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Managing your personal finances can be a challenge, but when you’re an entrepreneur, it’s a whole new ball game. Without a steady income and the risks involved with starting a business, being in control of your finances can seem like a daunting task.
Here at Bloguettes, we know all about the hurdles that come with running a business. So, for our 2018 Workshop, we’re bringing in experts Darcie Crotteau and Brian Frederick from LearnVest, a financial planning company that specializes in empowering people to take control of their personal finances.
We recently had the chance to sit down with Darcie and Brian to ask all of our questions and get a sneak peek at what their Workshop session will be like! Check out the Q&A below:
Tell us a little bit about your background and how you got to where you are today!
While we have both spent all of our careers in finance, we have taken slightly different roads to get where we’re at today. Darcie started in insurance and pivoted to mortgage lending, before discovering financial planning. Brian was an investment geek who has learned that the ‘soft’ side of finance is often more important than the numbers themselves.
Why is it so important for entrepreneurs to take control of their finances?
For an entrepreneur, having positive cash flow is akin to oxygen – without it, you die. Often times, you’ll need to pivot and experiment to determine what really works. Having your finances in order will ‘buy’ you this time.
How does the financial plan of an entrepreneur differ from someone else? What special things should business owners take into consideration?
Being an entrepreneur is like being a trapeze artist without a safety net. You won’t have a regular paycheck or standard employee benefits. As a result, you need to create your own safety nets and be more conservative with your financial decisions since you’re taking a lot of risk with your human capital.
What are some common mistakes you see entrepreneurs make when it comes to their finances?
Most people have never had any finance education, and so they do what they know, or what they’ve always done. Being an entrepreneur is a whole new ball game. Getting everything in order so that you know where you are and can make data driven decisions instead of emotional decisions is key.
"Getting everything in order so that you know where you are and can make data driven decisions instead of emotional decisions is key."
Business owners have big ideas and goals for the future–what tips do you have for creating a financial plan that sets you up for long-term success?
Understanding where your biggest risks are is very important so that you can work to mitigate or eliminate them before they become a problem.
What are 3 things business owners can do now take control of their finances?
Separate personal and business accounts. Your tax professional will thank you later!
Understand your income and expenses now, and know what your targets are for the future. Knowledge is power.
Have a vision for where you’d like to take your business.
Give us a sneak peek at what we can expect from your workshop!
We are building our workshop around the biggest challenges entrepreneurs face:
- When is it safe to pursue my dream full time?
- How ‘one number’ can simplify your finances and give you the bandwidth to do what you love.
- What are some simple action steps that will set you up for long-term success?
When you’re not busy at LearnVest, what can we find you doing?
With a working spouse and three little boys – 3,5, and 7 years old – Brian is lucky to take a break from being ‘Super Dad’ to enjoy a really hoppy West Coast IPA or whittle down his reading list of 300+ books.
Darcie loves to spend her time logging miles on the trails with Ducky the Energizer Vizsla, or daydreaming about new adventures from Prescott to Minnesota and everywhere in between. If you don’t find her there, you’ll probably find her in the kitchen testing out tasty new recipes.
Wanna attend Darcie and Brian’s session at The Workshop? We have a limited amount of tickets available, so be sure to grab yours today!