WEBVTT
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Welcome back to the Grind Design.
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I'm Mandy Henriad and Michael Walters here talking to Hannah Lopez about her firm and all the things that she's learned along the way.
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We're gonna let Hannah tell us a little bit about her journey to start.
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Go ahead, Hannah.
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Awesome.
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So right now I have an accounting firm.
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It's called Lopez and Associates.
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It was a lot of planning that it took.
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I think a year ago now is when I started my business.
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I used to work for the Utah State Tax Commission and I was a sales tax auditor for four years.
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And one thing that I discovered is that there's a lot of accountants and CPAs that don't quite understand sales tax.
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And so I kind of felt like it was my mission to kind of help business owners that do need to remit sales tax to understand that better and have someone that they can rely on for good quality information about sales tax.
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Yeah, I love that.
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So and and let me to clarify, you are doing accounting but not a CPA, correct?
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Yes.
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Yeah, I'm an enrolled agent, which is like the highest credential you can have with the IRS.
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So on par with um being a uh lawyer or CPA in the eyes of the IRS, I just don't do official financial audits, which is not something I want to do anyways.
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Yeah.
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Yeah.
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I thank you for that clarification because I think a lot of people don't know the difference and there's a place and purpose for all of the things.
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Yeah, EAs are like the tax experts.
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Okay, but you probably know more tips and tricks, if not as much, right?
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Like you you probably know as much as the CPAs.
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You just don't want to do the other piece of it.
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Yeah.
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If you've worked for the IRS, you've seen your share.
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Okay, so talk to us.
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You said you have been up and running for a year.
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What made you decide to go from working for the IRS?
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I worked for the Utah State Tax Commission.
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Utah State, not for the IRS.
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Okay, thanks for that clarification.
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Both evil.
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Yes.
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What's that?
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Both evil.
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Both evil?
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I don't I don't know.
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The IRS is I tried to be like a nice, a nice auditor.
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So I I tried to, you know, come in with a level of understanding that this is a scary thing, and I understand that, and I'm not here to rip apart your business.
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I'm here to kind of see where the cracks are and then address them.
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And if I could give a credit, I would always try my best to give a credit.
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So was there something in particular that happened in your world that made you go, hey, actually, I'm gonna go work for the other side because consumers need an advocate and a teacher and a leader in this?
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Yeah.
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Yeah.
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I saw a lot of mistakes.
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Sometimes there were things that like a CPA or another type of accountant wouldn't quite understand about sales tax because it's its own thing.
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Like a CPA is not going to school and learning about sales tax.
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That's kind of something that you learn if that's where you want to focus.
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And so I obviously, like, as an auditor, I learned a lot of the different laws.
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I know where to find the right information.
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There's like private led rulings, which is where if you're like in a very niche industry, you want to look at those because it's kind of a situation where um a company goes to the Utah State Tax Commission and prevents a very unique situation, and the tax commission kind of makes a ruling on that.
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And so if you have a similar situation that's not quite outlined in the text of like the tax code, that's kind of where you would find an answer.
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So I kind of know where to look for this information, not just in Utah, but like across state lines.
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Like I've kind of worked with other tax commissions like the um Nevada Tax Commission.
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I've like communicated with their auditors or their managers to kind of figure out some complex tax situations.
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Yeah, I love that.
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I love that you went from working for the man to being like an at the way.
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Yeah.
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I think there's there's a lot of um, I think there's a lot of power in having worked on the inside and now to be able to maybe unpack all that and reverse engineer it for how to help you know the business ownership.
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Yeah.
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I think that's fantastic.
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Yeah.
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So because we're gonna talk about this.
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Like if you come into starting a business, there's so much you don't know, right?
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There's so much, like, I don't care how hard you research, it's like parenthood.
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You start doing it and you're like, crap.
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Right?
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Yeah.
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So tell us like as you started that, because you're that's gotta be pretty fresh in your brain if you start a year ago.
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What as you started opening your own entity, what are the things that surprised you about opening your own company?
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There's just you have to be really, really good at multitasking.
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Like there's constantly things going on because not only am I trying to keep track of laws and tax code for my business, I'm trying to keep up to date with the laws and tax code for multiple different types of businesses and different industries.
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And so it's like, you know, I need to make sure that my accounting firm is up to code with everything, tax and like registration related, and then I need to also, you know, be aware of that for my clients.
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And then there's like making sure you have like the right insurance that you have permits in your in your city if necessary.
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Um yeah, there's there's just so many things I think that to keep track of, and so I'm I'm a big planner, and so this is like something that I'm really good at is like keeping track of dates and deadlines, and I put them all on my calendar.
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So I I just every day I look at my calendar, I'm like, okay, what's due today?
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Okay, we have like insurance payment, we have you know, reaching out to clients to do their like mid-year tax planning.
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How do you find your clients?
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Where are you getting your clients, Hannah?
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Networking, lots of networking, yeah.
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So, you know, with Michaela and Engaging in Power.
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Yeah.
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I've met some of my clients through there, through Katie McMahon's Ember Women Networking Group, the Women's Business Center.
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They've all been so amazing, and I think with taxes and accounting, it's a very intimate part of a business.
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And so I think it's really important that I go and network, but also you know, give them an impression of who I am, and my clients can see who I am, like in real life, and decide if they like want to work with me, or if they don't think that we vibe, it's totally fine.
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Yeah.
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Yeah.
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It people have to like and trust you because you're messing with their money.
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Yeah.
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Yep.
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Mm-hmm.
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They have to feel comfortable asking me dumb questions, which I never think are dumb.
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I think the more questions my clients ask, the more information, the better.
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So always all yours.
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Do you have any employees yet?
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I do.
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How many employees do you have?
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I have one employee.
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Okay.
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I hired her in April.
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Okay.
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Kind of at the peak of tax season.
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So April, I believe, the 8th.
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So a couple days later was, you know, the end of tax season, so super busy.
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She was like, she was like clear skies ahead.
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I once I hired her, I was like, oh my goodness, I'm gonna have some help with handling some of my bookkeeping.
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So she's my bookkeeper.
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So she can kind of take the reins of the bookkeeping while I'm finishing up filing taxes.
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She can take care of your business while you take care of everybody else's business.
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Yes, yes.
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Yeah, super important.
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Yeah, I like one thing I wanted before we get too far, like I'm always curious when somebody makes the leap from working for the man to being the man or the woman in this case.
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Like because you're a a planner and organizer, probably very fairly pragmatic in approach.
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Like talk to us about how how is that process for you going for because I mean it's not easy.
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I mean, we see this all the time, right?
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Where people make that leap and some people do it with no plans, some people do it with all the plans, but it becomes a hot mess anyways.
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Yeah.
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So like tell us about your own.
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What was your process for deciding what the plan was?
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Because we know you're a planner, so you wrote a plan.
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Oh, yeah.
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How how did you determine what that was?
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And where did you along the way go, I missed that.
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I better add that into the plan.
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Yeah.
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Um, so this all started like three years ago.
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Um, I was talking to my cousin who is she has a degree in finance, she has her MBA, and I'm 26, so I'm pretty young.
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And so three years ago, I was like 23.
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I was just talking to her about, you know, I work for the tax commission, it's a great job, but I want, you know, to find a way to continue learning and improving my accounting skills and expand outside of sales tax.
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And she was like, Okay, but you need to make sure that you're fully vested before you leave government because they have great benefits.
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And I was like, Okay, so what's my vesting period?
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Looked at my vesting period, it's four years, so I'm like, hey, I guess I have three more years before I work somewhere else or start my own firm.
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And so that was kind of like the seed that was planted in my head.
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I like planned the day that I was going to quit, like three years ago, and not because I didn't like the job, I loved the job.
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It was great.
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I just again I wanted to learn more.
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And outside of working for the state, I could also earn more in my own business versus working for government.
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So then I started making sure to save money, set aside money because it's all funded by me.
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Like I don't have so I didn't have well determine yeah, how much how did you determine how much you needed in order to because this is an important item right here for people wanting to start a business.
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What did you how did you determine what that nest egg had to be, Hannah?
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So you gave yourself a three-year runway.
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How did you pick your number?
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It was kind of random, to be honest, which probably isn't great coming from.
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I'm super surprised by that, Hannah.
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Tell us more.
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Um I think I I knew that there was not a lot of cost that was necessary for accounting.
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It's a lot of it's service-based, so I don't need a lot of I don't need to buy materials, I just need to buy software, and so the cost was relatively low, and so I just estimated that I needed about like ten thousand dollars cash to quit my job, and that's aside from like my investments and everything.
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So this is just like cash that I have saved away, and I was like, Okay, I'm I'm starting this business, and so I knew what day I was picking, and I didn't just put my money away into a regular savings account or even a high-yield savings account, I put it away in a 457, which since I work for the state, it's like if you are a public servant, you get a 457, which is basically like a 401k, but you can use it as soon as you leave public service, but you do have to pay taxes on it.
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So the the amount of interest that I accrued was a lot higher than any other account.
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So I was just like, okay, I'm guess I'm putting my money in there, save it away.
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Um, it grew quite a bit, and then then I took it out eventually, and I used that to help start my business.
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Okay, so if you're listening to this podcast, she just says something really important.
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If you're thinking about making a change, maybe call her and say what vehicle should I be holding?
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said nest egg in, right?
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Because that is not a language why I would have spoken.
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I wouldn't have known that.
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Okay, go on, Hannah.
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Yeah.
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So I was also planning, well, I was either planning on starting my firm or working remotely and then moving to Spain.
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I obviously decided not to do that after all, but I did go for a month while I was starting my business.
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And so before I left, I networked every single day.
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I went to networking events, I met Michaela.
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How did you find your events?
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I just found her.
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You what?
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Facebook.
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Facebook.
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Okay.
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I found Engaging in Power.
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Um, I think it's called Women Women's Networking Engaging in Power on Facebook.
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And I went to her meetings and I got to know people in her group.
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Do you remember what you typed?
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Because this is the thing, right?
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Like somebody listening to this, this is one of the number one things that we hear is nobody knows where to start.
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What did you type into Facebook when you were looking for a place to network?
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Women's networking group.
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Okay.
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Simple.
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All right.
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Really simple.
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Facebook groups, Facebook groups are so underrated.
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I mean, I've another thing that helped start my business was I met this man named Hector Casaneda, and he is a CPA, and he owns his own accounting firm.
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And so when I was starting my firm, I said I went into like tax professional CPA forum and I typed and I made a post.
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I said, Hi, I'm starting my accounting firm.
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I'm not a CPA, but I do need a CPA who I can refer clients to if they need a CPA-specific services.
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And he, you know, went into my DMs and was like, hey, I have an accounting firm in Washington.
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If you, you know, if you want to kind of create a relationship, I'd be happy to meet.
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So we met, and again, it's a like a it's like a vibe thing.
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You talk to someone and you kind of get to know who they are.
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He liked my personality, I liked his personality, and he's like, Yeah, I would be happy to help you start your firm and get you going.
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And he also loaned me my like startup, startup costs as well.
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So he loaned me like$10,000 to help me start my business, which you know I wasn't gonna get.
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I just started my business.
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I don't, you know, have like business credit, and so he just helped me start everything.
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He helped me build my like CRM platform, he helped me with how to create forms for my clients to fill out when I'm doing different services.
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So he helped me a ton, and I don't think I could have done it the same way without him.
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It was just a lot of like business things, like business-related successes are about timing, and I think this is just about timing.
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He was checking the Facebook forum I had posted in there.
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I had a ton of other people commenting on my post.
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Also, we're asking the question, right?
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I think a lot of people are afraid to ask for help, and there's a lot of people out there that are happy to mentor others.
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Yeah, and I love that you just went, hi, this is what I'm doing.
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Who's out there?
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Yeah, somebody raised their hands.
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That's great.
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Yes, Hector, shout out to Hector, he's incredible.
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Yeah, he's been great.
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He was in one.
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But Hannah, most people don't do what you did, right?
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Like these this is actually a really important little piece right here is you're like, I raised my hand, I went to the places, and then I figured out who I vibed with, right?
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Like who I can vibe with.
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Yeah, and you and you have to you have to do both.
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Yeah, right?
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Because you just have to pulse something and then be passive.
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Right.
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Like there's a two-step approach that you executed flawlessly.
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Yeah, beautiful.
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Okay.
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Make it up and running.
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Is there any, like, have you had any hard bumps on the road yet that you were like, ooh, I wish my my you know, 24-year-old self had known this and prepared for this.
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Not really.
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It might be too early.
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They are coming, Hannah.
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I promise.
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That's on the that's when she comes back on.
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Yeah.
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Yeah.
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I'm like, two years, and I will probably have answers for you.
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But I mean, even still, like, I'm still growing so much.
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Obviously, at the beginning, it's so hard, like, you know, starting out with zero clients.
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Zero clients, just you know, doing whatever I can, posting educational videos on social media, you know, making sure I have all the correct credentials, keeping up to date on education.
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That's all stuff that I expected.
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I think that's why I needed all that time to decide on this.
00:16:55.039 --> 00:16:56.720
Was you need that runway?
00:16:56.879 --> 00:17:01.279
Yeah, because when I was working for the tax commission, I was auditing different businesses.
00:17:01.440 --> 00:17:05.119
A lot of these business owners were doing so many things themselves.
00:17:05.519 --> 00:17:20.079
I think that's the biggest thing is my plan has always been to outsource things to my own employees, which I did with my first bookkeeper, like hiring her, like, yeah, I'm sharing my profits, but so worth it.
00:17:20.160 --> 00:17:24.559
And you know, she's helping me out to kind of have a better like work-life balance.
00:17:25.200 --> 00:17:25.839
Yeah.
00:17:26.079 --> 00:17:35.359
Yeah, and then I want to continue outsourcing things like social media, already have someone in mind for that, just different things, because that's the goal is to grow.
00:17:35.680 --> 00:17:36.880
Yeah, absolutely.
00:17:36.960 --> 00:17:39.759
And it takes more than one set of hands to do that for sure.
00:17:39.920 --> 00:17:41.839
And I love that we keep coming back to this.
00:17:41.920 --> 00:17:43.680
Like, there was this lead up period.
00:17:43.759 --> 00:17:47.920
I think that that's something that most people don't see about other business owners.
00:17:48.160 --> 00:17:51.519
There's not a lot of talk about how long did we dream think, right?
00:17:51.599 --> 00:17:56.319
When from when the seed was planted to when it actually hits the ground.
00:17:56.640 --> 00:18:00.319
I suspect most people have some sort of a gap there, right?
00:18:00.480 --> 00:18:02.400
But we don't hear that very often, Hannah.
00:18:02.720 --> 00:18:08.720
I had to have I had to be mentally prepared for everything to come in like the first six months.
00:18:08.880 --> 00:18:19.359
And that's what I kept in mind is I have to be prepared to not have clients, to you know, be hustling, working really hard every day and not making any money for the first couple of months.
00:18:19.599 --> 00:18:20.559
And I knew that would be a good idea.
00:18:20.720 --> 00:18:21.920
And that's why I was asking you.
00:18:23.200 --> 00:18:27.599
Yeah, that's why I was asking you about your nest egg, because that is absolutely imperative.
00:18:27.759 --> 00:18:34.640
If you want to be self-employed, you better have a nest egg because you have to know that you're gonna show up and do that job every day and not get paid for a hot minute.
00:18:34.880 --> 00:18:38.160
Yeah, that that's yeah, that that's the biggest thing I've heard so far.
00:18:38.240 --> 00:18:46.960
That just re-emphasize for people that are listening, you've got to have call it the nest egg, call it reserves, call it whatever the hell you want.
00:18:47.119 --> 00:18:47.359
Right.
00:18:47.519 --> 00:18:49.039
But you better have something.
00:18:49.359 --> 00:18:59.359
You've got to have a pay a way to pay the bills until you get your clients, until you're breaking even on the expenses, until right, yeah it takes a minute.
00:19:00.480 --> 00:19:02.960
It does happen overnight, unfortunately.
00:19:03.119 --> 00:19:03.680
Yeah, yeah.
00:19:03.839 --> 00:19:06.799
So I'm not prepared to handle that.
00:19:06.960 --> 00:19:11.519
If I hadn't been mentally prepared to handle that, I think I would have crushed under the pressure.
00:19:12.079 --> 00:19:12.400
Yeah.
00:19:12.640 --> 00:19:13.920
You know, because it's a lot.
00:19:14.000 --> 00:19:17.039
So that's something I was like, hey, I have to be ready for that.
00:19:17.200 --> 00:19:19.039
If I'm ready for that, I'm ready to go.
00:19:19.519 --> 00:19:28.960
Yeah, it and it's a hard thing to it's a hard moment because you really do have to wake up unemployed every day knowing you're not getting a paycheck and still hustle.
00:19:29.119 --> 00:19:29.359
Yep.
00:19:29.599 --> 00:19:30.000
Right?
00:19:30.559 --> 00:19:35.279
Yeah, you still have to go out and work, not just 40 hours a week.
00:19:35.519 --> 00:19:43.119
Most of us are, you know, putting 50, 60 hours in as we're getting things off the ground with no paycheck tied to that.
00:19:43.440 --> 00:19:45.759
You have to believe in your thing that much, right?
00:19:46.720 --> 00:19:46.960
Yeah.
00:19:47.519 --> 00:19:47.759
Yeah.
00:19:48.880 --> 00:19:49.440
Interesting.
00:19:50.720 --> 00:19:56.240
So I do think we'll end up ha having you back at some point, Hannah, because I promise you there will be a moment.
00:19:56.480 --> 00:19:57.200
Oh, they're coming.
00:19:57.440 --> 00:19:58.000
They're coming.
00:19:58.480 --> 00:19:59.839
I promise you there will be a danger.
00:20:00.000 --> 00:20:02.720
You're gonna call me up and you're gonna be like, man, do you remember that conversation?
00:20:02.880 --> 00:20:03.839
There will be a moment.
00:20:04.400 --> 00:20:05.680
Do you do you remember your moment?
00:20:06.640 --> 00:20:07.200
Your first moment?
00:20:07.359 --> 00:20:09.119
Oh, there were so many of them so fast.
00:20:09.359 --> 00:20:10.480
Or your most recent moment.
00:20:10.960 --> 00:20:11.599
Like, what?
00:20:12.160 --> 00:20:13.519
There's so many of them, right?
00:20:13.759 --> 00:20:16.079
Like the first time you're making payrolls, right?
00:20:16.240 --> 00:20:20.640
With before you have clients and you're but you you gotta have the people to do the thing.
00:20:20.720 --> 00:20:22.480
It's a chicken and egg problem, right?
00:20:22.880 --> 00:20:27.839
So you are literally like paying everybody else, even though you're not taking home a paycheck.
00:20:28.000 --> 00:20:28.240
Yeah.
00:20:28.400 --> 00:20:28.960
Yep, yep.
00:20:29.279 --> 00:20:30.559
There's some moments like that.
00:20:32.960 --> 00:20:44.240
So we have noticed that most people who are building businesses are they're either reading a lot or they're listening to content.
00:20:44.319 --> 00:20:46.880
They're somewhere where they're tapping into information.
00:20:47.599 --> 00:20:56.000
Is there, do you have a favorite book, a favorite podcast, somewhere where you connect that that helps you think and dream and make your plans?
00:20:59.519 --> 00:21:01.440
I mean, I have some favorite books.
00:21:01.599 --> 00:21:05.839
One of them I think kind of helps me stay grounded in in all of this.
00:21:06.000 --> 00:21:08.720
That's Think Like a Monk by Jay Shetty.
00:21:09.599 --> 00:21:09.920
Okay.
00:21:10.319 --> 00:21:11.279
Think like a monk.
00:21:11.440 --> 00:21:12.160
Have not heard that one.
00:21:13.599 --> 00:21:16.559
It's just like oh, you have it's so great.
00:21:16.720 --> 00:21:18.880
It just helps you be grounded in the moment.
00:21:19.039 --> 00:21:27.359
Like, yeah, I asked for this, I asked for this to happen to start my own business and to have all this stress, but like also look how far I've come.
00:21:27.519 --> 00:21:28.720
I'm so cool.
00:21:29.119 --> 00:21:32.559
Helps you counterbalance the the negative in talk and side.
00:21:33.119 --> 00:21:33.359
Yeah.
00:21:33.599 --> 00:21:38.319
Like little me would look at me now and and be like, How did this happen?
00:21:38.480 --> 00:21:40.559
Because I used to be very shy.
00:21:41.039 --> 00:21:44.319
Very shy, could not speak of interesting.
00:21:44.880 --> 00:21:45.200
Yeah.
00:21:45.519 --> 00:21:47.039
You are not shy now, Hannah.
00:21:47.279 --> 00:21:47.599
No.
00:21:48.000 --> 00:21:52.720
I have run into you in multiple settings, and you are always outgoing and friendly.
00:21:52.799 --> 00:21:54.240
How did you shift that?
00:21:55.519 --> 00:21:58.880
I I think just you know, confidence.
00:21:59.039 --> 00:21:59.359
I think.
00:22:00.160 --> 00:22:01.279
Nurturing my craft.
00:22:01.359 --> 00:22:07.519
Like when I finish my college, like my bachelor's degree, you know, I'm going into the workforce.
00:22:07.759 --> 00:22:10.559
I'm like, yeah, I have this education, but I need that life experience.
00:22:10.720 --> 00:22:21.920
So working for the tax commission, I had to be in situations where I'm working with taxpayers that are not happy with me, and I have to, you know, say confidently, this is this is the situation we're in.
00:22:22.079 --> 00:22:22.960
I understand.
00:22:23.119 --> 00:22:29.440
And so that brought me like it made me need to have confidence in like the things that I'm saying.
00:22:29.599 --> 00:22:37.279
I have to be confident in the information that I'm telling taxpayers because they're hearing it for me and I'm representing the tax commission.
00:22:37.519 --> 00:22:43.759
What I'm saying is what they're going to implement for the rest of their business, or until they get oddly in potentially.
00:22:44.000 --> 00:22:46.960
So I need to be confident in what I'm saying.
00:22:47.279 --> 00:22:47.440
Yeah.
00:22:47.839 --> 00:22:49.759
You have to get your craft.
00:22:50.160 --> 00:22:53.039
Nurturing my craft really built that confidence in me.
00:22:53.200 --> 00:22:55.839
And I've continued to do that into my business.
00:22:56.000 --> 00:23:04.160
I think because I've been in the industry for over seven years, that I feel confident and that confidence is only gonna grow.
00:23:04.240 --> 00:23:12.319
And one of the things that changed when I started my business that I was not anticipating was earning my enrolled agent status with the IRS.
00:23:12.480 --> 00:23:29.359
That wasn't quite the plan, but as soon as I started, I I figured out that it was kind of necessary in order to give my clients like the best tax services so I could represent them better, so I was more educated, continuing to nurture my craft, and I'm just gonna continue doing that.
00:23:29.680 --> 00:23:30.640
I love that.
00:23:31.039 --> 00:23:33.440
So if people who are oh, did you have a question?
00:23:33.599 --> 00:23:33.759
Nope.
00:23:33.920 --> 00:23:38.640
Okay, if people are looking for you, Hannah, out in the market, right?
00:23:38.799 --> 00:23:49.279
If somebody's listening to this and they're like, I need to talk to her because I don't know about sales tax and I'm starting a business and I don't know what I don't know, where can people find you?
00:23:50.559 --> 00:23:52.079
They can find me on Instagram.
00:23:52.240 --> 00:23:59.039
My personal Instagram is Hannah Lopez Jane, and then my business Instagram is Lopez Associates.
00:24:00.480 --> 00:24:06.240
They can also find me on my website, Lopez and Associates or Lopez Associates L C dot com.
00:24:06.400 --> 00:24:08.400
Yeah, and I offer a free consultation.
00:24:08.880 --> 00:24:14.079
So if you don't know what to do or what questions to ask, just sign up for a free consultation.
00:24:15.200 --> 00:24:16.559
And I can get started.
00:24:17.359 --> 00:24:18.000
Yeah, beautiful.
00:24:18.160 --> 00:24:30.720
If you are out there and you are you're in your uh you know, your your lead up to launching and you are having concerns about some of these things, uh you know, I gotta tell you, like sales talks isn't anything I ever thought about.
00:24:31.359 --> 00:24:39.440
Luckily I don't need to in my world, but I I suspect that's one of the items that is a weak spot for people as they're coming into business.
00:24:39.519 --> 00:24:48.000
So by all means, like if you or if you're listening to this, you know somebody who's running a business and maybe doesn't know what they don't know yet because they haven't gotten hit with that problem.
00:24:48.720 --> 00:24:49.599
Look Hannah up.
00:24:49.839 --> 00:24:52.640
Yeah, it could be something as simple as you have an Airbnb.
00:24:52.960 --> 00:24:53.200
Yeah.
00:24:54.079 --> 00:24:55.039
Does that have sales tax?
00:24:55.119 --> 00:24:55.359
Uh huh.
00:24:55.759 --> 00:24:56.720
Oh, yeah, that's right.
00:24:57.279 --> 00:24:58.559
Yeah, yeah, yeah.
00:24:58.640 --> 00:25:04.960
So if this if this would help you or a friend, please, you know, follow, like, share, all the things, and hit Hannah up.
00:25:05.039 --> 00:25:05.440
If you can.
00:25:05.920 --> 00:25:14.480
And if you're wondering what industries charge sales tax, retail, construction, construction will not charge sales tax.
00:25:14.640 --> 00:25:16.000
Depending on what state you're in.
00:25:16.160 --> 00:25:20.319
If you're in Utah, you don't charge sales tax for construction work.
00:25:20.559 --> 00:25:31.039
The contractor pays the sales tax, and so if they're buying material and getting it shipped to a location in Utah or in another state, those are treated differently.
00:25:31.200 --> 00:25:32.880
So it can get pretty complicated.
00:25:32.960 --> 00:25:34.319
So construction.
00:25:34.640 --> 00:25:40.559
And I love to work with construction companies just because they are so complex, and that's just something I'm good at.
00:25:40.799 --> 00:25:44.160
And also they're not very good at paperwork, let's all be honest.
00:25:45.119 --> 00:25:49.359
They need somebody like Hannah who's who's making plans.
00:25:50.079 --> 00:25:52.480
Yes, only make it easier for you.
00:25:52.960 --> 00:25:57.920
Restaurants, car dealerships, yeah, retail.
00:25:58.240 --> 00:25:59.440
Yeah, there's lots of things.
00:25:59.599 --> 00:26:02.400
There's lots of places where that's that is an issue.
00:26:02.640 --> 00:26:07.279
So yeah, if if you need a resource, check out Lopez and Associates.
00:26:07.680 --> 00:26:08.559
Great resource.
00:26:09.920 --> 00:26:11.279
Lovely human to work with.
00:26:11.680 --> 00:26:17.920
Yeah, and like we're gonna, we're gonna literally a year or two from now, we're gonna be having you back on because there's going to be an idea.
00:26:18.319 --> 00:26:19.119
She's gonna have a hiccup.
00:26:19.279 --> 00:26:21.200
Yeah, she's gonna call me one of these days.
00:26:21.759 --> 00:26:23.279
Yeah, we all do, Hannah.
00:26:23.440 --> 00:26:26.559
Like, I that's we just we've yet to meet a business owner who doesn't.
00:26:26.640 --> 00:26:30.000
You give us enough time and we will all have our like crap.
00:26:30.160 --> 00:26:30.960
We didn't know that.
00:26:31.200 --> 00:26:31.359
Yeah.
00:26:31.680 --> 00:26:34.960
So thank you for taking time out to come join us.
00:26:35.279 --> 00:26:36.240
We appreciate you.
00:26:38.799 --> 00:26:41.279
Okay, signing off at the Grand Grand Design.
00:26:41.359 --> 00:26:42.400
Thanks for joining us today.
00:26:42.960 --> 00:26:43.680
Great stuff, guys.
00:26:43.920 --> 00:26:45.440
Go uh go like the show, go listen.
00:26:45.920 --> 00:26:47.200
Yeah, thanks thanks for coming on.
00:26:47.279 --> 00:26:47.680
That was awesome.
00:26:48.000 --> 00:26:48.960
Yeah, beautiful.
00:26:49.200 --> 00:26:49.839
Thanks, Hannah.
00:26:51.039 --> 00:26:52.079
Okay, bye.
00:00:00.080 --> 00:00:01.520
Welcome back to the Grind Design.
00:00:01.600 --> 00:00:11.439
I'm Mandy Henriad and Michael Walters here talking to Hannah Lopez about her firm and all the things that she's learned along the way.
00:00:11.599 --> 00:00:14.880
We're gonna let Hannah tell us a little bit about her journey to start.
00:00:15.359 --> 00:00:16.480
Go ahead, Hannah.
00:00:17.120 --> 00:00:17.679
Awesome.
00:00:17.920 --> 00:00:19.839
So right now I have an accounting firm.
00:00:19.920 --> 00:00:21.679
It's called Lopez and Associates.
00:00:22.000 --> 00:00:24.239
It was a lot of planning that it took.
00:00:24.320 --> 00:00:27.679
I think a year ago now is when I started my business.
00:00:27.839 --> 00:00:33.200
I used to work for the Utah State Tax Commission and I was a sales tax auditor for four years.
00:00:33.359 --> 00:00:39.679
And one thing that I discovered is that there's a lot of accountants and CPAs that don't quite understand sales tax.
00:00:39.759 --> 00:00:54.240
And so I kind of felt like it was my mission to kind of help business owners that do need to remit sales tax to understand that better and have someone that they can rely on for good quality information about sales tax.
00:00:54.880 --> 00:00:56.560
Yeah, I love that.
00:00:56.719 --> 00:01:02.079
So and and let me to clarify, you are doing accounting but not a CPA, correct?
00:01:02.320 --> 00:01:02.560
Yes.
00:01:02.640 --> 00:01:07.359
Yeah, I'm an enrolled agent, which is like the highest credential you can have with the IRS.
00:01:07.439 --> 00:01:17.200
So on par with um being a uh lawyer or CPA in the eyes of the IRS, I just don't do official financial audits, which is not something I want to do anyways.
00:01:17.680 --> 00:01:18.079
Yeah.
00:01:18.480 --> 00:01:18.799
Yeah.
00:01:19.040 --> 00:01:25.040
I thank you for that clarification because I think a lot of people don't know the difference and there's a place and purpose for all of the things.
00:01:25.680 --> 00:01:28.480
Yeah, EAs are like the tax experts.
00:01:29.599 --> 00:01:37.120
Okay, but you probably know more tips and tricks, if not as much, right?
00:01:37.280 --> 00:01:39.439
Like you you probably know as much as the CPAs.
00:01:39.599 --> 00:01:41.120
You just don't want to do the other piece of it.
00:01:41.519 --> 00:01:41.680
Yeah.
00:01:42.079 --> 00:01:44.319
If you've worked for the IRS, you've seen your share.
00:01:47.040 --> 00:01:48.319
Okay, so talk to us.
00:01:48.480 --> 00:01:50.719
You said you have been up and running for a year.
00:01:52.959 --> 00:01:56.560
What made you decide to go from working for the IRS?
00:01:57.359 --> 00:01:59.599
I worked for the Utah State Tax Commission.
00:02:00.079 --> 00:02:01.519
Utah State, not for the IRS.
00:02:01.760 --> 00:02:02.959
Okay, thanks for that clarification.
00:02:03.280 --> 00:02:03.680
Both evil.
00:02:03.760 --> 00:02:03.920
Yes.
00:02:04.400 --> 00:02:04.879
What's that?
00:02:05.040 --> 00:02:05.599
Both evil.
00:02:05.840 --> 00:02:06.400
Both evil?
00:02:06.560 --> 00:02:07.359
I don't I don't know.
00:02:07.439 --> 00:02:13.840
The IRS is I tried to be like a nice, a nice auditor.
00:02:13.919 --> 00:02:22.960
So I I tried to, you know, come in with a level of understanding that this is a scary thing, and I understand that, and I'm not here to rip apart your business.
00:02:23.199 --> 00:02:27.360
I'm here to kind of see where the cracks are and then address them.
00:02:27.520 --> 00:02:31.680
And if I could give a credit, I would always try my best to give a credit.
00:02:32.800 --> 00:02:45.360
So was there something in particular that happened in your world that made you go, hey, actually, I'm gonna go work for the other side because consumers need an advocate and a teacher and a leader in this?
00:02:45.599 --> 00:02:45.919
Yeah.
00:02:46.080 --> 00:02:46.319
Yeah.
00:02:46.479 --> 00:02:48.960
I saw a lot of mistakes.
00:02:49.120 --> 00:02:57.919
Sometimes there were things that like a CPA or another type of accountant wouldn't quite understand about sales tax because it's its own thing.
00:02:58.159 --> 00:03:01.919
Like a CPA is not going to school and learning about sales tax.
00:03:02.000 --> 00:03:05.759
That's kind of something that you learn if that's where you want to focus.
00:03:05.919 --> 00:03:11.520
And so I obviously, like, as an auditor, I learned a lot of the different laws.
00:03:11.680 --> 00:03:14.159
I know where to find the right information.
00:03:14.400 --> 00:03:31.599
There's like private led rulings, which is where if you're like in a very niche industry, you want to look at those because it's kind of a situation where um a company goes to the Utah State Tax Commission and prevents a very unique situation, and the tax commission kind of makes a ruling on that.
00:03:31.680 --> 00:03:39.919
And so if you have a similar situation that's not quite outlined in the text of like the tax code, that's kind of where you would find an answer.
00:03:40.080 --> 00:03:46.879
So I kind of know where to look for this information, not just in Utah, but like across state lines.
00:03:46.960 --> 00:03:52.000
Like I've kind of worked with other tax commissions like the um Nevada Tax Commission.
00:03:52.080 --> 00:03:59.680
I've like communicated with their auditors or their managers to kind of figure out some complex tax situations.
00:04:01.280 --> 00:04:02.319
Yeah, I love that.
00:04:02.479 --> 00:04:07.280
I love that you went from working for the man to being like an at the way.
00:04:08.639 --> 00:04:08.879
Yeah.
00:04:09.360 --> 00:04:21.199
I think there's there's a lot of um, I think there's a lot of power in having worked on the inside and now to be able to maybe unpack all that and reverse engineer it for how to help you know the business ownership.
00:04:21.439 --> 00:04:21.519
Yeah.
00:04:21.839 --> 00:04:22.879
I think that's fantastic.
00:04:23.519 --> 00:04:23.839
Yeah.
00:04:24.240 --> 00:04:26.240
So because we're gonna talk about this.
00:04:26.319 --> 00:04:30.879
Like if you come into starting a business, there's so much you don't know, right?
00:04:31.360 --> 00:04:35.199
There's so much, like, I don't care how hard you research, it's like parenthood.
00:04:35.600 --> 00:04:37.759
You start doing it and you're like, crap.
00:04:38.160 --> 00:04:38.399
Right?
00:04:38.639 --> 00:04:38.800
Yeah.
00:04:39.040 --> 00:04:45.439
So tell us like as you started that, because you're that's gotta be pretty fresh in your brain if you start a year ago.
00:04:47.040 --> 00:04:54.480
What as you started opening your own entity, what are the things that surprised you about opening your own company?
00:04:55.199 --> 00:04:58.879
There's just you have to be really, really good at multitasking.
00:04:59.040 --> 00:05:14.319
Like there's constantly things going on because not only am I trying to keep track of laws and tax code for my business, I'm trying to keep up to date with the laws and tax code for multiple different types of businesses and different industries.
00:05:14.480 --> 00:05:27.199
And so it's like, you know, I need to make sure that my accounting firm is up to code with everything, tax and like registration related, and then I need to also, you know, be aware of that for my clients.
00:05:27.360 --> 00:05:34.160
And then there's like making sure you have like the right insurance that you have permits in your in your city if necessary.
00:05:34.800 --> 00:05:50.079
Um yeah, there's there's just so many things I think that to keep track of, and so I'm I'm a big planner, and so this is like something that I'm really good at is like keeping track of dates and deadlines, and I put them all on my calendar.
00:05:50.160 --> 00:05:53.519
So I I just every day I look at my calendar, I'm like, okay, what's due today?
00:05:53.680 --> 00:06:01.120
Okay, we have like insurance payment, we have you know, reaching out to clients to do their like mid-year tax planning.
00:06:02.000 --> 00:06:03.439
How do you find your clients?
00:06:03.600 --> 00:06:05.439
Where are you getting your clients, Hannah?
00:06:05.759 --> 00:06:08.240
Networking, lots of networking, yeah.
00:06:08.399 --> 00:06:11.439
So, you know, with Michaela and Engaging in Power.
00:06:11.759 --> 00:06:12.319
Yeah.
00:06:12.639 --> 00:06:20.879
I've met some of my clients through there, through Katie McMahon's Ember Women Networking Group, the Women's Business Center.
00:06:21.120 --> 00:06:28.720
They've all been so amazing, and I think with taxes and accounting, it's a very intimate part of a business.
00:06:28.879 --> 00:06:47.360
And so I think it's really important that I go and network, but also you know, give them an impression of who I am, and my clients can see who I am, like in real life, and decide if they like want to work with me, or if they don't think that we vibe, it's totally fine.
00:06:47.680 --> 00:06:48.319
Yeah.
00:06:49.439 --> 00:06:49.920
Yeah.
00:06:50.160 --> 00:06:54.319
It people have to like and trust you because you're messing with their money.
00:06:54.480 --> 00:06:54.639
Yeah.
00:06:54.879 --> 00:06:55.199
Yep.
00:06:55.519 --> 00:06:56.000
Mm-hmm.
00:06:56.160 --> 00:07:00.079
They have to feel comfortable asking me dumb questions, which I never think are dumb.
00:07:00.240 --> 00:07:03.920
I think the more questions my clients ask, the more information, the better.
00:07:04.160 --> 00:07:05.360
So always all yours.
00:07:05.680 --> 00:07:07.279
Do you have any employees yet?
00:07:07.759 --> 00:07:08.319
I do.
00:07:09.519 --> 00:07:11.040
How many employees do you have?
00:07:11.360 --> 00:07:12.879
I have one employee.
00:07:13.199 --> 00:07:13.519
Okay.
00:07:13.759 --> 00:07:15.600
I hired her in April.
00:07:16.160 --> 00:07:16.480
Okay.
00:07:17.040 --> 00:07:19.519
Kind of at the peak of tax season.
00:07:19.600 --> 00:07:21.759
So April, I believe, the 8th.
00:07:21.920 --> 00:07:25.920
So a couple days later was, you know, the end of tax season, so super busy.
00:07:26.079 --> 00:07:28.800
She was like, she was like clear skies ahead.
00:07:28.879 --> 00:07:34.399
I once I hired her, I was like, oh my goodness, I'm gonna have some help with handling some of my bookkeeping.
00:07:34.480 --> 00:07:35.680
So she's my bookkeeper.
00:07:35.920 --> 00:07:40.639
So she can kind of take the reins of the bookkeeping while I'm finishing up filing taxes.
00:07:40.959 --> 00:07:44.079
She can take care of your business while you take care of everybody else's business.
00:07:44.240 --> 00:07:45.040
Yes, yes.
00:07:45.279 --> 00:07:47.040
Yeah, super important.
00:07:47.439 --> 00:07:58.240
Yeah, I like one thing I wanted before we get too far, like I'm always curious when somebody makes the leap from working for the man to being the man or the woman in this case.
00:07:58.720 --> 00:08:05.920
Like because you're a a planner and organizer, probably very fairly pragmatic in approach.
00:08:06.399 --> 00:08:14.000
Like talk to us about how how is that process for you going for because I mean it's not easy.
00:08:14.079 --> 00:08:16.240
I mean, we see this all the time, right?
00:08:16.399 --> 00:08:24.079
Where people make that leap and some people do it with no plans, some people do it with all the plans, but it becomes a hot mess anyways.
00:08:24.720 --> 00:08:25.199
Yeah.
00:08:25.920 --> 00:08:27.279
So like tell us about your own.
00:08:27.519 --> 00:08:29.600
What was your process for deciding what the plan was?
00:08:29.759 --> 00:08:31.920
Because we know you're a planner, so you wrote a plan.
00:08:32.240 --> 00:08:32.639
Oh, yeah.
00:08:32.799 --> 00:08:35.759
How how did you determine what that was?
00:08:36.399 --> 00:08:40.240
And where did you along the way go, I missed that.
00:08:40.320 --> 00:08:42.240
I better add that into the plan.
00:08:42.639 --> 00:08:43.200
Yeah.
00:08:43.440 --> 00:08:48.320
Um, so this all started like three years ago.
00:08:48.480 --> 00:08:56.559
Um, I was talking to my cousin who is she has a degree in finance, she has her MBA, and I'm 26, so I'm pretty young.
00:08:56.879 --> 00:09:00.639
And so three years ago, I was like 23.
00:09:00.960 --> 00:09:14.799
I was just talking to her about, you know, I work for the tax commission, it's a great job, but I want, you know, to find a way to continue learning and improving my accounting skills and expand outside of sales tax.
00:09:14.960 --> 00:09:22.559
And she was like, Okay, but you need to make sure that you're fully vested before you leave government because they have great benefits.
00:09:22.720 --> 00:09:25.279
And I was like, Okay, so what's my vesting period?
00:09:25.519 --> 00:09:34.320
Looked at my vesting period, it's four years, so I'm like, hey, I guess I have three more years before I work somewhere else or start my own firm.
00:09:34.559 --> 00:09:37.759
And so that was kind of like the seed that was planted in my head.
00:09:38.000 --> 00:09:44.960
I like planned the day that I was going to quit, like three years ago, and not because I didn't like the job, I loved the job.
00:09:45.120 --> 00:09:46.000
It was great.
00:09:46.159 --> 00:09:48.240
I just again I wanted to learn more.
00:09:48.559 --> 00:09:56.559
And outside of working for the state, I could also earn more in my own business versus working for government.
00:09:56.879 --> 00:10:03.360
So then I started making sure to save money, set aside money because it's all funded by me.
00:10:03.519 --> 00:10:15.279
Like I don't have so I didn't have well determine yeah, how much how did you determine how much you needed in order to because this is an important item right here for people wanting to start a business.
00:10:15.519 --> 00:10:19.679
What did you how did you determine what that nest egg had to be, Hannah?
00:10:19.759 --> 00:10:21.840
So you gave yourself a three-year runway.
00:10:22.799 --> 00:10:24.639
How did you pick your number?
00:10:25.279 --> 00:10:29.120
It was kind of random, to be honest, which probably isn't great coming from.
00:10:30.559 --> 00:10:32.320
I'm super surprised by that, Hannah.
00:10:32.480 --> 00:10:33.519
Tell us more.
00:10:35.120 --> 00:10:42.080
Um I think I I knew that there was not a lot of cost that was necessary for accounting.
00:10:42.240 --> 00:11:04.960
It's a lot of it's service-based, so I don't need a lot of I don't need to buy materials, I just need to buy software, and so the cost was relatively low, and so I just estimated that I needed about like ten thousand dollars cash to quit my job, and that's aside from like my investments and everything.
00:11:05.120 --> 00:11:38.559
So this is just like cash that I have saved away, and I was like, Okay, I'm I'm starting this business, and so I knew what day I was picking, and I didn't just put my money away into a regular savings account or even a high-yield savings account, I put it away in a 457, which since I work for the state, it's like if you are a public servant, you get a 457, which is basically like a 401k, but you can use it as soon as you leave public service, but you do have to pay taxes on it.
00:11:38.799 --> 00:11:44.159
So the the amount of interest that I accrued was a lot higher than any other account.
00:11:44.240 --> 00:11:48.480
So I was just like, okay, I'm guess I'm putting my money in there, save it away.
00:11:48.639 --> 00:11:54.960
Um, it grew quite a bit, and then then I took it out eventually, and I used that to help start my business.
00:11:55.279 --> 00:11:59.360
Okay, so if you're listening to this podcast, she just says something really important.
00:11:59.440 --> 00:12:03.679
If you're thinking about making a change, maybe call her and say what vehicle should I be holding?
00:12:03.919 --> 00:12:05.919
said nest egg in, right?
00:12:06.159 --> 00:12:08.320
Because that is not a language why I would have spoken.
00:12:08.399 --> 00:12:09.600
I wouldn't have known that.
00:12:09.919 --> 00:12:11.360
Okay, go on, Hannah.
00:12:11.679 --> 00:12:12.000
Yeah.
00:12:12.159 --> 00:12:21.440
So I was also planning, well, I was either planning on starting my firm or working remotely and then moving to Spain.
00:12:21.679 --> 00:12:29.360
I obviously decided not to do that after all, but I did go for a month while I was starting my business.
00:12:29.519 --> 00:12:33.679
And so before I left, I networked every single day.
00:12:33.840 --> 00:12:36.799
I went to networking events, I met Michaela.
00:12:38.240 --> 00:12:40.000
How did you find your events?
00:12:40.559 --> 00:12:41.200
I just found her.
00:12:42.960 --> 00:12:43.279
You what?
00:12:43.679 --> 00:12:44.000
Facebook.
00:12:45.039 --> 00:12:45.519
Facebook.
00:12:45.679 --> 00:12:46.000
Okay.
00:12:46.399 --> 00:12:48.000
I found Engaging in Power.
00:12:48.080 --> 00:12:52.320
Um, I think it's called Women Women's Networking Engaging in Power on Facebook.
00:12:52.720 --> 00:12:56.879
And I went to her meetings and I got to know people in her group.
00:12:57.440 --> 00:12:58.879
Do you remember what you typed?
00:12:58.960 --> 00:13:00.000
Because this is the thing, right?
00:13:00.080 --> 00:13:05.759
Like somebody listening to this, this is one of the number one things that we hear is nobody knows where to start.
00:13:05.919 --> 00:13:09.840
What did you type into Facebook when you were looking for a place to network?
00:13:10.480 --> 00:13:12.080
Women's networking group.
00:13:13.039 --> 00:13:13.360
Okay.
00:13:13.759 --> 00:13:14.159
Simple.
00:13:14.320 --> 00:13:14.879
All right.
00:13:15.200 --> 00:13:15.840
Really simple.
00:13:16.240 --> 00:13:20.799
Facebook groups, Facebook groups are so underrated.
00:13:21.039 --> 00:13:30.399
I mean, I've another thing that helped start my business was I met this man named Hector Casaneda, and he is a CPA, and he owns his own accounting firm.
00:13:30.480 --> 00:13:39.840
And so when I was starting my firm, I said I went into like tax professional CPA forum and I typed and I made a post.
00:13:39.919 --> 00:13:42.159
I said, Hi, I'm starting my accounting firm.
00:13:42.240 --> 00:13:51.279
I'm not a CPA, but I do need a CPA who I can refer clients to if they need a CPA-specific services.
00:13:51.679 --> 00:13:57.360
And he, you know, went into my DMs and was like, hey, I have an accounting firm in Washington.
00:13:57.519 --> 00:14:01.519
If you, you know, if you want to kind of create a relationship, I'd be happy to meet.
00:14:01.679 --> 00:14:05.200
So we met, and again, it's a like a it's like a vibe thing.
00:14:05.360 --> 00:14:08.480
You talk to someone and you kind of get to know who they are.
00:14:08.639 --> 00:14:16.480
He liked my personality, I liked his personality, and he's like, Yeah, I would be happy to help you start your firm and get you going.
00:14:16.639 --> 00:14:21.279
And he also loaned me my like startup, startup costs as well.
00:14:21.519 --> 00:14:26.240
So he loaned me like$10,000 to help me start my business, which you know I wasn't gonna get.
00:14:26.320 --> 00:14:27.279
I just started my business.
00:14:27.360 --> 00:14:33.440
I don't, you know, have like business credit, and so he just helped me start everything.
00:14:33.519 --> 00:14:41.759
He helped me build my like CRM platform, he helped me with how to create forms for my clients to fill out when I'm doing different services.
00:14:42.000 --> 00:14:47.759
So he helped me a ton, and I don't think I could have done it the same way without him.
00:14:47.919 --> 00:14:56.480
It was just a lot of like business things, like business-related successes are about timing, and I think this is just about timing.
00:14:56.720 --> 00:15:00.080
He was checking the Facebook forum I had posted in there.
00:15:00.240 --> 00:15:02.960
I had a ton of other people commenting on my post.
00:15:03.600 --> 00:15:06.559
Also, we're asking the question, right?
00:15:06.799 --> 00:15:13.120
I think a lot of people are afraid to ask for help, and there's a lot of people out there that are happy to mentor others.
00:15:13.360 --> 00:15:17.039
Yeah, and I love that you just went, hi, this is what I'm doing.
00:15:17.120 --> 00:15:18.080
Who's out there?
00:15:19.039 --> 00:15:20.879
Yeah, somebody raised their hands.
00:15:20.960 --> 00:15:21.519
That's great.
00:15:22.000 --> 00:15:24.960
Yes, Hector, shout out to Hector, he's incredible.
00:15:25.120 --> 00:15:26.159
Yeah, he's been great.
00:15:26.240 --> 00:15:26.799
He was in one.
00:15:28.559 --> 00:15:31.679
But Hannah, most people don't do what you did, right?
00:15:31.840 --> 00:15:41.759
Like these this is actually a really important little piece right here is you're like, I raised my hand, I went to the places, and then I figured out who I vibed with, right?
00:15:41.840 --> 00:15:42.879
Like who I can vibe with.
00:15:43.120 --> 00:15:44.879
Yeah, and you and you have to you have to do both.
00:15:45.200 --> 00:15:45.840
Yeah, right?
00:15:46.000 --> 00:15:49.279
Because you just have to pulse something and then be passive.
00:15:49.679 --> 00:15:49.840
Right.
00:15:50.320 --> 00:15:53.360
Like there's a two-step approach that you executed flawlessly.
00:15:53.840 --> 00:15:54.879
Yeah, beautiful.
00:15:55.759 --> 00:15:56.000
Okay.
00:15:57.279 --> 00:15:58.399
Make it up and running.
00:15:58.799 --> 00:16:08.799
Is there any, like, have you had any hard bumps on the road yet that you were like, ooh, I wish my my you know, 24-year-old self had known this and prepared for this.
00:16:15.039 --> 00:16:15.919
Not really.
00:16:17.200 --> 00:16:18.240
It might be too early.
00:16:18.320 --> 00:16:19.440
They are coming, Hannah.
00:16:19.519 --> 00:16:19.840
I promise.
00:16:20.159 --> 00:16:21.919
That's on the that's when she comes back on.
00:16:22.080 --> 00:16:22.399
Yeah.
00:16:22.639 --> 00:16:22.879
Yeah.
00:16:23.200 --> 00:16:27.600
I'm like, two years, and I will probably have answers for you.
00:16:27.679 --> 00:16:31.360
But I mean, even still, like, I'm still growing so much.
00:16:31.600 --> 00:16:36.639
Obviously, at the beginning, it's so hard, like, you know, starting out with zero clients.
00:16:37.600 --> 00:16:48.720
Zero clients, just you know, doing whatever I can, posting educational videos on social media, you know, making sure I have all the correct credentials, keeping up to date on education.
00:16:48.960 --> 00:16:51.039
That's all stuff that I expected.
00:16:51.120 --> 00:16:54.879
I think that's why I needed all that time to decide on this.
00:16:55.039 --> 00:16:56.720
Was you need that runway?
00:16:56.879 --> 00:17:01.279
Yeah, because when I was working for the tax commission, I was auditing different businesses.
00:17:01.440 --> 00:17:05.119
A lot of these business owners were doing so many things themselves.
00:17:05.519 --> 00:17:20.079
I think that's the biggest thing is my plan has always been to outsource things to my own employees, which I did with my first bookkeeper, like hiring her, like, yeah, I'm sharing my profits, but so worth it.
00:17:20.160 --> 00:17:24.559
And you know, she's helping me out to kind of have a better like work-life balance.
00:17:25.200 --> 00:17:25.839
Yeah.
00:17:26.079 --> 00:17:35.359
Yeah, and then I want to continue outsourcing things like social media, already have someone in mind for that, just different things, because that's the goal is to grow.
00:17:35.680 --> 00:17:36.880
Yeah, absolutely.
00:17:36.960 --> 00:17:39.759
And it takes more than one set of hands to do that for sure.
00:17:39.920 --> 00:17:41.839
And I love that we keep coming back to this.
00:17:41.920 --> 00:17:43.680
Like, there was this lead up period.
00:17:43.759 --> 00:17:47.920
I think that that's something that most people don't see about other business owners.
00:17:48.160 --> 00:17:51.519
There's not a lot of talk about how long did we dream think, right?
00:17:51.599 --> 00:17:56.319
When from when the seed was planted to when it actually hits the ground.
00:17:56.640 --> 00:18:00.319
I suspect most people have some sort of a gap there, right?
00:18:00.480 --> 00:18:02.400
But we don't hear that very often, Hannah.
00:18:02.720 --> 00:18:08.720
I had to have I had to be mentally prepared for everything to come in like the first six months.
00:18:08.880 --> 00:18:19.359
And that's what I kept in mind is I have to be prepared to not have clients, to you know, be hustling, working really hard every day and not making any money for the first couple of months.
00:18:19.599 --> 00:18:20.559
And I knew that would be a good idea.
00:18:20.720 --> 00:18:21.920
And that's why I was asking you.
00:18:23.200 --> 00:18:27.599
Yeah, that's why I was asking you about your nest egg, because that is absolutely imperative.
00:18:27.759 --> 00:18:34.640
If you want to be self-employed, you better have a nest egg because you have to know that you're gonna show up and do that job every day and not get paid for a hot minute.
00:18:34.880 --> 00:18:38.160
Yeah, that that's yeah, that that's the biggest thing I've heard so far.
00:18:38.240 --> 00:18:46.960
That just re-emphasize for people that are listening, you've got to have call it the nest egg, call it reserves, call it whatever the hell you want.
00:18:47.119 --> 00:18:47.359
Right.
00:18:47.519 --> 00:18:49.039
But you better have something.
00:18:49.359 --> 00:18:59.359
You've got to have a pay a way to pay the bills until you get your clients, until you're breaking even on the expenses, until right, yeah it takes a minute.
00:19:00.480 --> 00:19:02.960
It does happen overnight, unfortunately.
00:19:03.119 --> 00:19:03.680
Yeah, yeah.
00:19:03.839 --> 00:19:06.799
So I'm not prepared to handle that.
00:19:06.960 --> 00:19:11.519
If I hadn't been mentally prepared to handle that, I think I would have crushed under the pressure.
00:19:12.079 --> 00:19:12.400
Yeah.
00:19:12.640 --> 00:19:13.920
You know, because it's a lot.
00:19:14.000 --> 00:19:17.039
So that's something I was like, hey, I have to be ready for that.
00:19:17.200 --> 00:19:19.039
If I'm ready for that, I'm ready to go.
00:19:19.519 --> 00:19:28.960
Yeah, it and it's a hard thing to it's a hard moment because you really do have to wake up unemployed every day knowing you're not getting a paycheck and still hustle.
00:19:29.119 --> 00:19:29.359
Yep.
00:19:29.599 --> 00:19:30.000
Right?
00:19:30.559 --> 00:19:35.279
Yeah, you still have to go out and work, not just 40 hours a week.
00:19:35.519 --> 00:19:43.119
Most of us are, you know, putting 50, 60 hours in as we're getting things off the ground with no paycheck tied to that.
00:19:43.440 --> 00:19:45.759
You have to believe in your thing that much, right?
00:19:46.720 --> 00:19:46.960
Yeah.
00:19:47.519 --> 00:19:47.759
Yeah.
00:19:48.880 --> 00:19:49.440
Interesting.
00:19:50.720 --> 00:19:56.240
So I do think we'll end up ha having you back at some point, Hannah, because I promise you there will be a moment.
00:19:56.480 --> 00:19:57.200
Oh, they're coming.
00:19:57.440 --> 00:19:58.000
They're coming.
00:19:58.480 --> 00:19:59.839
I promise you there will be a danger.
00:20:00.000 --> 00:20:02.720
You're gonna call me up and you're gonna be like, man, do you remember that conversation?
00:20:02.880 --> 00:20:03.839
There will be a moment.
00:20:04.400 --> 00:20:05.680
Do you do you remember your moment?
00:20:06.640 --> 00:20:07.200
Your first moment?
00:20:07.359 --> 00:20:09.119
Oh, there were so many of them so fast.
00:20:09.359 --> 00:20:10.480
Or your most recent moment.
00:20:10.960 --> 00:20:11.599
Like, what?
00:20:12.160 --> 00:20:13.519
There's so many of them, right?
00:20:13.759 --> 00:20:16.079
Like the first time you're making payrolls, right?
00:20:16.240 --> 00:20:20.640
With before you have clients and you're but you you gotta have the people to do the thing.
00:20:20.720 --> 00:20:22.480
It's a chicken and egg problem, right?
00:20:22.880 --> 00:20:27.839
So you are literally like paying everybody else, even though you're not taking home a paycheck.
00:20:28.000 --> 00:20:28.240
Yeah.
00:20:28.400 --> 00:20:28.960
Yep, yep.
00:20:29.279 --> 00:20:30.559
There's some moments like that.
00:20:32.960 --> 00:20:44.240
So we have noticed that most people who are building businesses are they're either reading a lot or they're listening to content.
00:20:44.319 --> 00:20:46.880
They're somewhere where they're tapping into information.
00:20:47.599 --> 00:20:56.000
Is there, do you have a favorite book, a favorite podcast, somewhere where you connect that that helps you think and dream and make your plans?
00:20:59.519 --> 00:21:01.440
I mean, I have some favorite books.
00:21:01.599 --> 00:21:05.839
One of them I think kind of helps me stay grounded in in all of this.
00:21:06.000 --> 00:21:08.720
That's Think Like a Monk by Jay Shetty.
00:21:09.599 --> 00:21:09.920
Okay.
00:21:10.319 --> 00:21:11.279
Think like a monk.
00:21:11.440 --> 00:21:12.160
Have not heard that one.
00:21:13.599 --> 00:21:16.559
It's just like oh, you have it's so great.
00:21:16.720 --> 00:21:18.880
It just helps you be grounded in the moment.
00:21:19.039 --> 00:21:27.359
Like, yeah, I asked for this, I asked for this to happen to start my own business and to have all this stress, but like also look how far I've come.
00:21:27.519 --> 00:21:28.720
I'm so cool.
00:21:29.119 --> 00:21:32.559
Helps you counterbalance the the negative in talk and side.
00:21:33.119 --> 00:21:33.359
Yeah.
00:21:33.599 --> 00:21:38.319
Like little me would look at me now and and be like, How did this happen?
00:21:38.480 --> 00:21:40.559
Because I used to be very shy.
00:21:41.039 --> 00:21:44.319
Very shy, could not speak of interesting.
00:21:44.880 --> 00:21:45.200
Yeah.
00:21:45.519 --> 00:21:47.039
You are not shy now, Hannah.
00:21:47.279 --> 00:21:47.599
No.
00:21:48.000 --> 00:21:52.720
I have run into you in multiple settings, and you are always outgoing and friendly.
00:21:52.799 --> 00:21:54.240
How did you shift that?
00:21:55.519 --> 00:21:58.880
I I think just you know, confidence.
00:21:59.039 --> 00:21:59.359
I think.
00:22:00.160 --> 00:22:01.279
Nurturing my craft.
00:22:01.359 --> 00:22:07.519
Like when I finish my college, like my bachelor's degree, you know, I'm going into the workforce.
00:22:07.759 --> 00:22:10.559
I'm like, yeah, I have this education, but I need that life experience.
00:22:10.720 --> 00:22:21.920
So working for the tax commission, I had to be in situations where I'm working with taxpayers that are not happy with me, and I have to, you know, say confidently, this is this is the situation we're in.
00:22:22.079 --> 00:22:22.960
I understand.
00:22:23.119 --> 00:22:29.440
And so that brought me like it made me need to have confidence in like the things that I'm saying.
00:22:29.599 --> 00:22:37.279
I have to be confident in the information that I'm telling taxpayers because they're hearing it for me and I'm representing the tax commission.
00:22:37.519 --> 00:22:43.759
What I'm saying is what they're going to implement for the rest of their business, or until they get oddly in potentially.
00:22:44.000 --> 00:22:46.960
So I need to be confident in what I'm saying.
00:22:47.279 --> 00:22:47.440
Yeah.
00:22:47.839 --> 00:22:49.759
You have to get your craft.
00:22:50.160 --> 00:22:53.039
Nurturing my craft really built that confidence in me.
00:22:53.200 --> 00:22:55.839
And I've continued to do that into my business.
00:22:56.000 --> 00:23:04.160
I think because I've been in the industry for over seven years, that I feel confident and that confidence is only gonna grow.
00:23:04.240 --> 00:23:12.319
And one of the things that changed when I started my business that I was not anticipating was earning my enrolled agent status with the IRS.
00:23:12.480 --> 00:23:29.359
That wasn't quite the plan, but as soon as I started, I I figured out that it was kind of necessary in order to give my clients like the best tax services so I could represent them better, so I was more educated, continuing to nurture my craft, and I'm just gonna continue doing that.
00:23:29.680 --> 00:23:30.640
I love that.
00:23:31.039 --> 00:23:33.440
So if people who are oh, did you have a question?
00:23:33.599 --> 00:23:33.759
Nope.
00:23:33.920 --> 00:23:38.640
Okay, if people are looking for you, Hannah, out in the market, right?
00:23:38.799 --> 00:23:49.279
If somebody's listening to this and they're like, I need to talk to her because I don't know about sales tax and I'm starting a business and I don't know what I don't know, where can people find you?
00:23:50.559 --> 00:23:52.079
They can find me on Instagram.
00:23:52.240 --> 00:23:59.039
My personal Instagram is Hannah Lopez Jane, and then my business Instagram is Lopez Associates.
00:24:00.480 --> 00:24:06.240
They can also find me on my website, Lopez and Associates or Lopez Associates L C dot com.
00:24:06.400 --> 00:24:08.400
Yeah, and I offer a free consultation.
00:24:08.880 --> 00:24:14.079
So if you don't know what to do or what questions to ask, just sign up for a free consultation.
00:24:15.200 --> 00:24:16.559
And I can get started.
00:24:17.359 --> 00:24:18.000
Yeah, beautiful.
00:24:18.160 --> 00:24:30.720
If you are out there and you are you're in your uh you know, your your lead up to launching and you are having concerns about some of these things, uh you know, I gotta tell you, like sales talks isn't anything I ever thought about.
00:24:31.359 --> 00:24:39.440
Luckily I don't need to in my world, but I I suspect that's one of the items that is a weak spot for people as they're coming into business.
00:24:39.519 --> 00:24:48.000
So by all means, like if you or if you're listening to this, you know somebody who's running a business and maybe doesn't know what they don't know yet because they haven't gotten hit with that problem.
00:24:48.720 --> 00:24:49.599
Look Hannah up.
00:24:49.839 --> 00:24:52.640
Yeah, it could be something as simple as you have an Airbnb.
00:24:52.960 --> 00:24:53.200
Yeah.
00:24:54.079 --> 00:24:55.039
Does that have sales tax?
00:24:55.119 --> 00:24:55.359
Uh huh.
00:24:55.759 --> 00:24:56.720
Oh, yeah, that's right.
00:24:57.279 --> 00:24:58.559
Yeah, yeah, yeah.
00:24:58.640 --> 00:25:04.960
So if this if this would help you or a friend, please, you know, follow, like, share, all the things, and hit Hannah up.
00:25:05.039 --> 00:25:05.440
If you can.
00:25:05.920 --> 00:25:14.480
And if you're wondering what industries charge sales tax, retail, construction, construction will not charge sales tax.
00:25:14.640 --> 00:25:16.000
Depending on what state you're in.
00:25:16.160 --> 00:25:20.319
If you're in Utah, you don't charge sales tax for construction work.
00:25:20.559 --> 00:25:31.039
The contractor pays the sales tax, and so if they're buying material and getting it shipped to a location in Utah or in another state, those are treated differently.
00:25:31.200 --> 00:25:32.880
So it can get pretty complicated.
00:25:32.960 --> 00:25:34.319
So construction.
00:25:34.640 --> 00:25:40.559
And I love to work with construction companies just because they are so complex, and that's just something I'm good at.
00:25:40.799 --> 00:25:44.160
And also they're not very good at paperwork, let's all be honest.
00:25:45.119 --> 00:25:49.359
They need somebody like Hannah who's who's making plans.
00:25:50.079 --> 00:25:52.480
Yes, only make it easier for you.
00:25:52.960 --> 00:25:57.920
Restaurants, car dealerships, yeah, retail.
00:25:58.240 --> 00:25:59.440
Yeah, there's lots of things.
00:25:59.599 --> 00:26:02.400
There's lots of places where that's that is an issue.
00:26:02.640 --> 00:26:07.279
So yeah, if if you need a resource, check out Lopez and Associates.
00:26:07.680 --> 00:26:08.559
Great resource.
00:26:09.920 --> 00:26:11.279
Lovely human to work with.
00:26:11.680 --> 00:26:17.920
Yeah, and like we're gonna, we're gonna literally a year or two from now, we're gonna be having you back on because there's going to be an idea.
00:26:18.319 --> 00:26:19.119
She's gonna have a hiccup.
00:26:19.279 --> 00:26:21.200
Yeah, she's gonna call me one of these days.
00:26:21.759 --> 00:26:23.279
Yeah, we all do, Hannah.
00:26:23.440 --> 00:26:26.559
Like, I that's we just we've yet to meet a business owner who doesn't.
00:26:26.640 --> 00:26:30.000
You give us enough time and we will all have our like crap.
00:26:30.160 --> 00:26:30.960
We didn't know that.
00:26:31.200 --> 00:26:31.359
Yeah.
00:26:31.680 --> 00:26:34.960
So thank you for taking time out to come join us.
00:26:35.279 --> 00:26:36.240
We appreciate you.
00:26:38.799 --> 00:26:41.279
Okay, signing off at the Grand Grand Design.
00:26:41.359 --> 00:26:42.400
Thanks for joining us today.
00:26:42.960 --> 00:26:43.680
Great stuff, guys.
00:26:43.920 --> 00:26:45.440
Go uh go like the show, go listen.
00:26:45.920 --> 00:26:47.200
Yeah, thanks thanks for coming on.
00:26:47.279 --> 00:26:47.680
That was awesome.
00:26:48.000 --> 00:26:48.960
Yeah, beautiful.
00:26:49.200 --> 00:26:49.839
Thanks, Hannah.
00:26:51.039 --> 00:26:52.079
Okay, bye.
