The Barking Lot is a full-service pet salon, dog training center and bakery. They also offer a store with a wide variety of food, treats, toys and more. Megan Rozell is the owner, manager and pet stylist. She attended The Academy of Dog Grooming Arts 13 years ago and worked at The Barking Lot for a few years before taking over as owner. Rozell shares her financial journey of running a small business at a young age, along with having limited knowledge in small business finances.
(Photo courtesy of Megan Rozell)
What has been the biggest financial challenge you have had in your business?
Owning my own business since the age of 21 and not having all the knowledge of finances was definitely a struggle! I was young and not knowledgeable in finances, so I had to learn as I went along. It was challenging to be confident in the financial area of my small business when there was a lack of finance knowledge and the time necessary to devote to the understanding of small business finances.
What have you implemented to overcome that challenge?
To overcome the challenges, I enlisted a great accountant and learned QuickBooks. I also diligently set time aside weekly to ensure that everything was in line and my business goals were being met. I would suggest that anyone considering opening a business for the first time take the opportunity to research and learn about small business finances. It is also important to invest in hiring staff who can handle the finances if you as the business owner feel you do not have the time and resources to run the financial end of a business.
What are the results after you implemented your solution?
The results are great! Every day I spend time making sure my business is where it should be. My goals are being met, and I am able to look at things more clearly. I now feel more knowledgeable about my finances and running a business. Taking the time out to stay on top of financing makes a huge difference in running a successful business, and it is all well worth it. I absolutely love what I do!
This article was written by Michelle Guilbeau of Examiner.com for CBS Small Business Pulse.