392
00:14:07,960 --> 00:14:09,100
Number seven,

393
00:14:09,370 --> 00:14:13,420
it's time to register to collect sales tax in your state.

394
00:14:13,810 --> 00:14:14,440
Now, again,

395
00:14:14,440 --> 00:14:16,450
this too is very easy.

396
00:14:16,450 --> 00:14:21,250
If you just Google registered to collect sales tax in insert

397
00:14:21,250 --> 00:14:21,970
state here,

398
00:14:22,780 --> 00:14:25,600
it it'll come up to a page on your department of

399
00:14:25,600 --> 00:14:26,440
revenue site.

400
00:14:26,470 --> 00:14:28,330
And it's really pretty easy.

401
00:14:28,330 --> 00:14:30,310
You just put in your business information,

402
00:14:30,310 --> 00:14:31,390
your EIN number,

403
00:14:31,390 --> 00:14:34,390
and it's going to get you registered to collect that sales

404
00:14:34,390 --> 00:14:37,990
tax. If you have any questions about what is taxable and

405
00:14:37,990 --> 00:14:39,400
what is not in your state,

406
00:14:39,910 --> 00:14:41,380
you can probably call them.

407
00:14:41,590 --> 00:14:44,410
You might want to consult with a tax professional as a

408
00:14:44,410 --> 00:14:45,280
general rule,

409
00:14:45,310 --> 00:14:47,980
more and more states are making digital files.

410
00:14:48,040 --> 00:14:52,130
Taxable. A lot of states also have services as taxable.

411
00:14:52,370 --> 00:14:53,660
So more and more,

412
00:14:53,720 --> 00:14:56,900
every single piece of what we offer our clients in the

413
00:14:56,900 --> 00:14:59,300
photography industry is taxable.

414
00:14:59,330 --> 00:15:00,860
This isn't the case in all states,

415
00:15:01,190 --> 00:15:03,740
but it's becoming more of the,

416
00:15:03,860 --> 00:15:05,090
more of the trend.

417
00:15:05,120 --> 00:15:07,760
And so that more and more things are getting taxable.

418
00:15:08,000 --> 00:15:09,590
So definitely look into that.

419
00:15:09,590 --> 00:15:13,310
And especially that session fee and those digital files tend to

420
00:15:13,310 --> 00:15:14,780
be a little bit more of a gray area,

421
00:15:15,080 --> 00:15:17,810
but most states have defined those now.

422
00:15:17,810 --> 00:15:21,980
So you can look onto their what's taxable information and find

423
00:15:21,980 --> 00:15:22,370
that out.

424
00:15:23,090 --> 00:15:23,330
All right,

425
00:15:23,360 --> 00:15:24,170
number eight,

426
00:15:24,260 --> 00:15:26,000
we need some insurance.

427
00:15:26,450 --> 00:15:28,250
Well mean I guys,

428
00:15:28,370 --> 00:15:29,210
I promise,

429
00:15:29,270 --> 00:15:33,020
I promise the future episodes of this will be more exciting

430
00:15:33,530 --> 00:15:35,180
than EIN numbers,

431
00:15:35,360 --> 00:15:37,100
insurance and sales tax.

432
00:15:37,250 --> 00:15:40,700
But this is so important because it is the basis of

433
00:15:40,700 --> 00:15:41,570
our business.

434
00:15:41,600 --> 00:15:43,070
So stick with me.

435
00:15:43,280 --> 00:15:45,230
There's only 12 and they get more fun.

436
00:15:45,290 --> 00:15:46,190
I think after this one,

437
00:15:46,250 --> 00:15:47,270
so insurance,

438
00:15:47,390 --> 00:15:50,990
we need some liability and probably some equipment insurance.

439
00:15:51,200 --> 00:15:53,660
So liability insurance is insurance.

440
00:15:53,660 --> 00:15:55,970
If somebody gets hurt during your session,

441
00:15:55,970 --> 00:15:59,900
or if you cause property damage or injury to someone else,

442
00:15:59,900 --> 00:16:02,210
while you're doing your work,

443
00:16:02,390 --> 00:16:06,020
you are usually not covered with your personal homeowners or renters

444
00:16:06,020 --> 00:16:08,180
insurance, because it's a business thing.

445
00:16:08,180 --> 00:16:09,710
It needs separate insurance.

446
00:16:09,860 --> 00:16:13,010
You can check with whoever you get your personal insurance through

447
00:16:13,190 --> 00:16:15,830
to see if they offer business liability insurance.

448
00:16:15,920 --> 00:16:16,430
If not,

449
00:16:16,430 --> 00:16:18,530
you can ask him the hair of the dog group who

450
00:16:18,530 --> 00:16:20,720
offers that in the country that you're in.

451
00:16:20,810 --> 00:16:21,170
You know,

452
00:16:21,170 --> 00:16:24,620
it's, I've always been able to find it through whoever my

453
00:16:24,680 --> 00:16:27,350
personal insurance agents are.

454
00:16:27,410 --> 00:16:30,350
And the liability insurance is really not very expensive.

455
00:16:30,350 --> 00:16:34,310
I usually pay less than $200 for a million dollar policy.

456
00:16:34,370 --> 00:16:35,780
And then so,

457
00:16:35,780 --> 00:16:36,530
yeah, so it's just,

458
00:16:36,530 --> 00:16:40,970
it's definitely worth having to keep you protected as for equipment

459
00:16:40,970 --> 00:16:44,240
insurance. This is a little bit more expensive,

460
00:16:44,270 --> 00:16:48,740
but if you're having a hard time affording the equipment insurance,

461
00:16:48,860 --> 00:16:51,170
then you 100% need it because it's going to be a

462
00:16:51,170 --> 00:16:54,050
lot more expensive to replace your equipment.

463
00:16:54,350 --> 00:16:56,960
If something happens to it or if it gets lost or

464
00:16:56,960 --> 00:17:01,580
stolen. So having that insurance is just a really,

465
00:17:01,640 --> 00:17:04,850
really important thing to do to protect that investment of your

466
00:17:04,850 --> 00:17:06,050
equipment. Because again,

467
00:17:06,560 --> 00:17:10,310
your homeowner's insurance is not going to cover all of that

468
00:17:10,310 --> 00:17:14,420
equipment. It usually has a pretty low limitation on what it

469
00:17:14,420 --> 00:17:19,160
will cover work-wise and also for the expensive equipment like that

470
00:17:19,220 --> 00:17:21,590
one, you're looking for your equipment insurance.

471
00:17:21,590 --> 00:17:23,000
There are two types of insurance,

472
00:17:23,000 --> 00:17:24,770
there's cash value insurance,

473
00:17:24,770 --> 00:17:26,720
and there's replacement cost insurance.

474
00:17:26,720 --> 00:17:29,120
And you are going to want to get the replacement cost

475
00:17:29,300 --> 00:17:33,770
because that will actually replace your gear or the cash value

476
00:17:34,070 --> 00:17:37,880
might just be okay if you have a four-year-old camera and

477
00:17:37,880 --> 00:17:40,040
you can sell it on eBay for $800,

478
00:17:40,040 --> 00:17:40,790
that's what you're getting.

479
00:17:40,790 --> 00:17:42,170
You're not getting a new camera.

480
00:17:42,200 --> 00:17:45,620
So that's an important piece for that insurance.

481
00:17:45,620 --> 00:17:49,920
One of the other things to look into for your insurance

482
00:17:49,950 --> 00:17:51,810
is to see what's covered,

483
00:17:51,810 --> 00:17:55,710
and what's not a is mysterious disappearance covered.

484
00:17:56,280 --> 00:17:56,670
You know,

485
00:17:56,670 --> 00:17:58,080
do you want that to be covered?

486
00:17:58,080 --> 00:18:00,000
Is it covered for when you're traveling?

487
00:18:00,270 --> 00:18:02,520
Just make sure you read that policy and talk to the

488
00:18:02,520 --> 00:18:05,190
agent and make sure it's covered for what you need it

489
00:18:05,190 --> 00:18:09,900
to be covered for generally for 15 to $20,000

490
00:18:09,900 --> 00:18:11,520
of equipment coverage,

491
00:18:11,880 --> 00:18:14,010
I would say yearly insurances,

492
00:18:14,010 --> 00:18:16,770
somewhere in the ballpark of 400 to $600,

493
00:18:16,770 --> 00:18:18,240
at least that's what I've found.

494
00:18:18,630 --> 00:18:22,020
So it's not that exciting of an expense,

495
00:18:22,140 --> 00:18:25,320
but it is a pretty critical if you want to protect

496
00:18:25,320 --> 00:18:25,760
your equipment,

497
00:18:25,790 --> 00:18:28,050
if you're going to be out and about or shooting your

498
00:18:28,050 --> 00:18:31,020
water or shooting city where someone could easily walk off with

499
00:18:31,020 --> 00:18:31,710
your gear,

500
00:18:31,860 --> 00:18:34,290
or if you're traveling and checking in on airplanes and things

501
00:18:34,290 --> 00:18:34,740
like that.

502
00:18:34,740 --> 00:18:35,760
So that's number eight,

503
00:18:35,820 --> 00:18:38,310
getting that insurance liability and equipment.

504
00:18:38,820 --> 00:18:39,120
All right,

505
00:18:39,120 --> 00:18:40,800
I promised we'll get a little bit more fun.

506
00:18:40,800 --> 00:18:42,990
So now it is number nine.

507
00:18:43,020 --> 00:18:45,660
We are talking about opening business bank accounts.

508
00:18:45,840 --> 00:18:47,010
Remember my story,

509
00:18:47,760 --> 00:18:49,290
if you want to be an LLC,

510
00:18:49,770 --> 00:18:50,730
now's the time.

511
00:18:50,730 --> 00:18:52,950
So you don't have to switch those bank accounts in the

512
00:18:52,950 --> 00:18:56,100
future. I'm a big fan of making sure you have a

513
00:18:56,100 --> 00:18:58,170
savings account and a checking account,

514
00:18:58,860 --> 00:19:01,770
because you can have all of your operating costs through that

515
00:19:01,770 --> 00:19:02,460
checking account,

516
00:19:02,460 --> 00:19:04,980
but you can also put some money in that savings account

517
00:19:05,130 --> 00:19:07,830
to save in your business for when you need that new

518
00:19:07,830 --> 00:19:10,710
computer. When you need a new piece of gear,

519
00:19:11,340 --> 00:19:14,220
when you maybe have a little bit more sales tax due,

520
00:19:14,220 --> 00:19:16,320
you can put that money over there.

521
00:19:16,590 --> 00:19:18,390
If you are,

522
00:19:18,570 --> 00:19:20,940
I don't want to say not good at that would not

523
00:19:20,940 --> 00:19:21,690
be the right word,

524
00:19:21,720 --> 00:19:25,260
but maybe if you have trouble budgeting or kind of keeping

525
00:19:25,260 --> 00:19:26,520
track where that money is,

526
00:19:26,520 --> 00:19:30,300
or you have a hard time paying yourself or making sure

527
00:19:30,300 --> 00:19:33,090
that you're saving enough for those taxes or those different things.

528
00:19:33,420 --> 00:19:35,250
There's a book called profit first.

529
00:19:35,520 --> 00:19:40,440
That is a great system for kind of putting your money

530
00:19:40,440 --> 00:19:42,570
into different buckets of bank accounts.

531
00:19:42,570 --> 00:19:44,940
So you open a couple different bank accounts and you move

532
00:19:44,940 --> 00:19:49,110
your money into those specific buckets that kind of forces you

533
00:19:49,110 --> 00:19:50,010
to pay yourself,

534
00:19:50,010 --> 00:19:51,450
to save some money for taxes,

535
00:19:51,450 --> 00:19:53,070
to save money for your business.

536
00:19:53,340 --> 00:19:54,450
It's a pretty cool system.

537
00:19:54,720 --> 00:19:55,440
Check it out.

538
00:19:55,740 --> 00:19:57,750
Some of the things to look for for your business bank

539
00:19:57,750 --> 00:20:01,440
accounts are to make sure that there are little to no

540
00:20:01,440 --> 00:20:05,430
fees. Generally I would start with wherever you bank for your

541
00:20:05,430 --> 00:20:06,330
personal banking,

542
00:20:06,420 --> 00:20:08,130
and if they have a lot of fees or they have

543
00:20:08,130 --> 00:20:10,440
a high minimum balance that you don't want to deal with,

544
00:20:10,470 --> 00:20:11,700
maybe look at some smaller,

545
00:20:11,700 --> 00:20:12,840
more regional banks,

546
00:20:12,840 --> 00:20:15,150
or if there's any credit unions that you can use,

547
00:20:15,150 --> 00:20:19,260
they generally have better account terms than like the really big

548
00:20:19,290 --> 00:20:20,220
national banks.

549
00:20:20,520 --> 00:20:25,170
So go up in those bank accounts and then number 10,

550
00:20:25,320 --> 00:20:25,920
number 10,

551
00:20:26,010 --> 00:20:29,280
designate a credit card for business use only.

552
00:20:29,580 --> 00:20:31,800
Now, if any of you have been hanging around with me

553
00:20:31,800 --> 00:20:32,430
for a little while,

554
00:20:32,430 --> 00:20:32,730
you know,

555
00:20:32,730 --> 00:20:35,430
I love to travel and if you've been paying attention,

556
00:20:35,910 --> 00:20:36,210
you know,

557
00:20:36,210 --> 00:20:39,570
that I love to travel without paying for my plane tickets

558
00:20:39,600 --> 00:20:40,830
for me and my family.

559
00:20:40,830 --> 00:20:44,100
And especially getting up to the front of the plane without

560
00:20:44,100 --> 00:20:45,840
actually paying for those plane tickets,

561
00:20:45,840 --> 00:20:47,380
but instead using points.

562
00:20:47,380 --> 00:20:50,410
So I love my credit cards.

563
00:20:50,440 --> 00:20:52,240
I have a whole bunch of personal ones,

564
00:20:52,240 --> 00:20:53,830
a whole bunch of business ones,

565
00:20:53,920 --> 00:20:55,900
and they are,

566
00:20:56,470 --> 00:20:56,770
you know,

567
00:20:56,800 --> 00:20:58,120
great for earning points.

568
00:20:58,180 --> 00:20:59,260
Now, caveat,

569
00:20:59,410 --> 00:21:01,480
you need to make sure you're paying those off every month.

570
00:21:01,480 --> 00:21:02,350
So if you are,

571
00:21:02,590 --> 00:21:02,950
you know,

572
00:21:02,950 --> 00:21:04,630
someone that can't,

573
00:21:04,990 --> 00:21:05,890
can't keep,

574
00:21:06,460 --> 00:21:07,030
you know,

575
00:21:07,150 --> 00:21:08,080
keep those straight,

576
00:21:08,080 --> 00:21:10,240
or you end up putting too much on those credit cards

577
00:21:10,240 --> 00:21:11,200
and carrying a balance,

578
00:21:11,410 --> 00:21:13,570
any of those free rewards you're going to get are going

579
00:21:13,570 --> 00:21:14,890
to get like,

580
00:21:15,010 --> 00:21:15,370
you know,

581
00:21:15,760 --> 00:21:18,010
they're not going to be as worthwhile when you're paying interest

582
00:21:18,070 --> 00:21:19,180
for those purchases.

583
00:21:19,180 --> 00:21:21,910
So make sure that if you're going to use those credit

584
00:21:21,910 --> 00:21:24,100
cards for things like business or personal,

585
00:21:24,100 --> 00:21:28,000
that you are creating a system and you're able to actually,

586
00:21:28,660 --> 00:21:28,840
you know,

587
00:21:28,870 --> 00:21:29,950
pay them off each month,

588
00:21:30,580 --> 00:21:33,730
if you guys are interested and you want to see a

589
00:21:33,730 --> 00:21:40,630
sneak peek into my ridiculous backend to do list board,

590
00:21:40,660 --> 00:21:42,790
or I manage all my credit cards.

591
00:21:42,790 --> 00:21:45,640
So I can like keep track of the pay dates because

592
00:21:45,670 --> 00:21:46,390
I have some,

593
00:21:46,390 --> 00:21:47,650
my husband has the same one,

594
00:21:47,650 --> 00:21:50,290
so we can double up on the signup bonuses.

595
00:21:50,470 --> 00:21:51,280
Well, we got a lot of,

596
00:21:51,350 --> 00:21:54,400
lot of credit cards in the Bagley house and you need

597
00:21:54,400 --> 00:21:55,450
a system to manage that.

598
00:21:55,450 --> 00:21:58,540
So if there's interest DME on the Instagram,

599
00:21:59,050 --> 00:22:02,050
and maybe I will just create a little video for you

600
00:22:02,050 --> 00:22:05,290
guys to show you how I manage all of that in

601
00:22:05,320 --> 00:22:06,010
to-do list,

602
00:22:06,250 --> 00:22:06,910
super fun.

603
00:22:07,210 --> 00:22:08,290
I am such a nerd.

604
00:22:08,590 --> 00:22:11,530
I love managing things in boards.

605
00:22:12,940 --> 00:22:13,390
All right,

606
00:22:13,450 --> 00:22:14,440
that's number 10.

607
00:22:14,740 --> 00:22:15,760
Number 11.

608
00:22:16,030 --> 00:22:18,220
We need to choose an accounting system.

609
00:22:18,280 --> 00:22:18,910
Oh gosh,

610
00:22:18,910 --> 00:22:21,220
Nicole, I thought you said this was going to get better.

611
00:22:21,850 --> 00:22:24,400
Well, kind of in a county system allows you to send

612
00:22:24,400 --> 00:22:26,080
invoices, which means you're making money.

613
00:22:26,080 --> 00:22:26,920
So does that help?

614
00:22:26,950 --> 00:22:27,790
Is that better?

615
00:22:28,870 --> 00:22:33,340
QuickBooks tends to be the accounting system of,

616
00:22:34,090 --> 00:22:34,500
I don't know.

617
00:22:34,520 --> 00:22:35,710
I don't want to say of choice.

618
00:22:35,710 --> 00:22:36,820
It's the most popular.

619
00:22:37,000 --> 00:22:38,560
It's definitely the most widespread.

620
00:22:38,740 --> 00:22:41,770
There are some new ones on the new players in the

621
00:22:41,770 --> 00:22:45,010
game that I think would be great that I would probably

622
00:22:45,010 --> 00:22:46,570
use. If I were starting today,

623
00:22:46,810 --> 00:22:48,550
I would probably be using wave.

624
00:22:48,610 --> 00:22:51,010
It is free up to a certain point.

625
00:22:51,130 --> 00:22:51,880
And it's,

626
00:22:52,300 --> 00:22:52,540
you know,

627
00:22:52,540 --> 00:22:55,930
you do pay a merchant services for when people pay invoices,

628
00:22:55,930 --> 00:22:57,640
but you're going to have done on any system,

629
00:22:57,970 --> 00:23:02,230
but it's a great system for keeping track of your spending

630
00:23:02,260 --> 00:23:03,790
and what money's going in,

631
00:23:03,790 --> 00:23:04,750
what money is coming out,

632
00:23:04,750 --> 00:23:05,500
sending invoices,

633
00:23:05,500 --> 00:23:06,280
getting paid,

634
00:23:06,340 --> 00:23:08,140
and it doesn't have a monthly fee.

635
00:23:08,140 --> 00:23:09,610
So definitely go check out.

636
00:23:09,610 --> 00:23:11,800
Wave QuickBooks is a great option too.

637
00:23:11,800 --> 00:23:13,030
It's a little bit more,

638
00:23:13,210 --> 00:23:14,320
not as user friendly,

639
00:23:14,380 --> 00:23:16,780
the accountants know it and like it and use it.

640
00:23:17,050 --> 00:23:20,200
But for us lay people that have never really worked in

641
00:23:20,200 --> 00:23:22,570
QuickBooks, it can be a little bit overwhelming.

642
00:23:22,990 --> 00:23:24,940
So wave is a little bit more straightforward.

643
00:23:25,210 --> 00:23:25,540
I mean,

644
00:23:25,540 --> 00:23:27,910
and you don't have to get crazy and even get any

645
00:23:27,910 --> 00:23:28,180
of that.

646
00:23:28,180 --> 00:23:29,620
You can start off if you want,

647
00:23:29,620 --> 00:23:30,760
with just a spreadsheet.

648
00:23:30,820 --> 00:23:33,460
The important thing is to have a place where you keep

649
00:23:33,460 --> 00:23:35,920
track of money coming in and money going out of your

650
00:23:35,920 --> 00:23:37,840
business. So come tax time,

651
00:23:37,900 --> 00:23:40,720
you're not just looking at a shoe box of receipts and

652
00:23:40,720 --> 00:23:42,160
saying, oh,

653
00:23:42,250 --> 00:23:43,930
okay, here we go.

654
00:23:44,020 --> 00:23:44,710
Let's do our,

655
00:23:45,440 --> 00:23:48,610
because you're going to need quite a few chocolate Martinez that.

656
00:23:48,790 --> 00:23:50,590
So get an accounting system,

657
00:23:51,250 --> 00:23:52,240
wave cheat,

658
00:23:52,270 --> 00:23:53,500
QuickBooks. Those are all good.

659
00:23:53,500 --> 00:23:54,190
There's zero.

660
00:23:54,190 --> 00:23:55,780
There's a whole bunch of other ones out there too.

661
00:23:55,780 --> 00:23:59,200
Again, if you guys want to go ask an our podcast

662
00:23:59,200 --> 00:24:00,100
community group,

663
00:24:00,130 --> 00:24:03,790
it is hair of the dog academy.com/fb

664
00:24:03,790 --> 00:24:05,320
group. If you're not a member,

665
00:24:05,480 --> 00:24:07,240
there's a lot of people in there that can give you

666
00:24:07,240 --> 00:24:10,900
all sorts of ideas and suggestions for what works for them.

667
00:24:11,050 --> 00:24:11,320
All right.

668
00:24:11,320 --> 00:24:15,790
And number 12 last but not least the final crown Juul

669
00:24:15,880 --> 00:24:19,750
in our let's get legal and get our admin under control.

670
00:24:20,050 --> 00:24:24,970
Pillar is creating a session agreement or contract.

671
00:24:25,480 --> 00:24:33,970
Now that is pretty important to have whether you are photographing

672
00:24:33,970 --> 00:24:39,160
for money or even just photographing models,

673
00:24:39,400 --> 00:24:41,500
because you still want to set expectations.

674
00:24:41,500 --> 00:24:43,540
You still want to talk about copyright.

675
00:24:43,540 --> 00:24:45,700
You still want to talk about liability.

676
00:24:45,760 --> 00:24:48,580
There's still all of these things that you want to cover

677
00:24:48,610 --> 00:24:50,710
in that session agreement.

678
00:24:51,070 --> 00:24:53,980
If you are wondering where you can possibly get a session

679
00:24:53,980 --> 00:24:57,670
agreement, I've actually partnered with Rachel bronchi from the law tog,

680
00:24:57,760 --> 00:25:03,040
and she has a pet photographer Mundell that has a contract

681
00:25:03,040 --> 00:25:05,500
or a session agreement for pet photography clients.

682
00:25:05,710 --> 00:25:06,880
There's also a separate one.

683
00:25:06,880 --> 00:25:12,580
If you are doing photographs for shelters or rescue photography,

684
00:25:12,610 --> 00:25:16,600
if you want to go to hair of the dog academy.com/contract,

685
00:25:16,630 --> 00:25:19,870
you can go to that website and yeah,

686
00:25:19,870 --> 00:25:21,160
and that information's there.

687
00:25:21,160 --> 00:25:22,330
Those links are there.

688
00:25:22,540 --> 00:25:27,760
There is a special code for saving 10% on anything on

689
00:25:27,760 --> 00:25:28,120
the site.

690
00:25:28,120 --> 00:25:29,620
Any of the contracts are templates.

691
00:25:29,650 --> 00:25:31,600
It's just hair of dog 10,

692
00:25:31,840 --> 00:25:34,720
all capitals hair of dog 10.

693
00:25:34,990 --> 00:25:38,530
We'll save you 10% on any of those contracts are templates

694
00:25:38,890 --> 00:25:40,390
at Rachel Brenke fees,

695
00:25:40,450 --> 00:25:41,980
the law tog.com.

696
00:25:41,980 --> 00:25:44,230
So definitely check that out.

697
00:25:45,070 --> 00:25:45,610
All right.

698
00:25:46,270 --> 00:25:47,140
How are you guys feeling?

699
00:25:47,140 --> 00:25:48,580
You're feeling completely overwhelmed,

700
00:25:48,820 --> 00:25:49,570
just reminder,

701
00:25:49,690 --> 00:25:50,620
not a CPA,

702
00:25:50,620 --> 00:25:51,340
not a lawyer.

703
00:25:51,340 --> 00:25:53,920
So this is not legal or tax advice.

704
00:25:53,980 --> 00:25:56,890
Please check with your professionals for how they pertain to your

705
00:25:56,890 --> 00:26:00,310
situation. But I wanted to make sure that you guys had

706
00:26:00,310 --> 00:26:03,310
this list of just really the most important bullet points of

707
00:26:03,310 --> 00:26:07,060
the things we need to do when we're starting our business.

708
00:26:07,300 --> 00:26:10,240
If you want to get a printout of this checklist,

709
00:26:10,270 --> 00:26:13,200
just go to hair of the dog academy.com/seven

710
00:26:13,230 --> 00:26:14,440
nine down there,

711
00:26:14,440 --> 00:26:17,560
scroll down to the resources section of the show notes and

712
00:26:17,590 --> 00:26:20,350
click on the button to grab your checklist.

713
00:26:20,350 --> 00:26:21,700
And then you can have it all right there.

714
00:26:21,700 --> 00:26:22,540
You can make notes.

715
00:26:22,540 --> 00:26:24,220
You can go ahead and check off the stuff that you've

716
00:26:24,220 --> 00:26:26,320
done and of course,

717
00:26:26,590 --> 00:26:30,610
join us next week for pillar number two,

718
00:26:30,760 --> 00:26:33,700
in which we are going to be talking all about branding.

719
00:26:33,970 --> 00:26:37,300
That is our second pillar in our six pillars of pet

720
00:26:37,300 --> 00:26:41,620
photography. And I can't wait to see them have a good

721
00:26:41,620 --> 00:26:43,000
week. Everybody see you next week.

722
00:26:43,410 --> 00:26:45,600
If you enjoy this podcast episode,

723
00:26:45,600 --> 00:26:48,990
go ahead and take a screenshot of this episode on your

724
00:26:48,990 --> 00:26:52,260
phone and post it up there on your Instagram stories and

725
00:26:52,260 --> 00:26:55,770
be sure to tag us at hair of the dog academy.

726
00:26:55,890 --> 00:26:59,430
And we would just love to see how you're listening and

727
00:26:59,430 --> 00:27:00,570
a full disclosure.

728
00:27:00,690 --> 00:27:04,110
Sometimes we just like to give away a little pet photographer,

729
00:27:04,120 --> 00:27:07,980
swag in the form of hair of the dog t-shirts and

730
00:27:07,980 --> 00:27:10,560
sweatshirts. So what are you waiting for?

731
00:27:10,590 --> 00:27:13,680
Go ahead and share that screenshot of this episode.

732
00:27:13,950 --> 00:27:15,810
And don't forget to tag us at Hare,

733
00:27:15,810 --> 00:27:16,620
the dog academy.

734
00:27:16,860 --> 00:27:17,850
And while you're there,

735
00:27:17,910 --> 00:27:20,190
maybe you want to jump on over to our account and

736
00:27:20,190 --> 00:27:23,130
see what we're up to on the gram would love to

737
00:27:23,130 --> 00:27:23,940
connect with you.

738
00:27:24,660 --> 00:27:26,700
Thanks for listening to the hair of the dog podcast.

739
00:27:26,700 --> 00:27:28,620
If you want to check out the show notes for access

740
00:27:28,620 --> 00:27:30,810
to any of the links that we shared in this episode,

741
00:27:31,080 --> 00:27:33,390
as well as any additional related resources,

742
00:27:33,600 --> 00:27:38,640
simply go to www.hairofthedogacademy.com/seven

743
00:27:38,640 --> 00:27:40,110
nine. Once again,

744
00:27:40,170 --> 00:27:45,180
that's just www.hairofthedogacademy.com/the

745
00:27:45,180 --> 00:27:46,770
number seven in the number nine.

746
00:27:48,050 --> 00:27:50,990
Thanks for listening to this episode of hair of the dog

747
00:27:51,020 --> 00:27:53,390
podcast. If you enjoyed this show,

748
00:27:53,510 --> 00:27:55,220
please take a minute to leave a review.

749
00:27:55,430 --> 00:27:56,330
And while you're there,

750
00:27:56,420 --> 00:27:57,830
don't forget to subscribe.

751
00:27:57,860 --> 00:28:00,080
So you don't miss our upcoming episodes.

752
00:28:00,620 --> 00:28:01,310
One last thing,

753
00:28:01,730 --> 00:28:04,400
if you are ready to dive into more resources,

754
00:28:04,700 --> 00:28:10,040
head over to our [email protected].

755
00:28:10,400 --> 00:28:13,610
Thanks for being a part of this pet photography community.