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Considerations starting a business as a 2nd career
Manage episode 425852553 series 3529387
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I was very pleased to be joined by @Russell Rich, one of the senior partners at @Lubbock Fine, a leading firm of chartered accountants and tax advisors, where Russell heads up the sports, media and entertainment desk.
I really enjoyed this conversation with Russell where we explored a situation familiar with many these days, noticeably some considerations when starting up a business as a second career.
π Some of the most interesting elements were:
β How, when externally financing, Investors will want you to have some skin in the game;
β How as an entrepreneur, you've got to focus on working in the business and on the business at the same time;
β How forecasting and mapping out a business plan is key - to the point that you do best case, mid case and worst case scenarios;
β The need to generate sufficient income and importantly cash flow to cover all those benefits that were previously paid by your employer.;
β The need for good accounting at the start because otherwise it doesn't matter how great the opportunity is or the business model, those things will fail.
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