EntreLeadership - Should I Close the Doors of My Business Permanently?

Episode Date: May 14, 2020

Tune in to hear Dave Ramsey and Daniel Tardy respond to some business owners' fears around Coronavirus.   Give us your feedback on these daily, COVID-19, bonus episodes: Text DAILYBONUS to 33444   Want to bring in Alex Judd and experience an EntreLeadership Workshop with your team? Click the link below: https://www.entreleadership.com/workshops   Get access to the EntreLeadership Weekly Report Tool, FREE, for you and your team for 3 months: Text TEAMHEALTH to 33444 or visit entreleadership.com/weekly-report   Follow us on social media to stay plugged in to everything we’re doing to help the small business owner win: LinkedIn Instagram Facebook Twitter YouTube Learn more about your ad choices. Visit megaphone.fm/adchoices

It's an entree leadership theme hour here on the Dave Ramsey show. Daniel Tarty, executive vice president of entree leadership, joins me this hour answering your questions. If you haven't heard, we have an event this coming July called Entree Leadership Summit. It is a massive event, 2,000 to 3,000 people. It is one of the premier leadership events. This is the premier teachers and speakers on leadership in the world are there. Mike Roe will be with us this year, Damon John, from Shark Tank. Ramsey personalities, Ken Coleman, Christy Wright, Chris Ogan, me, Carly Fiorino will be with us.

There will be several other speaking, all kinds of breakouts, all kinds of opportunities to interface with other leaders from around the world, literally. There are some tickets available if you'd like to come. It's July 15th in Orlando. It is absolutely going to be a blowout. And truthfully, some of you are going to need some. You're going to need your tank filled back up after going through. this. You're going to need some emotional support. You need church after this. And we're going to be from a business perspective laughingly saying we're holding church, right? Don't be confused.

If you're a Christian like me, don't get all offended. You get offended about too many things. Well, Dave, you bring up a good point. You know, if you're not an event person or a conference person and you're thinking, I can just read another book or I'll just watch everything on YouTube, here's the thing. There's so much great content out there for free, but content does not cause transformation. It's the teaching, it's the experience, and it's the community with like-minded people who are dealing with the same challenges you have, the same fears you have. When you can get, you know, kneecap to kneecap, maybe six feet apart this time, but you can sit down with people who think like you, act like you, and have the same desires that you have in life, and you're

wrestling through some of the same content from these world-class teachers. you become a different person. You become the type of leader that your team deserves that builds the type of company that impacts your entire marketplace in a whole new way. Yep. And tickets are available, ontaryleadership.com.

Check them out. Jessica's in Ohio. Hi, Jessica. Welcome to the Dave Ramsey show. Hi, Dave, thanks for taking my call. Sure. What's up? So I own an aesthetic salon,

so it's lots of waxing and eyelash extensions. And my question for you is at what point do I just stop the bleeding and close my doors permanently? When there is no hope that it will turn around using logical, critical thinking skills. Okay. So how was business before the corona shutdown? It was doing well. This is my busy season.

I'm getting a little concerned. My busy time is typically between right around spring break through June. And that's when I'm busy. That's when I make the most of my money. Okay. Do you think that people will come and do that? They just are going to do it later, or you think you just missed it? Maybe eventually.

I'm not sure. I'm just afraid to keep hemorrhaging money. And we have no back-to-work day in Ohio. And God forbid this is where to happen again. Everyone rolled over so easily. I don't suppose that's going to happen. again. I, you know, the finger, the pulse that we have on the nation with our contacts and the people

we're working with all over the nation, I don't think the government will be able to get us to do this again. And so I'm not worried about that part of it. What I am worried about is how quickly you can get back to work and how far you're imaging. So how much are you losing now a month? I just cut everything that I could. when he didn't put us back to work.

So get rid of all my marketing team and all that. So right now it's right around $1,000 a month. You know, just rent. Are you single? Utilities. Yes. Okay. So what are you living on?

I had a little bit of savings. I'm also working 40 or 60 hours a week, just at an essential job that I've had to take on. Great. You are a rock star. I'm inspired. So how much are you making at the essential job that's temporary? Like nothing.

$12 an hour, so it's barely getting me by. But you're getting 40 to 60 hours. Can you feed the $1,000 and feed yourself? Kind of. It's not pretty. If kind of works for a month or two, I mean, what's great about, you know, and Dave was asking you, how was business before, your business model has not been broken. You still have a great business.

You still have a great. Your reputation is not stable. Your reputation, you have a great customer base. I think Dave and I would not be included in this kind of customer base. But it sounds like you're providing a great service. You're not the target market? I don't feel like. You know what she's talking about.

She's talking about waxing before you go to the beach. But once the last time you wax before you went to the beach, Dave. But the point is all the ingredients of your business are still sitting right here. And if you can hang on and you're holding your breath underwater and you're doing a great job doing it by getting the side job and everything else, I think in six to eight weeks you're going to be back in business and rebuilding. There was nothing wrong with your business. That's right. When this happened.

See, if your business had symptoms of its own, right? It was already struggling. Then there's a different thing. And so the only question is when Ohio opens up and then how quickly your customers will return after that. and I honestly think they're probably going to return fairly quickly. As soon as they can get comfortable with the not, without, you know, the fear issue, if they get comfortable on attending and coming into your building and having the procedures done and so forth, then, you know, I think it's going to come back.

Here's an example, okay, similar to your business. I've talked to, we talked to several people that own barbershops or beauty salons. obviously they've lost an entire month of income. No, they really haven't. Because there's going to be a line around the block as soon as they open up with all these shaggy people standing at their door. Right? So some of the money that they would have made in April, they're going to make extra money in May because of that, if they open in May, as an example. And I don't think yours is quite as much of a pent-up demand on that.

Yours is more of a luxury where a classic hair. haircut for some of these shaggy people in my building right now is more of the necessity. But I think the pent-up demand is still there. I think some of your income will come, your April income is going to show up as extra income in May if you were to open in May as an example, or June, or whatever the date is. So if I'm you, I'm going to hold on because there's no reason here for you to give up and walk away. Yeah, and just depending on how compliant you are, I guess you could start an underground, you know, come to my house. Speak easy. Bikini waxing.

service on this. Yeah, I don't know. These are things I don't know about. These are things you don't know about. And never want to. Yeah, this is things I'm just looking at you as you're throwing this idea out over the airwaves here. Yeah. Well, there's haircut speakeasy's popping up everywhere. I hear rumors. But again, you and I would know nothing about that. I got razor blades. That's working for me.

Yeah. All those clippers I bought at Walgreens are doing just fine and they have for 20 years now. So, yeah, so problems we don't have. But it's still a fun business discussion. I'm sorry you're facing this. and I'm sorry that your governor's not giving you any more insight. Where there is no vision, the people perish, he needs to tell you what the flip's going on. But the trick is I think your customers will come right back

as soon as you can get open, and I would hold on if I could. This is the Dave Ramsey show.