One niche of small businesses that I often advise is an “entrepreneurial doctor”. Those are the doctors that work outside of a hospital and aren’t W2 employees. They own their practice and can be dentists, veterinarians, optometrist, etc. Before coming to us there are a variety of business mistakes doctors often make when it comes to the business side of their vocation. These guys are brilliant doctors with varying designations, however, most don’t earn MBA’s on top of that. Business is often not an easy model for these educated folks to understand. In my consulting with them I have seen many, but here are the top nine business mistakes doctors make in their business models.
Small businesses are a driving force in American Society. With more than half of Americans either owning or working for a small business, it makes sense to celebrate those hard working entrepreneurs hoping to make a difference. As a small business owner myself, I understand the struggle many face, and I’d like to offer this small piece of advice to my fellow go-getters. Instead of investing more money into your business this year, pay yourself first and let “slow money” be your greatest resources when it’s time to wind things down. Let me explain. Where Am I Investing? Many small business owners view the business as their best and greatest investment opportunity. They’ll typically choose to pour money into the growth of their business as opposed to other traditional investment vehicles, like stocks or bonds. For obvious reasons, they see it as the best way of maintaining control of and […]
Starting a business without money may seem impossible. However, if you follow these steps, it may lead you to a very successful endeavor. Here is how to start a business with no money. Discover a need or find your passion—I love to grow things. At 16, I turned that passion into a landscaping business that I sold. Now my current business, Heritage Investors, is a need business. I see a need to educate business owners on finding simplicity in their finances. So what’s your passion? Be prepared to fail and lose it all—If you know there’s a possibility you might fail, you’re going to do everything in your power to keep that from happening. And if you do fail, get up and get at it again! Find a like business and model yours after it—if there’s a business out there that’s successful and similar to what you want to do, grab […]