In changing tides, resilience and proactivity are key. Summit Salon Business Center founder, Michael Cole, hosted an inspiring Facebook Live training for salon professionals to help strategize during times of financial uncertainty. His motivational advice for Solapreneurs will help you to de-stress and overcome our current challenging landscape stronger and more prepared than ever before. His message? You are a warrior. Let’s come out of this thing ready to thrive! Before diving in, he wanted to remind our community of a previous webinar he hosted for Sola where he taught his 5 golden rules to fast track to wealth. The 5 rules are: Make more money - raise your fuelSpend less - lower your burn rateNuke debt - reduce your debt loadSave the rest - build your reserveEnjoy your nest - live on your eggs And although our economy has recently seen a dramatic shift, these lessons still hold true. However, he gave them a relevant spin to apply to our current economic crisis. Find more money - raise your fuelSpend less - lower your burn rateShort-term debt - manage your debt loadTap your nest - use your reserve 1. Find more money: Raise your fuel ⛽️ Tap into these resources to secure additional sources of cash flow while you aren't able to receive your usual income: Small Business Associate (SBA) has various loan programs: www.sba.gov The SBA also has set up Economic Injury Disaster Loans due to COVID-19: www.sba.gov/disasterFemale business owners can also visit www.sba.gov/wasbready or write to wasb@sba.govCheck your state’s Department of Community and Economic Development Business Resource office. Many states have assistance programs in place for small business owners. United Way COVID-19 Economic Relief Fund: 866-211-9666Visit summitsalon.com and click on "Get Prepared" for a list of free resources that can guide you to further financial resources. Talk to your bank for lines of credit 2. Spend less: Lower your burn rate 🔥 One dollar saved is one dollar earnedRedo your budget We often unconsciously spend money. Look to areas where you can eliminate unnecessary expenses (app subscriptions, auto-orders, etc.). 3. Short term debt: Manage your debt load 💳 It is ok to take on some short-term debt during a crisis. But see it as that - short-term. Don't make rash decisions that will impact you for years to come.It's ok to put some necessary expenses on a credit card, but don't buy "want" items that you can't afford. This will turn your short-term debt into a much longer financial burden. 4. Tap your nest: Use your reserve 💸 Do not be afraid to tap your nest egg.If available to you, tap into your savings account to subsidize yourself for the time being. Keep track of what you take out of savings to help you make up for it when you are back to earning a steady income. If you made sacrifices in the past to have a nice cushion, you did so for events like we are in right now. Do not stress for using your emergency fund if you have one. Remember, you will not need to work hard to get your clients to return once the quarantine ends. In fact, they are just as eager and in need of the salon as you are in need of them in your chair. As soon as the time is right, they will likel