May 28: Common Financial Mistakes Entrepreneurs Make

On May 28, 2019, Kasie was at Career Day for Round Top Elementary so Shennice flew solo with studio guest Tiffanie Flagler. Here are the show notes:

Introductions:

Shennice Cleckley, Smart Cookie Coaching

Tiffanie Flagler, Financial Advisor, Flagler Tax Center

Theme for the day:

Financial Bootcamp: Episode 1 – Common Financial Mistakes Entrepreneurs Make

 Agenda review:

• The Financial Bootcamp Series Introduction
• Tiffanie Flagler, Financial Advisor & Entrepreneur

Start Something, Columbia! is a joint venture between Clemson Road Creative and Smart Cookie Coaching. We are lovingly supported by the City of Columbia’s Office of Business Opportunities, Elena Arecco Bridgmon of Epic Life Coaching, and Dr. Angela Larson and team at Flex Chiropractic.

Segment 1:

Financial Bootcamp Series introduction – We decided to embark on this financial education series because we get conflicting advice, get asked a ton of questions, and aren’t sure what the best practices are. So we enlisted some of our community friends we trust to school us.

• Two weeks ago we visited with Philippe Herndon from Caroline Guitar Company and talked about crowdfunding and raising small amounts of money.
• Coming up in a few weeks, Adam Lean of the CFO Project will be here to talk Strategy Scout and answer some out-sourced-CFO kind of questions

Today’s guest is Tiffanie Flagler of the Flagler Tax Center.

When did you know this was your calling?

How did you decide to organize your own practice?

What challenges have you faced as an entrepreneur?

Segment 2

Tiffanie’s specialties include tax preparation and real estate filings.

How did you get started in those specialities?

What is the suite of services you offer to these target clients?

How did you organize and develop your products/services?

Let’s talk Small and Micro Businesses as lifestyle choices, as career choices, and as retirement investments. You have experience working with individual earners, independent / solopreneurs. Tell us about some of the risks and challenges you’ve seen.

Financial pitfalls for business owners:

• Not getting good advice
• Not paying yourself first
• Not having the appropriate legal documents in place
• Not having the right business structure
• Not having the appropriate estate planning documents in place for death, disability or illness

Segment 3

We didn’t bring you in for a free consultation, honestly, but of course some story sharing and some general do’s and don’ts and any resources you can direct us to or share would be great.

What are some common mistakes or errors you see when working with entrepreneurs?

We talk a lot about solopreneurs being revenue-funded, not debt-funded. We think women should get customers first and loans later (and only when absolutely necessary).

Segment 4

What’s next for you? We heard you’re opening a new practice. Tell us about that.

Upcoming Events for Entrepreneurs:

Are you looking for capital to start or expand your business?  Then plan to attend the 2019 Access to Capital Symposium, a lender matchmaker event between traditional/non-traditional lending organizations and small business owners. This unique networking opportunity, hosted by the City of Columbia’s Office of Business Opportunities, will address current lending practices and is designed to help small business assess their lending options in the most efficient way. This year, the event will consist of matchmaking sessions, allowing for one-on-one (15 minute) meetings with lending organizations. FREE event, but registration is required!

REGISTRATION: OBO Access to Capital Symposium / EVENT FLYER

Ready to support Start Something, Columbia! Call 803-569-8200 to talk about becoming a patron.

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