EP184: The Truth About Why Most Jewelry Businesses are Broke (and What to Do About It)

Do you ever feel stressed about money in your business? 💳 No matter how hard you try to make sales and keep the cash flow coming in, you can’t seem to keep the money in your account or even pay yourself? Trust me, I hear ya! There was a time when I had a measly -$2.02 in my bank account. (Yes negative). And payroll was due the next day. Talk about being stressed…my hair started falling out and I was losing tons of weight. I’m ashamed to admit this, but I even started smoking cigs like a chimney. Gross! Until I realized there was a better way to run the business… The truth is most start-up jewelry businesses are broke for a few simple reasons (at least the ones that don’t “get it” yet). First and foremost, they treat their jewelry business like a hobby instead of like a real business. A business is a for-profit entity that pays its owner a salary. A hobby is not something that’s typically profitable or paying its owner anything. Let me highlight the difference…. A business owner invests in the people and programs that actually grow their business (themselves, team, consultants, coaches, etc.) They get excited about reading a business book and putting 10% of their profit into a savings account. A hobbyist spends all of their money on supplies, gems, and widgets that consume cash flow making them broke. They get excited about the next gem or bead show and want to cry when they leave the Tucson with exactly $5 left in their bank account. Who will you be: profitable business owner or expensive hobbyist!?! Allow me to help you shift your business paradigm and build a more profitable business. There’s no shame if you aren’t there yet. Awareness is the first step! In fact, I’m hosting a brand new masterclass to help you stand out in a saturated jewelry market (so you can kiss 💋 “being broke,” goodbye). Let’s dive into today’s episode #184: The Truth About Why Most Jewelry Businesses are Broke (and What to Do About It)