HEAR BEATE LIVE at Ideas on October 20, Los Angeles 2018

Click here to get your ticket for the must-attend event Oct. 20 for anyone that is already in Data Science or just looking to expand their career network.

Nothing’s ever easy. But you just keep going. That was one lesson I learned from my experiences just after I thought that my troubles were over, after the Small Business Administration decided to help me in my photo syndication business, as I had run into credit and financial problems.

Things were going well. The SBA had one of their specialists work on fine-tuning my plan, and then whether to recommend whether I qualified for the $250,000 I had asked for. I was put in touch with the Valley Economic Development Center, a nonprofit organization that would assist me in packaging and shopping the loan with banks.

Things were happening, but they were also going slowly. I was out of money and needed a fast turnaround. And I fell into old traps. A credit card company sent me an envelope with a check asking if I needed extra cash, and I accepted.

You can imagine where that led me. This time, I needed that money to pay interest on the other payments I had to make! By now I had accumulated some $130,000 in debt. I learned to worry about bills only twice a month, when you have to figure out how to pay them. This was not a way to live. And this was not a way for a smart (at least I thought I was smart) businessperson to get her new company off the ground.

Eventually, I was recommended for a loan. But the loan amount was about half of what I wanted and only to be used to restructure my debt. Still, I was desperate, so it sounded fair enough to me, as it would free up my lines of credit so I could once again go further into debt until I could hit my breakeven point. I could see into the future: a vicious cycle of mounting debt and interest. We were so close to a terrible way of doing business that I could feel it.

Then something else was thrown my way. Real-estate problems. Not the kind you were thinking of.

We’ve all been there – we think things are going all right. We’ve overcome one difficulty, and then another roadblock pops up. What do you do? I’ll share with you what I did in the next few posts, but tell me your thoughts. How did you face the next big crisis in your life, after you thought you’d already solved a big one?

Pin It on Pinterest

Share This