Unit 12 - Incentive Ideas & Taxes
Incentive Ideas
Incentives are NOT necessary for the growth of your business, but it can help!
What is an incentive? An incentive is offering someone a LIMITED TIME offer that encourages them to perform a certain task by a certain date.
For example, you want new members after your 101 class. You can have an incentive that anyone who enrolls within 24 hours of your class, will get a free oil bag (or ANY incentive you choose - watch the video for examples). You can use incentives for new members, getting members on ER, gaining likes and engagement on your page, etc...
What is an incentive? An incentive is offering someone a LIMITED TIME offer that encourages them to perform a certain task by a certain date.
For example, you want new members after your 101 class. You can have an incentive that anyone who enrolls within 24 hours of your class, will get a free oil bag (or ANY incentive you choose - watch the video for examples). You can use incentives for new members, getting members on ER, gaining likes and engagement on your page, etc...
GET CREATIVE!
TIPS:
- ⭐ Use incentives sparingly, the fact that it's a LIMITED TIME offer gives people a reason to do something ASAP instead of waiting around for the next incentive!
- ⭐ Have a specific PURPOSE for an incentive! Don't just give away free stuff to give away free stuff. Really think about what you want your incentive to accomplish and what is the best way to accomplish it. Poll your audience, get to know them, customize incentives to your target audience!
🎁 Check out this video from Ashley Brink (Crossline Gold Leader) all about incentive ideas to grow your business! Then in the comments let us know what incentive you plan to run to boost your enrollments this month!
TAXES
Treat this like a hobby, get paid like a hobby. Treat it like a business, get paid like a business."
Since you will be treating it like a business and getting paid like a business (because it IS a business) means we have to talk about taxes
… Whomp Whomp
I am not an accountant so in order to get accurate information you will need to contact your accountant, but I can tell you this…
When you purchased your Young Living Premium Starter Kit, you were given the opportunity to become a business owner! CONGRATS!! 🙌
As a Young Living member, you are considered to be an Independent Distributor paid as a 1099 contracted employee with Young Living. According to the IRS, if you make over $600 during the year, you will need to claim your earnings and in that case, Young Living will send you a 1099 form at the beginning of the year that you will use to file your taxes.
TIP: Set aside money every month to go towards your taxes so you are not caught off-guard come April 15th. Ask your accountant how much you should be saving each month to put towards your taxes. Dan and I use a company called Painless 1099.
… Whomp Whomp
I am not an accountant so in order to get accurate information you will need to contact your accountant, but I can tell you this…
When you purchased your Young Living Premium Starter Kit, you were given the opportunity to become a business owner! CONGRATS!! 🙌
As a Young Living member, you are considered to be an Independent Distributor paid as a 1099 contracted employee with Young Living. According to the IRS, if you make over $600 during the year, you will need to claim your earnings and in that case, Young Living will send you a 1099 form at the beginning of the year that you will use to file your taxes.
TIP: Set aside money every month to go towards your taxes so you are not caught off-guard come April 15th. Ask your accountant how much you should be saving each month to put towards your taxes. Dan and I use a company called Painless 1099.
Business expenses
Being a business owner means that you have the ability to deduct business expenses. You need to check with your accountant but I hear these are common deductions for your Young Living business.
Need a Tool for keeping track of your taxes? ... taxbot!
TaxBot is an AMAZING tool that Dan & I use and YL will pay for a portion of your monthly fee if you enroll with the YL link below! It is only $5 a month after the discount...SO WORTH IT! Anddd it’s a tax write off!
USE THIS WEBSITE to ensure you get the $5/month price VS $10/month >>> YL.Taxbot.com
USE THIS WEBSITE to ensure you get the $5/month price VS $10/month >>> YL.Taxbot.com
For any tax questions contact YL at taxexempt@youngliving.com and consult your tax professional!