You know a pundit when you see one. They are on every tv channel that has a desk for a set. They talk about sports, politics, stocks and whatever else people want to hear about from a person who knows more than they do. People enjoy hearing and seeing them. A pundit is defined as an expert in a particular subject or field who is frequently called on to give opinions about it to the public. Soooo then what is a Fundit? It's an expert in finance who shares his or her findings about ways people can fund their small business.
My goal by the end of this (& who really knows when the end is coming) is to use all of this information I collect to fund my basketball business, Hoops Education. Additionally I want to help others fund their businesses as well so I will share the information I have uncovered in a simple "how to" manner. Everybody wins!
3 Reasons Why Entrepreneurs Need a Fundit!
1. Financial advisors and consultants are expensive!
3 Reasons Why Entrepreneurs Need a Fundit!
1. Financial advisors and consultants are expensive!
How much money do most new business owners allocate towards a business consultant? If you wanted a consultant VentureStreet.com guesses that you'll probably have to pay minimum $250 per hour or $1700 flat fee for a meeting. Carl Dickson, founder of CapturePlanning.com, estimates that you could pay around $100 per hour for a consultant making a six figure salary. You could see how this would add up quickly! For most entrepreneurs just getting started this is just not an option because they do not have the cash flow yet. A Fundit is a much cheaper alternative and probably more fun.
2. Not enough money is always on the list of reasons why small businesses fail!
Sure there are other factors hindering people from success in their small business pursuits. Many businesses lack a written plan. Many business owners are amazing at creating a product or delivering a service but are not good at the management side. Even if an entrepreneur does get a little cash, money management tends to stunt and stifle growth. Many potential owners simply cannot define all of the costs so they fail to create an accurate budget. Lacking an accurate budget often leads to underestimating your operating costs. Also it takes money to acquire certain types of funding like SBA loans or loans from banks. At the end of the day if you do not have the capital to keep your head above water as an entrepreneur things get ugly! You need a person who can help you plan out the details so you can focus on generating great products and services. That is where a Fundit comes in to help.
3. Entrepreneurs are already working the 25/8 schedule!
That is 25 hours per day 8 days per week. You might not be working that much but it could feel that way. The Princeton Review sites that the average number of working hours per week for a successful starting entrepreneur is 70. That is nearly double the typical workweek of the average employee. Chasing a dream is time consuming. You are already overcommitted to the numerous "important" activities that must be completed. How many different places would you have to go in order to find the right information? How will you know what option is the best for you? What is the opportunity cost of the time spent researching vs. the time you could have spent creating? Super ugly! Spend your time doing what you do and let your Fundit do what they do!
I am excited to kickoff the Crowdfunding exploration in the month of February. If you have any suggestions please send them my way!
Your Fundit,
Thomas S. Wilkins
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