Interested in starting your own entrepreneurial journey in consultancy but unsure what to expect? Then read up on our interview with Jeremy Torgerson, Founder of nVest Advisors, LLC, located in Colorado Springs, CO, USA.
What's your business, and who are your customers?
I built nVest Advisors to provide financial advice, investment management, coaching, and advocacy for working families and small businesses. I believe that the backbone of our country, the "regular" hard-working family, is often overlooked by the financial services industry, and certainly, there is a lack of quality financial resources out there for us. We believe that we can achieve great things with our clients if we can offer you the same quality investment management and financial planning that is usually only available to those already wealthy.
Tell us about yourself
I was a small business owner for several years. I struggled with many of the same financial problems many families face. We weren't getting the kind of advice and help we needed from the professionals we had hired to help us. So I began studying the subject of investing and financial planning on my own, and realized that there were so many other people out there like my wife and I who really needed this information and could benefit from it. When the Great Recession hit our area in 2007, I decided to switch careers completely and become a financial advisor, which I've been doing ever since. And true to my convictions back then, I created a firm specifically to work with younger investors and business owners. If you're Gen X through Gen Z, this firm was built for you.
What's your biggest accomplishment as a business owner?
For every business, the first big accomplishment is just surviving those first few years. Over 90% of all new businesses fail within 6 years, so just making it that far is a great achievement. After that, I would say that I'm most proud of how loyal our clients are. It is very rare that we lose a client other than someone who passes away. Many of my clients are close friends now, and many have been with us for a decade or longer. I attribute that to their genuine, sincere concern for their wellbeing and that their relationship with us truly blesses them in some way. When someone entrusts you with their life savings and with reaching their financial dreams, that is a trust you can never take lightly.
What's one of the hardest things that come with being a business owner?
The one mistake I see most often in new business owners is the desire to "fake it until you make it" - buying a new car, taking vacations, etc., long before the business is ready to sustain that kind of expenditure. People underestimate how long and hard the hours will be. I once heard a great quote that self-employed people work 13 hours a day for themselves, so they don't have to work 8 hours for someone else. Very true.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
First, invest the time and energy to create systems to run your business. Don't rely on the talents of specific people. People can quit on you
a system cannot. You must spend the time to systematize the operations of your business as much as possible, as early as you can.
Second, expect a lot of rejection, and try hard not to take any of it personally. In my business, we literally have to ask perfect strangers to trust us with their life savings. Of course, many are cautious, as they should be. So when we hear a "no," it isn't a rejection of YOU; it's a rejection of your offer - at the moment. I've learned that a prospective client is never gone for good sometimes; the timing was just wrong. Many "no" answers had become clients over the years when the timing was right for them. Just keep demonstrating your value and offering your services, and remember that you are only looking for those people who are already looking for you.
Last, remember to be grateful and give thanks often. Your customer could have chosen to do business with anyone, but they chose YOU. That is something you should be grateful for and never take for granted.
Is there anything else you'd like to share?
I'd like to pop the illusion many people have that working that 9-5 job and getting that steady paycheck is the "safe" career. I'd been laid off twice before I was 35. Working as a typical employee places you at the mercy of just one boss who could "downsize" you out of the company at any moment. But when you run a business, your customers are your boss. You can have as many as you want; losing one doesn't send you to the unemployment line. Running a profitable small business is, in many ways, a safer route than hoping your company job survives the next recession because you have control.
Where can people find you and your business?
Website: https://nvestadvisors.com/
Twitter: https://twitter.com/nvestadvisors
LinkedIn: https://www.linkedin.com/in/jtoddtorg/
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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