Today we have an important conversation because many companies are struggling. If you are struggling, know that you aren’t alone. It’s important to look at all of the ways you can get scrappy to maintain your business and ride this wave until you can grow again.
In this episode we will cover:
- Seeking a Business line of credit
- Where can you cut back on expenses
- How can you pivot and bring in more revenue
- Bankruptcy
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Disclaimer:
The Legalpreneur Podcast is advertising/marketing material. It is not legal advice. Please consult with your attorney on these topics. Copyright Legalpreneur Inc 2022
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Episode 241: Are You Struggling in Business Right Now? Transcript
Andrea: [00:00:03] Welcome to the Legalpreneur podcast. I’m your host, Andrea Sager, founder and CEO of Legalpreneur Inc. As a serial entrepreneur and someone that works exclusively with small business owners legally protecting their business, I’m dedicated to covering common legal issues faced by business owners, providing you with the business knowledge you need to catapult your business’s growth and showing you just how some of the world’s most elite entrepreneurs have handled these legal and business issues themselves. In true attorney fashion, the information in this episode is not legal advice. This is for informational purposes only, and you should always consult with your attorney before implementing any of the information in the show.
Andrea: [00:00:48] Hello there. Welcome back to another episode of the Legalpreneur podcast. I am going to have a very special episode today because I feel like I’m just going to call out the elephant in the room and just ask if you’re struggling. Are you struggling in business? I have seen a very big theme lately with clients and I want to make sure that I’m sharing this with you here because I want you all to know that you’re not alone if you’re struggling. So there is. Crazy times going on. I mean, I don’t know what else to say. Like, people are struggling. People are struggling in business. We’ve seen a bunch of tech layoffs over the past couple of weeks. There’s just a lot of transition going on. And a number of clients have come to me with their struggles. Number one, I’ve had people ask, Should I file for bankruptcy? Like, what do I do? And I’ll touch on that briefly. But also, I just want you to know, if you’re struggling, you’re not alone. And this is a time to get really, really scrappy and business. So a couple of weeks ago I discussed about going from growth to maintenance mode and. If you are struggling, you really just have to get into that maintenance mode and get really scrappy and do what you can to ride out the wave, because that’s really what I’m telling clients that come to me, that are struggling.
Andrea: [00:02:21] I’m just telling them, “Hey,just do what you can to ride out the wave.” This does not necessarily mean that you need to give up on your business, because I personally think a lot of people that succeed are those that can ride out the waves. They can actually hold on when it feels like shit’s hitting the fan. And no matter how much of a struggle it is right now. I don’t want you to give up. There may be there may be a time that comes when you probably should be done with business that you know, you’re done. You’re like, Hey, you know what? I’ve done my time. I want to sell or I want to just, you know, quit this business. I want to pivot to something else. Like, there may come a time for that, but I don’t want that to happen just because of. The tumultuous times going on right now. Because you’re not alone. I don’t want to say everyone I know is struggling, but a lot of people are struggling right now, and it’s just time to get really scrappy. Where can you cut back on expenses? Where can you get really strategic on bringing in new revenue streams? Do you need a business line of credit? And this is also talking about business debt or just any debt. A lot of people are very scared of debt. And I don’t want to say, hey, you should go get in a lot of debt, but.
Andrea: [00:03:51] Debt can actually be really helpful in growing a business and maintaining the business. So right now, if you are struggling, there’s nothing wrong with going to get more funding. You can look at a business line of credit, go to your business bank, whoever you’re working with, and talk to them about an unsecured line of credit. And I know I talked about this, you know, how to prepare for a possible recession, but. That is one route to get extra funding during this time and meanwhile continue to cut back on expenses and just figure out how can I get really scrappy? As far as bankruptcy. I don’t want to encourage anyone to do that. But if you feel like that really is all that’s left, then maybe that is an option for you. But don’t just immediately resort to that. Look at other funding options. Look at, Hey, where can we get really scrappy? What can we do to bring in more revenue? It’s. Not easy being a business owner, and I think a lot of us have had really great times over the past few years and. Now it’s a matter of who can stick it out. Who are those resilient business owners that can ride the wave? So if you are struggling, I just want you to know that you’re not alone. And. Perhaps you just got to get really scrappy and figure out what else you can do.
Andrea: [00:05:36] To save the business. Remember, don’t think about just growing the business right now. It may just be a matter of, Hey, how can I keep the business alive right now? And there’s nothing wrong with that being in that mindset. Some people get really down on themselves for not having this huge growth year and also and just ignore those big audacious claims online like, Oh, I made $1,000,000 in two months or this or that. You are where you are. Accept it and. Get back to the foundations. How can you continue to build your business? You know, there’s not too many takeaways from this other than I just really, really encourage you if you feel like you’re struggling and you feel like you’re the only one, you feel alone. From the bottom of my heart, you are not alone. I mean, we’re struggling over here with at Legalpreneur. We’re I mean, we’re not having a great year, but we’re just getting scrappy. We’re just riding the wave, just making sure bills are paid. We’re not definitely not profitable this year. And that’s okay. That’s where we are. That’s the year that we’re having. But we know that we are, honestly. So what we’re focusing on this year is really just doubling down on our content. So really focusing on growing our channels as far as YouTube, Tik Tok, Instagram really trying to produce. More content and more quality content because we want people to view us as that go to business resource.
Andrea: [00:07:09] So that’s what we’re working on maybe for you. You can just work on creating more content. What are what are some basics that you can work on if it’s and it’s not always a matter of launching a new offer. I think some people are like, Oh, I have to launch this new thing, which that might be the answer, but if you already have a great offer and you just need to reach new people. Maybe it’s creating more content, maybe it’s working on Facebook ads, Instagram ads, Google ads. Also, you can’t be afraid to spend money. I’ve been in that mindset this past year. We used to do really, really well with Facebook ads, and then the iOS update came and hit and it was like, Oh, we really haven’t run ads since then. But now I’ve found there I do. I really do have a mindset block around spending money on ads. And it it’s just from going through the divorce and transitioning from the law firm to Legalpreneur and not having as much money as we did. It’s for me, it’s a scarcity mindset thing, which I am actively working on. But we’re okay. We’re going to be okay. We’re just like I said, we’re riding the wave. That is the number one thing I want people to realize. Like, you are not alone.
Andrea: [00:08:24] And it breaks my heart when people have to come to me and. Say, like I feel like I’m struggling. I feel alone, like nobody understands. And it’s hard being a business owner because a lot of times our real life friends don’t understand, but just know I’m here. If you need to reach out on Instagram, feel free to DM me. Let me know what’s going on and if you just want some words of encouragement, but. And if you really do need to consider bankruptcy, let me know. I can get you a recommendation. But again, I don’t want you to think that’s your only option when in reality it’s probably not the the right option. There’s plenty of remedies out there to get you through this. All right, you all, I am out. I hope you all have a wonderful weekend, and I’ll see you Monday. I am so excited to share with you that from now until the end of the year, you can sign up for the Legalpreneur membership for almost half off. It is normally 349 a month or 3499 for the year, but from now until the end of 2022, you can sign up for 199 a month or 1999 for the year. You get all access to your own attorney, unlimited emails, 130 minute phone call, a month, document review, access to all of our contract templates, plus a discount on additional services. And once you get started, we get you rocking and rolling with a business audit, which is where we outline exactly what protection you currently have and what protections you still need. We lay it all out for you. That way you can get started working with your attorney, knowing exactly where your relationship is going. Get signed up. The link is in the show notes and we are so excited to serve you and the Legalpreneur membership.
Andrea: [00:10:13] Here at Legalpreneur. We’re committed to providing a supportive legal community for all business owners. I know how scary the legal stuff can be. If you found this information helpful, I would be so grateful if you could share it with the fellow business owner. And quite frankly, it doesn’t cost anything to rate, review or subscribe to the show. Your support helps me reach more listeners, which allows me to support more business owners in their entrepreneurial journey. Have any questions or comments about the show? Feel free to drop me a line on Instagram. I promise. I read all of the messages and comments, and if you want to be a guest on the show or know someone that would make a great guess, simply fill out our application form and a team member will reach out if we think.
Andrea: [00:10:52] It’s a good fit. I’ll see you in the next episode.
