Publish January 25, 2024
Kick the FEAR of Markups & Taxes
taxes

Are you tired of feeling like you’re constantly juggling multiple plates in your design business? Do you dream of breaking through to the next level and earning a six-figure income? Look no further! In this blog post, we will explore the key techniques you need to transform your design business from a hobby to a highly profitable venture. Join us as we dive into the world of wholesale purchasing, overcoming fears, and mastering markups and sales tax.

The Fear of the Unknown

Feelings of uncertainty can often hold us back from trying something new, such as incorporating wholesale purchasing into our businesses. This fear stems from not knowing all the steps and potential mistakes that could be made. However, it’s important to kick that fear and take that first step. In this section, we will discuss how to overcome the fear of markup and taxes.

The Journey of Starting a Business

Sometimes, starting a business happens unexpectedly, just as it did for the speaker of the podcast. While it may not be recommended to quit your job without a plan, her story serves as a reminder that challenges can lead to growth. Emphasize the importance of not stumbling through the early years of business like she did and highlight the wealth of resources available today, such as coaching and online communities.

Crowdsourcing vs. Reliable Resources

Many designers turn to Facebook groups and other platforms to seek advice on pricing and purchasing decisions. However, relying solely on crowdsourcing may not be the best approach for running a successful business. Encourage readers to explore the abundant resources available nowadays and not be hesitant to invest in reliable sources of information.

The Power of Wholesale Purchasing

Wholesale purchasing can be a game-changer in your design business. Uncover the steps to get started, including obtaining a resale certificate. Explain the benefits of reselling wholesale products to clients, such as increased profitability and better service. Highlight the ease of setting up a resale account and the importance of using accounting software to track sales tax and manage financial aspects efficiently.

Decoding Markups

Understanding markups is crucial to running a profitable business. Educate readers on the factors to consider when determining markup rates, such as profitability and the inability to shop for custom items. Stress the significance of setting a minimum markup to cover time and generate profit. Additionally, guide them on recognizing when it’s necessary to say no to purchases that won’t yield sufficient markup.

Taking your design business from a hobby to earning six figures is within your reach. With the right techniques and a fearless mindset, you can overcome initial fears and uncertainties. Incorporating wholesale purchasing, mastering markups, and understanding sales tax are essential steps on your journey to success. Don’t miss out on our upcoming “Purchasing Made Easy” challenge, where we dive deeper into these topics. Join us and make 2024 your most prosperous year yet!

Stay tuned for more insightful content and valuable resources. Tune into the full episode on iTunes here or on my website and keep up with my other blog posts.

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