Are you wondering about the BIGGEST mistakes digital influencers make in their business?
Yes? Well, you’re in the right place ’cause today I’m talking about the 3 biggest mistakes money mistakes that digital influencers and online entrepreneurs regularly make!
Here’s the thing…
It doesn’t matter if you’re just starting out or you’re already making six figures. These 3 money mistakes are pretty common for bloggers & digital influencers.
So let’s dive into the 3 Biggest Mistakes Bloggers & Digital Influencers make when it comes to their money – and get you on track to course-correct!
#1 – Putting all financial matters off for “later”
We all know about procrastination…
And we all know it typically breeds problems.
However, when it comes to your bookkeeping, your financial records, or your taxes, procrastinating can cause gigantic problems.
Everything from not being able to access bank statements after too much time has passed (and then not being able to create appropriate records), to having a contractor embezzle money on the side (and not realize it for months or over-a-year after it’s begun), to amassing large penalties for late tax payments, to not being able to decipher what particular expenses or deposits into the accounts were for (because you literally don’t remember) + MANY more.
#2 – Asking for too little compensation
When you start an online business, it’s pretty rare that you begin blogging as a full-time job – you likely have another paying job, or you’re figuring out how to add to your family’s total income.
One byproduct of not working full-time in your business immediately is that you’re not reliant on the money your online business makes in the same way you would be if you were working as a full-time employee for someone else.
This matters because women generally aren’t awesome about asking for monetary compensation equivalent to the value they provide to begin with. And when you couple that with not needing or expecting income immediately, many digital influencers price their services far below what they could be receiving.
#3 – Not educating yourself about deductions
Filing taxes with optimized tax deductions can easily make thousands of dollars of difference in what taxes you owe (or are paid back) every year. Even with “small-time” bloggers.
Most digital influencers slowly build their online income stream… and because it’s not large immediately, they figure “eh, deductions don’t matter ‘til later.”
Hmm, see another procrastination theme?
But this is inaccurate because understanding and claiming accurate tax deductions can make a difference even when you hardly make anything.
Plus, understanding what you can take later (as your business grows) will really influence the business decisions you make. AND, in the digital world, there can be quite a few different kinds of tax deductions that are available to you, but not someone in a more standard industry.
Before you go…
I’d love to hear if you struggle with any of these money mistakes in the comments – or, if you’re ready to celebrate your money success, let us cheer you on!