I’m so sick of hearing about boutique owners being freaked out about debt. Let’s get down to figuring out how to stop giving away your money power around debt in this episode of the podcast.
1. Take the shame out of it! 1. Why are mortgages ok, but investments of inventory on a credit card aren’t? 2. Let’s call this debt, a business investment. 3. Stop giving debt power because what you focus on expand, but the shame will get worse if you focus on it and will give in the way of you running your business. 2. Stop paying off your credit card in big chunks. 1. Help your credit score by paying back in smaller amounts over time. 2. Ween yourself off the card and start using cash whenever possible, you want to run your business on cash as much as you can. 3. To be able to do this quickly, you need to manage your inventory and watch your expenses.
If you are interested in learning more about how to manage your inventory and pay yourself, consider investing in the digital ticket to my Boost Your Boutique Workshop where I go deep into how to do this. You can find the digital ticket here: bit.ly/BYBDallasReplay
3. Shift Your Mindset and Money Story 1. Debt = Trust. A bank or person trusted you enough to let you borrow money with the intention of you paying it back! 2. Check in where you are with your thoughts and ideas about money. What’s your money story and where did it come from? 3. Choose to re-write your money story and give yourself the power back around your future.
Here's to making lots of friends and making lots of money! - Emily Benson