You want to start a business but you don’t have the money to do so? Well, welcome to the first lesson in entrepreneurship: Figure it out!
Every entrepreneur knows that your passion will always be your driving force, but every businessman and woman knows that money is and will always be the main element needed to run a business. To grow, scale, and expand your business, understanding how to use other people’s money, or OPM, is key to efficiently leveraging your business. Serial entrepreneur, Solomon Lacy III, who is a master at accessing capital and funding, says you need to “plan your work and work your plan.” He goes on as to say, “the most important lesson I’ve learned in business is if you don’t have a plan for your money, you best believe someone else does.” Lacy is the founder of Fresh Start Financials Group, a credit and finance company who works with many business owners, entrepreneurs, and investors around the world to establish businesses and relationships that position them for unique lending opportunities.
All entrepreneurs experience a few failures and setbacks in their journey. Those remaining and thriving have figured out solutions to challenges and oppositions, rather than allowing them to take them under. There can be many contributing factors as to why one fails in business, but Lacy has identified that undercapitalization is the most common and he assists his clients through this with educating, consulting, and mentorship.
Lacy knows that when it comes to business, one of the most overlooked skills is being able to create capital to leverage into ventures correctly, without taking on unexpected financial risks. FSFG offers business consulting that includes professional guidance to individuals and corporations to help take decisive actions to achieve financially-sustainable results. During this pandemic, as he likes to call it, Lacy understood the financial difficulty individuals and small business owners were facing due to unforeseen times. So, Lacy has since shifted his business model and pricing to accommodate those individuals and entrepreneurs that lack the financial know-how. A common problem amongst small business owners is they operate like a small business and lack financial strategy. The Inner Circle was designed to start educating and empowering individuals and entrepreneurs with needed skills. The name of the group is Leverage Over Everything and that’s exactly what is being taught- how to gain financial leverage. The group provides information on how to repair, rebuild, and boost their personal credit in addition to providing advanced strategies on how to use it to access business credit. Lacy explains how the Inner Circle teaches individuals the importance of establishing an LLC to get access to more tax benefits as well as preparing the business for lending.
The Inner Circle courses were designed as an extension of FSFG Business Consulting to educate and mentor the next generation of entrepreneurs. If you’re interested to know more about how Solomon continues to inspire the next generation of entrepreneurs, visit his website at www.SolomonLacy.com and follow his Instagram page @Solomonlacyiii.
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