Finance veteran Gabe Nelson joins us on today’s edition of Live With Bottleneck. As a financial advisor and a small business owner himself, Gabe shares amazing tips for a more profitable solo business.
Know Your Finances
Gabe starts off the conversation with the first step of knowing your finances — to look into the expenses. It is important for a small business owner to see where the money is going. He adds that it is necessary to know the cost of each client to see where changes can be done. He further shares the importance of figuring out revenues and having these analyzed professionally.
“It’s a standard business starter for CPAs and that one-third of what you would call your overhead is your expenses, one-third is payroll, and then one-third is profit. When you’re pricing a product or a service, the idea is to try to hit those.” – Gabe Nelson
Get A Professional To Help
Gabe emphasizes that it is very important for a solo entrepreneur to get the services of an accountant or financial advisors. He says that there are a lot of great financial advisors who can understand the goals and objectives of entrepreneurs and give ways to achieve them.
“When you are scared to go talk to that advisor, that generally means you need to get to somebody quickly. Because you’re recognizing that ‘this has exceeded my area of expertise, I need somebody that I can trust that can help me and that can guide me.’” – Gabe Nelson
Planning and Execution
Gabe continues to the fourth step which is to build a plan based on your financial analysis. He says that through this, entrepreneurs can make measures to ensure revenues from each client and avoid losses. He adds that a part of this planning is to cut down some expenses. Gabe then shares the final step which is to execute the plan.
“The idea is to figure out how I can basically increase those revenues. That’s our biggest place that we as a solopreneur can go back to and normalize our revenues to get them back to where they should be across the board.” – Gabe Nelson
To know more about the five steps to a more profitable solo business and for more information about Gabe Nelson, watch this episode.
With almost three decades in the financial services industry and more than a decade as an independent small business owner, Gabe Nelson already had an established thriving practice and solid reputation in his industry when he recognized an interesting trend among some of his favorite clients.
More and more, he found himself working with self-employed professionals and solo-entrepreneurs. And as a business owner himself, he was fired up about helping them navigate the unique challenges they were facing – because he was just like them.
He understood that independent professionals have specific needs. Most financial advisors don’t know exactly what it takes to transition from employee to independent contractor status or establish long-term financial security without relying on a regular paycheck.
He also knew that with more of the workforce becoming self-employed every day, more people could benefit from working with an advisor who knows how to plan for the whole financial picture, including legal, estate, financial, retirement, life, disability, and more — with an entrepreneurial spirit.
So he took his passion for providing a personal touch with hands-on problem-solving and solution-oriented comprehensive planning and decided to focus on serving solo-entrepreneurs.
Follow Gabe Nelson!
Website: Gabe Nelson Financial
Podcast – Solopreneur Money