Season 1, Episode 19: A CPA and Business Strategist Tells Us How to Actually Create a Profitable Business (and the Biggest Mistakes She Sees Clients Make) with Janet Grosso of Capri Tax
Janet Grosso is more than just a CPA: she's a money therapist, a business fixer, the Oprah of personal finance. No matter your business, industry, or niche, Janet can look at your books and tell you how to maximize profits and make your business thrive. She's also warm, funny, and understanding - the coolest CPA you'll ever work with.
Janet speaks with us on all things business building. What's the difference between an S Corp, LLC, and Sole Proprietorship? What's the first thing people should do when they open their business? Should you have 1099 or W2 employees? What's the weirdest thing her clients have been able to write off for their business?
00:04:00: Janet tells us what her current job is.
00:06:50: What's the last 9-5 she had? What did she need to do to become a CPA?
00:14:00: How did she make the leap from being a CPA for hedge funds to owning her own firm?
00:26:31: What's the differencebetween an S Corp, LLC, and Sole Proprietership?
00:30:29: What are the biggest mistakes she sees business owners make?
00:34:56: What's the first thing you should do when deciding to open a business?
00:39:05: We talk employees - what's the difference between a 1099 and a W2 employee? Which should you hire?
00:48:47: Janet gives us her expert advice on hiring and managing a team.
00:50:58: How does she find clients? We also talk about how much she hates networking events and the one networking group she's found that she actually likes.
00:57:03: What does she tell clients with money anxiety?
01:03:00: What's the dumbest/most wasteful thing she sees her clients spend their money on in their businesses?
01:04:00: What advice does she have for businesses that hold inventory on keeping their costs down?
01:07:00: What's the weirdest thing she's seen someone put on their profit and loss statement to write off?
01:11:28: She tells us about Anthony & Janet, the consulting business she owns with her husband Anthony.
01:17:48: Back to the Future: Janet tells us what advice she'd give to her younger self and the biggest business mistake she's ever made.
01:24:25: A Day in the Life: How does someone who owns three businesses and has three small kids organize her days effectively?
01:32:00: Listener Questions & Quick Answers