Sarah Riegelhuth is the co-founder of Wealth Enhancers, which provides coaching and strategic financial and investment advice.
Where did you get the idea for your business?
We started Wealth Enhancers after noticing that there was a gap in the market for providing financial advice to younger people; specifically, Gen Y. We also knew from experience that Gen Y needed more than just a financial plan: they want their financial plan to be connected to their values and their purpose is life, and they respond well to being coached and kept accountable. So, our community was born, bringing together high-achievers, and delivering a combination of life coaching and financial advice. And We Love Numbers was born out of a similar gap in the market we identified for entrepreneurial businesses. Founders want more than just an accountant looking back on last year's financials; companies with big growth ambitions need planning, strategic advice and the support of a community behind them.
How did you get your business started?
Our first business, a private wealth management firm, WE Private, was founded with $50,000 and a lot of hustling! My husband (co-founder) and I took a small office and brought a few clients, whom I had previously been working with in a family business, and went from there. Our subsequent businesses, Wealth Enhancers and We Love Numbers, have basically been spin-offs from the first business. They have each been founded using cash flow and resources from the existing businesses, which were pulled out once the model had been proven and they were starting to generate revenue.
What lessons have you learned so far on your business journey?
So many: where to start?! Having a vision: getting your team on board and then creating your business rhythms in order for people to stay connected to the vision, the goals and their KPIs. Constantly checking in, monitoring progress and repeating the vision is key we’ve found with We Love Numbers. Try not to bite off too much (which is very hard for an entrepreneur to do!) as spreading yourself too thin can result in high stress levels and slow progress. Learning to delegate will enable you to achieve far more in this regard: get a great team around you and empower them to take the lead.
How important for you has it been to have a mentor?
I have had a mentor for just over a year now as I was particular about not having a mentor just for the sake of it. I wanted to work with someone with whom I had a personal connection, and who had the traits, skills and experience that matched where I am going with We Love Numbers. Finding that person and working with them has been invaluable.
What are your top three tips for starting a business?
1. Start lean: you will make a lot of mistakes early on, and you can't get back money that's already been spent.
2. Learn to delegate and utilise international talent to build a team of great people at affordable prices. We use Grow My Team to recruit and manage our international people.
3. Set clear goals and focus on them every single day. There are so many distractions and 'opportunities' along the journey. But at the end of the day, it's hitting the numbers that matters when it comes to the viability and sustainability of your organisation like we have with We Love Numbers.
The website that was most influential in your journey towards launching your business?
Website: Startup Daily
Reason: Startup Daily is a great place to stay up to date with what the entrepreneurial community, both within Australia and globally, is up to.
Sarah Riegelhuth is a leading financial expert and the author of Get Rich Slow. She is also the co-founder of entrepreneurial communities We Love Numbers and the League of Extraordinary Women.
Sarah Riegelhuth is a graduate of the RMIT Bachelor of Business, Financial Planning (2010). She is willing to answer your questions about starting a new business. Find her in the Members section.
"Start lean: you will make a lot of mistakes early on, and you can't get back money that's already been spent." - Sarah Riegelhuth