Starting a business is exciting — but it can also be risky if you don’t have the right financial foundation. Ben Blacker of Blacker Consulting has worked with hundreds of business owners, and he’s seen one consistent truth: smart financial habits early on make the difference between long-term growth and burnout.
Common Pitfalls for Young Entrepreneurs
- Focusing on sales but neglecting cash flow
- Mixing personal and business finances
- Taking on loans without understanding repayment structures
- Ignoring professional advice until there’s a problem
“You don’t need to know everything about finance — you just need to know when to ask for help,” says Ben.
Ben’s Five Rules for Financial Discipline
- Track everything – Know your numbers weekly, not yearly.
- Keep reserves – Aim for at least three months’ operating expenses.
- Plan tax early – Don’t let EOFY catch you off guard.
- Find your team – Build a network of an accountant, lawyer, and advisor you trust.
- Invest smartly – Grow sustainably, not impulsively.
Building for the Long Term
Ben encourages young business owners to treat financial management as part of their identity as entrepreneurs.
“The best businesses aren’t built overnight — they’re built on good habits, strong networks, and consistency,” he says.
