Brandon Neely and his wife Amanda have quite literally been through it all. As co-owners of not one, but two businesses, they have already experienced what many of us are striving for. Brandon joined us recently for a Savvy Entrepreneur Spotlight. He discussed the up and downs of running a business, the pitfalls that many entrepreneurs run into and how they can be avoided.
The Journey As An Entrepreneur
Brandon and his wife founded and ran Overflow Coffee Bar, L3C from 2008 through 2018. While most people were taking the technology route to entrepreneurship, the Neely’s were looking for an opportunity that combined their strong faith and community. Being the coffee lover that he is, they decided to venture out and open a brick and mortar coffee shop. Despite large student debts, and the expense of open a business of this type, Brandon and Amanda turned their idea into a lasting business.
Last year, Brandon and Amanda were given the incredible news that they were expecting their first child. This revelation led to some serious discussions about the business and managing a work/life balance. Coupled with a serious cash flow problem, they decided to sell the coffee shop and invest in other opportunities. This decision transitioned nicely, as they were able to establish a new venture, Business Activist Entrepreneur. Today, Brandon shares his knowledge about creatively solving the challenges inherent in growing and starting a business through podcasting, coaching, and financial planning.
Bridging Activism and Business
The decision to include an activist concept into the business was seamless for Brandon. He recalls moments when people asked him “how does he do it?”. How do you manage a brick and mortar business? What lessons have you learned that I should avoid? These questions taught him that “there needed to be more people out there teaching and coaching entrepreneurs that have the experience of running a business”.
Brandon realized that “a lot of entrepreneurs go into business to make a difference, and not to necessarily make a profit.” They do not consider paying themselves first to be a necessity. They often do not consider the costs involved with having a staff, paying taxes, or even how to lower or increase costs. Basically, many entrepreneurs do not know their numbers. He would refer them to his personal financial planner, who was able to help them put financial growth strategies in place.
When coming up with a plan on how to help these entrepreneurs, Brandon began to consider offering this service on his own. He sought the necessary training, and upon completion launched his business. He was now qualified to coach people and help them set up their future plans for financial success.
WATCH THE COMPLETE VIDEO HERE
Tips and Advice
Brandon wants to see more businesses succeed. He also wants to help change the mindset of many entrepreneurs who do not take the numbers seriously. “82% of businesses fail because entrepreneurs do not consider the finances”, says Brandon. He recommends finding a good coach or mentor, to bounce ideas off of. Brandon also suggests entrepreneurs invest in an accountant or financial advisor. Most importantly, “know your numbers.”. Entrepreneurs do not have the luxury of waiting for someone else to explain their numbers to them.
In his final comments, Brandon reminded us how important it is to take care ourselves. As entrepreneurs, we have the ability to lose focus on our personal health, relationships, and downtime. It is crucial that we take those moments to de-stress whenever possible.
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