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Boutique Chat

#632: Staying In Your Lane: Building a Business Without Debt

Boutique Chat

Ashley Alderson

Business, Marketing, Retail, Boutiquetips, Fashionindustry, Fashionbusiness, Entrepreneurship, Businessstrategy

5853 Ratings

🗓️ 5 November 2024

⏱️ 34 minutes

🧾️ Download transcript

Summary

Sometimes we get sucked into thinking bigger is always better and assume that it takes massive amounts of debt to start a successful business—but that’s not necessarily the case. Mary Hill of H2G Boutique joins the show today to talk about how she has built her business without using debt. You will hear how she uses cash, how she does inventory, why she pays herself first, and her long-term strategy for growth. 

Learn More About the Boutique Hub Here: https://theboutiquehub.com/join/boutique

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Transcript

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0:00.0

One of my favorite parts about the boutique hub and especially our largest coaching program

0:05.4

retail boot camp is the opportunity that I have to go deep with so many boutique owners

0:11.1

to really get to know their business. I'm talking one-on-one calls and understanding what works

0:15.8

and what doesn't and how to make them tick. And one of my favorite students in the last year who I was like,

0:21.8

man, I just really love her heart and her mission, but I love even more how punctual and

0:29.9

tactical she is when it comes to paying herself through her small business. So I couldn't wait

0:36.3

to introduce you guys to somebody who I think

0:38.6

you're going to have so much in common with, but such an opportunity to learn from. And it's my

0:43.1

friend Mary Hill of H2G boutique. Mary and I had an opportunity to get to know each other a lot

0:49.3

better this year again through retail boot camp, but also during some in-person markets in Dallas

0:53.9

when Mary came and

0:55.0

visited us in our showroom. And I hope you guys take that opportunity to come visit us in our

0:58.8

showroom as well. Today, we're going to talk about how Mary has been building her business

1:03.0

without using debt, how she's used it with cash, how she manages her inventory, how they use

1:08.9

profit first and her and her husband pay themselves,

1:11.4

and what their long-term strategy is for growth. I think so often today, and I mentioned this

1:16.3

in the interview with Mary, but I think so often today we just think bigger is better and I have

1:20.7

to take out all these crazy loans and invest in all this inventory and go into massive amounts

1:24.7

of debt and hope that someday I'm going to be able to pay myself back.

1:28.9

But so often anymore, I'm seeing people found themselves in a trap.

1:35.0

And they're paying huge amounts of interest on loans that they had thought they were going to pay off a lot earlier.

1:40.8

And they're wondering where to turn next.

...

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