Journey To $100 Million

Today we’re joined by a special guest: our administrative assistant, Katya! Years ago, Katya opened and closed a Latin dance studio because, like many new business owners, she overlooked a lot of steps required in starting a business. One of the mistakes they made right off the bat was overpaying for a space in a prime location in Virginia Beach when in retrospect she knows they should have built up their clientele first or renting space from an established dance studio. Second, they didn’t have a plan in place for covering expenses in the beginning. They underestimated the costs of starting up the business and operating it on a daily basis but they also relied on credit instead of cash to cover those expenses. Those first few months were all about getting the business up and running and there were a lot of startup costs. Looking back, Katya knows that they should have had a better plan in place for covering operating expenses for at least the first 6 months or until they became profitable. And they sho