In the Zone Magazine: Q3 2023

A snapshot of success with Susan Symonds and Annie Landry

FRAME OF MINDS

Picture This.

Coming in 2024

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FRAME OF MINDS

Susan Symonds and Annie Landry put their heads together to craft the perfect headshot.

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10

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REMARKABILITY

PERSONABILITY

PROFITABILITY

Betting on Black

Misty Krant

House Rules

Trends

Q&A Time

Relax, It’s Just Taxes

Use the biggest deal days of the year to restock.

Renegade rescue dogs, sleep smells, and tattoo trends

Conquering and redefining the hair and beauty industry Venus Michael answers your cash management questions

Julie Sandham on the value of a good property manager Profit First tips and tricks Meet the One21 Team one21accountability.com I 3

THIRD QUARTER 2023 VOLUME 1 NUMBER 3 A P U B L I C AT I O N O F

T R ADI T I ONAL F OR MU L A In this model, your business’s profits are whatever money will be left over. It’s simple in theory, but it is more likely to leave you with less profit—if you have any at all.

Why? Because you’re human, and humans aren’t good at keeping leftovers. If you have food to eat, you eat it. If you have money to spend, you spend it.

Venus Michael Owner, Small Business Development Expert

Ella Chief Canine Officer

PR OF I T F IR ST F OR MU L A What you need is a formula that prioritizes your profit, so that you know at the beginning

PRODUCED BY

of the year how much money you want left.

By deciding up front how much you want to have at the end of the year, you force yourself to find ways to get the same things done for less money.

CALL F OR A C O M PLIMEN TAR Y C ONSU LTATION (51 2) 7 91-3 74 7

Jamie Ezra Mark Creative Director Heather Anne Lee Editor Heather Luxemburg Writer Rheya Tanner Art Director Andrew Ontko Designer Josh Clark Designer Wendy Mak Designer

407-573-6061 hello@emagency.com emagency.com @EMagencyinc In the Zone Magazine is published quarterly by One 2 1 Account-ability. Volume 1 Number 3 Copyright© 2023 One 2 1 Account-ability. All rights reserved. Reproduction in whole or in part without written permission is prohibited. Opinions expressed in the articles are those of the authors and do not necessarily represent the opinions of One 2 1 Account-ability.

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THE VIEW FROM VENUS

At One21

Account-Ability our goal is simple: to help creative people and creative businesses succeed. Call it cheerleading, brand management, marketing support, an extra set of eyes, a photo editor, a legal cheerleader, a therapist, a rep, a valuable member of your team, or simply someone you can be honest with—we are something different to each and every one of the clients we work with. And that’s exactly the way we like it!

We also define success by our people. The One21 team is a tightknit multi-cultural melting pot of industry experts with just the right amount of overzealousness. Over the last decade, we have bridged boundaries and time zones, operating around the globe.

As the founder, the pride I feel is shared amongst all of us and comes from the knowledge that there is no obstacle that cannot be overcome when our powerhouse team comes together. So this issue, we’ve dedicated the last few pages (page 29) to them. I’m so excited for you to get to know them. Of course, as our reach has grown digitally, there may be many of you who don’t know me that well either. Let’s remedy that, shall we?

What is your specialty? Helping clients create a stash of cash in their bank accounts.

What is the best part of your job? That “a-ha!” moment when it finally clicks and my client’s lives start to change. When the stress of money is no longer on the table, the creative juices get flowing and out of those creative juices, my clients have done some amazing things and touched so many lives. It makes my heart full to see them succeed.

What’s your favorite challenge to solve? Budgets!! Putting together a budget that you can actually sustain is just like putting together a puzzle. There are a lot of pieces and they are all different sizes, shapes, and colors, but when it finally comes together, it’s magic!

What’s the biggest misconception about bookkeeping? AI can do it. That is so wrong. AI can only do as good as you educate it to be; and if you don’t have human eyes watching what is going on with the transactions, you can end up with a very expensive mess. AI cannot reason or question, and AI cannot help you figure out if what you are doing with your money is in line with where you want your business to go.

Who or what inspires you? Actually, my clients inspire me. Every day I get a front-row seat to how they take their creativity to new heights, overcome challenges, and make the world a better place.

As the founder, the pride I feel is shared amongst all of us and comes from the knowledge that there is no obstacle that cannot be overcome when our powerhouse team comes together.

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REMARK ABILI T Y

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Betting on Black

Need to refresh your inventory or invest in new equipment? Start with Black Friday and Cyber Monday.

Have you been planning to invest in some new tools for your business but just couldn’t bring yourself to pay full price, especially in this economy?

Good news! The best time to buy is just around the corner: Black Friday through Cyber Monday.

For small business owners, the U.S. Thanksgiving shopping season is a perfect opportunity to refresh inventory and acquire new business equipment on a budget. Although deals are still on the horizon, it’s always a good idea to prepare early on and be ready to buy when they arrive.

But what, exactly, are the best Black Friday deals for small businesses this year? What are the major sales you don’t want to miss? And how can you take advantage of the Monday following (which offers even more sales online!) to make the purchases you need to move your business forward in the year ahead?

The truth is... the best Black Friday deal is whatever your business needs most. Do you need to level up your skills or clock some continuing education hours? Educators, influencers and even professional development courses can all be scored at a fraction of their usual cost. If you have your eye on something specific, sign up for

emails now so you get notified of any and all upcoming sales.

Need new photo or studio equipment? Now’s the time.

New tech or software? Ditto.

Many retailers (both in-store and online) offer laptops and desktop computers bundled with software you’d have to pay more for if you purchased them separately. If you don’t use a VPN (virtual private network) and antivirus software yet, you should brush up and hunt for deals in this department.

Before you roll up your sleeves and start hunting for deals, you should have a solid idea of what you need and why you need it in the first place.

Give your inventory an honest review and decide where to best allocate your money.

Many online retailers (like Amazon, Best Buy, or eBay) allow registered users to create wishlists where they can add the items they’re planning to buy.

You’ll be notified via email or mobile app whenever an item from your list gets discounted.

Once you have a wishlist in place, you can use tools like Google Shopping to compare prices across several vendors and see where you can get the best bang for your buck. Price comparison platforms come

with product reviews, spec sheets, and filtering options, so you get a complete overview of the items you’re looking for.

Other noteworthy services include Yahoo Shopping, Shopzilla, and PriceGrabber. You should also monitor your favorite retailers’ social media posts. Often, sharing deals on social media is part of their marketing strategy— and monitoring these services’ social media presence can help you snag the best deals and lowest prices. And again, sign up for emails. Many retailers will offer early savings or stackable savings to their email subscribers.

One word of caution: do check the return policy fine print. Even with solid planning and diligent research, not every purchase you make will be a keeper. Deals fluctuate across the shopping season, so don’t feel bad about returning an item you got on Black Friday and buying it for less from a different vendor.

Black Friday and Cyber Monday are perfect opportunities to beef up your business resources and reinvest some of that hardearned cash. And now that you know how to make the most of the holiday shopping season, all that’s left to do? Get out there and shop in a way that benefits you and your business!

NEWS FLASH As measured by the US Bureau of Labor Statistics’ Consumer Price Index (CPI), photographer’s prices rose more than 4% year over year. Overall inflation increased nearly 5% year over year before seasonal adjustment. The year-over-year increase remains well above the Federal Reserve’s 2% target for a healthy inflation level.

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REMARKABILITY PUPPY LOVE

A SHAGGY DOG STORY

HEALTHY LIVING

Sleep smells boost memory.

ONE21 FACT Neil deGrasse Tyson revealed that the possible number of ways you can shuffle a 52-card deck is so unfathomably large that you could give 1 trillion people a deck of cards, tell them to shuffle it 1 trillion times per second for 1 trillion years, repeat that across 1 trillion civilizations in the universe, and 1 trillion universes… and the order of your deck would only have a 40% chance of matching any one of the decks in this experiment.

If you’ve ever teased someone for using an oil diffuser at night, they will not forget it. New research has found an overwhelmingly positive correlation between cognitive performance and sniffing full-strength natural oils while sleeping. In a trial, adults between 60 and 85 turned on a diffuser before bedtime and slept with any natural oil scent for two hours per night for six months. They performed 226% better on a memory test than those in the control group, according to the study out of the University of California, Irvine.

The researchers say their findings mean that smell therapies, which are sometimes used with dementia patients, could be deployed overnight instead of taking up waking hours.

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Scout the dog escaped his animal shelter, climbed over a 10-foot chainlink fence, then a 6-foot solid privacy fence, crossed a busy highway in the darkness, entered the automatic doors of Meadow Brook Medical Care Facility (a nursing home in Michigan), walked unnoticed into the lobby, hopped onto a couch, curled into a ball and quietly went to sleep for the night. He did this not once, not twice, but three times. So the staff decided to make it permanent, adopting Scout. Suddenly the nursing home had its own pet. And the residents are all the better for it.

Want to learn more about Scout? Follow of our Facebook page @one21accountability and we will share the story link there!

CHECK YOUR INK

1in3

AMERICANS say they have a tattoo, and 22% say they have more than one.

38% OF WOMEN

have at least one tattoo — significantly more than men (27%).

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HRS / WEEK Forget what your parents told you: Those tattoos that they were convinced would hurt your professional future could actually help you pull in more money for your business.

On the crowdfunding platform Kickstarter, product campaigns with photos of inked-up people receive significantly more backers and contributions than campaigns that just show a bunch of normies, according to a new study.

Nonartistic products received 458 more backers and $27,000 more in funding, on average, when entrepreneurs chose to feature body art— whether on themselves or models—in campaign photos.

Artistic campaigns showing some ink only drew an average of 128 more

backers, possibly because they’re already seen as creative.

Major companies have only recently started to adapt their tattoo policies to attract new employees. Within the last two years, Disney, UPS, and Virgin Atlantic reversed their bans on visible tattoos at work. Even the US Army, which didn’t allow soldiers to have tattoos until 2015, eased its bans on hand and neck tattoos last year.

But, while tattoos help propel crowdfunding campaigns on Kickstarter—where most backers are under 35 and likely to be chill with body art or have some of their own— your parents might still be right about keeping your ink covered around traditional investors.

The average time Americans spend on leisure and personal care.

$3.9 BILLION

The value the tattoo industry is expected to hit by 2030.

4/10 OF GENZers

under 30 have at least one tattoo (vs. 13% of people 65 and older).

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PERSON ABILI T Y

ONE-ON-ONE WITH

Misty Krant In the competitive world of hair and beauty, Misty Krant is redefining industry norms.

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Less than 7% of salons in America are profitable. Seven percent.

But Misty Krant has a theory. “Most salon owners start off as stylists—we just want to be creative, to create beautiful things. We know nothing about business, and we aren’t taught business in cosmetology school,” she says. “Most of us didn’t realize that we were becoming entrepreneurs. We knew that we were doing it to gain creativity, freedom, flexibility, and massive income potential, but for some reason that didn’t add up to ‘I am going to be a small business owner.’”

But the truth, according to Misty, is that every single person with a cosmetology license is a small business owner.

“You’re selling yourself every single day you stand behind that chair. So, you know, once you wrap your head around that and you understand it, you realize that the potential is limitless,” she shares.

And she should know. For the past 26 years, Misty has been working in the industry, both behind the chair and as the owner of Harlow Beauty & Salon in Austin, Texas. Under Misty’s visionary leadership, Harlow has been named among Salon Today’s Top 200 salons, and set new industry trends and benchmarks with her innovative campaigns.

Consider this incredible growth: In 2020 her sales were $580,000. In 2021, $1,026,000.

And in 2022, she grew that

number by 70% to just over $1.2 million, and she’s on track to do that again this year.

Yet beyond the numbers and accolades lies a foundation rooted in nostalgia and sheer determination to change the perception of her profession.

taken seriously as business professionals; our industry was looked at by many as a “hobby” or “just for fun.” I can’t tell you how many times I was told that we didn’t need to focus on the business or financial aspect because we were doing what we loved. And yes, loving your career is important, but why Misty’s love for all things can’t you love what you do and beauty began from a young make money? This is what age, watching her mother and started me on my path to cregrandmother spend hours do- ating an environment where ing their hair and makeup bebeauty professionals could be fore being seen in public. “They respected, achieve financial were both very glamorous in freedom, and truly empower their own way. Their entire people to be whomever they morning routine was almost want to be.” like a dance,” she remembers So Misty worked hard to crewith a smile. ate a culture where employees So, of course, she spent love being there, and they are countless hours experimenting empowered to learn, grow, and with hairstyles and makeup on thrive. In an industry where her dolls, honing her natural few stylists stick around at one talent, and dreaming of a fusalon for long, at Harlow Beauture in the glamorous world of ty, the stylists choose to stay. hair and beauty.

Her turnover is less than 2%.

And yet, when she shared her She found that being supcareer dreams, the response portive and generous with was resoundingly negative. employees has directly in“Over and over I was told that fluenced their success in the it wasn’t a viable career choice. market place. “Although not That it wasn’t a real job. That every industry gets impacted you couldn’t make money. That as heavily when an employee I was smarter than that. It was leaves as in the hair industry, a waste of my talents. And on, every leader should recognize and on. It was really disheartthe fundamental importance of ening, but it didn’t deter me. In their employees,” Misty says. fact, it fueled my passion. Not Harlow Beauty is thriving in only did I want to be successful a saturated market and is conand prove everyone wrong, I tinuing to grow. Misty believes knew that I wanted to elevate a primary reason for this sucthe world’s perception of the cess is that her employees are salon industry,” she says. literally her number one prior“As creatives, we were not ity. Together, they have created

Perception vs. Reality

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PERSONABILITY an environment that embodies excellence, creativity, and innovation, ensuring that every client who walks through their doors receives an unparalleled salon experience.

“Harlow is everything that I ever envisioned. I mean, we are finally getting to a place where I feel like as a team, everybody is on the same page. They want to uphold the culture as much, if not more, than I do. And they hold each other accountable. It’s been so incredible to nurture this growth, and to watch my team grow in ways that even I didn’t imagine. But the best part? Now, when I talk to parents of kids who want to go to cosmetology school—or even my peers in other businesses—they’re excited about the possibilities. There’s no disappointment. And why should there be? My stylists can make as much if not more than most professionals, including tech and medical!”

the industry not supporting my vision, or supporting it but not practicing it. Once I changed who I was surrounded by, I was presented so many incredible opportunities,” she says.

Of course, with these new opportunities came new challenges. “I originally opened Harlow under a different name and hybrid business model. Which means I had independent contractors and commissioned stylists. In the first two years I went through three products lines who all promised business support and development but never delivered on those promises. This contributed to losing all five of my independent contractors, forcing me to restructure to a commissioned based business model. At the time, I didn’t realize this would be a blessing. But it led me to discover Eufora, who is our retail brand partner.

It was a game changer for me, as much as meeting Venus Michael at One21 Account-Ability and implementing Profit First.

Misty’s success as a top-proThere isn’t another company ducing and leading salon own- in this industry who genuinely er is attributed to her relentless cares about this community of pursuit of excellence and her beauty professionals the way ability to stay ahead of industry Eufora does.” trends. With a keen focus on A retail brand partner for a exceptional service, personsalon makes perfect sense, but alized care, and cutting-edge how does a bookkeeper gain techniques, Harlow continues equal regard? to be a trailblazer in the world “There’s no one like Venus,” of hair and beauty.

Misty says. “We actually met That’s not to say there weren’t through Felicia Reed, who is an stumbling blocks along the incredible photographer and way. “Initially, my biggest strug- business owner. It was early gle was other professionals in 2020, the pandemic had just

Blazing a Profitable Trail

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hit, and I was in a rough spot. I bought out my salon business partner, and was rebranding the salon as Harlow, and I felt like I was working longer and harder than I’d ever worked in my life. It was in the interim of doing the build-out of my salon and I always had an understanding of it, but when I found out from Felicia that she had a Profit First bookkeeper, I didn’t even know that those existed,” she laughs.

Misty had read Profit First and was really into implementing it into the salon, but her original partner wasn’t interested. So she tabled the idea until she took full ownership of Harlow.

Still, it was overwhelming to know where to even begin.

“When Felicia told me about Venus, I just knew she was the missing piece to the puzzle.

“She has the incredible gift of breaking things down and simplifying things. She’s helped me get to a place of better understanding at my business as a whole. I mean, before Venus, my P&L just looked like gibberish. It may as well been written in hieroglyphics. But since buying out my business partner and COVID, I had to get really comfortable with my P&L and Venus made it possible. Now I can look at my P&L and in five seconds, know exactly where I stand and what I need to do.

“That’s what I love about Venus. She makes it make sense. Like she’s just saying… she’s really, really great and she’s really helped. And what

“Over and over I was told that it wasn’t a viable career choice.

That it wasn’t a real job. That I was smarter than that.…

It was really disheartening, but it didn’t deter me.

In fact, it fueled my passion.”

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PERSONABILITY

Misty and Harlow Beauty started a bi-annual sales promotion called Fill the Bag in 2020. “It’s one of our biggest promotional events, and people absolutely love it.

Basically, they come in and they get 20% off of anything that fits into the bag. We sold $9,000 worth of retail in one single day!”

The campaign is so successful that Harlow has partnered with Eufora to expand the promotion into other Eufora salons across North America.

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I love about her too is that she gets my vision, she supports my vision, and she’s never once spoken to me like an idiot. And I’ve had many other bookkeepers before her who have.

“Anyway, when we first opened the salon 8 years ago, I was behind the chair four days a week and brought in the majority of the income, maybe $350,000 or $400,000 year.

That wasn’t my take home. That supported the salon, commissions, my partner, and myself.

Over the years, I slowly backed away from being behind the chair and focused on the business more. Now I’m only working behind the chair a few times a month; most of my attention is on the business and growing my team. And this last year, we did almost $1.2 million. We’re a

Top 200 salon in North America, two years in a row. So, we’ve had tremendous growth. And with Venus’s guidance, I’ve been able to leverage that profit to rebrand and rebuild my salon, invest in my team, build my dream home, and now I’m looking at opening a second location. Profit First is accounting for all of that, and I’m so grateful.

“Honestly, my career has morphed into more of me finding joy in watching others grow and being able to grow people.

Because ultimately that’s what I feel like I’m doing, is growing people. My goal was always to elevate the perception of the salon and beauty industry and to give younger stylists the foundation that I never had.

And I’m so happy to say that I’m doing just that.”

ASKVENUS

Venus Michael answers your cash management questions When is the best time to I have lots of debt, Do I need to worry raise prices on my services? including credit cards, about sales tax for my Great question! I encourage personal loans, and bank photography business? my clients to work through an loans. Which do I pay first? That’s a tricky question. Digital annual price review for this very reason. If you haven’t raised your prices in a while, especially in recent years, you may be overdue for one—because inflation, the cost of materials, goods, and workers needed to serve your clients well have increased.

Without raising your prices to account for that, your profits and your cash flow will suffer. You’ll need to make more sales or do more work to keep up with your past business performance.

Of course, there are certain practices you should follow.

For example, you don’t want to raise your prices too high too fast, or you risk losing your entire client roster. You’ll also want to notify your clients well in advance of the price hike. To sweeten the deal and maintain goodwill, you may even decide to include additional products or services at no extra cost in your arrangement with them.

No matter why you’re doing it, one thing is a constant: Fear about how to communicate it to your loyal customers. Our advice? Be frank but kind. Price increases are a reality of running a business.

While logically you want to pay off your high interest rate loans first, Profit First is all about leveraging human behavior.

And we humans like immediate gratification. Which is why I routinely suggest Dave Ramsey’s “debt snowball” technique.

First, sort all your debts from smallest due to largest. Then put all your effort in eradicating the smallest debt first, while maintaining the minimum due on the other debts.

Then once the smallest debt is paid off, target the next smallest on your list. Wipe that out and then hit the next. This will build a series of early wins as well as good habits.

photographs may or may not be considered tangible property for the purposes of sales tax, and whether or not they are subject to sales tax may depend on how they’re delivered: via USB, DVD, etc., or via digital download. Another consideration is where your client lives relative to you, and where they take receipt of their photos. Sales tax laws vary from state to state, and you can read about yours on your state’s Department of Revenue website.

For example, if the client lives in North Carolina, the photographer needs to collect and pay sales tax. If the client lives out of state and receives delivery of their photo gallery after they return home, the sales are not subject to sales tax. In Florida, all digital photographs and the associated session fees are subject to sales tax. That is not the case in California. And in Texas, it depends on your licensing.

As a bookkeeper, we can help set up the accounts to collect and monitor the tax, but it’s always best to work with a CPA on a sales tax plan in the states where you live and work.

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FRAME of

MINDS From healthcare to headshots, Susan Symonds and Annie Landry of Mainframe Photographics know their business.

S T O R Y H E AT H E R A N N E L E E

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Frame of Minds

A

Broadway performer.

An accomplished pianist. A dedicated marathoner. A third-degree black belt. A pilot.

A transplant tissue pioneer. A Nobel Laureate. These are just a few of the off-script achievements of the doctors, nurses, clinicians, researchers, and other medical professionals that Susan Symonds and Annie Landry of Mainframe Photographics have had the pleasure of documenting.

And while the portraits they take may not reflect such accomplishments, that passion, that joie de vivre, that purpose and pleasure, is infused into their expression. Their demeanor. Their presence on film.

It’s a gift that Susan wields like Wonder Woman’s lasso, magically extracting the energy needed for unique and powerful images. “I want headshots

to be about energy. I want it to be authentic. I want it to be organic,” Susan says. “It’s so important for doctors to have great headshots, especially with professionals that are nose to nose with people. If you don’t look like your headshot, people — your clients and patients — feel like there’s buyer’s remorse.

They instinctually begin to lose trust. And if there’s no trust, whether you’re in a financial institution or a physician, you are in trouble. We get that.”

Annie is quick to add: “As Susan said, people are all energy. Which is why we spend so much time connecting with our clients, finding that energy, that spark, before we even lift the camera. For us, we realize that it’s so much more than just a headshot. It’s really all about connection.

Indeed, medical and healthcare photography plays a vital

role in accurately documenting and conveying healthcare’s complex and often emotional world. By visually capturing the people, experiences, procedures, and environments within this sector, healthcare photography not only serves as a powerful tool for education and communication but also shapes the public’s understanding and perception of the health service and healthcare industry.

That passion has driven Mainframe Photographics for more than 30 years, at first serving Boston area medical professionals, but now the team is expanding further along the East Coast. “And beyond, hopefully,” Annie shares, with a laugh. “We’re in such a great place with our business.

We’ve really honed in on who we serve and how we do it, and it’s really taking our business to the next level.”

“People are all energy. Which is why we spend so much time connecting with our clients, finding that energy, that spark, before we even lift the camera.”

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Frame of Minds Kodak Moments There was never any doubt that Susan would be a photographer.

“My dad worked for Kodak, so photography was always in my blood,” she says. “I knew that I wanted to do photography right from the get-go. And he did a lot to support me along the way, including paving the way for me at my first job in photo retail, which was a great job at the time. I had benefits, good pay, good experience, and at the same time, I was shooting on the side, assisting, figuring out who’s doing what in Boston. So, basically, I was learning how to run a business with somebody else’s money.”

When it came time to launch her own venture, Susan opened in a major teaching institute and hospital in Boston. Those years sharpened her skills and

instincts until she was ready to expand even further, opening a working studio with a retail component in Boston’s famed Beacon Hill.

It was during this time that Susan’s business partner and now wife, Annie, joined Mainframe full-time. “Annie was at a crossroads in her career, and when we crunched the numbers, we realized that our earning potential was better with Annie on board, running the operations.”

If Susan is the creative lead, Annie is the engine that keeps the business moving.

“Annie should get all the credit,” Susan says. “She took the headshot business and systemized it. Having those processes in place allowed us to take on more work, while keeping the integrity of what we do intact,

“Because she knew our industry, she was able to advise us on some of the areas to consider — it’s much more than just looking at the numbers with Venus.”

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the connection. Annie tells me what to do, and I just say, yes.

She does all the hard work; I take pretty pictures.”

Annie, quick to deflect the attention, chimes in. “Susan brought me on board, I think it was like 18 years ago. But really, it’s what has happened in the last two years that has really allowed our business to thrive.

We worked with Storybrand to really fine-tune our vision and goals. We made some strategic decisions that are helping us now where we really refocused what our business purpose is, our why, our mission, whom we’re servicing, and who else we can service.”

Susan adds, “We’ve been able to expand our photography into more areas, although medical is always our passion. One of our largest clients is a major medical institution. So not only are we doing headshots, but I’m in the operating room. I’m in the research lab. In fact, that’s a huge opportunity for us. If there are 1,500 doctors in the area, there’s easily 4,500 researchers. We’re tapping into that market. So really, our specialty is working with, not only healthcare, but service professionals, who provide an immense service to our community.

Annie says, “So, fast forward to now, my gosh, the hospital business is doing great. Labs are growing, as are lifestyle portraits, which is a fun change for us. We completely rebranded in the past six months. And then there’s Venus. “ Susan jumps in. “You know how I said that Annie tells me

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Frame of Minds what to do, and I just say, yes?

The same is true of Venus. She has been a huge factor in our growth, managing and systemizing our books. She just gets it: She gets photography, she gets our business model, she gets finding money in your business and utilizing cashflow in creative ways. She’s like our third business partner at this point.”

“She becomes an ally in your business,” Annie says. “She bridges the gap between the finances and understanding what it is that you are passionate about in your business and how to align that way.”

Annie continues: “I had worked with this other firm for 6 months and still didn’t have clear picture of our financials. Within 30 days of working with Venus, we had a clear picture. Within 45 days, she gave us a plan. Literally, she said, ‘This is our plan. Now

let’s talk about what your goals are and let’s adjust it and refine it for you. And I was like, really?

Because she knew our industry, she was able to advise us on some of the areas to consider— it’s much more than just looking at the numbers with Venus. For me, I always see her as a strategic partner.”

“Venus has her fingers on the pulse of what’s going on in our business, and in photography as a profession in general,” says Susan. “We underestimated how important that really is.”

With Venus’s expertise casting a light on their business, Susan and Annie have set their sights on the path ahead. As Susan puts it, “I’m learning to put the camera down, but my mission is still maintaining my vision. I’m a fire starter. I make fires, I scribble what I want on a napkin, hand it to Annie, and she puts

up the fire and builds it.”

In their evolving journey, Mainframe Photographics emphasizes that photography is not merely about capturing images; it’s about igniting stories, harnessing energy, and preserving truth. Susan reflects, “Your headshot is this little ball of energy, and you set it free. It flies around, impacting lives, influencing decisions, and leaving an indelible mark on those it touches. We believe in the power of collaboration to craft the message you want to convey because your headshot speaks volumes before you even open your mouth. One of our favorite sayings resonates deeply with our work: ‘Truth is a lion; set it free, it will defend itself.’ That’s what our photographs do. They’re the lion and the defender of your practice, your hospital, your lab, your business, your team.”

“Your headshot is this little ball of energy, and you set it free. It flies around, impacting lives, influencing decisions, and leaving an indelible mark on those it touches.”

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PROFIT ABILI T Y

HOUSE

RULES

Julie Sandham explains how passive income with rental properties really is feasible — with the right team in place.

Investment properties can be exciting and very rewarding if you make the right choice.

But investing in real estate can also be daunting for a firsttime investor.

Much of the media coverage on real estate investing focuses on making a quick buck: buying cheap properties, slapping

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some lipstick on them, and then flipping for a profit. But when you flip houses, you’re betting on a quick turn in the market for that house.

Consider this instead: “mom and pop” landlords own about 41% of the residential rental units in the United States. The average landlord nationwide

owns three rental properties, and during the past decade, rent inflation has increased over currency inflation by 40%.

Imagine if you had three rental properties bringing in passive income! Flipping houses will rarely earn that kind of return.

It’s no wonder more people are looking to become investors.

FOUR QUESTIONS

to ask a potential property management company Do you or your company have any professional designations?

How does your company handle maintenance?

How much should I budget for maintenance?

How long does your average tenant stay?

Find out whether they Several states do not have a proactive or reactive approach to regulate property management. Others, maintenance. Do they offer a filter program like Texas, require a to ensure tenants are Real Estate Broker’s License. It is important changing it in a timely manner? This one to know if the management company you simple item can save work with focuses on the tenant 8-12% on continuing education their utility and proor if they do the bare long the life of your A/C system. minimum.

This will vary based on the age of the home, the location, the age of appliances, and the overall condition of the property. The right property manager will go over these factors to help you determine a good number. [Note: With Profit First, you can manage this budget even more effectively!]

If a property management company loses most of its tenants after one year (and you are in an area with very few transient residents), that could be a red flag that tenants do not like working with this company. If they evict tenants often, it’s worth looking into why that is the case.

What are the risks, you might ask? Most people have heard the nightmare story of not being able to evict a tenant, or a tenant who does damage to a property. Other would-be investors shy away because they don’t want to be the “bad guy.”

With any investments, there are always risks. However, you

can mitigate those risks with the right property management company. The right company will have systems and processes in place to protect your asset and shield you from liability. They will generate passive income for you while you are free to do what you want with your life.

JULIE SANDHAM is co-owner and founder of Peach Blossom Properties, LLC. She hosts the podcast, ‘Thriving with Unrealistic Expectations.’ She lives in Austin with her husband and two children, and she loves being a referral source for anyone she can be of service to.

The right property manager will generate passive income for you while protecting your asset. They will guide you and make sure that you understand every step of the process.

And, pairing the right property manager with Profit First will allow you to build generational wealth more efficiently. one21accountability.com I 25

PROFITABILITY

Relax, It’s Just Taxes Taxes are the bane of most business owners. But with the help of Profit First, they don’t have to be.

Taxes don’t have to be overwhelming. With Profit First, you can make sure you’re paying the right amount of taxes and staying on top of them throughout the year. As an entrepreneur, you need to understand the different types of taxes and how to deal with them.

First, you need to differentiate the types of taxes that may affect your business.

26 I In the ZONE I Q3 2023

Depending on the type of business you own, you may be subject to income taxes, payroll taxes, self-employment taxes, or other taxes. You’ll also need to know how to file your taxes and when you’re required to make payments.

Once you know the types of taxes you’re required to pay, you need to figure out how to pay them. You may be able to

pay them online, by mail, or in person. You should also look into tax deductions that can help reduce your tax bill. Business expenses, such as office supplies and travel expenses, may be deductible.

Finally, you need to know how to stay on top of your taxes. This means setting up a system for tracking income and expenses, making sure

you file your taxes on time, and paying taxes when they’re due. If you’re not sure about any aspect of taxes, you should consult a professional.

Here’s what you should know: 1. Paying taxes is actually a GOOD thing. It is proof that your business is profitable.

Paying taxes is only problematic if you don’t have the cash on hand to pay them. That’s where Profit First comes in. The Profit First system helps you proactively set aside money to pay your taxes, so you don’t have to dread tax day anymore.

2. Profit First recommends setting aside 15% of your Real Revenue (Total Revenue minus Materials and Subcontractors costs) for taxes. If your tax professional is not a Profit First Professional, they might tell you 15% isn’t enough. Why? Because your tax professional is looking at the “bottom line” on your Profit and Loss statement, or your “profit on paper” after all business expenses have been deducted. But with Profit First, you don’t run your business based solely on your P&L. This is one reason why working with a Profit First tax professional is so important.

3. Following Profit First and creating a tax account does NOT negate the need to work with a tax professional. A qualified tax professional can help you legally reduce your tax liability with strategies that allow most of your cash to stay with your business (or flow through to you, the business owner.) Beware of tax professionals whose

When setting your tax percentage, I can’t say enough…. Always, always, always estimate high; it’s better to have more tax savings set aside than you need than to not have enough. primary strategy is running up expenses to avoid paying taxes.

If you pay quarterly estimated taxes for your business, the funds in the Tax account will be utilized for those payments.

The standard Profit First bank However, there are importaccount known as the Tax ant considerations to keep in account is specifically desigmind. When your sales exceed nated for income tax purposes. the previous year’s figures, Twice a month, you allocate the allocated funds should 15% of your real revenue to this cover your current-year tax account. Real revenue refers to liability. It’s crucial not to view cash receipts minus any cash these excess funds as surplus spent on inventory or other for other purposes. They are cost of goods sold activities. By intended to account for the following this percentage-based increased tax liability resulting approach, you can ensure you from higher sales. have sufficient funds set aside It is important to note that for tax obligations. this is only covering income I want to be sure you hear me tax, not sales tax. You should be say that you need to confirm charging your customers sales your tax percentage with your tax for each of their purchases tax accountant. The industry and setting that amount aside standard for income tax is 30% for when you make that quarof net profit (your profit after terly payment. We’ll cover that you’ve subtracted your deduct- in the next section. ible expenses). When looking When setting your tax perat gross income (which is what centage, I can’t say enough…. we’re doing with this method), Always, always, always estimost creative businesses will mate high; it’s better to have likely need to save 20-25% for more tax savings set aside taxes, but you must confirm than you need than to not this with a tax professional. have enough.

The Framework

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PROFITABILITY HOW TO HANDLE SALES TAX

SEE FOR YOURSELF Contact One21 today to discover how Profit First could work for your business.

CPAs vs Bookkeepers: Why Not Both?

Yes. You need both a CPA or EA and a bookkeeper. Why? Because tax preparers and bookkeepers handle different aspects of your finances, there are big benefits to enlisting the services of both.

Bookkeepers ensure your books are accurate and up to date, allowing you to keep track of your bills, understand your cash flow, and prepare to meet with your tax preparer.

Your tax preparer can then use those clean books to prepare your taxes. If your books are a mess, however, you end up spending more time and money while your tax preparer plays catch up. Even worse, you will have missed out on having current information on your financials for however long your books have been outdated, likely leading to poorer business decisions along the way.

By enlisting the services of both tax preparers and bookkeepers, you have access to a broader range of support. Your bookkeeper will have a better understanding of your business operations and finances on a day-to-day basis, while your tax preparer can answer any questions you may have about the tax implications of your decisions. In addition, you can reduce the risk of errors by having financial professionals with different areas of expertise review your books.

When these experts work together to analyze and find solutions for the same issues, the results can be astounding.

As small business bookkeepers, we love working with CPA firms to service our mutual clients. The CPA and bookkeeper relationship is an important part of your team to make YOU more profitable.

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It’s crucial to note that the Tax bank account discussed in Profit First is not intended for sales tax. The 15% allocation mentioned earlier is specifically for state and federal income tax and does not include a portion for sales tax.

Sales tax regulations vary by state, and businesses may be required to collect and remit sales tax for multiple states. The remittance frequency is typically quarterly or annually. To ensure that you have funds set aside for future sales tax remittance, it is recommended to create a separate bank account specifically designated for sales tax.

These funds collected for sales tax are not your funds; they are to be remitted to the respective state governments.

It’s essential to avoid the temptation of using these funds for other purposes, as it may lead to a shortage when it’s time to fulfill your sales tax obligations, potentially requiring you to borrow money to meet those payment requirements.

WHAT ABOUT OTHER TAX TYPES?

There are several other types of taxes you may encounter—property tax, franchise tax, etc. These taxes are paid from the Operating Expense bank account in your Profit First structure. They are not included in the 15% that is set aside for the Tax bank account. Taxes are no one’s favorite subject, but they are much less stressful when you are prepared to make the payments.

Meet the

TEAM Gina

DIRECTOR OF DIGITS

The best part of my job is…

Working with such a great team and clients is ALWAYS top on my list; I’m fortunate to have both!

Favorite challenge to solve: Determining the cause of variances and abnormalities to ensure accuracy in our monthly reports.

The biggest misconception about bookkeeping is… That bookkeeping is boring. Not many roles offer the opportunity to learn about so many types of businesses and industries; I find that very engaging!

Family Life: Married for 32 years and we have two grown daughters, 23 and 27 years old. We’re a close-knit family that enjoys vacationing and

spending time together.

I love… cooking, gardening, bike riding, traveling, and watching movies!

Get to know the dedicated and F-U-N folks committed to giving every client the true One21 experience.

speak English and without specific skill sets….hard work and determination is all they needed to succeed!

Last book read: “The Empire of Something quirky about you: I have two different colored eyes, Illusion” — a story/documentary about the evolution of literacy, one brown and one green! love, relationships.

My dream job is… interior design. I love textiles, textures, and color; it would be dreamy to work with clients to create the home of their dreams!

Three adjectives used to describe me: Happy, dependable, and kind!

Who inspires you? Entrepreneurs inspire me. Watching people create success from the ground up is super inspiring to me! My parents are also inspiring to me. They immigrated to the US from Italy and became super successful without knowing how to

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PROFITABILITY

Darshan FINANCIAL ARTISAN

The best part of my job is… the opportunity to work with financial data, analyze it, and provide valuable insights to help individuals or businesses make informed decisions.

I love… investing in the stock market and crypto trading.

I also enjoy gaming, such as UNO and Sequence.

My dream job is… having my own stock market BOLT where I would be dealing with shares and scripts.

Three adjectives used to describe me: Considerate, trustworthy, reliable

The biggest misconception about bookkeeping is… that it is a simple and straightforward Current song repeat: “Calm task that anyone can do without Down,” “Believer,” and “My proper training or knowledge.

Heart Will Go On.” In reality, bookkeeping requires a good understanding of accounting principles, attention to detail, and adherence to specific procedures and regulations.

Family life: I’ve been married for 5 years and we have a 2-year-old daughter.

Dan

LEGAL & BUSINESS AFICIONADO The best part of my job is… the opportunity to apply my diverse skills and expertise in various areas. I find great satisfaction in the versatility of my role, which allows me to contribute to different aspects of the business. Also, providing executive protection during business trips.

I love… playing pool (aka billiards).

It provides an equal opportunity to win regardless of age or gender.

don’t you just do this?” Sometimes we overlook the simple solution.

Family life: I am married to Venus, who is my life partner, soul mate, and best friend. Ella, our dog, is our little girl and full of love.

Three adjectives used to describe me: Talker, intelligent, humorous.

My greatest achievement is… advancing through the Black Belt ranks in martial arts, placing third in a state pool championship, and placing third in a National Championship.

Current song on repeat: I could play the Beatles over and over, but I love “Perfect” by Ed Sheeran.

Favorite challenge to solve: When approached with a complex solution Last book read: Texas Penal Code. to a problem and I respond with, “Why Boring, I know.

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Parshva BOOKKEEPING WIZARD

The best part of my job is… working with numbers, having strong attention to detail, possessing analytical thinking skills, and having a passion for maintaining accurate financial records.

The biggest misconception about bookkeeping is…

It’s not “just data entry”!

There are thousands of examples in which proper guidance and analytical skills lead to business growth stupendously!

Favorite challenge to solve: Improving myself every day and pushing harder to learn new things.

I love to… travel and go to the mountains, and cricket is my favorite sport.

Three adjectives used to describe me: Careful, observant, and polite!

Current song on repeat: “Makeba” and “Unstoppable.” These songs boost my morning!

What is your personal mantra: Whatever you think, you’ll become. Stay always positive, happiness heading towards you!

Last book read? “No Rules Rules, ” by the CEO of Netflix.

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CALL F OR A C OMPLIMEN TAR Y C ONSU LTATION (51 2) 7 91-3 74 7