Blog

About

Careers

Contact

Solo's blog provides the resources that microbusinesses, solopreneurs, freelancers, and other super-small businesses need to start, operate, and grow.

Blog for starting, running, and growing your business | Solo.co

Blog - All Posts

If you’re eager to learn everything there is to know about finance, business growth, investing, and the broader world of business—you’re in the right place! In this article, we’ll discuss the 17 best business podcasts across a range of storytelling styles, host backgrounds, and subject matter themes.\nWe’re also going to give you the inside scoop on which podcasts to listen to, where you can tune in for free, and what listeners like and dislike about each pod.\nMethodology\nPlease note that opinions are not our own. All pros and cons are user-generated and were collected from reviews across various podcast streaming platforms. However, all claims were checked for validity by our research team.\nBusiness podcasts for beginners\nSecure your daily dose of motivation and learn what it takes to make it in the world of business with entrepreneur podcasts designed for beginners. Whether you’re a student, a first-time business owner, or just want to go back to the basics for some easy listening—these pods are for you.\n1. \nRise and Grind\n\n\nhttps://daymondjohn.com/pages/rise-and-grind\n\n\nTune in for a motivational minute with Shark Tank’s Daymond John as he interviews entrepreneurial powerhouses and creatives like Tyler, the Creator and Barbara Corcoran. \nWhether you’re a first-time business owner or a seasoned multipreneur—this business podcast is sure to offer you some fresh and impactful insights.\nStreaming platforms:\n Apple Podcasts, Spotify, Stitcher\nEpisode highlight:\n Nelly Galan\nPros:\n Offers actionable advice, humourous and relatable, motivational success stories\nCons:\n Limited catalog, discontinued in 2018, short episodes\n2. \nMasters in Business\n\n\nhttps://www.bloomberg.com/podcasts/series/master-in-business\n\n\nLearn more about the people, ideas, and innovations that influence the worlds of business and marketing with Bloomberg columnist Barry Ritholtz. \nAs the founder of Ritholtz Wealth Management, a corporate finance firm with nearly $3 billion in assets, and a respected business author—Ritholtz’ innate knowledge of business and finance helps him take his interviews with industry leaders to the next level.\nStreaming platforms:\n Apple Podcasts, Bloomberg, Google Podcasts, and Spotify\nEpisode highlight:\n Steve Case on Startup Entrepreneurship\nPros: \nInteresting guest speakers, relevant topics, well-rounded content\nCons: \nLoud and frequent ads, host tends to interrupt guests, long episodes\nStartup and small business podcasts\nHere are the best podcasts for starting and growing your business. The topics they cover can help you prepare for new business tasks like fundraising, marketing, and promoting sales growth.\n3. \nUpside\n\n\nhttps://upside.fm/\n\n\nEvery Wednesday, hosts Jay Clouse and Eric Hornung, discuss business and investing. Their podcast is unique though because they interview a startup founder on each episode as if they were angel investors.\nThis business podcast is a fan-favorite and was named a top 27 podcast by Fortune because they begin by sharing their independent research about the company, followed by the interview, and finally, wrap the story with an opportunity breakdown.\nStreaming platforms:\n Apple Podcasts, Spotify, Castbox, Overcast, Google Podcasts, and Radio Public\nEpisode highlight:\n AireXpert // Keeping planes the air with real-time synchronization for maintenance, tech ops, and flight crews\nPros:\n Great guests, educational conversations, fresh angle on startup interviews\nCons:\n Too many ads\n4. \nThis Week in Startups\n\n\nhttps://linktr.ee/twistartups\n\n\nHosts Molly Wood and Jason Calacanis share episodes multiple times a week spanning topics such as managing cash reserves and momentum investing. They frequently interview renowned founders, investors, and innovators—bringing fresh insights on tech, crypto, and business.\nStreaming platforms:\n Apple Podcasts, Spotify, YouTube\nEpisode highlight: \nSpaceX valued at $137B, Starlink’s massive market, Shopify purges meetings\nPros:\n Hosts offer differing perspectives and personalities, useful information, humorous, easily digestible\nCons: \nSelf-promotion, sometimes deviates from the topic, gossipy\n5. \nStartUp Podcast\n\n\nhttps://gimletmedia.com/shows/startup\n\n\nFrom Gimlet media comes a podcast for entrepreneurs, by entrepreneurs. Hosts Alex Blumberg and Lisa Chow give readers the skinny on what it really takes to start a business. Known for their entertaining conversations and credible insights, this podcast is a must-listen if you want to start a business of your own.\nStreaming platforms:\n Soundcloud, Spotify, TuneIn\nEpisode highlight:\n How Not to Pitch a Billionaire\nPros:\n Episodes continuously evolved, useful information that stands the test of time\nCons:\n Podcast was discontinued\nPodcasts for women in business\nIf you’re looking for the best podcasts for women in business, by women in business—look no further! These aren’t just podcasts about business. They’re well-told stories about navigating the ups and downs of entrepreneurship and an honest look at how those trials intersect with their daily lives.\n6. \nThe BizChix\n\n\nhttps://bizchix.com/\n\n\nWho run the world? Girls!—at least as far as The BizChix host, Natalie Eckdahl, is concerned. Her podcast includes topics that can guide female entrepreneurs and women with small businesses toward success. \nAs a top business coach, mother, and wife, she helps women refine their business strategies while navigating daily life. Tune in for her thoughts on how to boost business profits, stay afloat during a recession, network with purpose, set professional boundaries, and more.\nStreaming platforms:\n BizChix, Apple Podcasts, Spotify, Podbean, Stitcher\nEpisode highlight:\n Selling In a Recession With Tammy Jones\nPros:\n friendly, inspirational, excellent resources\nCons:\n Caters to a niche audience\n7. \nGoal Digger\n\n\nhttps://jennakutcherblog.com/category/goal-digger/\n\n\nSit down with Jenna Kutcher, a small town business owner from Minnesota who has amassed an admirable following by sharing marketing hacks and an unabridged view into the ups and downs of her experience as an entrepreneur.\nStreaming platforms: \nApple Podcasts, Spotify, Stitcher\nEpisode highlight:\n The Exact Steps to Turn Knowledge You Possess Into Profits\nPros:\n Large episode catalog, inspiring, educational\nCons:\n Content is for a niche audience, ads, sometimes veers off topic\nLecture-style business podcasts\nIf you learn best with lectures or in a school-like environment, try out one of these podcasts. These podcasts focus on business-related topics within an easily digestible structure so everyone can get access to education at their level.\n8. \nTED Business\n\n\nhttps://www.ted.com/podcasts/ted_business\n\n\nChances are that you’ve heard of Ted Talks at some point. Heck, you’ve probably even tuned in. If you have, then you know you’re in for some great insights and high-quality production in this niche spin-off.\nQueue up this podcast every Monday for a crash course from Modupe Akinola—a Colombia Business School professor and Harvard alum—on buzzworthy topics such as employee activism, building a brand people trust, and striking a balance between AI and human talent.\nStreaming platforms:\n Apple Podcasts, Castbox, Google Podcasts, iHeartRadio, Spotify, and Stitcher\nEpisode highlight:\n Do you have what it takes to freelance?\nPros: \nInteresting perspectives, insightful, awesome storytelling\nCons:\n Overly political at times\n9. \nThe $100 MBA Show\n\n\nhttps://100mba.net/show/\n\n\nOmar Zenhom, a Wharton School of Business dropout, started the $100 MBA podcast with students in mind when he became disenfranchised with the existing educational system. With an emphasis on social proof, the array of practical topics he covers teaches listeners about investing, business predictions, refund policies, and more—usually in 20 minutes or less. This is what makes this podcast stand out among other startup podcasts.\nStreaming platforms:\n Apple Podcasts, Google Podcasts, Spotify, Stitcher \nEpisode highlight:\n Should I extend my refund policy from 30 to 90 days?\nPros:\n Actionable takeaways, accessible across education levels, practical\nCons:\n Loud volume\nEconomics and finance podcasts\nDrill down into money matters with finance, economics, and investing podcasts. The information in these pods can help you get a leg up even in difficult economies and stay profitable for the long run.\n10. \nBrown Ambition\n\n\nhttps://brownambitionpodcast.com/\n\n\nTune in to Brown Ambition to listen in on the conversations of finance reporters Mandi Woodruff and Tiffany Aliche as they tackle subjects surrounding career choices, creating generational wealth, and making smart financial decisions. With an emphasis on positively impacting BIPOC communities, this duo isn’t afraid to take strong political stances or tackle uncomfortable topics.\nWhen you turn on this podcast, it’ll feel like you’re sorting out your finances with old friends.\nStreaming platforms:\n Brown Ambition, Apple Podcasts, Spotify, Audible, Soundcloud\nEpisode highlight: \nTo Incorporate…Or Not To Incorporate\nPros: \nGreat connection with audience, educational, transparent\nCons:\n Discuss personal lives, doesn’t cater well to people who want information without the extras\n11. \nWe Study Billionaires\n\n\nhttps://www.theinvestorspodcast.com/we-study-billionaires/\n\n\nLearn about success straight from the mouth’s of billionaires like Warren Buffett, Brian Chesky, and Ray Dalio. This is a top podcast for aspiring business owners and investors who want to gain knowledge about the strategies that do and don’t work on the stock market.\nStreaming platforms: \nThe Investors Podcast Network, Apple Podcasts, YouTube, Spotify\nEpisode highlight: \nWarren Buffett’s Money Mind\nPros: \nAwesome value, easy to understand, informative Bitcoin series\nCons: \nAds and too much emphasis on cryptocurrency\nBusiness analysis and advice podcasts\nThe following are popular podcasts because, by interviewing experts and breaking down what has worked for major contenders in your space, you can replicate and improve upon their strategies.\n12. \nBusiness Wars\n\n\nhttps://wondery.com/shows/business-wars/\n\n\nStay current on the battle for best business with Business Wars. From Wondery comes a series of episodes where host, David Brown, compares the top contenders in various industries and explores their impact on consumerism, economics, and how we live.\nThis popular business podcast delves into the differences in strategies between major players in various industries and if it led to riches or ruin. Learn more about the differences between Toyota and Honda, Taco Bell and Chipotle, Gucci and Louis Vuitton, and other top brands.\nStreaming platforms: \nAmazon Music, Spotify, Wondery+\nEpisode highlight:\n Apple vs Microsoft\nPros:\n Creative, easy to follow, well-produced, interesting topics\nCons: \nShort episodes, unnecessarily involved intros, not enough economics coverage\n13. \nEntrepreneurs On Fire\n\n\nhttps://www.eofire.com/\n\n\nCheck out the Entrepreneurs On Fire with John Lee Dumas to fan the flames of inspiration. These episodes are great for all of the doers and go-getters out there because each segment means to light a fire under the listener and provides them with a tip that they can act on immediately.\nDumas also has a talent for asking smart questions and drilling deep into the subject matter at hand to ensure listeners get the most out of each interview.\nStreaming platforms:\n Entrepreneurs on Fire, Apple Podcasts, Spotify\nEpisode highlight: \nThe Art of Entrepreneurial Negotiation\nPros: \nGood advice and thoughtful insights\nCons: \nUnsavory ads\nBusiness news\nKeep up with these top business news podcasts to stay current with trends and global events. \n14. \nHow I Built This\n\n\nhttps://www.npr.org/series/490248027/how-i-built-this\n\n\nWant to know more about how Rea Ann Silva developed the beauty blender and revolutionized the way we do makeup? Or how Don Katz had an idea while jogging that turned into Audible, a digital audiobook catalog with more than 600,000 titles? Well, join Guy Raz as he interviews the founders of some of the world’s most recognizable brands.\nListen in for the truth about failure on the road to success and tips for overcoming challenges. Most episodes hover around an hour, so it’s the perfect podcast to listen to over lunch or on the commute to work.\nStreaming platforms: \nNPR, Guy Raz, Apple Podcasts, Spotify\nEpisode highlight: \nChobani: Hamdi Ulukaya\nPros: \nHumorous, good length, engaging content\nCons:\n Could use more concise editing\n15. \nHBR IdeaCast\n\n\nhttps://hbr.org/2018/01/podcast-ideacast\n\n\nAllison Beard and Curt Nickish, senior editors at the Harvard Business Review, discuss business and management in their weekly podcast and interview top thinkers. The pair discuss topics such as hiring strategies, fighting biases in the workplace, unionization trends, the benefits of recruiting internally, and more.\nStreaming platforms: \nApple Podcasts, Google Podcasts, Spotify\nEpisode highlight: \nWork Insights from the World’s Longest Happiness Study\nPros:\n Vast catalog, good coverage of hot-button topics, thought-provoking\nCons:\n Some language borders on virtue signaling\n16. \nWorld Business Report\n\n\nhttps://www.bbc.co.uk/programmes/p02tb8vq/episodes/downloads\n\n\nBBC World Service brings you the World Business Report, a podcast that eloquently summarizes global finance news. Quickly catch up on industry news over breakfast to gear up for the day ahead in less than 30 minutes.\nStreaming platforms: \nBBC, Apple Podcasts, Spotify, Podscribe, TuneIn\nEpisode highlight:\n Global recession predicted for 2023\nPros:\n Inclusive and comprehensive global coverage \nCons: \nGenerally doesn’t include breaking news\n17. \nThe Indicator from Planet Money\n\n\nhttps://www.npr.org/podcasts/510325/the-indicator-from-planet-money\n\n\nStay current on business news when you’re on a time crunch with The Indicator. In this popular podcast, the hosts select an “indicator,” aka a hot topic, and bring in experts to discuss its global impact. \nTopics range from unions and the resurgence of apprenticeships to rising interest rates and the monetization of college sports. Listen in to stay current on the latest events and implement key information into your business.\nStreaming platforms:\n NPR, Apple Podcasts, Spotify, Audible, Stitcher\nEpisode highlight: \nWhen startups become workhorses instead of unicorns\nPros: \nFun way to learn about economics, interesting topic ideas, well-researched\nCons:\n Short episodes, sometimes content doesn’t add value\nWhere can I listen to business podcasts?\nIf you want to learn more about what podcasts are out there, Spotify, Audible, Amazon Music, Apple Podcasts, and Google Podcasts have great catalogs that are easy to explore. Or if you’re looking for a specific podcast, you can try out some of these free podcast streaming platforms:\nStitcher\nCastbox\nYouTube\niHeartRadio\nTuneIn\nPodBean\nPlayerFM\nPocket Casts\nSmall business finances made easy\nThese business podcasts will give you the knowledge you need to make an impact on your industry, make smart hiring decisions, and rake in the profits—and Solo is here to keep your finances on track. \nDownload the Solo app\n to make sending and receiving payments easier. 

17 best business podcasts for entrepreneurs in 2023

Figuring out how to file your self-employment taxes can feel intimidating and time-consuming, especially with the ever-changing tax laws that can confuse even an experienced filer. \nHowever, this process doesn't have to be a headache. As the 2023 deadline quickly approaches, preparing in advance can help you avoid costly penalties and fees. That way, you can enter tax season feeling confident and stress-free.\nKeep reading to learn how to prep, calculate, pay, and file your self-employment taxes in 2023. \nWhat is self-employment tax?\nOne of the first major shocks of working for yourself is learning that you’re now responsible for additional taxes. In short, the self-employment tax is something that all self-employed individuals must pay in addition to the income tax.  The Internal Revenue Service (IRS) uses this tax to fund the Social Security and Medicare programs. If it helps, you can think of it as investing in your own retirement since those programs largely support retirees. \nThe good news is that you don’t have to pay this tax until you earn more than $400 in self-employed net income. After that, you’ll have to put aside a percentage of your earnings to ensure you can afford to pay what you owe when the time comes. \nThis process differs slightly from filing taxes with a regular job because employers pay half their employees' Medicare and Social Security taxes while self-employed workers pay the entire thing. And unlike with a regular job, there’s no employer to take these taxes out automatically, so you have to be responsible. \nAlso, remember that the self-employment tax is not the same as income tax—which you’ll also have to pay.\nWhat is the self-employment tax rate in 2023?\nThe official self-employment tax rate for 2023 is 15.3%. To break that down, 12.4% goes toward Social Security, and 2.9% funds Medicare.\nThere’s also a cut-off for paying the Social Security portion based on your overall income from net earnings, wages, and tips. Keep in mind that the cutoff increased 8.2% to $160,200 for the 2023 tax season.\nOn the other hand, Medicare taxes never cut off. If you are a single filer who earns more than $200,000 from self-employment, you might even have to apply a 0.9% additional Medicare tax. For joint files, the income limit is $250,000.\nWho pays self-employment taxes?\nSelf-employment taxes are the responsibility of all self-employed individuals. These rules apply regardless of age or whether you are on Medicare or receive Social Security benefits. You'll likely have to pay if you earned more than $400 from a self-owned business. \nHere are some specific examples of who pays self-employment taxes:\nGig workers like rideshare and delivery drivers\n\nFreelancers and independent contractors\n\nAnyone earning passive income from:\nBeing a partner in a business\nBook/digital product sales\nMusic sales\nProduct sales\nOnline marketplaces (Etsy)\nSole proprietors or anyone \nneeding an LLC\n\nReal estate investors \nAnyone earning more than $108.28 a year from church employment\nNote that if you also have a full-time job, you’ll only apply the self-employment tax to your self-employment income. Also, in-home caregivers for disabled and elderly individuals \ndo not pay self-employment taxes\n.\n\nHow to file self-employment taxes step by step\nFiling your self-employment taxes can be a daunting task, but with the correct information and a few helpful tips, you can make the process much smoother. Below, we'll walk you through the steps of filing your self-employment taxes step by step. These tips and tricks will help you easily and confidently navigate the filing process.\nStep 1: Gather your documents and relevant info\nFor a stress-free filing experience, you’ll want to have all the necessary information and documents ready to go before you do anything else. \nFirst, you’ll have to provide identification in the form of either your Social Security number or your Individual Taxpayer Identification Number (ITIN). If you pay people to work for your business—even if they’re contractors—you will need an Employer Identification Number (EIN). Otherwise, you can use your social security number. \nThe next document you need is the 1099 form. If you don’t know, a 1099 form is for reporting income that doesn’t fit traditional W-2 reporting, such as freelance work, rentals, royalties, and independent contractor payments. \nYou can also use it to report non-employee compensation to contractors and other service providers of more than $600. If you did contract work for a company during the tax year, they should send you a 1099 form before tax time.\nTip:\n Companies will likely request that you fill out a W-9 form while establishing the service contract. The purpose of that document is to collect your tax-relevant information so that the company can accurately fill out your 1099 form.\nAdditionally, you should find all ledgers or bookkeeping tools you used to record income and expenses. You’ll want to keep your expenses organized throughout the year, so finding \nproof of income\n is super easy when tax season rolls around. \nStep 2: Total up your earnings\nOnce you’ve gathered all the necessary information, it’s time to calculate your earnings. The formula for this step is:\n[Net earnings = Gross self-employment income - Business expenses]\nTo avoid mistakes, you can make these calculations using \nSchedule C (form 1040)\n if you’re filing as a sole proprietor or \nSchedule E (form 1040)\n to report passive or supplemental income.\n\nStep 3: Total up any possible tax deductions\nAs a self-employed individual, the IRS allows you to deduct certain \nbusiness expenses\n from your taxes. This can help reduce your overall tax burden and save on the extra costs of self-employment. Here’s a quick overview the deductibles you could be eligible for:\nHome office:\n Expenses involved in running your business from home.\nEducation:\n Funds you spend to gain expertise towards your business.\n“Above-the-line” deduction:\n Half of your self-employment tax is deductible from your income tax.\nQualified business income (QBI):\n Up to 20% of your net profit. \nPhone and internet costs:\n Expenses you incurred from using your phone or internet for business purposes.\nMemberships:\n Expenses related to joining professional organizations in your industry.\nAdvertising/Marketing:\n Expenses involved in marketing your business.\nStartup costs:\n The costs of getting your business up and running.\nOffice supplies:\n Any funds you spend on necessary items for your office.\nCredit card and loan interest:\n Interest you gained on credit accounts from business purchases.\nBusiness travel and meals:\n Expenses involved in traveling for work.\nCar:\n Expenses related to using your personal vehicle for business.\nBusiness insurance premiums:\n Funds you pay towards insurance if you have employees.\nHealth insurance:\n Expenses related to securing health insurance.\n\nRetirement plan\n contributions:\n Expenses involved in securing a retirement plan.\nKeep in mind that each of these \nself-employed tax deductions\n has rules and requirements you need to follow.\nIt’s also possible to avoid the self-employment tax altogether if you file your LLC as an S Corp. You’ll only have to pay on your personal salary, as opposed to all your business profits. This solution may not work in all situations, so ensure you're clear on the pros and cons of \nincorporating your business\n.\nStep 4: Figure out how much you have to pay\nTo calculate the self-employment tax, multiply your net income by the self-employment tax rate. If your net earnings from self-employment from all businesses are $400 or more, use \nSchedule SE (Form 1040)\n to calculate your tax. \nOnce you have your answer, add it to \nSchedule 2 of Form 1040, part II\n.\nTip:\n You only have to apply the self-employment tax to 92.35 percent of your net earnings, which could save you thousands of dollars in tax payments.\nHere’s how that works. When using Schedule SE, you’ll chop 7.65 percent (or half of the self-employment tax rate) off your self-employment income \nbefore you apply\n the self-employment tax. For example: If you made $55,000 in self-employment income, you would only pay self-employment taxes on $50,792.50. That keeps almost $5,000 in your pocket.\nThe formula for this calculation is:\n[Net income x .9235 = Taxable income]\n\nStep 5: Make quarterly payments\nWhile you only report and file self-employment taxes once yearly during tax season, aim to pay them throughout the year to avoid penalties or interest charges. You should also track all the tax payments you make during the year for accurate reporting.\nYou’re eligible for estimated quarterly payments if:\nYou owe a minimum of $1,000 in federal income taxes this year, even after tax credits.\nYour withholding and refundable credits don’t cover at least 90% of your tax liability for this year or 100% of last year’s liability.\nTo pay your taxes quarterly, you should first estimate your annual earnings and calculate the amount of tax you owe using the formula from earlier. Divide that total into four payments and send those to the IRS every quarter. Remember to attach your payment to the appropriate payment voucher on \nForm 1040-ES\n.\nDon’t forget that there are deadlines. These are estimated quarterly payment due dates for 2023:\nApril 18, 2023\nJune 15, 2023\nSeptember 15, 2023\nJanuary 15, 2024\nAs for payment methods, you can opt for cash or money order through the U.S. mail or \npay online\n or through the IRS2Go mobile app.\nStep 6: Filing your self-employment tax\nThe final step to filing your self-employment tax is when all the previous steps come together. In this portion, you’ll finalize the information and forms you need to send to the IRS. \nFirst, use the results from your self-employment tax calculations to fill out \nForm 1040\n. Remember that you’ll need to provide your Social Security number or ITIN.\nAttach Schedule C (or E), which you filled out earlier. Next, report the tax calculations from your Schedule SE form on part II of the \n1040 Schedule 2\n, and attach that to your 1040.\nWhen you’re ready to send these forms off, you have a few options: The free IRS e-filing service, a third-party e-filing company, or you can send the physical forms to the \nfiling office in your state\n.\n\nNow that you can confidently file your self-employment taxes, it’s important to stay organized and ready for tax season. Track and streamline all transactions for your self-employed business and keep them separate from your personal finances with the \nSolo app\n.\nSources:  \nIRS\n\n

How to file your self-employment taxes in 2023

When you \nwork for yourself\n, it may seem easier to combine your personal and business finances; you may think about dipping into your personal savings to help fund your new business venture or using your personal debit card here and there to make business transactions. While this may seem easier up front, filing taxes and managing your finances can go much smoother if you learn how to separate business and personal expenses from the start.\nFiling business taxes requires much more documentation for things like business expense write-offs, financial reports, and payroll information, so it’s important to distinguish a clear separation between the two. In this guide, we’ll teach you how to separate business and personal finances so you can stay organized and prepared for tax season. \nNOTE: We have made a reasonable effort to provide accurate information, but we are not tax attorneys or accountants. This article is for informational purposes only, and Solo does not accept any liability for the use or misuse of this information. Consult a tax professional familiar with your state's laws.\nBusiness taxes vs. personal taxes\nSimilar to personal taxes, business owners get taxed on the income they make from their business. The biggest differences between personal and business taxes are the forms you need to fill out, write-offs you can deduct, filing requirements and deadlines you must meet when filing.\nSo, what exactly are business taxes and personal taxes and what are we paying for? \nExamples of business tax:\n \nIncome tax \nEmployment tax\nSelf-employment tax \nEstimated tax\nExcise tax \nExamples of personal tax:\n \nPersonal income tax \nPayroll tax \nProperty tax \nCapital gains tax \nEstate tax \nDo you file business taxes separate from personal taxes?\n\nDetermining whether or not you can file your business and personal taxes together or separately comes down to your business structure. \nMany business structures, aside from corporations, are pass-through entities, which means business owners will file their business taxes on their personal tax returns. If you’re a pass-through entity, you’ll file an informational federal tax return but won’t be responsible for paying corporate income tax.\nEach structure has different \nfiling requirements outlined by the IRS\n.\nPartnership\nPartnerships are pass-through entities, meaning each owner must report business income and losses on their personal tax returns using \nForm 1040\n. Partnerships must first file \nForm 1065\n to report the business's financial information. From there, each owner will receive a \nSchedule K-1\n that they will use to prepare their personal tax return. \nSole proprietorship\nAs a sole proprietor, your business structure is a pass-through entity, so you cannot file business and personal taxes separately. You will use \nSchedule C, Form 1040\n to file business income and expenses on your personal tax return. \nS corporation\nS corporations are also pass-through entities, so each individual owner will pay their portion of business taxes on their personal tax return using \nForm 1120-S\n.\nC corporation\nYou can file business and personal taxes separately as a C corporation since the IRS sees it as a separate entity from its shareholders. To report your business expenses as a C corporation you must file \nForm 1120\n.\n\nLLC\n (Limited Liability Company)\nLLCs are also pass-through entities, so the owner will report business incomes and losses on their personal tax returns. However, if your LLC has multiple members, you can elect to file as a corporation to keep your business and personal taxes separate using Form 1120. \nHow to separate business and personal expenses in 7 simple steps\n\nKeeping your business and personal finances separate starts with the formation of your business. Here are seven simple steps you can take to ensure you keep your business and personal expenses separate to make the filing process during tax season a breeze. \n1. Register your business\nDetermining your business structure and registering your business is the first and most important step in maintaining separation between your business and personal finances. As mentioned above, each type of business structure—\nsole proprietorship\n, \ncorporation\n, \npartnership\n, and \nLLC\n—has different tax filing requirements. As a small business owner, you’ll likely classify a pass-through entity, so you’ll file business income and expenses on your personal income tax return.\nHowever, \nincorporating your small business\n may allow you to keep your personal and business finances separate, as it’ll be a separate legal entity. If you want to keep your business tax return and personal tax return separate, it’s best to register your business as a C corporation or LLC and elect to file as a corporation. \n2. Apply for an EIN\nAn employer identification number (EIN) also known as a Federal Tax Identification Number, is a nine-digit number issued by the IRS to identify your business for tax purposes. Think of it as a social security number for your business. Business entities operating as a corporation, LLC, or partnership must obtain an EIN. \nIf you operate as a sole proprietor, you aren’t required to obtain an EIN and can use your social security number when filing your taxes. However, you can still get one. If you plan to open a business bank account, it may be smart to get an EIN, as some banks require this when opening a business account. \nTo obtain an EIN, you can: \nApply online:\n Complete the \nonline application\n and receive your EIN immediately. \nApply by fax:\n Complete \nForm SS-4\n, fax it to the \nappropriate fax number\n, and receive your EIN within four business days. \nApply by mail:\n Complete \nForm SS-4\n, mail it to the \nappropriate address\n, and receive your EIN within four weeks. \n3. Open a business bank account\nNext, you’ll want to open a dedicated \nbusiness bank account\n. This is the easiest way to ensure you keep your business and personal finances separate. It’s best to start with a business checking account, so you can use it to pay bills and make day-to-day business transactions. \nEven if you are a sole proprietor and have to file your personal and business taxes together, a business bank account will allow you to track your business’ income and expenses separately. This will make it easier to distinguish your business income from your personal income during tax time. \nA business bank account can help build your business line of credit, gives you easier access to \nsmall business loans\n, and helps protect your personal information, since you have to use an EIN as opposed to your social security number. \nTo open a business checking account, you’ll need: \nPersonal identification, like an ID or passport\nEmployer identification number (EIN) \nBusiness details, like your business name and address \nAny supporting documents, like your business license \nMinimum opening deposit if the bank requires one \n4. Get a business cash card\nNext, you’ll want a dedicated business card to make any business transactions. This is just another way to keep your personal and business expenses separate. \nA \nbusiness debit card\n is used to spend the funds you have available in your business checking account with no interest charges, credit limit, or other requirements. You can also quickly withdraw cash from your account if you need to. \nA \nbusiness credit card\n is used to make business transactions that you can pay back later. It can also help you establish your business credit, increasing your chances of getting a business loan. However, there are more requirements, like a credit limit and interest. \nSolo’s business cash card makes it easy to spend money on your business while helping you keep track of expenses and payments all within the app. \n5. Keep track of your expenses and keep receipts\n\nStaying organized by \nkeeping track of your business expenses\n will make filing your taxes so much easier. When tax season rolls around, you won’t have to worry about digging up receipts, invoices, and bank statements at the last minute. \nBusiness expenses are any costs related to running your business. Here are a few tips for successfully tracking your expenses.  \nAutomate with accounting software\nManually tracking your business expenses can become tedious and time-consuming, especially as your business grows. Accounting software makes it easy to keep track of and organize your expenses, saving you a ton of time you’d spend manually inputting information. \nThe great thing about accounting software is that it also has other built-in tools that can give insight into how your business is doing financially, like reporting tools. \nSave and digitize your receipts\nIt’s important to keep receipts for every business transaction you make, so you have a proper log of your business purchases. Come tax time, you’ll need to reference these expenses when determining your tax deductions. \nYou can keep paper receipts and invoices in a folder, but digitizing them is a safe and easy way to ensure they’re all in the same place. The accounting software you choose will likely have a feature that allows you to scan the receipts using your phone. \nMonitor business use of personal items\nThere may be some instances where you use personal items for business use, like using your car, home office, or personal phone. In this case, make sure you’re properly tracking when you’re using them for business purposes. For example, tracking your mileage when using your car and keeping your gas receipt. \n6. Pay yourself\nYou want to avoid using your business funds for personal needs, so paying yourself a salary is necessary to maintain a clear boundary between your personal and business finances. \nJust as you’d get a paycheck from an employer, pay yourself a salary twice a month (or on a schedule that works for you). Transfer the funds from your business account to your personal account, or set up an automatic transfer on the same day each month, so you don’t forget. \nYou may be wondering, how much should I pay myself? Here are a few things to consider: \nWhat is your monthly net income?\n This will help you understand how much profit your business generated after you’ve subtracted your business expenses. \nDo you have enough money set aside for taxes?\n A good rule of thumb is to set aside 30% of your net income to go toward paying your business taxes. \nHow much do you need to cover personal expenses?\n This will give you a realistic estimate of how much money you’ll need to pay yourself to cover your bills and other personal expenses. \nWhat is a reasonable monthly salary that won’t put my business finances at risk?\n Based on your monthly net income, tax savings, and personal expenses, determine how much you can comfortably afford to pay yourself. \n7. Prep for tax season year-round\nThe final step in keeping your business and personal finances separate is filing your taxes, which should be easy if you’ve followed the steps above. Preparing for tax season all year will set you up for success come time to file. This means setting aside a portion of your earnings for taxes. \nWhen running your own business, you may be required to file taxes quarterly and annually. \nQuarterly taxes:\n On a quarterly basis, the IRS requires small business owners to pay \nestimated tax\n if they expect to owe $1,000 or more in taxes or $500 or more for corporations. \nForm 1040-ES\n includes a worksheet that can help you determine your estimated tax. \nAnnual taxes:\n You will still need to file your annual federal income tax return at the end of the year. If you didn’t pay enough in your quarterly estimated tax payments, you will have to pay the remaining balance after you file your tax return. If you paid too much, you could receive a refund. \nPaying quarterly taxes may seem like a drag, but you might find it easier to pay smaller installments than having to fork over a bigger lump sum at the end of the year. Make sure you’re staying ahead of filing deadlines for quarterly taxes to avoid penalization. \nHow to separate business and personal taxes\nLearning how to separate your business from your personal expenses helps make tax filing easy. Now that we understand how to keep business expenses separate, here’s how to separate business and personal taxes so you’re prepared to file.\n1. Organize and gather what you need to file your taxes separately\nWhen you work for yourself, you’ll need to gather a few more documents and additional information than you would need when filing your personal tax return. If you’ve stayed on top of your business finances throughout the year, accessing this information should be no problem. \nBusiness tax documents needed\nHere are some things you may need to gather when filing business taxes: \nSocial security number or EIN \nLast years tax return \nInvoices and receipts \nBills \nSales records \nBank statements \nCredit card statements \nRecord of deductible expenses you plan to claim \n\nProof of income\n\nBalance sheet \nIncome statement \nCash flow statement\nBusiness loan records, including accrued interest and payments \nThe appropriate tax forms for your business structure \nPayroll information (if you have employees)\nPersonal tax documents you need\nWhen filing your personal income tax return, here are some documents you may want to gather ahead of time: \nSocial security number \nLast years tax return \nIncome statements (W-2’s, 1099 forms) \nDependent information \nMortgage interest statement \nStudent loan interest statement \nCharitable contributions \nIRA contributions \nEducation expenses\nChildcare expenses \nMedical expenses \nHealth insurance \n2. Know the common tax deductions\nTax deductions, or tax write-offs, are business expenses that you can subtract from your taxable income to lower the amount you owe when you file your tax return. Careful planning and organization of your business finances can help you accurately calculate your yearly tax write-offs. \nCommon business tax deductions\nHere are some common \ntax deductions\n you should keep in mind before you file your business tax return: \nDeduction\nWhat’s eligible?\nPercentage deductible\nHome office expenses\nUtilities, rent or mortgage, phone bills, internet bills, etc.\nAmount based on how much you used for business\nAdvertising and marketing expenses\nBusiness cards, social media ads, flyers, etc.\n100%\nSelf-employment tax\nSocial security and Medicare taxes\n50% of what you pay in self-employment taxes\nBusiness use of car\nMileage, gas, etc.\n100%\nBusiness interest\nCredit card interest, investment interest, property interest, etc.\n30% of your adjusted taxable income\nTravel expenses\nCost of plane tickets, rental car, hotel, meals, etc.\n100%\nStartup costs\nSupplies, licensing or permits, insurance, advertising, etc.\nUp to $5,000\nEducational expenses\nBooks, tuition, supplies, etc.\n100%\nInventory expenses\nCost of products, labor costs, storage costs, etc.\n\nInsurance\nHealth insurance, business continuation insurance, property insurance, etc.\n100%\nOffice supplies and expenses\nFurniture, printers, computers, etc.\n100%\nBusiness bad debt\nBusiness loan guarantees, loans to suppliers, etc.\n100% (for fully worthless debt)\nCommon personal tax deductions\nWhen it comes to personal taxes, there aren’t as many write-offs to deduct from your taxable income. Generally, people take the standard deduction—an automated deduction taken from your taxable income. The standard deduction varies depending on your filing status, whether you’re 65 or older, and whether another person claims you as a dependent. \nHowever, if you paid property taxes or student loan interest, for example, those qualify as deductions and are considered eligible for write-offs. In this case, you can choose to itemize your deductions as opposed to taking the standard deduction. \nHere are some common personal tax deductions you should consider ahead of filing: \nStudent loan interest\nHealth care premiums \nRetirement contributions \nMortgage interest \nProperty taxes\nCharitable contributions\nNote: Ensure you only report tax deductions once\nTo make sure you don’t accidentally report your personal tax deductions on your business tax return (and vice versa) you’ll want to make sure you have all of the proper documentation separated, so you only file the write-offs once. This is why staying organized during the year is important—it makes tax filing easier and limits small mistakes.\nThough pass-through entities file their business income and losses on their personal tax returns, you’ll still want to keep business and personal write-off documentation separate to ensure you’re filing an accurate tax return. \n3. Stay on top of filing deadlines and other tax dates\nThough some business structures have the same filing deadline as your personal tax return, some have an earlier deadline. You’ll also want to make a note of filing deadlines for estimated taxes, as well as deadlines for filing an extension. If you owe taxes and miss your filing date, you may receive a penalty and have to pay. \nBusiness tax dates and deadlines\nHere are the tax filing deadlines and dates you need to know when filing your business taxes.  \n\nWhat’s due?\nDate\nWho does it apply to?\n2022 4th quarter estimated tax payment\nJanuary 17, 2023\nAll businesses\nDeadline to send out W-2 forms to employees\nJanuary 31, 2023\nAll businesses\nDeadline to send 1099 forms\nJanuary 31, 2023\nAll businesses\nDeadline to file yearly tax returns\nMarch 15, 2023\nPartnerships, S corporations, and multi-member LLCs\nDeadline to file an extension\nMarch 15, 2023\nPartnerships, S corporations, and multi-member LLCs\n2023 1st quarter estimated tax payment\nApril 18, 2023\nAll businesses\nDeadline to file yearly tax returns\nApril 18, 2023\nSole proprietorships, C corporations, and single-member LLCs\nDeadline to file an extension\nApril 18, 2023\nSole proprietorships, C corporations, and single-member LLCs\n2023 2nd quarter estimated tax payment\nJune 15, 2023\nAll businesses\n2023 3rd quarter estimated tax payment\nSeptember 15, 2023\nAll businesses\nDeadline to file returns with an extension\nSeptember 15, 2023\nPartnerships, S corporations, and multi-member LLCs\nDeadline to file returns with an extension\nOctober 16, 2023\nSole proprietorships, C corporations, and single-member LLCs\n2023 4th quarter estimated tax payment\nJanuary 15, 2024\nAll businesses\nPersonal tax dates and deadlines\nUnless you file an extension for your personal tax return, there’s only one important date you need to remember when filing your personal taxes—\nApril 18th, 2023\n. If the filing date lands on a weekend or holiday, you’ll have until midnight the following business day to file. \nIf you’d like to file an extension, you’ll need to submit \nForm 4868\n by April 18th, 2023, and you will have until \nOctober 16th, 2023\n to file your personal tax return. \nKeep personal and business expenses separate with Solo\nFiling taxes when you’re self-employed can be tricky, but staying organized and properly separating business and personal expenses can take some stress off your plate when tax season rolls around. \nSolo can make it easier for you to pay expenses and track your spending. Make purchases for your business from your Solo account balance with the Solo cash card. Your customers can also pay you using multiple payment methods, like Apple Pay, Google Pay, and other traditional payment methods. An all-in-one place for freelancers, sole proprietors, contractors, and small business owners to pay, get paid, and track their spending. \nLearn more at \nSolo.co\n. 

Guide to separating business and personal finances for a streamlined tax season

When you’re working with a \nfreelancer or contractor\n, it’s common for deliverables to change hands. Those deliverables likely amount to intellectual property (IP), meaning someone owns the rights to them. But the question is: Who exactly does own the rights?\nA freelancer IP agreement is designed to transfer ownership of intellectual property. Below, we’ll dig into the basics of intellectual property, how to protect your interests as an entrepreneur, and how to get started on an IP agreement with our free template.\nIMPORTANT NOTICE: Solo is not a law firm or licensed attorneys, nor do we claim to be. This blog does not provide legal advice and is for informational purposes only.  Before using any information or forms made available from this site, you should consult with an attorney to ensure that they are appropriate and adequate for your needs.  Solo does not claim that the forms made available on this site are complete or appropriate for use in all circumstance or jurisdictions and disclaims all responsibility for any outcomes from the use of any information provided on this site.\nIntellectual property agreement: Sample template\nNeed help crafting an IP agreement before your working relationship begins with a freelancer? Look no further than our free, editable intellectual property agreement template.\nClick below to get the template:\n\nDownload IP agreement template\n\nIf you’re not quite ready to dive into creating your own intellectual property agreement, continue reading to review IP itself and explore the purpose behind IP agreements.\nOverview: What is IP?\n\nIP is an acronym for intellectual property, which is an intangible or indefinite asset that a person creates. Intellectual property can come in many forms, but most commonly it’s protected by one of three identifying marks: copyrights, patents, and trademarks. You can license or transfer each of these IP rights with an intellectual property agreement.\nWhen you create something like a blog post, an illustration, or even a slogan for your first marketing campaign, you have the rights to that intellectual property—that is, unless you’re working under an IP agreement that transfers the intellectual property rights to someone else.\nWhat is an IP agreement?\nAn IP agreement, or intellectual property agreement, is a legally binding document that defines the ownership of intellectual property rights between two or more parties. This agreement can be between companies, employees and their employer, or even an employer and a freelancer they work with.\nIP agreements might also be referred to as IP transfer agreements or IP assignment agreements if they involve transferring the ownership rights of the IP.\n\nRegardless of the name, the IP agreement’s purpose is to guard the ownership rights of the intellectual property while also outlining any guidelines for other parties that will work with the IP, such as a freelancer—in this case, it’s a freelancer IP agreement.\nFreelancer IP agreement: Why you need one\nIf you’re planning to hire a freelancer to create any kind of work on behalf of your business, it’s a good idea to ensure your contract contains a freelancer IP agreement. When a freelancer creates work for a business, any assets are automatically the intellectual property of the freelancer unless a freelancer IP agreement says otherwise.\n\nWhat does that mean for you? If you don’t use an IP agreement with a freelancer, you might:\nLose\n the rights to assets created on behalf of your business, like logos, blog copy, or more\nDevalue\n your work or lose a unique edge if the freelancer ever decides to reuse the work for other purposes\nDamage\n your working relationship with the freelancer, potentially harming your \nbusiness’s reputation\n long term\nEven if you agree to allow the freelancer to retain ownership rights and you simply license their work, it can be a good idea to put the scope of that relationship in writing via an IP agreement. That way, you’re more likely to have protection in the event of a legal dispute over your right to use the intellectual property.\nTwo types of IP agreements: Pros vs. cons\nNot every freelancer IP agreement is created equal. In some instances, it could make sense for you to own the intellectual property rights to a work. Other times it might make more sense for you to simply license the IP from a freelancer without owning them outright.\nEach type of freelancer IP agreement has benefits and drawbacks for small business owners. Before drafting an agreement, it could help to talk things over with the freelancer you’re working with to decide what works beneficially for the both of you.\nBelow, take a look at a few pros and cons of exclusive and nonexclusive agreements:\n1. Exclusive agreement\nWhen you enter into an exclusive IP agreement, you own exclusive rights to the IP. Typically in this agreement, the freelancer sells those rights directly to you. No other party can own or use the IP, even at the discretion of the freelancer.\nPro:\n You have the option to sue for infringement of your intellectual property rights since you’re the sole owner.\nCon:\n Taking exclusive ownership of all IP rights involved in a project might be seen as a step too far for freelancers.\nExclusive IP rights must be written up in an agreement, so if you plan to take this approach, an intellectual property agreement is a must.\n2. Nonexclusive agreement\nIn a nonexclusive IP agreement, multiple people can own rights to the IP, each holding a nonexclusive license to use it. Stock photography is a common example of a nonexclusive IP agreement.\nPro:\n Since you’re not acquiring the IP outright, licensing the work in this way can be less expensive.\nCon:\n You don’t own the rights to the work, so others may be able to use it beyond your control.\nNonexclusive IP rights may not necessarily need to be put in writing like exclusive rights, but it’s still a good idea to put an IP agreement in place that clearly defines what you own and how you can use it.\nWhat to include in a freelancer IP agreement: Three considerations\nIf you’re thinking of working with a freelancer to develop creative work or an otherwise original creation, you should think about how you would like to use it and if you would prefer to own it.\nHere are three questions to answer when thinking about what to include in an intellectual property agreement:\n1. What specific IP is involved?\nYou should note exactly what is involved in the agreement in as much detail as possible to avoid confusion. It’s best for an IP agreement to also note what IP isn’t covered, such as any intellectual property that the freelancer previously created and already owns the rights to.\nDeclaring specifically what you are and are not claiming the rights to can help avoid questions about ownership when your working relationship with the freelancer comes to an end.\n2. How am I obtaining rights to the IP?\nIf you plan to obtain exclusive or nonexclusive rights, you should explain it in clear terms. Again, defining the terms of the agreement in as much detail as possible helps avoid the risk of confusion on either side of the agreement.\nYou must place exclusive rights in writing in the agreement or they cannot be enforced. If you and the freelancer are sharing ownership in some capacity with a form of nonexclusive rights, it’s a good idea to include those terms, too. That way, you have clear terms for the usage of your IP rights.\n3. What am I willing to compromise on?\nFreelancers create work that supports their livelihood, and they may ask for some concessions in the agreement. An agreement is always between at least two parties—you might want to talk with the freelancer and see how your thoughts about the project compare. \nFreelancing may be their \nside hustle\n, or it could be their fulltime gig, and you might build a great working relationship by allowing a freelancer to retain the rights to use your content in their portfolio or something else within limits.\nIP agreements can be good business sense\nNo matter the size of your business, an IP agreement’s purpose is to protect you and your interests. Even if you’re a \nsolopreneur\n that hires a freelancer for a one-off project, including an IP agreement in your contract can help clearly define who owns what when the project comes to a close.\nIf you decide to move forward with hiring a freelancer, Solo is the easy way to pay them and keep track of your spending. Learn more at \nSolo.co\n.

Why you need a freelancer intellectual property agreement + free template

The job and business markets are more competitive than ever — standing out from the crowd is a must in order to succeed. To do this, consider implementing a personal branding strategy. A personal brand statement not only can boost your \nsmall business marketing\n, it can help define who you are as a professional and the services you can offer. \nLearn how to better brand yourself with these personal brand statement examples, how-to construct a statement, and tips to make it successful.  \nWhat is a personal brand statement?\nA personal brand statement is a brief one to two sentence description that sums up why you’re unique in your field and how you can add value. Three aspects of your personal brand include your: \nSkills\nExperience\nPassion \nInfusing this helps your audience better understand what you offer and who you are. A personal brand statement is also known as a unique selling proposition (USP). \nThink of this as your slogan or catchphrase for marketing yourself to those around you. A classic personal brand statement follows an “I help ___ do ___” format, but you can tweak this based on what feels best for you.  \n\nBenefits of having a personal brand statement\nCreating and voicing your personal brand statement can help you better communicate your values. It can also act as a marketing tool if you’re a \nsmall business\n owner looking to expand within your industry — it can open doors to new possibilities such as speaking opportunities, client relationships, and overall success. \nOther benefits of a personal brand statement include: \nIncreased control over your brand image: \nHaving a personal brand statement will allow you to influence how others view your brand.  \nHigher perceived value:\n A personal brand statement helps you better connect with your target audience on an emotional level. A personal brand statement will also make you look more credible since you’ll be more likely viewed as an expert in your field. \nDifferentiating from your competitors:\n A personal brand statement can help you stand out from the competition — building up your brand gives you a competitive edge.\nAttracting additional opportunities: \nA product or service with a personal brand statement attached to it will attract other like-minded individuals and boost your network possibilities. Additionally, when you embrace your personal brand on social media, you can share advice and unique insights about your industry to help draw an audience.  \n10 personal brand statement examples  \nIf you’re someone looking to \nwork for yourself\n or start a small business, a personal brand statement is a great way to increase your presence in your industry. Not sure where to start with your personal brand statement? Check out these 10 personal brand statement examples to draw some inspiration.\n1.  Classic “I help ___ do ___” format \n“I help thought leaders write great books in just 90 days. 300 satisfied clients so far.” -  Mindy Gibbins-Klein\nTakeaway: \nThis example follows the classic “I help ___ do ___” format mentioned above. This option is great if you’re a coach, freelancer, or consultant. \n2. Descriptive and clear \n“If you have a story that influences people towards positive change, I can teach you how to find the right stages that scale in both revenue and reach.” - Pete Vargas, Founder & CEO\nTakeaway: \nWith this statement, Vargas gets his point across very clearly. It’s also unique and provides information on how he can provide value. Sometimes less is more. \n3. Balances professionalism and personality\n“I’m a publicity and marketing strategist who helps experts, authors, and coaches go from “hidden gem” to admired industry leader…and even a household name.” - Selena Soo, Publicity Strategist \nTakeaway: \nFocus on having a blend of professionalism and personality for a unique and personal spin on a personal brand statement. \n4. Maintains conversational tone\n“Hi, I’m Marie. An entrepreneur, writer, philanthropist, and an unshakable optimist dedicated to helping you become the person you most want to be.” - Marie Forleo, Entrepreneur\nTakeaway: \nThis personal brand statement is conversational — her personal brand words such as “unshakable optimist” also come off as confident. The ending also prompts the reader to take action. \n5. Showcases benefits\n“Saving the world from bad content. B2B strategy built for humans that drives traffic generates qualified leads, and scales over time.” - Aaron Orendorff, VP of Marketing \nTakeaway: \nIn this personal statement, Orendorff ensures that he highlights the top benefits of his content — traffic, scalability, and qualified leads. \n6. Expresses skills\n“I’ve dedicated my life to the power of storytelling. Whether I’m acting, directing, writing or podcasting, I believe sharing stories is what I was born to do because storytelling is what brings us all together.” - LeVar Burton, Writer \nTakeaway: \nBurton does a great job expressing his skills and what he loves doing in one. He also states a few different outlets in his statement, which could grab the attention of multiple audiences. \n7. Infuses value\n“I’m Claude Silver and my life’s purpose is to be of joyful service and unlock emotional optimism in all.” - Claude Silver, HR \nTakeaway: \nSilver ensures that her personal brand statement is infused with her value — unlocking emotional optimism. \n8. Concise and clear\n“Most companies struggle to talk about what they offer but if you confuse, you’ll lose. My framework helps you clarify your message so customers place orders.” - Donald Miller, Public Speaker\nTakeaway: \nMiller’s personal brand statement is concise and clear. He states the problem and presents a solution to that problem right away. \n9. Highlights services\n“I teach business owners, educators, and entrepreneurs the profitable action steps for building a highly engaged email list, creating online training courses, and using online marketing strategies to sell with ease.” - Amy Porterfield, Entrepreneur\nTakeaway: \nIn this personal brand statement, Porterfield emphasizes how her services can serve others and lists multiple areas of expertise. \n10. Straight to the point\n“I will teach you how to write in the digital world.” - Nicolas Cole, Digital Author \nTakeaway: \nCole’s personal brand statement is straight to the point and offers insight into what he can offer and in what industry. \nHow to write a personal brand statement  \n\nNow that you have some inspiration and ideas from the examples above, you’re ready to start crafting your statement. To make your personal brand statement as effective and unique as possible, follow these six steps:  \nStep 1: List your skills  \nThe first step you need to take in creating your personal brand statement is to identify your skills and what makes you stand apart from the crowd. Think of this as your personal brand words. \nChoosing personal brand words is important in this process and helps define your brand personality. Personal brand words can include anything positive that highlights strengths, such as:\nExperienced \nStrategic \nTactical \nSmart \nSupportive \nCollaborative \nStart with a casual list on a piece of paper to fuel your brainstorming process. Consider including some buzzwords that are specific to your industry, like tools, techniques, and software you have experience with. Then, pick your top three words from that list. Think “I am an expert in ________” — the more niche the better. \nStep 2: Define your audience\nAfter coming up with some personal brand words, align them with the audience you want to target. Crafting a statement that’s too general and lacks a specific direction toward a particular group will likely get lost in the shuffle. \nAsk yourself where your skills and personal brand words are the most useful — this will help you figure out what industry to target. \nStep 3: See what others are saying \nSee what others are saying in the industry you want to target. Are you noticing anything customers feel is lacking in the space? Any wants and needs that customers need fulfilled but aren’t currently? \nThinking this out can help you better analyze the competition and find the gaps that you can fill with your skills and expertise.   \nStep 4: Start crafting your sentences \nAs you start building out your sentences, think about the story you want to tell. How are you different, and what problems can you solve? Combine these sentiments with your personal brand words in one or two sentences. \nYou can also consider these questions: \nWho buys your product or services? \nWhat industry are you looking to serve?\nHow do you want others to perceive you and your brand?\nStep 5: Revise and simplify \nRevise and simplify your personal brand statement if necessary. Find spots that you can trim down if you find yourself with a statement that’s too long (over three sentences). Also, try saying it aloud or in front of friends and family — this can also be good practice in case you’d like to share your personal brand statement in person with an interested customer. \nStep 6: Market your personal brand statement \nBecome your own advocate and start promoting and marketing your personal brand statement. Start by sharing it on different platforms. These can include: \nYour business website\nYour social media profiles, such as a Twitter or Instagram bio\nYour email signature\nYour LinkedIn headline\nThis statement doesn’t have to just be online — it can also be transferred into your in-person presence as you network and build connections with other solopreneurs and business owners. \nMake sure this statement is consistent on all the platforms you share it on — this will help maintain your message so people will remember it. Additionally, you can use the template below as a space to brainstorm and create your personal brand statement.\n\nhttps://res.cloudinary.com/solo-global/image/upload/cms/website/posts/pdfs/personal-brand-statement-template_ltqxcq.pdf\n\n\nPersonal statement tips \nNow that you’re familiar with the personal brand statement examples and process, you’re ready to take things to the next level. Here are a few personal brand statement tips to keep in mind: \nKeep it simple:\n Make a great first impression as quickly as possible by keeping your personal statement concise (about 1–2 sentences). \nAvoid cliches: \nMany words and phrases have become overused, such as “passionate”, “motivated”, and “detailed-oriented” — while these may all apply to you, think outside the box with some more unique and specific variations. \nAvoid exaggerating: \nBe sure to stay as honest and authentic as possible when creating your personal statement — this improves your chances of creating a genuine connection with your audience. \nRevise regularly: \nAs you build your professional portfolio, you’ll also have more experience and tools under your belt. Consider revising your personal brand statement regularly so it's updated and in line with your current experience. \nFocus on the unique:\n Anyone can have a personal brand statement, but focusing on what specifically makes you unique will give you an edge in your industry. \nTake your career to a new level of visibility  \nWhether you’re looking to \nstart a side hustle\n or \nbusiness from home\n, a personal brand statement can help you take your skills and career endeavors to the next level. With this guide, you’ll be better prepared to create one of your own — remember to stay simple, unique, and true to yourself.

87 articles found in “Resources”

17 best business podcasts for entrepreneurs in 2023

How to file your self-employment taxes in 2023

Guide to separating business and personal finances for a streamlined tax season

Why you need a freelancer intellectual property agreement + free template

Personal brand statement examples: Benefits and tips

44 business ideas for stay-at-home moms (or dads!)

Recommended

How to spot fake online reviews

25 free business listing websites every small or local business should be on (Updated for 2022!)

How much does it cost to rent space for a small business?

The 6 elements of an effective customer loyalty program

Important market research questions to ask before starting a new business