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Keep What You Earn — Business
Keep What You Earn

Keep What You Earn is the podcast for aesthetics and wellness practice owners who want to scale profitably and build a business that is actually worth something.

Hosted by Shannon Weinstein, CPA and Fractional CFO, this show is designed for med spa owners generating $1–5M in revenue who are ready to move beyond reactive decision-making and into disciplined, strategic growth.

If you’re trying to break past the $2M ceiling, improve cash flow predictability, increase margins, open additional locations, or prepare your practice for a future sale, this podcast gives you the financial clarity to do it confidently.

Each episode focuses on the financial building blocks that determine whether your practice scales smoothly or stalls under pressure, including pricing discipline, operating margin control, cash flow forecasting, customer lifetime value, and enterprise value planning. This isn’t about more spreadsheets. It’s about financial leadership.

Whether you’re preparing for expansion or positioning your practice to sell, Keep What You Earn helps you think like a CFO and operate like a CEO.

[Disclaimer: Any opinions, recommendations, and tips offered on this podcast or other social media forums do not constitute individual tax or accounting advice. This content is designed to provide education and awareness about financial topics and responsibility for the benefit of the general public. Please consult a professional before implementing any of the suggestions made by Shannon or Keep What You Earn Co.]

Copyright: © 2021 All rights reserved Fitnancial Solutions.

Latest Episodes:

IRS Reporting Threshold for the 1099K - Roundtable Recap May 16, 2023

Show notes

I recently attended an IRS roundtable on the new 1099K reporting threshold. The 1099K is a form that businesses receive when they process credit card transactions over a certain amount. The upcoming reporting threshold change will affect the minimum income threshold required to receive a 1099K.

During our conversation, we discussed what needs to happen for this change to go smoothly and what it means for business owners who receive a 1099K and potential issues that business owners and their tax preparers will have to cope with.

Some important questions were posed to the IRS such as why the IRS is lowering the threshold, who has the duty to educate taxpayers on this information, and how people's fear of taxes, audits, and the IRS may be impacted by this change in policy.

Overall, the discussion highlights the importance of staying informed about changes to tax policies and regulations, and taking steps to ensure compliance and accuracy in reporting. As always, working with a trusted tax professional can help business owners navigate these changes and avoid potential issues.

What you'll hear in this episode:

[1:00] Details of the IRS roundtable that I was invited to participate in regarding the new 1099K reporting threshold

[1:30] Background of the 1099K and the upcoming reporting threshold change

[3:29] What has to happen for this change to go smoothly?

[4:18] What does receiving a 1099k change for business owners?

[5:59] What are some potential issues with 1099k's that business owners and their tax preparers will have to cope with?

Some questions discussed at the roundtable:

[7:40] Why is the IRS lowering this threshold?

[8:24] Who has the duty to educate taxpayers on this information?

[11:12] How are people's fear of taxes, audits, and the IRS impacted by this change in policy?

* Related episodes:

I Received a 1099 - Now What?

What is a 1099-K?

How to File 1099s

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

The Importance of Communicating Expectations in Business May 15, 2023

Show notes

We often find ourselves disappointed when our expectations are not met, but have we set proper expectations in the first place? It's important to ensure that we have realistic expectations for the services we hire and the customers we serve.

One key to setting proper expectations is to communicate them upfront. This means being clear about what we can and cannot provide, as well as any limitations or conditions that may apply. By doing so, we can avoid misunderstandings and disappointment down the road.

We also need to be prepared to communicate any changes in expectations proactively and speak up whenever we feel that something is not aligning with our expectations. By doing so, we can address issues before they escalate and potentially damage the relationship.

By taking the time to assess past experiences, we can learn and grow, ensuring that our expectations are better aligned in the future.

What you'll hear in this episode:

[1:15] Your expectations may not be met by someone providing a service, but did you actually have proper expectations for the service you hired?

[2:00] Ensure that you have proper expectations set for your business and customers.

[4:27] Communicate expectations up front

[6:30] Communicate any changes in expectations proactively, so both parties are aligned.

[9:15] Communicate whenever you feel that something is not aligning with expectations

[11:30] Reflect back on a previous interaction where your expecations were not met. Did you follow the guidance in this episode or would it have been possible to have improved the interaction with proper communication?

* Related episodes:

The Most Undervalued Trait of an Accountant

Growing Your Side Hustle with Nick Loper

I Want to Upgrade My Services - Will My Clients Stay?

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

How I Turned My Side Hustle Into My Full-Time Career May 12, 2023

Show notes

Tune into this replay of an interview that I did for The Side Hustle Show with Nick Loper.

Here is the episode recap from Nick:

This week's guest took some of the skills she already had and then went out intentionally and found buyers for those skills.

Shannon Weinstein is a CPA (Certified Public Accountant) who turned her fractional CFO (Chief Financial Officer)/tax strategy service at KeepWhatYouEarn.com into a full-time income stream — while still working a full-time job.

Tune in to the Side Hustle Show interview to hear:

the low-cost, high-return marketing tactics that Shannon used to start her business
how she found her first customers
how she took the leap to turn her side hustle into a full-time job

What you'll hear in this episode:

[5:10] How Shannon got over the imposter syndrome.

[10:00] Are there any tools that you use to anticipate these questions that people are asking?

[17:30] What's your typical pricing today?

[25:00] The importance of having a call to action.

[28:40] What do you attribute some of the early growth of the show to?

[41:10] How Shannon divides her time between the content production side of things and the customer service side.

[45:15] The importance of having a cash flow forecast for your business.

[52:20] What's next for the podcast and for the business?

* Related episodes:

Investing in Your Digital Storefront with Lynzee Krohne

Building a Better Financial Future with Marc Russell of BetterWallet

Setting and Measuring Progress Toward Your Business Goals

*Link to Nick's Show: https://podcasts.apple.com/us/podcast/the-side-hustle-show/id655135292

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Why 100% Employee Retention Should Not Be Your Goal with Jason Weinstein May 11, 2023

Show notes

My husband Jason joins me on the show to discuss the topic of employee retention. We explore why having 100% employee retention may not be positive for a business. We then discuss some tips on how to fill new roles as a business evolves, ensuring that the right talent is identified and cultivated for the organization's needs.

For those feeling discouraged by employee turnover, Jason provides some valuable advice on learning from the experience and how to diagnose the problem.

Whether you're an employee, manager, or business owner, I hope this episode provides valuable insights on creating a positive and productive workplace culture while navigating the challenges of employee retention.

What you'll hear in this episode:

[1:10] Why is 100% employee retention a bad thing?

[3:15] How do you fill roles as your business evolves and roles change?

[5:20] Jason provides some advice if you feel discouraged because employees are leaving.

[10:00] What are some of the benefits of having employee referrals?

[11:55] How do you diagnose the problem if you have high employee turnover?

* Related episodes:

My Costa Rica Story (Part 1): The Why

My Costa Rica Story (Part 2): The How

Staying Small on Purpose with Keila Hill-Trawick

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

How to Pay Yourself Based on Your Business Structure May 10, 2023

Show notes

A common question that I get is how to pay yourself as a business owner. This varies based on your business structure. I'll cover payment options for sole proprietors, single-member LLCs, multi-member LLCs or partnerships, S-Corps, and C-Corps. I'll provide insights into how much and how often you should pay yourself, the importance of keeping track of your finances, and the tax implications of each payment structure.

Whether you are a sole proprietor or the owner of a large corporation, understanding how to pay yourself based on your business structure is crucial to maintaining financial stability and success. Join me to learn the details of each structure and provide insights into how to pay yourself fairly and effectively.

What you'll hear in this episode:

[1:45] How to pay yourself if you are a sole proprietor or single-member LLC.

[4:00] How much and how often should I be paying myself?

[6:28] How to pay yourself as a multi-member LLC or partnership.

[7:45] How to pay yourself as an S-Corp.

[9:37] How to pay yourself as a C-Corp.

* Related episodes:

The Hidden Costs of Not Hiring a Tax Pro

How to File Taxes as a Single-member LLC or Sole Proprietor

Multi-Owner Business? Don't Miss The March Deadline

* Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Differentiating Yourself Based On Your Values May 09, 2023

Show notes

I'll be sharing a scenario that occurred in my marketing mentorship group that highlights the importance of communicating your values as a differentiating factor compared to your competitors. We all know that the market is crowded, and it can be challenging to stand out from the competition. However, one way to do this is by communicating your core values and using them to differentiate yourself.

By leading with your values, you attract clients who share the same beliefs and values. This makes it very obvious whether you aligned or misaligned with a client and helps you build a loyal customer base.

Whether you're just starting out or looking to rebrand, this episode will provide you with insights into how to communicate your values and use them as a powerful tool to differentiate yourself in the marketplace.

What you'll hear in this episode:

[1:18] Scenario that occurred in my marketing mentorship group that I wanted to share on this podcast.

[3:00] How to communicate your values as a differentiating factor vs your competitors.

[6:00] Examples of how Shannon stands behind and communicates her core values to potential customers.

[8:50] Leading with core values will make it very obvious whether you are aligned or misaligned with a client.

[10:35] The potential downsides of comparing yourself head to head vs your competitors.

* Related episodes:

Investing in Branded Merchandise Without Wasting Money with Amanda Hofman

Feeling Tempted to Change Your Offers?

Copywriting Secrets to Convert with Jess Jordana Paxson

* Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

What is a W-9 and Who Needs One? May 08, 2023

Show notes

Today we'll be discussing an important aspect of your business that you should revisit now to save yourself some time and headaches as the year progresses.

From a tax perspective, it's necessary to ensure that you have all the proper documentation in place from your contractors. Tax information that they have available to you will depend on their type of business, citizenship status, and a few other factors.

Taking the time to revisit this aspect of your business now and ensuring that you have all the necessary documentation in place, including W9 forms from your contractors, can save you a lot of headaches come tax season.

What you'll hear in this episode:

[1:15] Revisit this aspect of your business now to save yourself some headaches towards the end of this year.

[2:49] What does this mean from a tax perspective for your business?

[4:20] Why do you need to get this W9 from your contractors now?

[6:09] Why certain contractors won't have a W9 available for you.

[8:30] Why is it especially important to get an updated W9 if your contractor has changed their business structure?

* Related episodes:

Hiring Employees vs. Contractors with Jackie Koch

Do I Need to Send a 1099?

How to File 1099s

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Optimizing Operations Part 2 - Project Management with Cyd Rechtin May 05, 2023

Show notes

This is part 2 of a mini-series with Cyd, the CMO/COO of my business and founder of The Creator's Attaché.

As a business owner, you may be wondering why you are not reaching all of the goals you set. It likely comes down to accountability and an organizational structure that gets everyone aligned. Your calendar, spreadsheet, and sticky notes are not an adequate management system to communicate your vision and goals with your team.

We dive into using a project management system to properly set and communicate goals for your teams by establishing core job functions and accountability. We provide tips and strategies for implementing a project management system and ensuring that it works for your business.

If you're struggling to reach your goals or feel like you're not making progress in your business, this episode can help you achieve your goals and take your business to the next level.

What you'll hear in this episode:

[1:30] The importance of project management skills in your business.

[3:15] As a business owner, why might you not be reaching all of the goals you set?

[7:45] Building momentum to achieve goals makes you unstoppable in business.

[8:15] Accountability in your business starts with you.

[14:40] Why your calendar, spreadsheet, and sticky notes are not an adequate management system to communicate your vision and goals with your team.

[20:30] How to use a project management system to properly set and communicate goals for your teams.

[26:00] How to establish core job functions and accountability within your team to gain alignment.

Resources Mentioned in this episode:

Asana overview: https://www.thecreatorsattache.com/asana

Time blocking exercise: https://www.thecreatorsattache.com/timeblocking

Connect with Cyd:

Website: https://www.thecreatorsattache.com/

IG: @cyd.rechtin

* Related episodes:

Worry Less About Efficiency in Your Business

How to Measure What Matters with Carlyn Bushman

Knowing Your Numbers: Three Key Dimensions Every Entrepreneur Should Focus On

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Optimizing Operations Part 1 - Auditing Your Systems with Cyd Rechtin May 04, 2023

Show notes

For this two-part mini-series, I thought it would be fun to interview Cyd, the CMO/COO of my business and founder of The Creator's Attaché. Cyd is an expert in systems, project management, digital marketing, and team accountability.

In part 1 of this series, Cyd stresses the importance of well-designed and integrated systems for maximum impact. In our discussion, we'll cover practical tips on when to audit your systems and how to begin. This includes a live on-air demonstration of the "What good looks like" exercise, which defines success for your business, and the "5 Whys" exercise to identify inefficiencies and obstacles.

This episode is valuable for business owners and entrepreneurs who want to streamline their systems and processes. By implementing this guidance, you'll be able to focus on what truly matters in your business.

What you'll hear in this episode:

[0:50] Introduction to Cyd

[3:33] Does having more systems mean more efficiency?

[5:10] How do you know when it's time to start auditing your own systems and how do you actually get started?

[10:45] How to differentiate between a system and a process within your business.

[13:00] How to conduct an audit of your own systems, beginning with the "What good looks like" exercise.

[20:15] Stepping through the "5 Whys" exercise to find out what is stopping you from reaching "what good looks like" in your business.

[24:17] Once you can identify the root cause that is preventing your business from reaching "what good looks like", create a system to fix it.

Resources mentioned in this episode:

What does good look like? exercise: https://www.thecreatorsattache.com/whatdoesgoodlooklike

5 Whys Exercise: https://www.thecreatorsattache.com/the-five-whys

Connect with Cyd:

Website: https://www.thecreatorsattache.com/

IG: @cyd.rechtin

* Related episodes:

Worry Less About Efficiency in Your Business

How to Measure What Matters with Carlyn Bushman

Knowing Your Numbers: Three Key Dimensions Every Entrepreneur Should Focus On

* Find everything you need at https://www.keepwhatyouearn.com

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Paypal and Venmo are Not Ideal Payment Processors For Your Business May 03, 2023

Show notes

We are taking a deep dive into the world of payment processors. If you're a business owner, you know how important it is to have a reliable and secure payment processor. However, PayPal and Venmo may not be the best choice for your business, and in this episode, I'll tell you why.

I cover the top 3 reasons why these platforms may not meet your business needs, including legal terms, seller protections, and professionalism. I highly recommend exploring other payment options that offer better seller protections and are specifically designed for businesses. Tune in to discover more!

What you'll hear in this episode:

[0:55] I a not a fan of PayPal or Venmo for business transactions and today I will inform you why.

[2:46] What are the top 3 reasons that I do not feel that you should use these platforms?

[3:05] Reason #1: The details in the legal terms of these platforms.

[5:05] Reason #2: Seller protections for disputes or chargebacks, specifically if you are a service-based business.

[8:53] Reason #3: As a customer of a business, it's not very professional paying through Paypal or Venmo.

[10:50] Venmo and Paypal are not giving your customers options on how to pay for your services.

[13:00] Lower the barrier for your customer to pay you and work with you.

[15:15] If you are paying for another business's products or services through Paypal, does this put you as the customer in jeopardy?

* Related episodes:

Things You Should Not Hire an Accountant to Do

Growing Your Side Hustle with Nick Loper

Knowing Your Numbers: Three Key Dimensions Every Entrepreneur Should Focus On

* Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

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