How to Get Your Head Above Water When You Feel Like You’re Drowning

Do you ever have that feeling when you can’t get your head above water in your business because you are drowning in the “D” word (as in DEBT)??

I can totally relate…

Getting out of DEBT can be hard!  At certain times in my life, debt seemed like it was actively pulling me in — even if by accident!

One year, when my business was actively growing, I financed 8 trade shows using cash flow from a large order and a line of credit.

Going into this, I had a plan to pay off the investment, but things went south. My trade shows didn’t get the ROI that I was expecting and a few other financial setbacks came up that were unexpected.

I felt like I was drowning!

I feel this taboo topic is super important to talk about because, had I faced the music a little earlier, my business wouldn’t have gone into Bankruptcy. So if you feel like you are sinking, listen in!

Here are the steps I took to stay afloat when things went underwater in my business!


Click to tweet: 6 Steps to Get Out of Business Debt for Jewelry Designers http://bit.ly/1H9xmnt via @Flourish_Thrive

Now I want to hear from you! I know this is a touchy subject but in the comments below tell me the following:

  1. What is your biggest AHA about getting out of debt?
  2. What is 1 action step you will take this week to gain control of your finances?

4 Comments

  1. Phyllis on April 21, 2015 at 10:30 am

    I am in the fabric business and I am definitely in the inventory surplus category. I need to track my trends better so I can know what fabric I should have in stock at all times and I need to use up the fabric I have in a couple of new products that in testing, look like they might be successful.

    Thanks for your video. Great clarity and good action points that I can apply to my business.

  2. Martha Glover on April 21, 2015 at 11:05 am

    I fall under the category of having too much inventory of beads. Have always justified my large inventory by the fact I make OOAK pieces. Working to pare down now.

  3. Laura on April 21, 2015 at 11:42 am

    I am currently tracking my inventory with Jewelry Designer Manager and so I KNOW I have too much inventory! I have had great luck reducing my inventory of finished jewelry that is no longer part of my line through Facebook sales. I am also planning on opening an Etsy destash store for stones and findings I no longer use. Thanks for the great advice and perspective!

  4. Amy Cousin on April 23, 2015 at 4:20 am

    I track my inventory with BeadManager Pro. Knowing what I have on hand keeps me from impulse buying more beads (but you should see my wish list!). It also helps me track how much wire I use for a piece – I measure and record each length of wire I cut while I’m working on a new piece of jewelry so I’ll have that information on hand when I recreate the piece.

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