Financial Planning for the Next Generation of Entrepreneurs – Campbell King

Meet Campbell King. Co-founder of mi-fi, an accounting and advisory firm for the next generation of business owners. This is his entrepreneurial story.

Where did you get the idea for your business?

Whilst studying at RMIT, myself and one of my now business partners saw that web-based technology was about to have a big impact on business, especially on the accounting profession and the way they work with clients. We envisioned an updated version of an accounting firm like mi-fi that was focussed on this next generation of business and clients.

How did you get your business started?

Initially, our mi-fi founding team was employed at larger, established firms. We began planning during this time and, starting with myself, one by one we left our jobs to join mi-fi full time, bringing together different skills but a single vision to build an accounting firm from the ground up to meet the demands of the next generation.

What lessons have you learned so far on your business journey?

Building a great business like mi-fi takes time. This has been from my own experience and watching our entrepreneurial clients go about building their own businesses. There is a lot of hard work that goes on behind the scenes of any successful business that I think many people don’t realise.

How important for you has it been to have a mentor?

Having a mentor has been highly important for me with mifi. You need to regularly get feedback from someone who can see things objectively. Your perspective will always be right to you. A mentor will help reconcile that with the outside world and tell you whether you are in fact right or if you need to readjust.

What are your top 3 tips for starting a business?

  1. Get educated. Knowledge is power, so arm yourself with as much information as possible about the business you intend to be in.
  2. Employ/engage great people. Find others whom you can rely on to do a great job and help you get further than you can go on your own.
  3. Believe you can be the best. Don’t go into a business that you don’t think you can be the best.

Campbell King is a graduate of the RMIT Master of Professional Accounting (2008).

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