Entrepreneurs come in all shapes and sizes. In fact, if you were a collector of sports cards and memorabilia during the 2000s, then you likely touched, purchased, or sold a collectible that at some point was in my possession.
I “started” my first small business before I ever knew the definition of net income or overhead; as with many small businesses, mine started as a hobby and passion. Over time, this passion grew and grew as the years passed until something finally clicked when I turned a $20 profit on a Tony Parker rookie card at the age of 14 (the “aha!” moment, as it is often referred). After this moment, all of my efforts began to shift from being a hobbyist to becoming an entrepreneur, organically, I might add, since I had no prior business experience or network of contacts.
So how does one go about growing a new business such as this? Well if I had read Philip Jackson’s blog post, What Does It Take to Profit as an Entrepreneur?, then I would have known to contact the nearest CPA for advice and guidance!
Now that I am a CPA myself, I have a much better understanding of how CPAs and entrepreneurs can interact, connect, collaborate and team up to create and build a successful business. I know I certainly could have benefited from having a CPA help me as I was starting my small business. I recall a number of areas that I needed advice:
- I had questions on financing … How can I obtain the necessary capital to fund and grow the business?
- I had questions on cost management … What tools can I use to allocate and track expenses?
- I had questions on networking and relationship building … Where can I meet the people that I need to make my business successful?
- I had questions on growth … How can I evaluate the different segments of the business to scale operations profitably over time?
I had many questions, just as most (read: all) entrepreneurs do (read: should). That being said, who has served as an advisor in this capacity or been the recipient of such advice? If not, would you like to be?
Please share your experiences and aspirations – you never know who could be reading this.