Why should you test the market? Do you use AI in your business? How can you enjoy tax credits for using AI within your private practice?
In this podcast episode, Joe Sanok speaks about how to set prices with Byron Wolfe.
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Meet Byron Wolfe
Byron’s gift for translating the complexities of business financial principles with a focus on small businesses into easily understood communication has made him one of the most highly sought financial and business consultants. He is the Founder of CFO – AF, a financial services and business consulting firm specializing in industries ranging from construction to crypto. Byron is Chief Financial Officer at Black Tie Moving, an INC 5000 company. His certification in the Crypto, NFT, and the Metaverse space has led to many projects with DAOs and crypto companies and he is considered one of the first experts in crypto tax strategy.
In This Podcast
- Test the market
- What is a tax credit?
- Is it worth investing in AI in mental health?
- Byron’s advice to private practitioners
Test the market
First and foremost, you have to get to know your business surroundings.
Test your market by asking questions and getting to know exactly what it is that your ideal clients need help with, and use this information to inform the products and services that you design. Go out, learn, and give value first.
I think if you can give value to your client or to the people that are your potential clients, they’re going to see how big of an impact you can have on their lives.Byron Wolfe
Initially, your prices don’t have to be set in stone. They can go up or down or shift a little over time but it’s not that important in the beginning, because what matters is that the clients know that you can help them.
If your client is brought into what is going on and you’re really providing that rock solid value that you can justify your costs or justify how much you’re charging the investment that they’re placing in you to help themselves, they’re not going to really have an issue with that price going up.Byron Wolfe
What is a tax credit?
Everybody has to pay taxes. When you pay taxes to the IRS, that’s money that the government takes from what you earn.
Each business should have a profit and loss statement which keeps track of all the money that comes in and however much money goes out. At the end of the day, the leftover number is hopefully your profit.
So with a tax credit, what happens when you file those taxes, that amount that they spend on that … that becomes essentially a positive number on the PNL. That money gets to go back into the business as a tax credit.Byron Wolfe
Is it worth investing in AI in mental health?
You can use AI in mental health and enjoy tax credits because of it. You can go back on the research and development tax credit and write in your AI usage.
If you’re in 2023 right now and you still haven’t filed 2022 taxes, I would highly encourage you to talk to a professional about this and get their insight on that because you may be missing out on some significant tax credits.Byron Wolfe
AI is new and going fast, and if it is something that you are dabbling in, then definitely get it involved in your paperwork because you could receive some benefits from using it.
If you have already filed your taxes, discuss doing an “amended return” with your accountant.
Byron’s advice to private practitioners
Get big on purpose because it is everything, so get clear on why you are doing what you are doing.
Sponsors mentioned in this episode:
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Useful links mentioned in this episode:
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Meet Joe Sanok
Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.
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