Xavier Hatten, Founder & CEO at Xnalysis, a financial services company that was founded on the basis of financial literacy, ethics, and the creation of exponential growth for their customers. They were built to offer our customers an array of products that range from simple to complex to increase the awareness of their finances, expand their financial independence, and promote generational wealth.
What You’ll Learn In This Episode
- Finances amongst Millenials and GenZ
- Business Credit
- Business Funding
- Budgeting and Forecasting
- Personal Finances regarding Income and Expenses
- Building Generational Wealth
- Breaking Generational Curses
This transcript is machine transcribed by Sonix
Intro: [00:00:00] Broadcasting live from the Business RadioX studios in Atlanta, Georgia. It’s time for Atlanta Business Radio, brought to you by on pay. Built in Atlanta, on pay is the top rated payroll and HR software anywhere. Get one month free at on pay. Now here’s your host.
Lee Kantor: [00:00:27] Lee Kantor here. I am so excited to be doing today’s show. It is one of my favorite series that we do. It’s the GSU ENI radio series, and today on the show we have Xavier Hatten with Xnalysis. Welcome to Xavier.
Xavier Hatten: [00:00:44] Hey, man. Hey, Lee. Hi. Thanks for having me today.
Lee Kantor: [00:00:47] Well, I’m so excited to learn what you’re up to. Tell us about your firm. How are you serving folks?
Xavier Hatten: [00:00:53] Yeah, so Xnalysis is a financial service company and basically helps people and small businesses with their finances. Just investing, budgeting, credit advice, everyday financial advice. Whether you spend $10 on Starbucks or all the way into how to get you prepared to buy your first home. So make sure you know that we can increase in our clients financial literacy here, ethics analysis and also just concern that we’re making the best financial decisions on the day to day as well.
Lee Kantor: [00:01:22] So how did you come up with this idea? What was the kind of spark that got this thing going?
Xavier Hatten: [00:01:28] Yeah, so I came up with Xnalysis is basically I was like, Hey, I think I want to make a lot of money in my lifetime, but I need to also know how to manage the money that I do make. So coming from a small time, small town, Lagrange, Georgia, I came to a big city. Georgia State University, started off my undergrad degree with accounting and figured out I wanted a little bit more of a challenge. So that’s when I added my finance degree going into my junior year, graduated undergrad, accounting and finance, and just quickly learned as I went to college, I learned a lot about how to be a great analyst for a company, you know, just learning about just a lot of different financial terms and things of that sort. But I saw that I didn’t learn a lot of financial literacy. I didn’t know how to open up my first bank account coming from a college. I didn’t know how to read my credit report when I was coming straight from college. I didn’t know how to manage my credit cards that I did have or how credit cards have impacted me in a positive or negative way. You know, just these different financial things that I think that every adult or young adult should know about. So that’s when I started a company X Analysis, which is a financial service company, which is going to help people just increase their financial literacy, just kind of help make it better a better financial decision on a daily basis. I also saw they’re just kind of in minority communities. I also didn’t have a lot of financial literacy knowledge just when it came to small things like four and one K understanding, even choosing your benefits and how they’re going to help you in the long run. We didn’t really know a lot about, so I wanted to kind of create this company to kind of have a platform where we increase everybody’s financial literacy. I have clients where I can help them with their small business finances, their personal budget, and just more independence in that source.
Lee Kantor: [00:03:10] So is this kind of a pay for services model? Is it a membership model, a subscription model? How do you plan on monetizing this?
Xavier Hatten: [00:03:20] Yeah. So right now we have both we have a membership which is called the X Score, basically where you pay a $14.9 fee a month and you can get basically just free services such as, you know, weekly financial emails, newsletters, right? You get some export gear as well, get pretty much you get everything that you would get from a standpoint of not getting getting a service. So that’s our membership portion. And then our service person is when we have monthly clients and financial consultations where we sit down with people on a daily or monthly basis, whatever they prefer, and you just give them as much as financial knowledge that we have and we just kind of learn and build together and ensure their that their finances are intact from a bookkeeping standpoint, from a creative investment standpoint, and we just meet them on a monthly basis for our monthly membership. Now we do have one time fees as well, which is financial consultations, where I meet one on one with clients or people that are interested in getting taking their finances to the next level and basically basically just having that one hour meeting to get to know their finances, how we can improve over over the next six months or a year or three months, if they will do it on a short term basis and how we can take their we can help them meet their financial goals.
Lee Kantor: [00:04:36] So when you came up with the idea, at what point like did you talk to people around you to kind of get a feel for, okay, is this obviously it’s something important? There’s no denying that. But is it something that people are are willing and able to pay for it? Did you have any conversations about that in terms of, okay, this is great, this is useful, but is this a path, you know, to is there an F kind of financial commitment on the client’s part to really not only grow the business on your part, but also for them to benefit?
Xavier Hatten: [00:05:12] Yeah. So started the company out. Our analysis started in January 2020. If you can imagine two months before a global pandemic, I had to kind of change things up a little bit. So basically it’s now started off as a spreadsheet company. I got a lot of feedback and I had a lot of focus groups for people basically to figure out how I can help them with their financial literacy. And at that time, it was a lot of it’s a lot of small businesses in the metro area being introduced on a daily basis. So a lot of people say helping them just keep up with their finances and making sure they’re not attached to their personal finances and their business finances. So basically bookkeeping. So I wanted to kind of figure that out and how I can make it easier for small business owners to do their bookkeeping. So it was started off as an Excel spreadsheet company based on what I made Excel spreadsheets for different businesses and put in different features in different businesses based on what the business owner wanted in their spreadsheet. But I quickly saw as the pandemic hit in March 2020 that around June or July of 2020 that I had to pivot the company for order for it to survive.
Xavier Hatten: [00:06:18] So after I’d at least around 9 to 11 spreadsheet within our first 2 to 3 months, I got to do some follow up meetings with those same clients and they kind of let me know that they love the spreadsheet, but they just don’t have time to go and input the data into the spreadsheet. So once I learned that they don’t have any time to kind of do their financials because as a small business owner, you’re trying to focus on all other areas. Basically what I did was I went back and said, I want to change this company up and pretty much have this company where it is a financial service company. So instead of me making the spreadsheet for the small business owners, I actually when I actually started doing the bookkeeping and started helping them with their investment and building their business credit, they’re doing a lot of different things when it came to their finances. And then on the personal side, they wanted budgeting and things of that sort as well. And that’s when I started creating the monthly membership. We offer two different packages, gold and platinum packages, and just based on what you what you like and what you prefer is going to differ. So two monthly packages.
Lee Kantor: [00:07:21] And then when did you realize, hey, I’m on to something here. Was that something that once you let people know this was available, they were signing up. You were getting signups pretty quickly?
Xavier Hatten: [00:07:33] Well, I wouldn’t say pretty quickly. So after I pivoted the company, I kind of sit now for a couple of months. I’m just trying to figure out where I can where I can take the company in the midst of a pandemic. So around June, I got my first monthly client in August 2021. And from from there I probably got my second client in November 2020. No, I’m sorry. November 20. I got my first time in August 2020 and then I got my second client in November of 2020. And now, right now we have 14 monthly clients standing today and September 2022. We have about seven other clients that book our financial consultation on a on a bi weekly basis and 14 monthly clients where we actually hammered their business and their personal finances on a monthly basis, send them updates and meet with them every month and things of that sort.
Lee Kantor: [00:08:20] So it’s it seems to be a nice, steady growth that you’ve achieved so far.
Xavier Hatten: [00:08:25] Yeah. Nice, steady growth right now. When I got to about five or six, I figured I couldn’t handle the marketing piece of it no more. So around November 20, 21 or October ten or 21, I hired a social media manager. And then in January 2022, I hired a CPA to kind of do all the taxes and kind of help me with the financial side of things. And then in March, I hired another another one of my employees who who has her master’s of accountancy as well, and really, really good with finances and numbers. And I hired her. So right now we are a team of four different people, one social media manager, one CPA, to kind of help them, the tech side of things, and another which is our chief rock star.
Lee Kantor: [00:09:08] Now, any advice for other founders that are going through this? How do you kind of build a team that’s very complementary when, you know, obviously you don’t have unlimited funds?
Xavier Hatten: [00:09:19] Yeah, I think one of the best things you have to do, you’ve got to get people they’re going to believe in to your vision and believe in your brand. Bringing people on just from monetary, you know, just for monetary purposes when you first starting is going to be pretty hard and it’s going to be hard for you to find people to believe in your brand and ties in this search. But you’ve got to really fight through it. Having limited funds when you first started, not being able to pay people, but having way more work than you can handle as one person is something that I struggled with for probably a year until I was able to find that person, my social media manager, which was my first hire. After that, it allowed me to give him a no wait time, giving away a portion of basically some money for time. Allow me to scale the company even more and allow me to focus on getting more clients. Looking at the financials, how can we just how can we scale its analysis to the next level? And every time you hire someone, it just allows you to free up more and more time to get to that next level. So just being so I know some small business owners that have way more work than they can take, but not just their yet when it comes to their financials. But just stay with it, continue to push hard, continue to push your brand and continue to make sure that you scale it at the appropriate level. And then you’re knowing the right time is to hire your first associate. And after you hire the first one, you’re only time to hire the second and third and fourth. And just building that team surrounding you that believes in your brand just as much as you do now.
Lee Kantor: [00:10:40] With so many people just struggling to make ends meet, how do you help them kind of change their mindset to think in terms of generational wealth?
Xavier Hatten: [00:10:49] Yeah, so generational wealth is something is just one of the terms that near and dear to my heart just because that’s something that I feel like generational work. I actually made a T-shirt that says Generational wealth starts with me. I think just make a sound. Financial decisions will help you in a sense of just getting to that generational wealth standpoint. Like you said, we’re in a time where people don’t have unlimited funds and dinosaurs. I know we’re not just in the midst of a pandemic anymore, but what the pandemic has done is left a lot of trail of just like a lot of different things. That is hard for people to come back from, especially financially. So that’s why I always recommend people to start off with my finances across the station or to join the export first to kind of build up your financial knowledge and get that mental stamp and get to get to a point where you’re a mental standpoint. You know that, hey, I should be spending money on this, I should be budgeting my using the 15, 30, 20 rule when it comes to my paycheck, I should be making sure I’m investing to my four and one K at least up to the match with the company is going to match within that for one K for the year.
Xavier Hatten: [00:11:53] So just having those different mindsets and mentality. Get out of my one on one financing, consultations and export. And then when you’re ready to say, Hey, I think I’ll make enough money now to afford a full time financial service company like it’s now exist. I really need to get my finances in order and take my stuff to the next level as far as my budgeting, investing, savings, building my credit, building business credit. And then like I said, I always tell my clients because once you get in there first contact with me after that final second consultation, we stay in contact forever. You know, I still check in on you and every couple of months or every couple of weeks, just depending on where you went and your financial status of things. And whenever you’re ready to make the transition over to a monthly client, analysis will always be here for you to make that transition. So just turn that all the way back into generational wealth. Making those smart financial decisions on a daily basis is going to help you start the generational wealth, whether it’s already started in your family, or are you going to be the first one to start?
Lee Kantor: [00:12:49] Yeah, the sooner you can get compounding working for you, the better. And even starting small is is a great way to start. It’s just starting and having that discipline to just kind of keep investing, you know, day after day, week after week, month after month. That’s what builds generational wealth.
Xavier Hatten: [00:13:09] Yep. Yeah. You get it. It definitely wants to build generational wealth. Just that compounding. Just keep making those great, farsighted financial decisions will able to help you just start generational wealth, even if it’s starting small, right? Starting small when it comes to finances will allow you to you continue to compound and making starting small when it comes to saving or your flow on came. You’re going to look up at 510 years and say wow I have a lot of money. Yeah. Or I made great financial decision to kind of experience some type of financial freedom.
Lee Kantor: [00:13:40] Now, how did you find out about the Main Street Fund? How did you get involved with them?
Xavier Hatten: [00:13:46] Actually one of my clients won the Main Street phone demo day last year and kind of set out a thought that my company would be a great fit for the Main Street funding program. I really love the program. I’m really, really glad that my client referred me to the program and just the things I’ve learned within this program over the last 4 to 5 months. It’s something that can hold very dear to my heart and continue to help scale my business and become a better business owner each and every day.
Lee Kantor: [00:14:16] So what do you need more of? How can we help?
Xavier Hatten: [00:14:20] So just kind of from a standpoint, how can you help on the Main Street program.
Lee Kantor: [00:14:26] Now for your company? How can we help you grow your company? What do you need? Do you need investors? Do you need more clients? You need more. What do you need?
Xavier Hatten: [00:14:36] Yeah, it’s a great question. I think what I need right now, I just want to kind of being able to scale that company up into the next level. Right. So as far as getting more getting more into the school system where I teach juniors and seniors financial literacy, that kind of goes hand in hand with helps with governor. Governor Kemp knew financial literacy law that he put in place, basically saying that by 2025 and 2026 school year that our financial literacy capacity to be in high school, we need to have half of credit, half of credit financially, of course, to graduate high school. So taking things to the next level, being able to do partnerships with different school systems, different brands, getting awareness of financial literacy to get more clients and just take it to the next level. Next step is what I’m looking for and what needs to be what needs to happen for X analysis to go to the upper echelon or to that next step as a financial service company?
Lee Kantor: [00:15:35] Well, if somebody wants to learn more, is there a website? What’s the best way to get a hold of you or somebody on your team?
Xavier Hatten: [00:15:42] Yeah, the best way to get ahold of me. We have an email info analysis dot com. All of our social media is x x analysis. Facebook, Twitter, Instagram, TikTok. We got it all. And then we also have our website x analysis dot com where you can go on and fill out a contact form and get in contact with one of our one of the people that worked in my company acknowledges and we’ll be in contact back within 24 to 48 hours.
Lee Kantor: [00:16:10] Well, Xavier, congratulations on all the success and momentum. You’re doing important work and we appreciate you.
Xavier Hatten: [00:16:18] Thank you so much for having me on this on this radio. I really, really appreciate it. And just thanks for everybody who’s out there listening to this. Listen to this interview. I will listen to this interview really much. Appreciate it. For all the this this, all the hard work and all the ground that you helped me put into analysis, just the support and just the knowledge that you also help me just get out there. I really appreciate everyone to help ex-Nazis to get to where they are today.
Lee Kantor: [00:16:42] All right. That’s a wrap. This is Lee Kantor. We will see you all next time on GSU. Any radio?
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