Major Key - Financial Freedom

Happy Friday Lovers!

As I gear up for the holidays, I plan to indulge in some self-care! You know what that means for me as an entrepreneur and mommy? It means hiding in my bathroom for an hour, sitting there on the floor and scrolling Instagram (LOL). I perform best when I am rested and have my coffee on standby in case of emergency. Yes, much needed down time as I get ready to go to market next season.

Everyone is talking new year, new you…blah blah blah…I am so over new year resolutions! See, my goals are not aligned with new year resolutions. I believe that my resolutions should be practiced monthly.  Yes, monthly affirmations and love notes to myself that say how great I am and what my goals are for the month. One of my upcoming goals is to be on a “spend only if needed” diet. That means no new shoes for me! I will wear the Loubs I have until I wear the heels out and I am okay with that. So, if you see me I will be wearing the same shoes in every Instagram photo (giggle).

Why a no spend diet you ask? Well, a major goal for me as a business owner is financial freedom. See, I finance my own business--- I didn't have a fairy godmother or a "connection" that financially helped me to start my business. I don’t have business loans, I'm basically a seed sower over here at PASSPORT hoping that one day, the brand will grow into something bigger than myself. Now, I have thought about the possibility of how I could grow with a business loan but, it just seemed like it was so difficult to attain for a small business such as mine. At one point in time, I did not know how I was going to make it without business financing. I desperately wanted to leave my job but decided to make my job finance my dream. I used the money I earned from work to pay bills and put a little towards PASSPORT. I started with producing 3 inexpensive items that I knew would sale fast and that would be most profitable. The item that kicked it all off was my 2011 Rose Blazer (pictured) that is still my best seller to date. In the hopes of building a larger collection and making more dinero, I got a payday loan (don’t ever get a payday loan)! I used the loan which had a high interest rate to produce my upcoming collection. I loss part of my profit paying the payday loan back. I decided at that time to develop a financial statement and balance sheet for my business so that I would know exactly what my expenses were and charge appropriately to cover them. If I wanted to build my finances, I had to learn my worth and charge for the amazing products that I delivered. I also had to learn not to take on any unnecessary debt!

Overtime, I continued to grow and gain financial stability by participating in pop up shops, fashion shows, and consigning my line to boutiques which were all big money makers for my business. In this new season, I plan to continue to reflect on my lessons learned, continue building, continue my self care routines, and continue waiting on Tom Ford, Marc Jacobs, or Virgil Abloh to hire me to design for them (hey, a girl can dream can't she?). In the coming months, don't limit yourself to a new year resolution in January. I want you to start planting now, you are going to be pleasantly surprised at what grows from your diligence.

Xo, SP

 

 


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