Case Study

How Jamie Trull Makes $400 in 10 minutes with RCReports

Customer Profile

Jamie Trull is a Financial Literacy Coach and Profit Strategist who helps business owners understand the finance side of their business so that they can make and KEEP more money. Prior to becoming an online entrepreneur, Jamie spent her career rising in the ranks of Finance Leadership in the Coca-Cola System. After leaving the Corporate world in search of a more balanced and fulfilling life, Jamie leveraged her background and her CPA designation to serve women-owned businesses as a Virtual CFO. Recognizing that there was a lack of truly accessible and understandable financial education resources for small business owners, Jamie pivoted her business toward creating resources to help fill that gap and impact more people. Today Jamie has helped thousands of business owners feel more confident about their finances through her resources and programs.

In 2017 Jamie Trull, CPA decided to take the leap from a big corporate finance position to consulting where she found her passion helping small businesses in the capacity of an outsourced CFO. She started to use social media to grow her CFO business, Balanced CFO, and was so successful she had a waiting list of clients she couldn’t work through. Jamie started to think about what she really enjoyed doing and the clients she was most passionate about –helping small businesses, somewhere in the $50,000 to $500,000 revenue range, get over the hump so to speak and position themselves to grow and scale. This is the largest group of entrepreneurs, and the opportunity was huge, but Jamie realized that this group also couldn’t afford her CFO rates.

“Right now, where my customers are at in their business, what they need is to understand this information themselves. To be the best CFO of their business that they can be. And that’s what I set out to teach.”

There were three main challenges Jamie was up against:

She had to be affordable for the clients she wanted to serve.
She needed to find a way to serve more of these clients as the demand was overwhelming.
She needed to do this in a way that made her business profitable.

Jamie set out to find ways to teach these entrepreneurs what they needed to know to become financially literate and make good business decisions instead of being a CFO that would do it for them. She realized she could do this at scale by utilizing social media and YouTube to reach a large audience of business owners. During COVID her following boomed and reached over 40,000 followers in a matter of months.

Through the audience she built on her social channels, Jamie was able to launch digital products to further assist business owners with things like business taxes, P&L templates, stimulus resources, inventory management, S Corp management, reasonable compensation and more. This allowed her to offer valuable services at an affordable price to a large volume of business owners, thus creating a profitable business model for herself.

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One of her most popular digital offerings is her S Corp Toolkit, designed to give business owners everything they need when deciding if an S election is right for them. Jamie noticed S Corps becoming a social media trend and more and more business owners making the S election without fully understanding all the rules and regulations they would be held to. She created the toolkit initially to educate these business owners on why they may not be a good fit for an S Corp, although it also serves as a great resource for existing S Corp owners to reference to make sure they stay in compliance.

“I’m really passionate about S Corps in particular and helping business owners fully understand what it means to be an S Corp and that they do need to take reasonable compensation. I want to make sure they are getting accurate information so they can make the best decision for their business. There’s so much misinformation out there about this topic and I want to be a resource they can trust.”

Jamie also offers reasonable compensation studies either as an add-on to the toolkit or as a standalone purchase. She utilizes RCReports for these studies along with automation to offer the reports at scale. Once someone purchases a report, she sends them a link to complete the client questionnaire in RCReports, along with a video that she created that walks them through how to answer the questions and other FAQs about the process.

Once they complete the survey, Jamie personally reviews their answers and then sends along their finalized report. She charges $400 for the report and it only takes about 10 minutes of her time for each one. As her business evolves, Jamie’s team is finding ways to market this service to more S Corp owners with the goal of making it part of an S Corp’s annual process to get a reasonable compensation study completed, which keeps the S Corp owner in compliance while building a steady, annual revenue stream for her business.