May 5, 2017
tips for entrepreneurial doctors

Mistakes Entrepreneurial Doctors Often Make

One niche of small businesses that we often work with at Heritage Investors is an entrepreneurial doctor. Those are the doctors that work outside of a hospital and aren’t W2 employees. They can be dentists, veterinarians, optometrist, etc. They own their practice. When working with this group, I often see a variety of mistakes entrepreneurial doctors often make when it comes to the business side of their vocation. Remember, 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 modle for these educated folks to understand. Here are nine mistakes I often see in their business models. 1. Negotiate for themselves We have a tendency to think if we do it ourselves we will save a substantial amount of money and be better off. That’s just not really the case. A book I recently read, The Millionaire Mind by Thomas J. Stanley discusses this very topic. One of the top differences in those who obtain the title of millionaire, are they hire professionals to do the job. They’re not DIY guys. They want professionals to help them get the best results. The millionaires themselves focus all their […]
May 4, 2017

Pay Yourself First

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 making more money. That’s understandable too. Right now the stock market is breaking all-time highs. Many small business owners worry if they invest in the stock market that any given moment they could lose 15, 20 or 30%. The truth is, that is possible because we don’t know what the […]
May 3, 2017
how to start a business with no money

How to Start a Business with No Money

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 a cup of coffee with the owner and pick their brain. Develop a business plan—A business plan is key to identifying ways the strengths and weaknesses in your business. For help developing a comprehensive business plan check out the step by step guide on this blog post. Build a board of advisors—This […]
June 6, 2016

VIDEO: Dentist, Business, Planning, and Net Worth Increase

Dentist, Business, Planning, and Net Worth Increase How do you measure the success of your dental practice? Justin Goodbread, CFP(R), Co-CEO of Heritage Investors, a Wealth Management Firm in Knoxville, TN answers a client question. How should a dentist judge the effectiveness of their wealth advisor? If you are a dentist, then we are sure you have often wondered about the state of your business. Where are you going and what are you trying to achieve. Your debt load can seem insurmountable. The day to day grind can leave you frustrated. This is where a private CFO can help. Heritageinvestor