The Propeller – I’m Quirky and I Know It – 3-23-2025

Creating a business plan can often seem daunting, but with Microsoft Copilot ( https://copilot.microsoft.com/ ), it can be done in minutes! Copilot leverages advanced AI to streamline the process, guiding you through each step with ease. From market analysis to financial projections, Copilot helps you compile all the necessary components efficiently. This simplicity is crucial because many people overcomplicate starting a business. They get bogged down in details and lose sight of the bigger picture. By using Copilot, you can focus on your vision and strategy, leaving the technicalities to the AI. This approach not only saves time but also reduces stress, making the journey to entrepreneurship more accessible and enjoyable.

Here are some sample prompts to help you build that business plan for that idea you’ve been kicking around:

Concept Validator: Analyze my business idea for [specific product/service] targeting [customer type]. Identify its strongest selling points, potential weaknesses, and market viability based on current trends.

Revenue Model Designer: Create 3 potential monetization strategies for my [business type], with pros and cons of each approach, pricing recommendations, and projected profit margins.

Customer Avatar Builder: Develop a detailed profile of my ideal customer for [business/product], including their specific problems, purchasing triggers, objections, and where to find them online and offline.

Competitive Edge Finder: Analyze these competitors in the [industry/niche] and identify gaps in the market my [business idea] could exploit that would be difficult for established players to copy.

Launch Strategy Creator: Design a minimalist launch plan for my [business type] that requires the least resources while validating market demand, including exact steps from idea to first paying customer.

Marketing Framework: Create a simple marketing system for my new [business type] focusing on the highest-ROI channels for my [target audience], with specific content types and messaging angles.

First-Year Roadmap: Develop a realistic 12-month growth plan for my [business], with quarterly milestones, key performance indicators, and specific actions to take when I hit common early-stage obstacles.

Are you thinking about starting a business yourself?  Make 2025 your breakthrough year!  Drop me an email and let’s talk about your business idea!

Here are 26 quick tax tips that will save you money:

1. A tax refund is not free money. It’s a 0% loan you gave to the IRS. Fix your W-4 to get your withholdings adjusted and get bigger paychecks throughout the year.

2. Tax code favors business owners. It allows you to strategically lower your taxes.  A side hustle can help you take advantage of the tax code.

3. You can pay $0 in federal taxes during retirement if you structure your portfolio correctly (Roth/401k/Brokerage)

4. Buying real estate is a great way to strategically save money on taxes and defer them forever (cost segregation/1031 exchange)

5. Tax loss harvesting is an easy strategy to save money on taxes. Sell at a loss -> Buy back a similar security -> Tax savings

6. HSA contributions are superior – it’s a triple tax advantage. You’re missing out if you aren’t contributing to your HSA and investing it.

7. If you’re a high earner, you must use the Backdoor Roth strategy to contribute to a Roth IRA and save money on taxes long-term.

8. Mega Backdoor Roth allows you to put $40,000+ in Roth. Crazy powerful strategy for tax-free wealth building.

9. 529 contributions are an easy way to save money on state taxes and pay for education tax-free.

10. Paying your child with your business is a great way to save on taxes. Just do it right (payroll/W-2/tracking/reasonable comp).

11. The Augusta Rule lets you rent your home to your business tax-free. Just keep the rent at FMV.

12. Before selling a stock or ETF at a gain, wait at least 1 year. It will be taxed at a preferential rate (20% max vs 37% otherwise).

13. REIT dividends are non-qualified. Avoid them in your taxable account or you will overpay on taxes.

14. Step-up basis eliminates capital gains tax for heirs.

15. If you are donating to charity, donate appreciated shares of stock instead of sending them money directly.  This saves your more money than your deduction might get you. (This is great for Tithing to your church as well!)

16. Do Roth conversions in your low-income years to save money on taxes.

17. Never hold bonds in your taxable account. Use tax-advantaged accounts instead.

18. Just opening an LLC does absolutely nothing for your taxes. (Read this twice!)

19. Debt forgiveness is taxable income.

20. Borrowing against assets can be a tax-free way to access cash for high net worth.

21. Use Treasury bills instead of HYSAs to save on state taxes.

22. Municipal bonds are generally the best way to keep your savings if you are in a 37% tax bracket, as they are federally exempt.

23. Irrevocable trusts can help you avoid estate taxes.

24. Section 72(t) allows you to withdraw from a 401(k) without paying a 10% penalty.

25. Business owners can claim a home office deduction.

26. Use Donor Advised Funds to group up your charitable donations and increase the itemized deductions.

Want more information on any of these, stay subscribed to The Propeller or reach out to me directly.

IKEA’s genius isn’t just about affordable furniture; it’s about making you fall in love with a bookshelf you built, even if it’s a bit wonky. This psychological hack, known as the IKEA effect, can 10x your and your team’s performance!

The IKEA Effect: Why We Love What We Create

We tend to value things more when we’ve had a hand in creating them. Even if the end result is imperfect, and even if someone else could do it better, your involvement makes it precious. This explains why:

• That wonky cake you baked tastes better than a store-bought one.
• Your buggy source code you wrote feels more elegant than a template.
• Your business idea seems more brilliant than it is.

Partial effort equals emotional investment.

Turning a Bug into a Feature

Here’s where it gets interesting: this “bug” in human psychology is actually a feature. Smart leaders know how to weaponize it. Instead of giving your team solutions, let them help build them. Encourage messy first drafts and celebrate imperfect attempts. Watch their commitment multiply.

Real-Life Example

During a recent project, the team I was assisting was developing a new app. Instead of the lead developer dictating the total plan and code structure, they decided to involve the entire team in the development process. Each member, regardless of their technical expertise, contributed ideas and helped with coding, testing, and debugging.

The result? An app that wasn’t just functional but also deeply valued by the team. Even though it had some initial bugs and wasn’t as polished as it could have been if developed solely by the lead developer, the team’s emotional investment made it a huge success. They were proud of their creation and worked tirelessly to improve it, leading to a more innovative and user-friendly product.

This example demonstrates how co-creation in software development can lead to greater emotional ownership and commitment, ultimately driving better performance and satisfaction.

Why This Works

• Co-creation > Perfect execution
• Emotional ownership > Technical excellence
• Personal investment > Polished results

A Word of Caution

However, the IKEA effect can also trap you. You might:

• Cling to bad ideas because they’re yours.
• Reject better solutions from others.
• Waste time optimizing the wrong things.

By understanding and leveraging the IKEA effect, you can foster a more committed and invested team. Just be mindful of its potential pitfalls!

Confession: I’m a sucker for a good biopic. So, even though I don’t know much about folk music and can only name a few Bob Dylan songs, I was excited to watch the recent movie about him. Luckily, it did not disappoint.

Now, I won’t spoil anything in case you’re planning to watch it, but there’s a killer line I want to share. Early on, Bob (played by Timothée Chalamet) talks about his experience working in a carnival and studying successful stage performers. He drops this pearl:

“You can be beautiful, or you can be ugly, but you can’t be plain.”

I just love that. It’s 100% true, and not just when it comes to performing on stage. It also applies to business, life, marketing, and branding.

The brands, creators, and experts who stand out in today’s crowded marketplace aren’t always the most polished or perfect. But what they all have in common is they’re anything but forgettable. They’ve planted their flag somewhere. They have a point of view that attracts some people and repels others.

I have many values, beliefs, and points of view that may act as filters for my audience here on The Propeller. They help people decide whether they vibe with me or not – and whether you stay subscribed or not. Meanwhile, those who try to play it safe by appealing to everyone – who sand down all their rough edges and avoid taking strong positions for fear of turning someone off – are the ones who get completely overlooked.

Applying This Idea in Life and Business

This idea of embracing your uniqueness can be incredibly powerful in both life and business. Here’s how you can use it:

Personal Branding: Just like Bob Dylan, be unapologetically yourself. Your quirks and unique perspectives are what make you memorable. Don’t be afraid to show them off.

Business Strategy: In business, standing out is crucial. Whether it’s your product, service, or company culture, find what makes you unique and highlight it. This will attract customers who resonate with your brand.

Leadership: As a leader, encourage your team to bring their whole selves to work. Diverse perspectives and ideas can lead to innovation and a stronger, more cohesive team.

Marketing: In marketing, don’t just follow trends. Create content that reflects your brand’s unique voice and values. This will help you build a loyal audience who truly connects with your message.

Personal Growth: Embrace your imperfections and learn from them. Personal growth comes from being authentic and taking risks, not from trying to be perfect.

By embracing your uniqueness and encouraging others to do the same, you can create a more vibrant, engaging, and successful life and business. So, take a page from Bob Dylan’s book and remember: you can be beautiful, or you can be ugly, but you can’t be plain.

“In any given moment we have two options: to step forward into growth or to step back into safety.” – Abraham Maslow 

Sacrifice short-term safety to build long-term freedom.

This is the cost of entry for building the life you want.