In this episode of the HVAC Know It All Business Edition Podcast, co-hosts Gary McCreadie and Furman Haynes from WorkHero sit down with Austin Wendel, Owner at Accounting 4 Trades, who shares valuable insights from his experience in the trades industry, guiding entrepreneurs on how to properly set themselves up financially before taking the leap into business ownership.
Austin Wendel is a seasoned business owner in the trades industry, with years of experience helping others navigate the challenges of starting and growing a business. Known for his practical approach to financial planning and business growth, Austin breaks down key areas such as personal credit, savings, emotional preparation, and the importance of separating business and personal finances.
Expect to Learn
- The significance of having a good credit score and how it affects your business.
- How to calculate savings and ensure you have enough financial runway before starting.
- The emotional preparation needed for business ownership includes family involvement.
- Why it's crucial to separate business and personal finances and practical tips for doing so.
- Whether you should invest in high-cost branding or take a more conservative approach to vehicles and tools.
Timestamps
00:00 – Introduction
02:35 – Personal Credit Score
04:15 – Checking Your Credit Score
05:25 – Savings and Runway
06:43 – Playing Devil's Advocate on Starting with $0
08:36 – Emotional Runway & Family Support
11:58 – Avoiding the "Shiny Truck Trap"
15:12 – Separating Business and Personal Finances
16:29 – The Importance of a Supply House Float
19:38 – Using Vendor Credit to Extend Payment Terms
21:10 – Managing Credit and Debt
21:49 – Software Choices for New Business Owners
This Episode is Kindly Sponsored by: PartsTown: https://www.partstown.com/hvac-parts
Follow our Guest Austin Wendel:
LinkedIn: https://www.linkedin.com/in/accounting4trades/
Instagram: https://www.instagram.com/accounting4trades/
Company Website: https://www.acc4t.com/
Company LinkedIn: https://www.linkedin.com/company/accounting-4-trades/
Company Facebook: https://www.facebook.com/acc4trades\
Follow Gary McCreadie:
LinkedIn: https://www.linkedin.com/in/gary-mccreadie-38217a77/
Website: https://www.hvacknowitall.com
Facebook: https://www.facebook.com/people/HVAC-Know-It-All-2/61569643061429/
Follow Furman Haynes:
LinkedIn: https://www.linkedin.com/in/furmanhaynes/
WorkHero: https://www.linkedin.com/company/workherohvac/
Instagram: https://www.instagram.com/workhero__/