It’s common to see budding entrepreneurs to start up their small business too aggressively, and end up getting overwhelmed with the consequences of lack of preparation. Likewise, there may also be people aspiring to start up a small business but with the many scary stories of business failures that are out there, they hold themselves back. Executing a well laid-out plan and acquiring the proper knowledge to formulate strategies, is key to creating and sustaining a profitable business.
There is power in knowledge. So on this episode of The His & Her Money Show, we present our guest, Sylvia Inks, to talk about the many things to consider before, during, and after starting up a small business.
“For some reason a lot of people think that all businesses need to start on debt,” Sylvia says “You can be fantastic at what you do but you could be at risk of closing your business because you’re not profitable.” Many entrepreneurs tend to over-leverage on the wrong things with the intention of growing and maintaining their small businesses. Ending up without the cash to front load some of the expenses and wait for the client or the suppliers to pay them after the fact, resulting in becoming unable to stay in business.When you're the jack-of-all-trades people don't really naturally think of you.Click To Tweet
Sylvia’s objective is to make people realize the things that they need to do with their small business, in order to be able to focus on what they enjoy doing and what they’re good at–which is the business itself. Sylvia provides detailed explanations of why entrepreneurs need to tackle such tasks for the business’s sake, for the entrepreneur’s sake, and for their family’s sake.
Sylvia is a small business finance coach, specializing in helping small business owners become and remain profitable, and the founder of SMI Financial Coaching. She teaches the financial aspects that come along with being a business owner and how to do it the right way. Sylvia is also the author of the fantastic book Small Business Finance for the Busy Entrepreneur: Blueprint for Building a Solid, Profitable Business.
What You Will Learn In This Episode
- Why beginner entrepreneurs need to build a cash cushion.
- Why you should start saving up money even before thinking about venturing into entrepreneurship.
- Why you could lose your business no matter how good you are at what you do.
- Why having a legal entity for your business is crucial from the very beginning of the business.
- Why it is important to keep track of annual reports and fees.
Resources Mentioned In This Episode
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