Considerations starting a business as a 2nd career

The Fractional CFO Show with Adam Cooper

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.

🌟 Some of the most interesting elements were:

✅ How, when externally financing, Investors will want you to have some skin in the game;

✅ How as an entrepreneur, you've got to focus on working in the business and on the business at the same time;

✅ How forecasting and mapping out a business plan is key - to the point that you do best case, mid case and worst case scenarios;

✅ The need to generate sufficient income and importantly cash flow to cover all those benefits that were previously paid by your employer.;

✅ 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.