BF 009 – Andrew Newman – Newman Associates, CPA

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Andrew Newman – Newman Associates, CPA
Newman Associates, CPA
anewman@na-cpa.com
(530) 757-7402

Chase the vision, not the money; the money will end up following you.
~ Tony Hsieh, Zappos CEO

A business is only successful if it’s able to generate positive cash flow. It’s pretty straight forward- you need to take in more cash than you spend. While this concept seems simple enough, there are many decisions that must first be considered before opening up the doors!

• Are you a LLP or Corporation?
• How should you finance?
• How & when to pay taxes?
• Do you need insurance?

In this episode of the Brand Fifty Podcast, Certified Public Accountant Andrew Newman from Davis, California helps us answer some of these questions while also posing some new ones. As a business owner and somebody who currently works with over 300 businesses, Andrew offers some EXCELLENT business advice on what should be considered before going out on your own.

• American’s that are 50+ haven’t been able to save for retirement
• Cost of living causes many people not to save enough
• Stop judging and comparing yourselves to others
• How and should you buy a franchise?
• Be realistic with what you’re good at before starting a business
• Lots of really good free resources you can take advantage before starting a business
• Research is key- do your research before starting a business
• Andrew recommends reading: “What color is my parachute”
• What do you really love doing?
• You need to understand your business and what it takes to run a business
• You don’t need to have a sophisticated business to make money. The “Tamale Man”!
• Best ways to finance a business
• Don’t burn through your 401K plan to fund a business
• Look at grants & SBA loans. Lots of opportunities to borrow money
• Do informational interviews before starting your business
• People spend more time thinking about what they’re going to eat then they do about their investments & business