An entrepreneur whose business earns $45,000 a month shares the biggest mistake he's made
Courtesy of Flipped Lifestyle
A few years ago, Shane and Jocelyn Sams were teachers who earned a combined $5,000 a month.
Today, they're the owners of Flipped Lifestyle, which earns $45,000 to $100,000 a month.
How did they make the leap?
Jeff Rose of Good Financial Cents interviewed the couple, who explained everything from what it's like to go from making ends meet to having money to spare to how other people can echo their success.
When he asked about their biggest mistake, Shane told Rose their fear of losing money kept them from hiring, and from growing their business as quickly as they should have:
"The biggest thing that we would definitely go back and say that we should've done was hired people faster. We should've been less scared to invest our money. People are always scared to spend money, like, 'I can't afford that. I can't afford that. I might lose this $100.'
"Guess what? If you're going to start a business, you better be ready to lose some money because you're probably going to eventually on something. We were always scared, 'What if we hire people and we can't teach them or we don't know what to do?'
"So we didn't hire people. We tried to do everything ourselves, and it was a big mistake; it held us back. Our business didn't grow as fast as we wanted it to when we quit our jobs and it was because we were scared to open our hand and let go of a little money to hire people. I would say hire people as fast as you can afford it, and you can afford it a lot faster than you think."
Read the full interview with the founders of Flipped Lifestyle on Good Financial Cents »
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