Amplifying Success Through Strategic Home Business Finance with Uroš Lovišček

Tim Melanson: [00:00:00] Hello and welcome to today’s episode of the work at home rock star podcast.

Excited for today’s episode. We have, uh, the virtual CFO of OptiTax. And what he does is he helps people with a basic understanding of business taxes. Very, very important stuff to know. Anyway, I’m so excited to be rocking out today with Ludos Novicecek. Hey Ludos, you ready to rock? Of

Uroš Lovišček: course I am. Thank you.

And thank you for having me. Awesome. It’s a pleasure. No problem. I think it’s going to be fun.

Tim Melanson: Now we always start off here at a good note. So tell me a story of success in your business that we can be inspired by.

Uroš Lovišček: So my story of success starts with building my own brand, going out there, uh, putting in the hard work.

So started from the scratch. Okay. From, started from the found business, further on, started from the scratch with zero clients, solo text practice and through networking, meeting [00:01:00] people, going out. I was able to, to build my own brand to the point where I’m consulting in at home in Slovenia and overseas in the United States, Canada, and all over the world.

Tim Melanson: Wow. That’s amazing. And so when you were getting started, like, is this something that you always knew you wanted to do? You always wanted to be a business owner or were you an employee and it just kind of fell in your lap? Like, how did that work?

Uroš Lovišček: Uh, yeah, this would be like, yes and no answer for the first thing.

Yes. I always knew I’m going to be an entrepreneur. I, I actually never had a real job. Never as a student. Yes. I was working part time here and there and a couple of things, but I never, ever had a real job. My only, my only real job as employed was at my father and father’s business. [00:02:00] And probably I got that mentality and idea of owning and running your own business comes from there, from the family.

Because this is what I, this is what I’ve seen. This is what I’ve learned. And I was always kind of destined to succeed my dad, you know, in the family business. But also, meanwhile, I decided to take my own journey. Also, working with my dad, starting my separate journey. Uh, as a tax advisor, solo practice, and I always said, I don’t, I’m unemployable person because I just don’t, don’t fit in some business structure where I will be like in a bottom.

Yeah. I need to create, create something for myself.

Tim Melanson: Yeah. I think most entrepreneurs would say the same thing. So if you’re not fitting in at your, uh, [00:03:00] employment, place of employment, then maybe you’re an entrepreneur. You’re just waiting for that opportunity. Right. Exactly. So now, not everything goes as planned, right?

There are some things that just don’t work out as quickly as you might expect them to and some mistakes that you make along the way. So we talked about the bad note here. Tell me something that did not go as planned and what we could do to avoid that or recover from it if it happens to us. Okay.

Uroš Lovišček: What, what doesn’t go as planned a couple of years into my solo practice.

Uh, I got a great connection, I assumed at the time, uh, for, for investment, actually. And it was the field of the business that I really loved. Actually, it was investment into auto, auto parts, auto parts business. So, it included racing and everything. So, for me, as a petrolhead, this was [00:04:00] like tingling feeling, uh, that opportunity arose.

What I, what I, I did all my due diligence, I come from the finance sector. So I need my, all the tax due diligence, finance due diligence, I check, I check all financial data. Everything was perfect. So I decided to go with it. I borrowed some, I borrowed some money. I invested in that company because I didn’t see what could go wrong.

I checked all, I checked all the scenarios. I played all the scenarios in my head. What could go wrong? Because, you know, we always say it looks too good to be true. And that usually is. And at that time, everything seemed perfect. But I had a gut feeling. Something’s wrong and I need to listen [00:05:00] to it and short year after that.

I’ve seen what was wrong, because actually the whole, the whole business was, was legit, but it was dying. The production models were running out, it was actually the last, the last season. But at the end, even if that would, if everything would be okay with that, even it was kind of. Fraud. Fraudulent fraud activity.

Fraudulent, yeah. Fraud, fraudulent activity going on with that. Uh, but even if everything would be fine as it seemed next year, 2020 covid hit and all racing in the world stuff because this is also part of my due due diligence. No matter how bad the recessions are, how bad the economic downfalls are, [00:06:00] companies always invest in racing because this is a promotional activity.

That’s part of their development. So racing never stops. And surprisingly with COVID 19 2020, racing stopped completely. And Blah blah blah. This thing would go solid. Either way. Wow. So, yeah, we, we got, we got it through, um, it left kind of a bitter feeling, but upside of from that was, again, tons of new connections.

So, but the lesson from there is always trust your gut feeling. If you feel, if you really feel something’s off. Yeah.

Tim Melanson: Yeah. That, that, that topic just keeps coming up over and over and over again. I’ve done so many episodes of this podcast and the [00:07:00] gut feeling, it’s, it’s crazy because it’s, it’s something that you can’t explain.

Right? Exactly. I mean, it’s not like what, you know, you, you know, uh, you know, there’s no, uh, whatever. Uh, roof, the gut feeling exists, except that everybody experiences it like, and everybody does. Right. Exactly. So, you know, and, and it’s, and it’s, and it’s even more frustrating when, like you say, you look at something on paper and you, you know, use your hand and you’re like, wow, this is amazing.

Like there, there’s no way this can go wrong. Exactly. There’s no, Weird, you know, and then

Uroš Lovišček: everything for, for me, I’m a finance guy. I’m not, I’m, I’m a business math guy. I checked all the math, all, all the data, all the orders, everything. Everything was fine. Everything was legit. Orders were were real. Orders was coming in, production [00:08:00] was real.

There was 15 employees. And everything checked out, even when logical compartments proved everything, like gut feeling was

Tim Melanson: right. Yeah. Yeah. Wow. That’s so crazy. I mean, I think that that, uh, it’s even more frustrated because you If you had not gone for it, like if you had listened to your gut, yeah, you know, eventually you would have figured it out.

Okay. Oh yeah. Well, but it would have been COVID probably. Yeah. It would have been the thing that you would have been like, Oh, that’s why I didn’t get into it. It was something else too, right. You may not have ever seen. And so I think there’s a lot of people that, you know, they, they sort of get this feeling, they don’t do it and they never really find out why.

Exactly. You know, it’s just, it’s gone, it’s done. So it’s, it’s very difficult to prove that your gut is right [00:09:00] until something goes really bad. Yeah.

Uroš Lovišček: Exactly. Exactly. Anyway,

Tim Melanson: I’m hoping that people can listen to the experiences of people on this show going like, yeah, your gut is right. Listen to it. Right.

Uroš Lovišček: Exactly. And the most important thing is. You take your lesson, whichever way it goes, good or bad, usually bad things, the important thing is that you learn your lesson, otherwise you’re going to do it again.

Tim Melanson: Yeah. And that’s the other part, part of it too, is that even though your gut was warning you, there was something going on there in the end, you know, there was something to be taken out of it.

Right. Yeah. And, and I mean, that is, that is another, you know, common theme that, you know, we’ve talked about the bad note every, every podcast and some of them are really, really bad. They are on a podcast talking about that bad note with a successful business now, right? So, [00:10:00] you know, it’s one of those things where, you know, number one is, yeah, if you trust your gut, well then I’m, I’m guessing you’re probably just going to go much quicker into whatever you’re supposed to go into.

Um, without all that turmoil and that bad feeling, right? But if you don’t trust your gut and you go into that, well, then it’s probably a lesson. There’s probably something in there that you’re going to get out of it anyway, that’s going to get you to that success eventually. Just might take a little bit longer and be a little bit more painful on the head, right?

Right there. Right there. So let’s talk a little bit about keeping the hat full, uh, you know, cashflow. I mean, this is right up your alley, right? So tell me, you know, you give us actually, you give me some idea of how you handled your own cashflow, especially in the beginning of your business. You know, did you have troubles with it?

Like, I mean, this is up your alley, so you probably had some she can use, or, or was there things that you noticed that everybody does wrong?

Uroš Lovišček: Of course of, of course, [00:11:00] at the beginning, uh, we, we, we had a, a saying that, I don’t, don’t know exactly how to translate it to, to sound right, but usually we, we, we say the, the, the blackstreet horse usually walks better if it does make sense.

So at the beginning, of course. I understood all that, but didn’t have time to practice on myself or even a better set of resource. You as a business owner also know in the beginning, all the money that comes in, uh, you just have to pay some expenses, uh, invest back into development, either advertising or new equipment or social gatherings, networking, whatever you have to invest to grow your business.

Thank you. We all know at the beginning of the business money is tight, so it’s really difficult to budget because budgeting is one of [00:12:00] the best things you can do to ensure stable cash flow and also take, uh, take right decisions. What I, what I like, like to consult or advise is. For everyone to keep, let’s say, three or five different bank accounts, where cash flow, cash flow coming in splits into different bank accounts.

So you always have money for taxes. You always have money for expenses. The other accounts are for investment, profits, and your distribution. And this is also where you say pay yourself first. If you split all the money that’s coming into the company, if you split it that way, you get paid right away.

You’re not the last. You don’t, you don’t pay everything else. Because this is like normal for every entrepreneur, [00:13:00] they’re paying everything out, taxes, expenses, and they’re broke. That’s kind of normal. This is accepted, but how long can you do it is also impacting your moral. But if you split every income, you know, exactly if you get thousand dollars in 30 percent of that or depends on the state needs to go for taxes, we’ll opt, we’ll optimize that taxes later.

If we have enough expenses, enough deductions, there will be money left over in the tax department. But, yeah, keep that money there. Whatever happens, you are able to pay your tax. Next are expenses. You know exactly, if you’re producing something or selling, uh, selling a service, you know exactly, What costs, what expenses do you have to produce that product?

So, I don’t know, 20 percent off of your selling price are expensive, electricity, cost of [00:14:00] goods, whatever you, you need to run your service or production. So 200 from, from that thousand goes straight into expense. We always have money for expense and then we split profits and investing. And when we want to invest, we have money there.

If we don’t, we can’t tell that. Love it.

Tim Melanson: Wow. I love it. I do something similar. I actually do split all my money into different, into different things. But it’s more like a personal, uh, buckets. But I’ve never done it like in this, in this, in this way. I do have a tax account though. And that was a big learning experience for me to throw money into a tax bucket, you know, for, for forever.

And I do actually throw the 30 percent in and I think that’s a great number because, you know, when you’re as an employee, you get this tax refund at the end of the year, right? Well, it’s kind of similar to that. You, you’re throwing 30 percent in, you’re probably not going to pay a [00:15:00] full 30 percent of your taxes if you’ve got a good accountant.

That’s strategist, of course. So you’ll end up having some extra money in there that you can now take and put it into your investment bucket later on, or, you know, maybe you can take it and go take a trip or whatever it is you want to do with that money. But uh, but yeah, if you’re throwing 30%, then you’re throwing more than what you’re going to end up needing.

Right. But I love, I love that whole, the profit and investing. Uh, I’m going to start implementing, implementing that as well. Cause it, I think that for me, the, the, the thing that I do, the less of it is investing. I do less, I, I, I mean, I run my business as a, but when it comes to like investing in something new or, you know, trying something out, that’s such a difficult decision for me.

I’m like, Oh, do I buy this new AI tool? Maybe not, right. I just wait, wait, wait, wait. And then by, by the time I actually make that purchase. You know, it’s a necessity at that point, but I mean, [00:16:00] there’s a lot of things that you can invest in, in your business, that would just improve your productivity right off the bat.

But if you had this account, like you say, you’d know, Oh, I got money in there. Sure. That’s good.

Uroš Lovišček: Exactly. Right now. Yeah. And if I go a little bit, one step back from, from, from this, uh, when we touched cashflow, actually cashflow is the part of business that many, I’m not going to say most, but many, many business owners.

Don’t understand or understand proper. Everyone is considered with sales and revenue. So sales are going good revenue, revenue, revenue, revenue. How, how much can we sell? Okay. Second thing is profit. Are you profitable? Yes. Well, are you collecting that money? How much money is actually coming in? I guess you can have high accounts receivable.

You can have, you can have [00:17:00] super high expenses. You’re not, whatever it is, why we know the term, uh, profit rich, cash poor when a company shows super sweet profits at the end of the year. And that they have to pay taxes on that profit, but you don’t have money. Yeah. All the bills are paid in cash. Profit pays, profit pays nothing.

Tim Melanson: Wow. And you’re right. And I think it’s, it’s, it’s fairly complicated to keep track of all that stuff, especially considering, you know, some of your expenses are paid yearly. Some of your expenses are paid monthly. Some of them are totally irregular, you know, they just pop in. And, you know, if you don’t have all that stuff figured out, then you really don’t really know what’s going on.

Like some month you might end up getting this, especially as a solo printer, you know, some months you might get hit with this, these huge bills that [00:18:00] happen once a year. And so then you have a terrible

Uroš Lovišček: month. That’s true. But as you said, if those bills hit you once a year. You know, whether it’s December, January, March, you know, that that bill is going to come in March, you know, it’s in December, you know, it’s in November, and there is an amazing tool that you can use for everything in that matter, and it’s cashflow forecast.

We do it with our clients. You, you can, you can do it on weekly basis, monthly basis, depend, depends on sort of a business and you put all the expenses in first to have analytics, how, uh, what, how is cashflow going on up to, to this day and from, from today on, we make a projection. This [00:19:00] money is coming in this week, next week, week after next, next month, two months from now, five months from now and so on.

There we go with expenses. We’re going to have this expenses to pay next week, two weeks from now, three weeks, one month, two months, three months, and so on. Then of course we have payroll and so on and so on. And if we have a projection long enough, like five months, six months, we can put all these annual billings in there.

So we can see how these annual billings Uh, uh, impact our cashflow and once you handle this doc, first thing is with today’s trend, income and expenses, you can see the issues that are going to arise months from today. And you have time to address them. You, you have time to address them today. If [00:20:00] you can see with today’s trend, I’m going to be out of money in five months.

Okay, so we have to increase our sales. Heck, Our expenses today. So we’re not going to hit the wall in five months. Next step. You can play with that. Okay. If I invest in another employee, if I put more money into marketing. If we invest into new machinery, okay, if we, if we pay cash for machinery, or, or we add, add a new employee, how is this going to impact today’s cash flow?

Can we afford it? How is it going to affect it? How much we need to increase our revenue? Or of course, I always. Advice, taking up roles, financing equipment, never pay cash for your equipment. Do you have enough cash flow to [00:21:00] finance that equipment? And you can just play. You, you put numbers in and you see how it’s going to work out in next month or for the whole year.

And this is how you can make informed decisions. Decision. There’s always a gamble. You never know. We have 2010, 2020 in March 1st. No one knew what’s going to happen. March 16th. Yeah. No one knew that the world’s going to stop, but still with these, with this kind of tools, you can make informed decision what, what you can do and what you can.

If it shows you, you just can’t do this, you can’t, you can’t buy a, I don’t know, 10 times the inventory that you have just to bump up the revenue. You just can’t do that.

Marc Mawhinney: Hi, it’s Mark Mwini from Natural Born Coaches. And I want to give two very big thumbs up to Tim Melanson and his [00:22:00] Creative Crew Agency. I have been using them for a long time and I am 100 percent happy they get the job done right.

They’re fast, and they let me focus on my business. I don’t have to worry about anything. So again, I want to give them two very big thumbs up. I have no problem recommending them. I don’t give testimonials for everyone because my name is attached to it, but I gladly do so for Tim and the Creative Crew Agency.

So use them. You won’t regret it.

Tim Melanson: This kind of stuff, like, cause, uh, we talk about how to bill your clients. So one of the other like challenges that I think a lot of solopreneurs especially come into is this. The regular income, you know, you don’t necessarily have a knowledge of how much income you’re going to be earning every month because, you know, maybe, you know, it’s all based on sales.

It’s based on, you know, one time projects, right? That [00:23:00] really is a huge, uh, selling point, trying to figure out how to get your, your, your, your business to charge more retainer type of work, right? Because if you really have no idea. What’s going to happen? Like if you’ve got no base, like I know for me, I’ve, I’ve been transitioning a lot of my income to monthly sort of stuff as much as possible, as much as I can, right.

And then there’s still that, you know, that irregular one time project stuff. There’s a lot of great strategies on how to move things into sort of a retainer model so that you at least have a basic idea of what’s going to be coming in, in six months time from now. Right. Is that what you recommend as well?

Of course.

Uroš Lovišček: If, if it’s possible, create part of your business as a retainer. So you get subscription plans, retainer plans, that it’s [00:24:00] gonna, it’s gonna make your baseline earn. Of course, those will deviate also. So someone will find someone cheaper. Someone will close their business. Or whatever can happen, you can, you kind of have your, your baseline and you always have to work to build and increase your baseline.

So always keep getting new clients on a retainer. This is one thing. From there on. You, you built your one time project that maybe can become a new retainer later on. So you, you always try, try to sell both.

Tim Melanson: And now do you, just out of curiosity, do you treat the income? So you mentioned that all the income that comes in goes into all these different accounts.

Well, you treat them differently if it’s a [00:25:00] retainer income versus like a one time project, or it’s just the same and you just separate them into the accounts no matter what.

Uroš Lovišček: Just the same. I, I, I treat them the same. I have like automation done. So every income that’s coming in splits automatically based on percentage I set, which is super convenient.

Uh, and it’s okay if you have the, uh, base self control over bank accounts, because this all also depends. You might find yourself in a pity. Okay. I need, I need some money. I’m going to take out of tax account. Yeah, I’m going to give it back in, I don’t know, next, next week, next month. I’m going to, I’m going to give it back later, but I need that money now.

Okay. Or you take out of your profit account or whatever. So if you don’t have that, that [00:26:00] self control value. I also advise to make it difficult for yourself to access certain accounts, like some accounts you have to have like on your mobile access immediately over the app. Some accounts cut the card. You can only access them.

physically driving to the bank, if possible, I don’t know, a hundred miles away. Yeah. And this is your rainy day file. Rainy day file. Yeah. So you can’t touch it. You need to go to the car, uh, to the car, drive for hours to physically. Access that account, you don’t have a card, you have, you don’t have, uh, online access, you have nothing.

So

Tim Melanson: you can also have different like bank accounts, like in different banks, and you can have them connected through like, uh, the, I don’t know. It’s [00:27:00] different in every country, but for mine, it takes like a couple of days for the money to arrive for one account to another. Yeah. So you don’t have immediate access to it.

So they find, you know, if you need the money, it’ll be there in two days. Exactly.

Uroš Lovišček: Exactly. And then

Tim Melanson: by then, the emergency is passed, right? Right there. Right on. So now let’s talk a little bit about the Jam Room. So tell me a little bit about having a successful home office and what you do to set that up.

Yeah.

Uroš Lovišček: One, one thing for me is that I’m very used to having home office. We always, from when I started, I was 15 or something. Working for, uh, for my dad, you know, uh, family accounting firm. We always had home office. It was actually a real office with a house. Well, we’ll also have employees and everything.

Uh, but today, today it was that I’m working from, from my [00:28:00] actually home office, upper floor in our house. Uh, and for me, it’s amazing kids are in school or kindergarten during the day anyway, so I have my peace and quiet and I’m super organized. This is one thing that, uh, may, especially after Corona homeworkers don’t get the discipline.

Okay. They’re cozy. They get up whenever, whenever they feel like you have to have a strict schedule, like you would go somewhere, but you don’t have to drive. You get up, make yourself a coffee, do workout if you need to, or whatever your schedule is. But I don’t know, eight o’clock, nine o’clock. You are at your desk or on your couch if you want, if you feel comfortable working from the couch, it doesn’t matter, and you work, you have your work scheduled, you have [00:29:00] to do this at 9, this at 10, this at 11, and of course meetings and everything.

So, it’s super important to have structure to your day, even if you’re working from home. Because it’s like a regular job. You have, you have, you have work schedule if you are employed somewhere and it’s the same working from home, what is great for me is when kids coming home, I’m already here. So as a business, as a business owner, especially in early years, even later on, you are working like 10, 12, 15 hours shift.

But for me working from home, that’s a blessing where I can take 30 minutes off to play with my kids. I can take an hour and I can start go back to work later on when everyone’s asleep. I can, I can get another hour. [00:30:00] And one thing that I said from the first day when my, when my first born was born, I’m never going to say, no, I don’t have time.

Whenever, whenever, whenever I can, because they have easy access to you. You’re in the house, even if when I was working at my dad’s office and my kids were, was there with his grandma, they had easy access to me. And they come with a ball or with some other toy. Daddy, daddy, can you play with me? Can you kick a ball with me?

What is this? Can you And I never said, no, I don’t have time. I got up, played with him for five minutes, if not more. Kick a ball here and there a little bit, play with Legos. Build something quick and then I left him to play it by himself and go back to work. [00:31:00] So I was like to be present as much as possible and this is like the best part, uh, of the home office.

You can also have, you can be present with family lunch. Dinner, you just have to schedule correct.

Tim Melanson: I agree. I, it’s the same, same thing for me. It’s, it’s not that you work, you definitely don’t work limbs for sure. Yeah. Um, but you have more control over that schedule, but on the other hand, like you say, you, you, you really don’t have to be disciplined does take a lot to be.

It’s it, um, let’s see, I found it was easier to tell my friends that I couldn’t go do something because I had to work. You know, for some boss versus can’t do that because I have like a huge [00:32:00] project that I’m working on right now. I’ve got work to do and it’s me, you know, because I think that a lot of people are sort of, you know, conditioned to kind of, well, if it’s up to you, just skip the day.

Yeah. Day off. Right. Come on. You got no boss to talk to, right?

Uroš Lovišček: Yeah. Have you found that? Everyone assumes. Because you’re home, you have time, you can go wherever. Yeah. And especially maybe in younger ages, and when you have a girlfriend and so on, okay, you’re, you know, it’s home anyway, let’s go. No, I can’t. I have a job to do and yeah, this is kind of difficult.

But what I would also like to say is we’re all different. Me personally, I can work from home. I don’t have to move out of the house and I have my home gym set up. I have my, my workplace set up. I have kitchen. I have everything here. [00:33:00] I don’t have to move anywhere. I love my wife working with me. She’s working with me for three years and something now in my business.

She’s the type of person that needs to go out in public, in public office. And have that human interaction that’s normally going on in the, in the office. And this is something that she is lacking working from home. So here is something where, like, she’s not happy with this part. You have, you have to figure out, especially with a kind of a smaller, smaller company, when you don’t have to have an office and you don’t even have enough employees to fill that office.

You have to find a solution in maybe in co working space, so on to, to put someone [00:34:00] in that case, my wife into co working space where she can have that human interaction with other people, like coffee breaks and so on. It’s still working in family business. Yeah,

Tim Melanson: I, I think that’s an important note because I’ve found the same thing as well.

For me, I’m, I’m totally happy working from home. I’ve been working from home for 15 years, I think 16 maybe years now. And it’s not a problem for me, but my wife, like, like she’s the same thing. She, she does miss that. Interaction in the office, right? However, now she’s, she’s sort of made a, uh, she’s, uh, created a situation where she gets these day retainers for a company where she’ll go in and she’ll just work for that one day of that company.

And that actually works out quite well. Cause then she gets that, you know, the both. Right. And, and some [00:35:00] companies, you know, it, it really does work well where they don’t have the, uh, ability to hire somebody full time. You know, so to hire a senior person to come in one day a week is way more feasible than hiring them full time.

Yeah. And so she’s found a way to make, to make that work. But, uh, but yeah, it’s, I think it’s important because, you know, a lot of people really do need that, that, that social interaction and, and it doesn’t mean like, I used to go to coffee shops and work at a coffee shop and that’s great, but it’s different people every time.

I think in a, in a coworking space or in an office. It’s the same coworkers, you get to know them, right? Exactly. You know, and you don’t get that

Uroš Lovišček: at home, right?

Tim Melanson: Exactly. So there, there are ways you can get around that, but like you say, you have to know who you are and you have to know what your, what your style is, right?

Yeah.

Uroš Lovišček: This, this can be challenging, especially if you don’t address it soon enough. You, you have to read the per person. You have to [00:36:00] know how, how to handle it and address it. Address it soon enough before the misery becomes, becomes like an issue. Yeah. ‘

Tim Melanson: cause then you can’t, that’s very difficult to fix it.

Yeah. Yeah. You know, once, once it gets, uh, tough. Um, okay. So now, uh, starting with guest solo. So tell me what’s exciting in your business. What’s exciting

Uroš Lovišček: in my business is that I’m able to co create success for my client. This is the part that I really enjoy. I always enjoy helping, teaching people and. Uh, we, we, with my part of business, I always try to, to, to help people with the, with the part of business that they’re not familiar with.

So I’m trying to teach them about, about it. I’m trying to help them. I’m trying to give them tools and of course to [00:37:00] navigate. And what I love is you can, you can be so creative, especially when, when you come to Finding different deductions, uh, how can, how can you use your own life or how can, how can your business, uh, funnel, uh, fund your life?

Because we, you always forget businesses first, and then we create our life around our business. How about we flip the script? We, we build the business, especially with small businesses, that is possible. Big corporations, of course, not with, with small businesses. You can build your business around your life.

This is the, the creative part. How can, can you leverage your business to finance your lifestyle and take [00:38:00] all the tax deductions that you can? Yeah. Where, where are you gonna travel? Travel. Travel. Somewhere where you maybe can invest, it’s a real estate. If you are, if you are like in northern part of us, where Holder.

Invest in some real estate in Florida so you can have your vacations in Florida and your trips are tax deductible. Well, that’s a great idea. So you can always create business around your life because you have, you have to be first. And honestly, we, I will, I can count myself in no doubt. We often forget about that.

Tim Melanson: Wow. Right on. So how do we find out more about your business? And actually, another question is who, who do you service? Like what, what, uh, where do they have to live in order? Cause I think taxes are different everywhere, aren’t they? Yes

Uroš Lovišček: and no. Yes and no. [00:39:00] Of course, every country on the planet has its own tax legislation.

But the general principles are the same all over the world. Like, eh, in Slovenia, in Europe, in US, the basic principles are completely the same. How can you use a vehicle in, uh, in your business? You can either use mileage principles or Or, or actual expenses. You, you have to use vehicle for business purposes, not your private.

What, what is your private trip? You, you just can’t deduct it. So you have to find a business purpose of every trip that you can. Uh, you have to collect invoices to be able to deduct all these expenses. If you, if you just run, run your cards and get your card slips, that’s not. [00:40:00] A deductible expense because you, you don’t have real proof what you bought, let’s say you have a company car.

Okay. And you run credit cards for you for your gas. Well, you could be buying booze or whatever at that gas station. If you don’t have any, you buy an auditor because we, we have to, to do all that because IRS or any other financial institution from the government, tax codes are all, all tax codes in the world.

are incentivizing you for certain things. Let’s, let’s, let’s take an example, uh, code 1, 1, 179 for, that is super popular for vehicles over 6, 000 pounds. They want you to invest if you have the equipment. It’s the case that you can also buy a Rolls [00:41:00] Royce courier number. They’re also forcing that, right?

Tim Melanson: Interesting. Okay. So, so really what you’re helping people with is more of the, yeah, like you said earlier, it’s the fundamentals. It’s the things that apply everywhere when it comes to like the actual. You know, running the tax, well, then you go get an accountant in your area who knows the tax code and then they do all the magic, but, but really, like you say, the, the generic part of it, like if your receipts each, uh, put some money aside, you know, in purposes for certain things, that’s all the same everywhere.

Uroš Lovišček: Yeah. Cashflow principles, expenses. Revenue. All that is like universal principle. This is why I’m teaching that. I also wrote a book about it for people to learn because I don’t want them to, to sell their business on that note.

Tim Melanson: Okay. So how do we, how do [00:42:00] we find you then? How do we find your book too?

Uroš Lovišček: Yeah. My book is on Amazon is called Master of Finance. Uh, because I want you or everyone who, who reads it to become a master of mind. We get that, that’s, that’s crucial for every business owner. Second, uh, best access for, uh, to, to get access to me is through Instagram.

It’s, uh, UROS, U R O S underscore D M S C F O, where I put daily content out, daily targets. About taxes, about financing, about cashflow, uh, all finance principles within the business. And I’m sure every single video will help you get one step further in your business. Understand something more, how to handle your finance.

And of course they can also contact me through the channel. [00:43:00]

Tim Melanson: Awesome. Ludoz for all this. This has been a really great interview. Lots of really good. Principles for us to be using.

Uroš Lovišček: Thank you for having me. It’s my pleasure. And as I said, uh, what I want most is to get the word out, to get awareness about it out.

That’s why I wrote the book. I also create a course while, while I go. And this is why I’m also doing podcasts. To, uh, to inform business owners about what they have to know, the big, the biggest issue is they don’t know what they don’t know. And if I can help build awareness about what they don’t know, I did something.

Tim Melanson: Love it. Right on. Thank you so much again. And look to the listeners. Make sure you subscribe, rate, and comment, and we’ll see you next time on the work at home rockstar podcast. Thanks

Uroš Lovišček: for listening to learn how you can become a work at home rockstar or become a better one. [00:44:00] Head on over to work at home rockstar.

com today.