Resources mentioned:

• Sign up for Jillian’s FREE class, 6 Pillars to a Money Confident Business
• Visit Jillian’s website: https://www.jilliantoddcoaching.com

Building a money-confident business is essential for long-term success. In this episode, we dive into the 6 Pillars of Money Confidence with expert Jillian Todd. Learn how to make empowered financial decisions, develop a strong money mindset, and create sustainable growth in your business. Whether you're just starting out or looking to refine your financial strategy, these pillars will help you gain the confidence needed to thrive. Join us as we break down actionable tips and strategies to ensure your business is financially secure and poised for success!

Overcoming Tax Fears and IRS Myths

One of the first things Jillian and I discussed was the fear many new business owners have about taxes and the IRS. It's a common worry many of us share, thinking that a minor mistake could land us in jail.

Jillian, however, clarified that the IRS doesn't operate that way—they won't call or email you but will send a letter if there's an issue. Your best strategy is to stay in communication, set up a zero-interest payment plan if needed, and remember you won’t have to make estimated payments in your first year of business. This reality check was a relief and a great reminder that being proactive can help manage tax-related stress.

How to Choose the Right Business Entity

Another crucial topic we covered was how to choose the right business entity. Jillian broke down the differences between a sole proprietorship, LLC, and S Corp.

She suggested considering an S Corp if your business profits reach about $75,000 or more, as it can reduce your self-employment taxes. While the thought of choosing a business entity might seem daunting, understanding when and why to switch can significantly impact your financial health.

So, if you're uncertain, it's worth taking the time to evaluate your business needs and seek guidance if necessary.

Tips to Avoid Common Pitfalls in Business Growth

A key piece of advice Jillian shared was to stay aware of self-sabotaging behaviors—whether you're an overspender or an extreme saver. Building financial systems that align with your personal and business values can help maintain control and prevent burnout. Creating a routine for financial reviews and reflecting on your decisions helps build money confidence, ensuring your business continues to grow sustainably.

The journey of scaling a business comes with its set of challenges, but with the right strategies and mindset, you can navigate them effectively. Jillian's insights on overcoming tax fears, choosing the correct business entity, and avoiding growth pitfalls provide a roadmap for business owners at any stage. Remember, it's all about building a business that aligns with your values and supports your goals.