The subject of finance is a very important aspect of starting and operating a business. In this episode, we brought on Marsha Barnes, the owner of The Finance Bar based in Charlotte, NC. She talked a little about her background in finance and provided tips for future and existing small business owners on how they can manage their money.
Marsha launched The Finance Bar back in November 2014. The cool thing about The Finance Bar is that it’s not a traditional fashion mobile boutique. Marsha wanted to have an environment in which she could teach and promote “financial literacy.”
IN THIS EPISODE YOU WILL FIND OUT ABOUT:
- Prior to launching The Finance Bar, Marsha led a non-profit for 2 years called Financial Empowerment Charlotte.
- Considering that finances is a touchy subject for a lot of people, she thought that having her new business in a bus would be kind of fun and exciting.
- The Finance Bar is essentially an expansion of the non-profit that she previously ran.
- Marsha chose a bus for her mobile business because she wanted to have an environment in which she could teach. This “school” setting allowed her to envision how she was going to outfit the bus.
- She hired an interior designer to create the floor plan and design for the bus and outfitted it so that her customers would feel comfortable.
- Marsha spent about $35k on getting the mobile business started.
- She provides the use of laptops and free wi-fi on the bus for all of her customers.
- Marsha allows customers to sign up for sessions on her website.
- There is a free Finance Bar app that she recommends to her customers.
- Marsha recommends researching your financial endeavor well before starting off.
- Marsha suggests creating a separate bank account and devote that to your business, in addition to having a savings account.
- As an existing business owner you should focus on your immediate needs first and then think about expanding later on.
- Marsha also started “The Frugal Shop” and the purpose is so that women could consign clothing with her and then she would sell the items at fashion truck events. The women would receive the proceeds from the sales to put towards paying down their debt, to save the money and/or use it towards starting their own business.
- Marsha offers a virtual members club on her website, in which members receive a monthly workbook, monthly challenges, a personal virtual finance session, and more.
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FIND THE FINANCE BAR:
Facebook: The Finance Bar
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