In Conversation with Barbara Schreihans of Your Tax Coach
Describe your business in a few words?
I am the owner of Your Tax Coach, a tax strategy firm. We specialize in saving small business owners thousands of dollars in taxes each year. In 2020, we helped get $4.5 Million back into the hands of our business owner clients.
What made you take the leap to start your own business?
I was tired of working for other accounting firms that weren’t providing the level of customer service, communication, and tax savings that I wanted to.
What was your background prior to starting your own business?
I worked in various sized public accounting firms. Before accounting, I worked in cosmetics and at a state prison – such a wide variety of places!
Did you always know you wanted to be an entrepreneur?
No, it honestly never crossed my mind until my husband was like ‘couldn’t you do all of this on your own?’
Take us back to when you first launched your business, what was your marketing strategy to get the word out and did it go as planned?
I started an Instagram account solely to get tax tips and tricks out there to other business owners. I never ‘sold’, I just shared what I was doing and people quickly became interested.
We always learn the most from our mistakes, share a time with us that you made a mistake or had a challenging time in business and what you learned from it?
I’ve definitely made the mistake of when I have a really busy schedule or stress from the day, I would pitch to people before making a relationship or connection with that person. I’ve realized that people tend to buy from other people so it’s so important to cultivate a relationship first.
What is the accomplishment you are the most proud of to date?
Personally: I was a single mom in college, and I found out that I was pregnant weeks before transferring to my university. I worked my tail off to still graduate on time and go on to graduate with my Masters of Science in Taxation.
Business-wise: I started my firm on 1/1/2020 in hopes of making $30k to pay off the rest of my debt. I ended up bringing in over a half-million dollars.
How has your business or industry been impacted by the COVID-19 pandemic?
I think the accounting industry has spiked due to the need for COVID-related relief. Some accounting firms have not offered services like this, but I wanted to try and help as many people as possible.
What’s next for your business? What can we expect to see over the next few years?
I want to get into courses. I love talking about money mindset and women investing so I think a few courses on that. I love to travel as well so there may be some retreats where women can all get together and chat about money, investments, tax savings, but also just bond and create connections.
What is the biggest lesson you have learned in 2020?
That nothing is solidified. Be ready for change.
What do you know now that you wish you knew when you were first starting your business?
I wish I knew how to delegate things sooner. It’s still a work in progress but the faster you can delegate tasks to other people, the more you can scale and grow your business.
How have you managed to stay grounded this year?
I read journals, and walk every morning. I try to keep an hour or 2 every morning after the kids go to school and before I start work to just sit and be present.
Do you believe in work/life balance? What are some of your best tips?
I don’t. At least I haven’t found it yet. I think whatever you prioritize will become what you focus on so for me it comes and goes in cycles. I pick one day each weekend to do zero work – no emails, no nothing, and just be with the kids. My husband and I also set 2 hours aside each night from 8 pm-10 pm, after the kids go to bed and talk about our day, our plans, our goals, etc. This time is completely tech-free and these are always where the best conversations happen.
What’s something our audience would be surprised to learn about you?
I got myself out of 6 figures of debt, not the ‘good debt’ like mortgages, instead, it was more like credit cards and student loans. I love helping others get out of debt, fix their money mindset, and build wealth.
What does being an Entreprenista mean to you?
It means being comfortable with being uncomfortable. If you aren’t uncomfortable, then your goals aren’t big enough.