CPA and financial planner Deb Meyer breaks down why most video business owners struggle financially and stay stuck on what she calls "the hamster wheel." She explains the crucial difference between revenue and profit, why separate bank accounts can save your business, and how to avoid nasty tax surprises that can cripple your cash flow.

Key Takeaways

Set up separate bank accounts for taxes, contractor expenses, and operating costs to avoid accidentally spending money that's already allocated
Focus on profit margins (aim for at least 30%) rather than just top-line revenue numbers
Get proactive tax planning to avoid surprise bills—a good CPA should give you quarterly projections, not April surprises
Before buying any equipment or hiring staff, ask yourself if it will actually make you money or save you time that translates to revenue

About Deb Meyer

Deb Meyer, CFP®, CPA, and CEPA, is the award-winning author of Redefining Family Wealth, host of the Beyond Budgets® podcast, and founder of WorthyNest®, a fee-only, fiduciary wealth management firm that guides parents through important financial decisions using a values-based approach.

Deb has been featured in The Wall Street Journal, Forbes, and CNN Business and is a contributor to Kiplinger. She is a 2019 CPA Practice Advisor "40 Under 40 Honoree" in Accounting and received the 2018 AICPA Standing Ovation Award. Deb lives in Missouri with her husband Bryan and three sons.

In This Episode

[00:00] Welcome to the show!
[04:51] Meet Deb Meyer
[06:34] Have a Trusted Financial Advisor
[07:29] Cash Cushion for Your Business
[10:12] Discerning Needs From Wants
[22:18] Revenue and Profit
[32:01] Tax Planning
[45:07] Connect with Deb
[46:29] Outro

Quotes

"You just bought yourself another job, really. I mean, you're not truly an entrepreneur if you're always beholden to the, hey, this is the mass I can get as my salary." - Deb Meyer

"Revenue, great. It's a fun vanity metric, but it doesn't really matter that much in the grand scheme of things." - Deb Meyer

"I look back and I'm like, what the heck was I thinking? Because it just felt like that's how I was making decisions like, man, yeah, if we had somebody doing that, that would feel pretty good." - Ryan

"When COVID happened, we shrunk to four people. And we figured out how to run this company, the same company with four people... we're like so much more profitable these days." - Ryan

"They should never have just surprised you with a $28,000 federal tax bill. That is really unfortunate." - Deb Meyer

Guest Links

Find Deb Meyer online

Connect with Deb Meyer on LinkedIn

Get Deb's free Starter Guide on 10 family finance myths

Follow WorthyNest on Facebook

Subscribe to WorthyNest on YouTube

Listen to the Beyond Budgets podcast

Links

FREE Workshop Available "How to Consistently Earn Over $100k Per Year in Video Production While Working Less Than 40 Hours Per Week"

Join the Grow Your Video Business Facebook Group

Follow Ryan Koral on Instagram

Follow Grow Your Video Business on Instagram

Check out the full show notes

459. Escape the Financial Hamster Wheel with Deb Meyer

Grow Your Video Business with Ryan Koral