marine small business financial advisor?

[tugboater]

Looking for a reference or two. I am close to starting a small business & feel like my weakness is on the financial side of the operation. Solid work ethic and love of my trade has provided well for my family, but only as an employee. I've done a ton of homework, but am not 100% confident in my plan & would pay for sound advice before I take on the risk. Hoping to find an advisor familiar with the marine industry, but not absolutely necessary. The business is in Alaska. I have a few leads, but thought it possible that a few of the boat owners on here made some good decisions with their money at one time or another! Anyone willing to share info? Thanks!

[ALtsMagent]

I think you need to find a good specialist to get professional advice. In any case, I wish you good luck.

[Benz]

I have my own rigging business, and frankly, the worst part is the paperwork--getting set up, buying insurance, quarterly taxes, all that. Once you get those things in train, the rest is simply, well, working, and maintaining the paperwork (receipts and books are a weekly part of my life).
Around here (Rhode Island), there's attorneys who can help you set up a business and get you LLC'd and all, if you can afford them. For me it was just legwork. And then other small guys like me often hire a part time bookkeeper who does quite well managing several different operations.
If your business is in tugging (as your name suggests), I can't offer advice--I can only say that there are plenty of small-time tugboat operations here that seem to do quite well. I have no idea how they market themselves or find clients; I just see them tooling up and down the bay all the time.

[danstanford]

I have been self-employed for about 33 years and spent most of that time on volunteer boards helping businesses and business causes. Business plans are a useful tool to focus your thinking on the really valuable elements of your business success, margins and volume. If you can understand the need to make enough gross profit to cover your overheads and have some left over you will understand how volume will affect your margins.
Finally, it has been my experience that most failing companies have one big hole in their competencies. It might be sales, it might be accounting, it might be admin/hr functions , but it is seldom the core business. You can hire the missing competency if you can recognize it in yourself but failing to do so is very dangerous.

[Chotu]

Wow. A couple of great posts above.

I’m even more thankful for BenZ’s post on my “how do you lengthen a mast” thread now. Has no idea you were a professional rigger.

[Benz]

Originally Posted by Chotu

Wow. A couple of great posts above.

I’m even more thankful for BenZ’s post on my “how do you lengthen a mast” thread now. Has no idea you were a professional rigger.

I'm full of surprises....

[Apollo19.5]

I am an accountant with a host of SME clients but on the wrong side of the rock to be able to offer you specific advice. The couple of things I will said in general is that most fo the businesses I see fail or end up in trouble is due to a lack of focus on the financial/compliance aspect of their business. Things like tax planning, resource planning, budgeting, cashflow, HR and insurances. They often nail the process side of their business and are good at whatever they do, but is often the admin that brings them undone. My suggestion is talk to other small businesses in the area as to which accountant they use and if that accountant only does compliance work or does business development services as well.


Second is marketing. It is increasingly a different world in improved ways to promote your business and target specific clients who are actively seeking your services. Some research and use of marketing providers could be very useful to increase your turnover and client base. I crank mine up or down or turn off as needed.


Good luck with the new business.