Self-Made Entrepreneur Carter Cofield Shares His Journey To Becoming A Business Success Story
As a Certified Public Accountant (CPA) and Personal Financial Specialist (PFS), Carter Cofield has dedicated his entire career to helping business owners and entrepreneurs navigate the world of financial in the most efficient and effective way.
We were lucky enough to sit down with Carter for an exclusive interview where he told us all about his entrepreneurship journey. Here’s how it went.
What was your entrepreneurship journey like? Was it easy or did you have some early failures?
Whew, I wish I could tell you that my entrepreneurship journey was all sunshine and rainbows but that just wasn’t the case.
I quit my job to start my businesses with $13,000 in savings, a dream business idea, and a heart full of ambition. Three months later, I found myself $20k in credit card debt and zero paid clients. BUT I was having the time of my life!
I was doing a lot of pro-bono work (we’ll talk about this later) and I was really helping people and learning a lot along the way. Then I got my first client, and another, and then they started rolling in!
I loved what I was doing when I was broke and not making any money, so when the money started to come in, I was like a kid in a candy store. A few years later, I’ve crossed the $500k mark in one business with the goal of 7-figures now. And it all started with a dream and the courage to pursuit that dream.
What mindset do you need to adopt when you own your own business?
The biggest mindset ship I had to make an a business owner is that every failure is a lesson and can often be our greatest teacher. The quicker you embrace failure, the quicker you’ll become successful.
What is some advice you give someone who wants to start a business?
This is very simple. Anytime someone asks me should they start a business, I respond with 3 simple questions:
1. Are you passionate about it?
This is important because starting a business is HARD WORK and you will have plenty of failures along the way. The only way you stick with it, is to be super passionate about what you do!
2. Does it serve or add value to peoples lives?
Every successful business either serves people or adds value to lives of people. If you business won’t do this then don’t both starting it.
3. Can you make it profitable?
Being passionate and adding value to others is fine and dandy. But if you can’t find a way to make it profitable, you won’t be in business very long.
I love this question but your audience is not going to love my answer haha. My secret to early business success is to “Do pro-bono/free work”. I know this sounds crazy but hear me out. When you do work for free, especially in the early days, 3 things happen:
1. You get free practice
Odds are you wont be that good at your service or product when you start out. This gives you an opportunity to get free practice and if you mess up, people won’t be that upset because they didn’t pay for it. They will actually help you through your mistakes most of the time.
2. You build relationships and reviews
This is huge because in entrepreneurship, relationships are your greatest resource! Doing good work for free helps you build relationship equity with people which can pay huge dividends down the line!
3. You start to understand your value
Most starting entrepreneurs drastically undervalue themselves. So what I recommend you do is , After you’re done doing the free work, ask the person how much they would be willing to pay for that service/product. Odds are you’ll find that they answer is exponentially higher than yours!
What is the “single best piece of advice” you can offer an entrepreneur?
Wow, I don’t know if I could offer just one. But here are 5 keys to business success that my mentor gave me. I hung these on my wall to ensure I saw them everyday and I know they were a huge component of my success.
Leaders are readers and if you’re going to lead a company you must read. Read books on business, personal development, and of course books on your industry profession. You’ll be surprised at how much value can be found in a $20 book. Once a read a $10 book that literally made me $5,000 the very next day.
2. Invest in Yourself
The best investment you’ll ever make is an investment in yourself. Never forget that!
3. Hang out with other Entrepreneurs
We all know that you are who you hand around. If you want to stay an entrepreneur, it is a must that you find entrepreneur friends. They give you a save space for questions, resources, and share wins/losses.
4. Find Mentors
The quickest way to get somewhere is to find someone who did it and ask them how.
5. Give Value First!
Money follows value. If you focus on value first, money has no choice but to follow.
Want to learn more about Carter Cofield’s business, Cofield’s Concepts? Check out our in-depth expert review for more information.