In a previous post I addressed how you should profit from your relationship with your CPA. In this post I will address how your CPA can help you succeed as an entrepreneur. Like you, I am an entrepreneur. I am developing a business model/brand and I am looking for the best places to invest my money. So as a CPA when I visit with clients I want to know how I can best serve them and in addition I am open to them serving me and using their experience to benefit my other clients as well without revealing confidential information. For instance, as an entrepreneur, you probably would like to know what type of businesses my wildly successful clients are in and even better what types of new businesses are proving to be successful. While protecting confidential information I will let clients know the answers to these questions and often connect clients that can profit from knowing each other.
I will share with you some developments I learned of this past year. The newest most lucrative businesses I have seen are outsourcing businesses where the owner puts together the client and the need with the person who gets the job done and fills the need. These are highly profitable and low overhead businesses. For example, I had a client whose college student son made big adult money while in college selling a product at the mall. He learned of a business that purchases these same products but after they have been used. Now this same son started a business buying used products and reselling them to his contact. The dad took an early retirement from Corporation Dinosaur and now he works the business for his son.
Here is the kicker. For my clients I am planning an entrepreneurs networking event at a clients restaurant. I am inviting the entrepreneurs that started these businesses to attend to share ideas and create new opportunities. Like you, many of my clients are entrepreneurs looking for new ideas to invest in. My client that owns the restaurant, for example, is eager to meet these entrepreneurs and any others with ideas because he, like you, is interested in new business ventures. Also, all these clients will bring friends and contacts that are entrepreneurs to share ideas and see what they can create together. Oh, and they will get a meal out of it and my client with the restaurant will get exposure as well.
In this case a CPA can be a connector or networker who gives people an opportunity to connect and create new businesses. The result will be creative stimulation and fulfillment from giving to others and creating opportunities and connections that will profit entrepreneurs for some time to come. It is more about the relationships that can be formed than the ideas that can results in new businesses. Your CPA should connect you with people that can enhance your life, your business, and your future. For a CPA who does this contact me today using my contact information below.
Also, please come back next week to benefit from a post on “stratospheric success.”
Jeff Haywood, CPA
I prepare the following types of tax returns:
Federal and State Returns
I especially enjoy discussions about you, your business, your dreams and goals.
For recent US income tax content see the following links:
How to Profit From Your CPA
Begin With The End In Mind
If the band you are in starts playing different tunes
Where Is It? Tax Refund
Deadline for 2010 Personal Tax Returns Moved
Now is the time to file those late tax returns for previous years
IRS: 8 Things to Know if You Receive an IRS Notice
IRS: Nine Fact on Filing an Amended Return
IRS: Eight Facts on Penalties
IRS Top Ten: Making Federal Tax Payments
Forming a New Business – Please Consult With Your CPA First
Questions After I Have Filed My Return
For a full list of prior posts see the CPA Tax Blog.
As always keep in mind that the content provided on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.
This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.