Financial Planning for Your Creative Business| Nick Garofalo

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PROFITABLE TALKS...

In this episode, Christian Brim interviews Nick Garofalo from Open Handed Wealth, discussing the importance of financial planning for business owners and creatives. They explore the common pitfalls of business valuation, the necessity of having a financial plan, and practical tips for managing finances effectively. The conversation emphasizes the need for business owners to treat their businesses as investments and to seek out qualified financial advisors. Nick shares insights on budgeting, pricing strategies, and the significance of understanding cash flow in relation to business value.

PROFITABLE TAKEAWAYS...

• I want to help Christian families fulfill the Great Commission.
• If you're married with kids, you need an estate plan.
• Most business owners don't have a financial plan.
• Your business is worth more to you than the market.
• You need to know how much you need to live on.
• Find a fiduciary advisor who works for you.
• The credential does not make the advisor.
• Treat your business like an investment.
• You need to charge based on the value you provide.
• Ask your clients what problems they need solved.

Listen in on further creatives! Check it ➡️
https://www.coregroupus.com/the-profitable-creative

Are you ready to pay yourself more… yeah it’s called an S-Corp. ➡️
https://calendly.com/blouia/s-corp-evaluation