Common Mistakes Made By Young Businesses

Welcome to the Mills Knows Bills Podcast! Host Mills Bender, founder and CEO of Mills Knows Bills, discusses strategies for variable income earners to manage their finances effectively. Let's get to those burning financial questions! In episode 22, Mills welcomes "coffee-preneur" Eric Rowell of Grit and Grind Coffee, a mobile coffee company. The pair discuss common financial mistakes made by new business owners, including the importance of having a financial game plan, accurate bookkeeping, savings, and obtaining a line of credit. Eric shares his journey from real estate to owning several coffee trailers and brick-and-mortar stores, eventually franchising his business. They also cover strategies for optimizing business finances and the potential benefits of outsourcing bookkeeping duties, and more. Get helpful tips and actionable advice to help you manage and grow your own business. To connect with Eric: https://gritandgrind.coffee Do you have your own burning financial question for Mills? Contact her here: Email: [email protected] Website: https://MillsKnowsBills.com Instagram: https://instagram.com/@millsknowsbills LinkedIn: https://www.linkedin.com/company/mills-knows-bills YouTube: Subscribe for the latest video podcast episodes from  @MillsKnowsBills 00:00 Introduction to Mills Knows Bills 00:28 Podcast Format and Goals 01:14 Introducing the Guest: Eric Rowell 01:30 Eric's Journey in the Coffee Industry 02:05 Eric's Burning Financial Question 02:58 Common Financial Mistakes by Entrepreneurs 03:41 The Importance of Bookkeeping 04:29 Building Savings and Emergency Funds 05:36 Getting a Line of Credit 06:42 Eric's Experience and Challenges 08:29 Outsourcing Bookkeeping 14:15 Grit and Grind: Business Model and Expansion 16:43 Conclusion and Contact Information Link to video podcast episode on YouTube: https://youtu.be/0NMrjJJFqy8  #financialpodcast #variableincome #millsknowsbills #entrepreneurialfinance #businessmistakes