It's incredibly difficult to obtain bank loans when you are preparing to open your spa. Banks are very hesitant to lend to our industry because the big ticket items for the build out is usually plumbing, electrical and construction. And the banks can't take any of that if you default on your loan.
For most spa owners, they either had personal financing from family or they used Lines of Credit or Credit Cards to pay for their business opening expenses.
And once the spa owner is finally open for business, she finds it's REALLY hard to pay off those credit cards when she realizes how cash strapped she is for the first year or two. What happens then is entrepreneurs end up using an already high credit card for their operating account. It becomes a very expensive hamster wheel and feels like there is no end in sight.
Cue: Accelerated Credit Card Payment Plans.
In last Friday's Periscope, I planted the seed about an accelerated payment plan which any of you (with multiple card debt) can use to pay off rapidly. Have a watch!
If you are in a real jam with your spa finances...we should talk. You can take advantage of a complementary 30 min coaching session with me at anytime. Click here to schedule your session. Don't let 2016 be a repeat of this year!