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Mission Driven Business

Mission Driven Business

Written by: Brian Thompson
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 Diverse entrepreneurs share their experiences, strength, and hope to help mission-driven businesses thrive. In a series of intimate conversations, attorney and CFP Brian Thompson and his guests provide practical steps to create businesses with impact and profit. Economics Leadership Management & Leadership
Episodes
  • How to Bet on Yourself and Build a Business Around Freedom

    How to Bet on Yourself and Build a Business Around Freedom
    Apr 21 2026
    Building a business around freedom is more than a financial decision, it's a deeply personal one. In this episode, Brian Thompson sits down with Kyra Mitchell Lewis, a brand strategist, marketer, podcast host, and founder of Studio Wonderwell and Glow Up, Gyrl, to talk about what it truly means to bet on yourself. Kyra shares how more than 20 years in corporate marketing led her to a pivotal moment of liberation, how she built a thriving consulting business in under a year, and why keeping an open mind has been one of her greatest entrepreneurial assets. A Business Built Around Purpose Kyra defines a mission-driven business as one built around a deeper purpose that guides every decision and serves people meaningfully while still generating enough revenue to sustain the work. Her definition mirrors her own entrepreneurial journey. After more than two decades in corporate marketing, managing large teams and climbing the ladder, Kyra found herself increasingly disconnected from the impact she wanted to have. The money was good, but it no longer felt like her. Then she was laid off. Rather than feeling devastated, she felt free. Betting on Yourself Her husband, himself an entrepreneur, wasn't immediately convinced. He asked whether she was going to look for another corporate job. Her answer was firm: absolutely not. She gave herself six months to prove what she had always believed she was capable of. Before long she was earning more than she had in her corporate role and doing it on her own terms. The anxiety she had braced for never arrived. In its place was trust: in herself, in her skills, and in something bigger than the numbers. The Power of Staying Open One of the most compelling threads of this conversation is Kyra's willingness to let her business evolve. She didn't launch with a perfectly defined business plan. Studio Wonderwell grew organically from the marketing expertise she had spent decades building, but she never forced herself into a single box. Along the way she discovered a love for facilitating group conversations around relationships and communication. As Brian puts it, following the spark matters. Knowing what lights you up and staying open to where it leads is one of the most important things an entrepreneur can do. Practical Lessons for Building a Business Kyra distills her first six months into a handful of lessons that are as practical as they are grounding. Start with a clear purpose statement at the core of everything you do, even if the work around it continues to shift. Have lots of conversations and let people know what you do, because opportunities come from visibility. Build repeatable systems and workflows early, using tools like AI to automate the administrative tasks that drain your time and focus. Design offers that genuinely address a pain point. Set boundaries, not just with clients but with yourself, because entrepreneurial energy and ideas are abundant and protecting your focus is what keeps the work sustainable. Celebrate the Progress In six months of building, Kyra hadn't stopped to say to herself, "you did a good job". During the conversation, she reflected on the people who had reached out about corporate roles along the way, and on the fact that she had chosen, every time, to bet on herself instead. As Brian reminds her, there is no finish line to wait for. The business is being built right now, and real life is happening right now. Taking a moment to acknowledge how far you have come is part of the work. Resources + Links Connect with Kyra Mitchell Lewis Studio Wonderwell, Glow Up Gyrl podcast, Socials: Instagram, Facebook, LinkedIn, TikTok Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes Follow & review the podcast: on Spotify and Apple Podcasts Newsletter Sign Up About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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    43 mins
  • How to Prepare for Next Year's Taxes Without the Stress

    How to Prepare for Next Year's Taxes Without the Stress
    Apr 14 2026
    Tax season doesn't have to be a scramble, but for most business owners, it is. In this episode, Brian Thompson offers a simple, practical system for taking the stress and surprise out of taxes by shifting from a once-a-year reaction to a year-round strategy. If last episode left you wondering whether you missed something, this one is your action plan. Start With a Mindset Shift Before getting into tactics, Brian makes an important reframe: taxes are not a once-a-year event. They are a year-round strategy. This matters especially for mission-driven business owners who are growing quickly, navigating variable income, and making values-based decisions with their money. The goal is to build a system that supports your business all year long, not just get through the filing season. A Simple Four-Step System to Prepare for Next Year's Taxes Once the mindset shift is in place, Brian walks through four focused areas that make the biggest difference in tax planning. Know your numbers If you don't know your revenue, expenses, or profit, everything else becomes a guess. Get your bookkeeping in order and review your numbers monthly, not just at tax time. Monthly profit and loss statements, balance sheets, and reconciliation reports give you the clarity to estimate taxes accurately, spot opportunities earlier, and make better decisions overall. Build a tax habit For self-employed business owners, making estimated tax payments is non-negotiable, and yet it's one of the biggest sources of stress. Brian's recommendation is to set aside a percentage of income every single month rather than scrambling quarterly to find the money. Start with 15% of gross revenue and adjust up or down based on your profit margin. The key is consistency, ideally in a separate account that's ready when you need it. Plan around the big levers A few tax strategies tend to move the needle most for small business owners. Brian highlights SALT deductions, which may now offer new planning opportunities with recent changes and could make itemizing worthwhile if you're paying state and local taxes, mortgage interest, or making charitable contributions. Retirement contributions through a solo 401k or SEP IRA are among the biggest benefits available to solo entrepreneurs, reducing taxable income while building wealth at the same time. Health insurance and HSA contributions deserve attention too. The HSA stands out as one of Brian's favorite savings vehicles, offering a triple tax benefit: a deduction on contributions, tax-free growth, and tax-free withdrawals for medical expenses. Schedule a mid-year tax check-in Schedule a check-in around June or July and ask three questions: How is my income tracking? Am I on pace with my tax payments? Are there opportunities I should act on now? Waiting until February, March, or April means there's very little you can do about the numbers at that point. One mid-year meeting can prevent surprises, penalties, and missed opportunities. Your Action Step Pick one of these four areas to improve on this month, just one. Maybe it's cleaning up your books, opening a dedicated tax savings account, or putting a mid-year check-in on the calendar. Small, consistent improvements are what actually reduce stress over time and build a financial system that supports your business, your growth, and your life. If you found this episode helpful, share it with another business owner who's tired of feeling surprised at tax time. Resources + Links Mid-year check-in episodes: How To Do A Mid-Year Money Check Master Your Mid-Year Business Review In 3 Easy Steps Guide for Your Midyear Business Review Newsletter Sign Up Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes Follow & review the podcast: on Spotify and Apple Podcasts About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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    7 mins
  • How to Optimize Your Tax Return for More Business Tax Savings

    How to Optimize Your Tax Return for More Business Tax Savings
    Apr 7 2026
    In this episode, Brian Thompson discusses key insights from the recent tax season, highlighting trends, surprises, and strategic opportunities for business owners to optimize their tax planning and financial health. Your tax return is not something to file and forget. If you pay attention, your tax return gives you a roadmap for what to do better this coming year. Brian also gives real-life examples of two clients that stood out this tax season. Understanding Unexpected Tax Outcomes One of the most significant stress points during tax season is the unexpected tax outcome. Many business owners were pleasantly surprised this year, either owing less than they anticipated or receiving larger refunds than expected. However, it's crucial to remember that a refund is not a reward and a tax bill is not a punishment. It simply reflects the reconciliation of what you owe versus what you've already paid. Increased Interest and Dividend Income This year also saw a spike in interest and dividend income for many business owners due to significant investment gains and the movement of cash into higher-yield savings accounts. While these gains are beneficial, they can also lead to increased taxable income, resulting in a higher tax bill than anticipated. Many individuals fail to account for all forms of income when calculating their estimated taxes, leading to potential penalties. It's vital to consider every aspect of your income when planning your tax estimates. Planning for Underpayment Penalties Self-employed individuals, in particular, have reported a rise in underpayment penalties. This situation can occur even if you make estimated payments but fail to do so on time or for the correct amount. If your income has increased but your estimated payments have not adjusted accordingly, the IRS will catch up with you. To avoid these pitfalls, ensure your estimated tax payments reflect your actual income. Regularly review and adjust your estimates as necessary to avoid surprises come tax season. How to optimize your tax return next year Benefits of increased SALT deduction This year, many clients experienced unexpected results due to changes in the state and local tax (SALT) deduction. For example, one high-income business owner noticed a significant drop in their tax bill, while another client could itemize deductions for the first time ever, despite having no mortgage interest. This is a huge shift for high-income earners in high-tax states. Since this is new, this is your opportunity to become proactive. Plan ahead and strategize around the timing of payment or entity-level tax elections. Maximizing Retirement Contributions One area where many business owners fall short is maximizing their retirement contributions. Many do not take full advantage of their solo 401(k)s or SEP IRAs, either out of lack of knowledge or because they think it's too late to contribute. Remember, these accounts can significantly reduce your taxable income while helping you build long-term wealth. Don't let procrastination or confusion keep you from maximizing your retirement contributions. You can still contribute until the filing deadline, so take advantage of this opportunity to lower your taxable income. Self-employed health insurance This is another area where proactive planning makes a huge difference. I've seen people miss these deductions or owe money unexpectedly. Make sure you review your Schedule 1 to ensure you are making the most of your deductions. The Importance of Bookkeeping The state of your bookkeeping is foundational to your tax return. Messy records can lead to missed deductions and poor decision-making, turning tax season into a stressful experience. Clean and organized books not only simplify tax planning but also improve cash flow and strategic deductions. If your books weren't well-maintained this year, take the time after tax season to ensure everything remains in order. Regular reviews will make tax time far less daunting in the future. Your Action Step Your tax return is not just a document to file away. It's a roadmap that highlights where you can improve and where opportunities have been missed. Take 30 minutes and review your tax return with this question: "What surprised me and why?" Was it a higher tax bill, a missed deduction or something you didn't understand? Every surprise is something you can fix next year. Resources + Links Newsletter Sign Up Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes Follow & review the podcast: on Spotify and Apple Podcasts About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the ...
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    7 mins
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