Money matters | A conversation with Alison Hinson, owner and founder of Alison Hinson MBA in Yarmouth
Photo/Tim Greenway
Alison Hinson
Alison Hinson MBA
Founded: July 2009
Employees: 0
Startup costs: 0
Projected revenue, year one: $10,000
Projected revenue, year two: $65,000
Contact: 671-1491
329 Bayview St., Yarmouth
www.AlisonHinsonMBA.com
What is Alison Hinson MBA?
Alison Hinson MBA is a company that helps business owners make intelligent decisions about their money so they can be more profitable and resourceful. I do this by analyzing business information with the goal of increasing revenue, decreasing expenses, or both. Some of my services include financial strategic planning, interpretation of financial reports, design and implementation of budget systems, pricing analysis, strategic reduction of expenses, creation of sales commission plans, and adapting programs such as QuickBooks to support the respective needs of the client.
Why did you start the company?
When I received severance from a former employer I decided it was the right time, both personally and professionally, to pursue my passion for helping small businesses understand and manage their finances. I’d been speaking and writing about small business and personal finances on a part-time basis for several years and wanted to make this a full-time career. Most business owners are passionate about their work, but don’t have an in-depth understanding of the financial issues that drive their business. Many business owners don’t have an extensive background in finance, so reviewing, analyzing and making decisions based on financial information is not something they have been taught or something that comes naturally.
How do you market the company?
I market the company through word of mouth, writing articles, speaking at conferences and networking with other finance professionals and business owners. Since financial issues are generally personal, private and uncomfortable, people usually contact me if someone they know and trust suggested I would be a good person to work with. Most of my clients have been referred to me by their accountant, business coach or another business owner.
I write a monthly column for JobsintheUS.com [and penned a column for Advice Squad in the July 12 issue of Mainebiz] and host a radio show called “Money Talks” on WMPG, which has proven to be a great way to reach a large amount of potential customers. I’ve just begun sending out monthly newsletters that give financial tips for small business owners.
How do you finance the company?
Working as a consultant, I’m selling my knowledge and ideas. Since I had no startup costs, I didn’t have the typical financial needs to begin the company. The only financial impact has been the variability of revenue versus the steady paycheck that I received working in the corporate world, which has been a large adjustment.
What has been your biggest challenge?
My biggest challenge thus far has been promoting my services to business owners. Many people are reluctant to ask for help or don’t know what kind of help to ask for. In general, people are hesitant to talk about their finances, so reaching out for help in this area feels very uncomfortable. In fact, the premise behind my radio show is that most people would rather talk about their sex lives than their finances, so I spend half an hour each week talking about finances in a fun and understandable way.
What has been successful about your business strategy?
The small business community in Maine is pretty well connected, so once people know what you do and that you do it well, I have noticed that the power of word of mouth increases. Instead of contacting small business owners directly, I look to be referred to a client or have some other contact with a potential client before they feel comfortable enough to share the inner workings and financial results of their company.
What are your goals for your company?
My short-term goal is to continue promoting my services so business owners are aware that I can help them make better business decisions. My long-term goal is the same as any other business owner — to create a profitable business doing something I’m passionate about. So far it has worked.
Interview by Lara Cole
New Ventures profiles young businesses 6-18 months old. Send your suggestions and contact information to editorial@mainebiz.biz.
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