Entrepreneurship Interview with Andrew Schrage, co-owner of Money Crashers Personal Finance

Please give us a brief elevator pitch for your Money Crashers site.

Money Crashers is one of the top personal finance websites dedicated to helping its readers make better financial decisions. It offers resources, articles, and advice on many different topics, including personal budgeting, income generation, investing, and much more. It is centered on “The Eleven Indispensible Principles of a Money Crasher,” which include always spending less than you make, staying out of debt, and treating your partner as a financial teammate.

Do you have any employees? If so, how many?

We currently employ approximately 30 writers and editors.

Upon graduating from Brown you were involved in the hedge fund industry. How were you able to make the leap into becoming an entrepreneur full time?

I decided early on that the best way to make the switch would be to start my business while continuing to work at my day job. This allowed me to focus on developing Money Crashers without having to worry about my personal finances. There’s no doubt that there were some long days and nights during this time, but it all paid off. Once I began earning a liveable income from Money Crashers, I said goodbye to the hedge fund. This service worked well for me, but that doesn't mean that it will work for everyone, if your interested in Retirement Financial Advice check out www.keyadvice.co.uk for more information.

Businesses and blogs take time, persistence, and good content to grow. How long did it take before the business started to pick up, and what kept you going during your ups and downs?

It took a little more than two years before we started seeing significant growth. I did a lot of soul-searching during that time, but I knew that if I stuck to it and continued to improve the site every day, one day it would pay off.

Do you have any bootstrapping tips?

Use your own expertise to barter for services, which helps to keep costs down. For instance, I provided investment advice to a business colleague of mine in exchange for help in setting up my website. You should also focus on free methods of marketing your business, such as utilizing social media. Additionally, it is important to pare down your personal spending as much as possible to free up capital for your business, and consider outsourcing your work in lieu of hiring full-time staff.

What aspect of being an entrepreneur do you enjoy most?

While I certainly enjoy the obvious perks of entrepreneurship (such as the flexible schedule and being my own boss), what I truly enjoy the most is the sense of pride I feel being a small business owner who provides jobs for others.

How has your business and blog's growth occurred over the years and have there been any major turning points that have increased traffic?

It was slow but steady during the first couple years. A major turning point occurred when we fully immersed ourselves in social media marketing. Weekly Tweetchats, Facebook giveaways, and an overall robust social media presence have resulted in above-average growth.

Helping others is extremely rewarding. Please share a brief story with us that stands out in your mind about a client you've helped and how you've helped make a positive difference in their life.

We once received a comment from a panicked reader who was knee-deep in credit card debt and had just lost her job. She really had no idea how to resolve her problem. I got a few details from her and spent the better part of an evening helping to create a game plan for her as to how to proceed.

As an entrepreneur, how important is it to take risks?

If you don’t take any risks, you’ll never reach your true potential. There are no guarantees in the world of entrepreneurship, but you’ll never know until you try. However, it’s even more important to take calculated risks. Always seek out a business contact, relative, or friend for advice, and do research before moving forward. Thanks to the Internet, a wealth of information is available at your fingertips.

Name one failure you've had—with a previous business or your current business.

My biggest shortcoming to date with my small business was failing to realize the potential of social media marketing. We should have immersed ourselves in social media sooner, and though we are now on track, I can only imagine where we’d be if we had jumped on that bandwagon earlier.

If you could give one piece of advice to fellow entrepreneurs, what would it be?

My one piece of advice is to never be satisfied, and never be complacent. Always look for ways to improve, and always make sure you’re one step ahead of the competition. Take classes to further educate yourself, and look for technological advances to make your business run more smoothly and efficiently.

Are there any books you'd recommend?

“The Seven Habits of Highly Effective People” by Stephen Covey, which offers both professional and personal advice on how to be successful.

Website URL:
MoneyCrashers.com

Andrew Schrage | co-owner of Money Crashers Personal Finance

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