What to do if you have a Finance Phobia
Every business has to struggle to break free from their comfort zone to maximize potential. This requires taking calculated risks and learning new skills. Most small business owners don’t have finance degrees, so a bit of finance phobia is normal. However, to be successful, finance phobia is a fear that will usually need to be overcome. As with most things, after the first time, it’s much easier.
We want to introduce you to Donna, who is a brilliant business woman, but just hates numbers.
“I started my business because I wanted to provide massages. The business is doing fine and needs to expand, but I don’t want to be in debt. The banks say I have to guarantee a portion of the loan. What if I can’t pay it off? What happens to my stuff?”
Donna is a delight to be around. She is a licensed massage therapist (LMT) who built her business from a one-table/one LMT studio into a 10-table/15 LMT business over the past 7 years. She had built a very successful formula and brand at this location and had outgrown her space. She knew she needed to expand, but she wasn’t 100% sure exactly how best to go about it.
Ms. Donovan was cautious with her spending. While she was an amazing businesswoman with phenomenal intuitive business skills, she didn’t have any formal business training. So, “banking stuff” took her out of her comfort zone.
How We Helped Donna get past her finance phobia!
The front of the tile describes the problem. Flip it to see the solution.
Post Script: Ms. Donovan has not only expanded to one new location, but she has now expanded to three. We are so proud of her successes.
If you are having issues like Donna, all it takes is a little confidence and education. It will go a little faster with help. If Donna’s case wasn’t right for you, please take the business assessment to get a guide that’s better suited for your issues. Otherwise, contact us and book your complimentary strategy call with us.