What to Do When You Fail (+ Tax Hacks You Need to Know)!

by D'Arcy Benincosa

failure

In this episode, Shanna Skidmore and I discuss overcoming obstacles and what to do about failure. Stay till the end for bonus tax hacks! Are you in? Hit play!

Meet Shana:

Shanna Skidmore is former fortune 100 financial advisor turned business consultant, educator, and international speaker with clients and students in more than 26 countries. Nicknamed the “dream–releaser” by her clients, she’s helped business owners around the world build lives and businesses they love! Her greatest joy in life (besides being a wife and mama), is helping others chase after their dreams.

After working alongside thousands of creative entrepreneurs, Shanna took the most confusing, frustrating, frequently asked (and frequently wine-and-tears accompanied) business concepts—financial planning, strategy, scale, mindset—and simplified them. With a background in finance, psychology, and art she has successfully married the world of business and creativity, and now uses her 15+ years of experience to teach and consult with business owners around the world through her signature program, The Blueprint Model.

Failure isn’t a bad thing, it is an opportunity for growth. We’ve all had launches that fell short of our expectations, less bookings and inquiries than we want, and missed the mark on our deliverables – but what do you do after you’ve “failed”? 

5 ways to recover from failure:

  1. Get rid of your ego. Failure can and will happen to everyone. Don’t let your ego get in the way of becoming better next time. 
  2. Change up your offer. What you think your audience wants and what they actually want, may not align. Ask questions to see where you can improve to meet their needs. 
  3. Revise the way you give your offer to your audience. Can you revise the way in which your offer is delivered? Maybe your course is better off as an evergreen package or maybe you need to be more involved in the course. 
  4. Don’t underestimate a smaller launch. How can you leverage your smaller launch? Can you add to the course and charge for that? Can you use the smaller launch to gather data, testimonials, and questions to help you with your next launch or product? 
  5. Consider if it is a marketing problem or a product problem. If you know the product works, then look for holes in the marketing strategy. Maybe you just aren’t targeting the right people. 

BONUS!!

5 tax tips that will save your business money!

  1. Hire an assistant and a bookkeeper as soon as possible to avoid the stress of numbers and taxes, especially if you have no desire to understand them!
  2. Make a yearly financial plan and ask for your monthly reports from your bookkeeper to help you stay on track.
  3. Separate your business and personal bank accounts to easily track income and expenses.
  4. NEVER trust a financial advisor that wants you to pay no taxes. Paying taxes shows you have a healthy business and are making money (just don’t overpay, of course!)
  5. If you make 30-50K in profit, ask an advisor about becoming an S corp to save you money on taxes. 

CLICK HERE FOR MORE WAYS TO LISTEN TO THIS EPISODE

LINKS:

Get Shanna’s Profitability Playbook (FREE!)

Five Questions to ask your CPA at tax time! 

Three Simple Ways to Make Filing Taxes Easier

Check out Shanna’s Website

Listen to Shanna’s Podcast

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A few of my favorite business tools:

CREATIVE LAW SHOP

Contracts, Privacy Policies, and more. Use code DARCYB10 for 10% off!

goodlight presets

Struggle to match your digital to your film? You've met your match. Use code PLAYITBRAVE to get $50 off!

pic-time

Say au revoir to lazy galleries! Use code DARCY to get your first month free.

tonic site shop

Crappy website? Say no more. Get 20% off a template with code PLAYITBRAVE. You're welcome.

Have no time to submit to publications?

Don’t let your images gather dust on a hard drive – GET THEM SEEN (and gain street cred too).

free guide

Learn my simple tweaks you can make that will have you attracting your dream clients with the portfolio you have TODAY.

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