My Million Dollar Business Is Struggling
The Ramsey Show Highlights
Ramsey Network
4.5 • 840 Ratings
🗓️ 1 November 2024
⏱️ 6 minutes
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| 0:00.0 | Brought to you by the Every Dollar app. |
| 0:04.3 | Start budgeting for free today. |
| 0:06.6 | Hey, hi. |
| 0:08.1 | Being of YouTube, I actually feel like it was such a blessing. |
| 0:11.6 | I saw you recently on the George Jenko show. |
| 0:14.2 | Really? |
| 0:14.8 | Which was, yes. |
| 0:15.9 | And it was like so amazing because it was the first time I've heard somebody that I've related to so much of building something amazing so quickly and then falling into almost, well, going into bankruptcy and losing it. |
| 0:28.1 | And I feel like that's the situation I'm in. |
| 0:30.5 | So I have spent like the past six years creating a seven figure business. |
| 0:35.8 | I made over $5 million. |
| 0:37.3 | I'm full owner equity. I haven't made |
| 0:39.8 | stupid decisions as far as PARs and stupid things like that. I pay myself like $6,000 a year. |
| 0:47.1 | I basically between our current state what's happening is the fast funding that I've got that, you know, |
| 0:54.0 | quick capital that you've |
| 0:55.2 | access to, they take 17% of daily sales. I've racked up a bit of like a credit card too |
| 1:00.8 | between the ad spend that we do because we're primarily D to C. But what's really great is our D2C |
| 1:08.0 | is still, I mean, it's hard. It's hard out there without spend, people buying less and everything. |
| 1:13.8 | My biggest challenge is the debt seems to be taking more than obviously what's coming in. |
| 1:18.7 | Are you saying you factored your receivables? |
| 1:21.6 | Yeah. |
| 1:22.1 | So my cash flow is like running down. |
... |
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