I have to admit, I’m a HUGE fan of Shark Tank and most other entrepreneurial themed tv shows and books. I guess after being an entrepreneur for the last 20+ years, I’m hooked on the journeys and stories that other entrepreneurs have to share. Whether they’ve been in business a month, a decade or a lifetime. I just can’t tear myself away. I also enjoy Bar Rescue and The Profit although I try not to spend a lot of time watching tv when there are so many more productive ways to spend my time. Check out this list of 11 recommended shows for entrepreneurs. I guess if I am wasting my time with tv, at least it is on entrepreneurial topics where I’m potentially learning something, right?
As I’m watching the latest episode of Shark Tank, I am thinking to myself…I offer accounting services. Surely there are business owners out there that could utilize my skills and services in exchange for equity in their company. Low and behold I find a few websites on the internet promoting introductions to businesses where you can acquire equity in startups in exchange for your services. I’m not sure if they are legitimate options though as they don’t provide a lot of detail. They say they can help you connect with small and midsize startups in need of financial accounting and operational consultant services to take their business to the next level. Service for equity is that something that startups are looking for in today’s business environment?
There are so many varying levels of businesses and paths that entrepreneurs can take, with just one option being that of the Shark Tank. If you don’t know your numbers, it doesn’t matter how great your product is. There’s a difference between having a hobby and having a business. If you want to take your product to the next level, then you have to know what it costs you, who your customers are, how much your overhead is and what your gross and bottom line profits are. Otherwise, no investor or lender will take you seriously.
If you don’t have a good understanding of your financials, please do yourself and your business a favor and learn them or partner with someone who can help you with the financial component of your business to take it to the next level. I’ll definitely be looking more into implementing a program here at our company in 2016 to partner with startups who are looking for accounting, bookkeeping and financial consulting services in exchange for equity investments. If interested, feel free to reach out to us at email@example.com.