Interested in starting your own entrepreneurial journey in financial services but unsure what to expect? Then read up on our interview with Carl Seidman, Founder of Seidman Financial, located in Chicago, IL, USA.

What's your business, and who are your customers?

Seidman Financial focuses on financial training & development, FP&A advisory, leadership masterminds, and fractional CFO services. Customers include Fortune 500s, midsized companies, management consultancies, CPA firms, and small entrepreneurial businesses. The objectives for our customers are to upskill, empower, and implement practices and processes that make a world of difference for their organizations and careers.

Tell us about yourself

I spent the first decade of my career at management consulting firms. I learned more in that short time than I envisioned learning elsewhere in 25 years. Although I loved the fast pace, challenges, and impact, I came to feel the lifestyle was unsustainable for the life I wanted to have. At the same time, clients encouraged me to go out on my own and start my own business. They'd say: "you're doing all the work anyway; why wouldn't you want to do it for yourself?" Finally, a health scare and starting a family made me realize I needed a change.

My business first started in executive coaching, where I worked with business owners and CFOs to help them get to their next chapter. I also explored a bit of contract training, which I'd done solely as a hobby while I was previously employed. I found a lot of success and enjoyment early on, which helped me identify what I liked doing, what was working for my clients, and where I should invest my time and effort. I built several FP&A and financial training programs, which addressed gaps in the market, particularly with large corporations. Finally, I hired staff that could help support back-end business functions while I went out to deliver for my clients.

What motivates me each day to do what I do is impact. There is nothing more meaningful to me than a client who says to me, "we never would've gotten to where we are today if it weren't for what you helped us do." Or a high-performer who says, "I got promoted to a position I always dreamed of having, and I never would've gotten there if it weren't for what you taught me." While my goal in business is to help companies and people grow, it's the impact that growth has on their lives, choices, and well-being that keeps me passionate.

What's your biggest accomplishment as a business owner?

There are many big accomplishments I'm proud of.

There are a number of intangible accomplishments -- building training and development programs that have gotten people promotions, new jobs, and roles they say they would never have gotten otherwise. It's helping companies get to a stage past fear and uncertainty. It's being the trusted advisor and friend that others say, "If I were in battle, I'd want you next to me."

Financially, a big moment for me was when my entrepreneurial revenue, working a fraction of the year, exceeded the revenue I made when I was employed full-time. Another big moment was when I found myself routinely turning down work because I had enough activity and inbound work to fill my calendar.

Finally, reputationally, I'm extremely proud of being a leader in my space, even among the leaders themselves. When their clients or contacts are looking for assistance or guidance, they often point to me and say, "you've got to talk to Carl."

What's one of the hardest things that comes with being a business owner?

Balance of time and responsibility with work can be very difficult. When I'm working on something important, I tend to require deep focus to execute. But I have young children and responsibilities outside of work that often require my attention and prioritization. As an entrepreneur, we're often constantly battling to manage our time as effectively as possible while distractions are everywhere and ongoing.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

My top 3 tips for anyone looking to start, run, and grow a business:

  1. Just start doing it. Get involved and move forward, not just to gather momentum but also to gather data points. My first year in business had relatively low revenue versus years past, while my second year had notably higher revenue. The data showed me what was working and what wasn't. I then had the audacity to ask why certain avenues were working while others were not. In the absence of activity and data, business is just guesswork.
  2. Be patient. It took me four years for my entrepreneurial revenue to exceed my full-time employed revenue. There were massive successes and failures. I wasn't lots of time and money. And while some people may cheer mistakes, I don't, but they're necessary for getting a better understanding of the business. They're part of discovery. Learn to enjoy discovery in the business journey and yourself.
  3. Surround yourself with people who are better, smarter, and more experienced. I randomly stumbled into a community of professional speakers who are some of the sharpest, kindest, most giving, and most successful people I've ever met. Some of them have become my best friends, confidants, and mentors. When I'm in search of an answer I can't come up with on my own, I go to my network. When I'm struggling, I go to my network. When I want to give back, I go to my network. A network and community of great people are essential for picking you up when you fall down and pushing you to be a better version of yourself.

Where can people find you and your business?

Website: https://seidmanfinancial.com/
LinkedIn: https://www.linkedin.com/in/carlseidman/

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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