What to Know When Starting a Small Business

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martinis and your money

What to Know When Starting a Small Business

On this episode of Martinis and Your Money, I’m talking to personal finance expert and business coach, Sylvia Inks, about her new book – Small Business Finance for the Busy Entrepreneur: Blueprint for Building a Solid, Profitable Business. Starting a business is more than having a great idea. You don’t want your amazing idea to never see the light of day just because you failed on the execution of it. Sylvia discusses what to do – and what to avoid – when starting a small business.

As a small business owner myself, there are many things I wish I did differently when I established my business, and I found this conversation with Sylvia incredibly helpful. Cheers!

What are we drinking?

Sylvia — Earl Grey Tea

Shannon — Club Soda

Podcast Notes

  • Sylvia grew up in a family that talked openly and frequently about money with her from a young age.
  • When she first started dating her husband, she would talk about money with him at dinner, and he would get up and walk out.
  • She then began to realize that many educated and career-driven people with great business ideas often grow up without a background in financial literacy.
  • Sylvia wrote her book to help entrepreneurs establish a solid foundation so they can start their business from a good place where it can become profitable and stay in business!
  • The book provides 21 steps to financial success for your business as well as case studies from real entrepreneurs.
  • Shannon asks Sylvia what advice she has for someone who has a great idea for a business but doesn’t know what to do next.
  • She also provides advice for those who don’t have an idea yet but know they want to start a business.
  • Shannon says that, besides money, passion is what sustains small business owners while they are building their business.
  • Sylvia and Shannon discuss some of the biggest mistakes small business owners make when starting a business.
  • They both agree entrepreneurs should outsource some work instead of trying to do everything themselves to eliminate stress!
  • Shannon talks about how much she loves her virtual assistant ClaireJ
  • Sylvia shares her final piece of advice to aspiring entrepreneurs and current small business owners.
  • TAKEAWAY: Take every step you can to insure that your business idea will find its appropriate market!

Random Three Questions

  1. If you could live in any other city in the world, where would you live and why?
  2. What is a book that has inspired your life?
  3. If you won a million dollars, what would you do with it?

Connect with Sylvia:

Book

Website

Twitter

Facebook

Do you have any tips for someone looking to start a small business?

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Shannon is a financial planner who left a “traditional” financial services firm to start her own company, The Financial Gym, because she felt traditional financial services firms did not have the tools or resources to help people in their 20s and 30s who are starting out and trying to build assets while also managing debt. She realized that the key to long-term personal financial success is a commitment to financial fitness and making smart financial choices. Through her blog, Financially Blonde, her book, Train Your Way To Financial Fitness, her podcast, Martinis and Your Money and The Financial Gym, Shannon is committed to making financial fitness fun, easy and accessible for everyone.

6 COMMENTS

  1. Great show Shannon & Sylvia! I recently met Sylvia at a networking meeting. She was professional and clearly knows her stuff.

    Thanks for sharing!

  2. Thanks Shannon for having me on the show! Love your mission and your natural ability to make talking and listening about finances more fun. Let me know how I can continue to help spread the word about your podcast!

  3. Thanks for a wonderful podcast. I very much agreed with the points raised by Sylvia on the challenges when starting a small business. I think vision is one important to easily find a way out.

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