Hey Reader,

I’m super excited to kick off your journey into the world of fractional CFO services! 🎉

This is the 1 lesson out 7.

Let me quickly share something before we dive in - each lesson in this series comes in two formats.

While I’ll cover the core insights right here in these emails, I’ve also recorded in-depth videos for those of you who want to go even deeper. Think of the videos as bonus content where we can really explore every detail.

Speaking of which, here’s the video for today’s lesson…

One more thing

Thank you for attending today’s webinar (or if you missed it, don’t worry - I’ve got you covered. The recording is in the link above).

The energy and questions from everyone were incredible, and it really reinforced why I love helping others build their own successful CFO practices.

But without further ado, let’s get into today’s lesson

Today’s Lesson: Crossing the Valley of Death

Starting my own accounting firm completely changed my life. And you know what? It might just change yours too – if you do it right.

I want to share something really important with you, especially since you joined our webinar today (and if you missed it, don’t worry – I’ll break it all down for you).

But first, let me tell you a story that I haven’t shared much before.

Back in 2014, I left my job at Big 4. Well… I sort of left. They kind of let me go. It was complicated. 😅

Instead of doing the “safe” thing and finding another accounting job, I decided to start my own business. But here’s the plot twist – it wasn’t even an accounting firm! My co-founders and I started a company called Skill Silo, where we taught people languages via video chat.

Everyone told me I was crazy. “You don’t have any users!” “You don’t have a validated business model!” “Go work at another accounting firm!”

You know what? They were right.

We went TWO FULL YEARS without taking a salary. Just grinding away, trying to grow our company. Sure, we got a handful of users. Made a few hundred in sales each month. Eventually, a few thousand. But it was never enough to sustain us.

We ultimately had to close down and admit defeat. All because we couldn’t cross what I now call “The Valley of Death.”

See, every company needs to cross this valley. You start on one side with unpredictable income (scary), and you need to get to the other side where you have sustainable, predictable revenue (much better). That space in between? That’s the Valley of Death.

This valley is what keeps so many people from starting their own firms. It’s what makes you wonder if you can make rent next month. It’s what adds extra pressure if you have a family to support.

But here’s what I learned the hard way: there are actually TWO ways to cross this valley.

The first way? Jump in and race against the clock to build sustainable income before your savings run out. That’s what I did with Skill Silo. (Spoiler alert: not recommended)

The second way? Step into a business that’s already stable.

Now, I’m not talking about buying another accounting firm (though that can work too). I’m talking about having clients BEFORE you make the jump.

When I started Mighty Digits, I did things completely differently. I already had a signed opportunity with a company that wanted me as their fractional VP of Finance. 20 hours a week, same rate I was making at my full-time job.

But here’s where it gets really good – I asked them for a 7-month commitment. And they agreed.

Think about that for a second. I was getting paid the same as my current job (which could fire me anytime), but with GUARANTEED income for 7 months. It was actually LESS risky to start my own business than to stay at my job.

Now, you might be thinking, “Wow Josh, you got really lucky with that opportunity.”

Yes and no.

What I didn’t mention was that I had built that relationship over a YEAR, doing small projects for them on nights and weekends while working my full-time job. When the opportunity finally presented itself, I was ready.

That’s the secret I want you to understand: luck is what happens when preparation meets opportunity.

I started by telling EVERYONE in my network that I was offering fractional CFO services on the side. Most people just wished me luck. But one person – someone I had interviewed with years before – connected me with a board member at a company that needed help.

The rest is history.

And since many of you asked during the webinar about finding clients, here’s what really works:

1. Your network is your most valuable asset
2. When selling high-ticket services like CFO work, warm intros are gold.
3. Focus on building real relationships. I spent a year building the relationship that became my first major client. It wasn’t overnight success - it was showing up consistently, delivering value, and being ready when the opportunity came.

Here’s what I want you to take away from this: you don’t need to take a flying leap into the unknown. You can build your firm slowly, methodically, while you still have the security of your current job.

Start having conversations. Reach out to your network. Not just your close contacts – everyone. Family members, old colleagues, that person you met at a conference three years ago. You never know who might need your services or know someone who does.

In our next email, I’m going to show you exactly how to position yourself to find these opportunities. We’ll talk about the specific services you should offer, how to package them, and most importantly – how to find the clients who need them.

But for now, I want you to do just one thing: start thinking about who in your network might either need CFO services or know someone who does. Don’t reach out yet – we’ll get to that. Just make a mental list.

Reply to this email and let me know – what’s your biggest fear about starting your own firm? I read every response personally, and I’d love to help you work through it.

Talk soon,

Josh
Your CFO Guy