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