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Show Notes

Most business fail because they can’t pay their bills. So in this episode, I’ll cover the three biggest mistakes business owners make when it comes to managing money, and how you can avoid those pitfalls.

And I’m so excited for you to get a pep talk from my friend and leader—nationally syndicated radio host and #1 best-selling author, Dave Ramsey. He will answer a variety of questions specific to small and side businesses, like how to start out with what you’ve got, what profit really means, when to make your first hire, and more.

We’ll also hear from Megan Huffman, owner of Rising Sun Learning Center in Kansas City, Missouri. Megan took a failing childcare center and completely turned it around. What started as little changes made a huge impact, and now she runs the successful business debt-free.

0:55    Managing the Money in Your Business (Pricing)

12:23  Interview with Dave Ramsey

37:49  BB Success Story with Megan Huffman

47:26  Homework

What would $1,000 do for your business? Enter my Business Boutique Podcast Giveaway for your chance to win!

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If you have a success story you would like to share with the Business Boutique community, email me at podcast@businessboutique.com.

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Comments

  1. Kim Small says:

    Hi Christy, I am so inspired by your energy! Great information on this webcast. I really want to try and get to your conference in Nashville. I am just starting out creating a business for nonprofits to provide bookkeeping and other back office supports in a virtual setting. I have one client so far but I see the opportunity to grow the business as I see there is a need with more people turning to providing help to others. I’m passionate about utilizing my skills to help others. I look forward to learning more from you and Dave as to how I can best do this! I too am a mom who left the corporate world to stay home with my child and truly find peace with having a balance between work and homelife! Thank you for all you do!

    1. Amie Christensen says:

      Hi Kim, I am thinking of starting a similar business part time. How is it going so far? Would you recommend any books that helped? How did you figure out pricing and what type of software are you currently using? Sorry for the question overload, lol. I hope all is going well!! Thanks so much for any input!

  2. Profile photo of Kaulie Kaulie says:

    Once I start my business, my husband and I are going to use the profits to finish paying off our debt! After that win, he is hoping to change jobs to something he will actually enjoy without the financial stress that comes with the transition period between jobs. After that…CHILDREN with the financial ability for me to stay home. These are years planned in advance, but they are my “why’s”!

  3. Ashley Williams says:

    Great episode! My biggest takeaway from this one was the comments about pricing. I’ve been thinking for a year that we need to raise prices for our business, especially now that most of our business is word of mouth from happy customers, not to mention we have tons of good reviews. I needed to hear, “you don’t have to be the cheapest” and “being the cheapest isn’t always a good thing”. Keep up the great work Christy!

  4. Catherine Baker says:

    Love hearing this business savvy from you, Christy. With the money I want to make from my business (hopefully to launch next year), I want to help pay off our house so my husband and I can be TOTALLY debt free!

    Thank YOU for your leadership, Christy. Your courage is contagious.

  5. Chloe says:

    Right now we’re focused on paying off our personal debt, so all profits are being thrown at out last debt. Once that’s done in the next 5 months I’m hoping to really focus on treating my side hobby as a legit business rather than the simple Craigslist deals I’m doing now. I’ve limited myself to operating on $100. Anytime I sell an item, I refill my $100 for supplies and any additional cash goes towards the debt. Can’t wait until I can put more of that back into the business. 🙂

  6. Kim says:

    This episode was extremely helpful for me! I like how you break things down in small chunks. I feel like I’m all over the place with my business and can’t seem to focus on what I really need to do to make the business run better. This episode laid it all out and made it feel more manageable. Thank you!

  7. Megan Huffman says:

    I LOVED the interview!!! Thank you for helping me share my story to help encourage others. My husband, assistant director, and I will be at the Entreleadership One Day on the 19th and I look forward to seeing you again, Christy! And the next night I’m taking my whole staff with their plus one’s to the Smart Money event. See you soon!!!

  8. I love that you talked about not going in debt over equipment and finding it in cheaper places or getting used equipment. I want to encourage my fellow Business Boutique Ladies to think even beyond that and seek out low cost or free options through things like schools and community centers.

    Ideally to make what I wanted to make, I needed a laser cutter. Well, those are super expensive and there is a huge learning curve with them. I researched other options and found that there were services online that would cut out pieces for you with their laser and then send them to you for a fee. I knew I was working in a better direction , but I still wasn’t pleased with the idea of an added cost to have my pieces cut.

    Then I found in my city a local “hackerspace”. It’s a community center where people who make stuff come together. They have a full woodshop, a full metal shop, 3d printers, vinyl cutters, industrial sewing machines, soldering stations, and laser cutters. Not only is it a free space to come and use (when 2 or more members are present) BUT there are also people willing to teach you how to use the equipment or maybe pick up a new craft.

    If you can’t get the equipment yourself, you may be able to find another solution. And if it’s not immediately offered, don’t be afraid to ask. When I was working with the kids in my church, I found a resource center through the public school system. As long as your project benefited kids or youth you could use their machines and equipment like die cutters and laminators.

    Don’t limit yourself on what you can do, or what you want to do, because you can’t buy a piece of equipment. Think outside the notion of purchasing and get creative.

  9. Marianne Rutz says:

    I’m at the bring of leaving a highly paid corporate job for MY own business. I know it’s the right thing to do and the time is now. The business will be able to pay for itself, make a profit and give me the freedom I so much want. What am I waiting for really? Thank you for your podcasts, which are so inspiring and are helping me to stay focused!

  10. Heather says:

    Thank you so much!! I am so thankful for the Business Boutique. For the encouragement and hope. Episodes 3 & 4 have unleashed a new realization in me about my beliefs of money and profit. Thank you for putting words to a struggle that I have had and needed someone to shed light unto the truth. I’m excited to re-budget, brand and grow as an entrepreneur and woman who runs a successful business, not a hobby or profitless job. Thank you!

  11. Tami says:

    Thanks for the podcasts, Christy! One of the most helpful things for me was Dave saying that if we are proud of our product, then we need to act like it! No slumped shoulders, apologizing for the price!!
    Also, as we are just starting out, my friends and I have been bartering services for free product–I did ingredient sourcing research for him, and got delish artisinal cheese! His wife, who is an experienced photo stylist can help me with photos and I’ll gift her soaps and scrubs! Win-win! This could be an option for some with little cash!

  12. Mandy says:

    This was a great episode to listen to. I am attempting to turn what has been more of a hobby into a business, now that I am a stay at home mom. I’ve been making and selling home decor and candles since the beginning of 2015 online. While it hasn’t put me out financially (my husband and I are officially debt free minus our mortgage) it hasn’t made enough to really pay myself. I am taking a risk and using some of the money I have made to reinvent my business (rebrand) and offer different products. I am releasing new products this weekend–women’s apparel in an attempt to “test” the market. If this takes off I want to use my talents to help provide for our family AND give to those in need! Here’s to hard work, determination, and most importantly trusting Jesus to lead and guide me into success.

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