Bill and Cindy were a husband and wife who always dreamed of owning a business. After getting an operating capital loan from an Internet bank they bought a franchise and went to work. Things looked very promising for them as they quickly started selling their services with projected sales exceeding $170,000 for their first year. They even hired a Coach who promised to increase their sales by 10 fold. When Bill and Cindy began to realize they were losing money rapidly and were depleting the cash they had received from their operating capital loan they reached out to me. Their business was heading for failure and they were on the verge of losing everything.
WARNING!!! Facts are used in the following – this is a real-life situation where only the names have been changed.
They reached out to me based on a referral from a mutual acquaintance. I began my work with them by understanding their business. This is what I learned: