What To Do About Business Debt
If you told me I would someday be writing an article about business debt, I probably would have doubled over laughing. In fact, one of the things I tell my private clients is that I will help with every area of business except finances. The only thing I care about as it relates to your finances, is increasing revenue.
I see the online world overrun with people talking about business debt, programs they took that didn’t pay off, coaches that didn’t work out, and you’re left feeling angry, hurt, bitter, and wary.
To make matters worse, you quit your job, invested your 401K, the bills are past due, and you’ve no idea how to make ends meet.
I get it. I understand. I racked up my share of debt while I flopped around like a fish out of water, desperately trying to make my business work.
You might be offended by what I’m about to say, but remember; I was in your shoes. I made the same choices you’ve made so there’s no judgment here, only education.
- No one forced me to quit my six figure job before I was making a penny in my online business
- No one forced me to rack up 100k in business debt
- No one forced me or scammed me into hiring any of the people I chose to hire to help me grow my business
Like you, I was an adult and I made adult choices, but I was not interested in the adult consequences that followed.
I wanted to waller( that’s a southern word for “rolling around in something”) in the blame game and the “If Only” game.
That got me nowhere except bitter, more broke, and jealous.
Now, I’m not energy expert, but if you’re feeling bitter, broke, and jealous all the time, I’m guessing it’s going to be hard to attract customers, money, and create a business you love.
Let me be clear, are there scams out there? YES.
Do some people sell in a slimy way, promising things they don’t deliver? YES.
You can’t control that any more than I can. What we can control is action. The action we take and how we represent ourselves to our customers.
When you’ve made the choice to dive into debt, to follow a dream of running an online business, own that choice, don’t blame anyone. Stand in the power of believing in yourself enough to go all in. Most people don’t have the grit to get that far or make the empowered choices you have.
Next, be honest with yourself. How badly do you need money? If it’s a code red situation, take action.
- Get a part time job
- Work as a VA
- Go back, head held high to your six figure job. I interviewed for a pharmaceutical sales job weeks before I had my first profitable month. The thought of it made me sick, but the thought of not having any more money or room on the credit card made me more sick.
- Sell your stuff. I sold designer handbags, shoes, Bose radios (and everything I could) to help my family make ends meet.
- Can you downsize your house, car, or something else?
I understand these are not choices anyone wants to make, but there comes a time when you have to ask yourself, “How bad do I want it?”. Heck, I even heard Marie Forleo tell a story about moving back in with her parents while she tried to make it.
I have no idea what your financial situation is and can’t advise you on what’s best in your situation. What I can tell you is that businesses that make, and continue to make, millions make empowered choices, own mistakes, and develop an action plan from there.
If you’re under financial stress and you’re unwilling to sacrifice, consider if this is something you really want. There’s no shame in admitting that you’ve changed your mind. However, if you want to create a business that makes millions so bad you can taste it, feel it, and almost experience it, shed the victim energy. Own your business decisions, good and bad, and move on from there.
Stop worrying about what you’re “owed” and get to work. TWEET THIS.
Your Authentic Selling Challenge this week is to comment below on a time when you wondered if you should just give up on your business, and how you overcame that. Bonus points if you share a new way to handle the debt that is mounting for so many amazing men and women business owners out there.
