Latest / SliderCuts This Is Ownership Podcast / I AM BROKE

Transcript

I AM BROKE · SliderCuts This Is Ownership Podcast

• 0:00
  SPEAKER_00: I am broke.
• 0:02
  SPEAKER_00: Yes, I said it.
• 0:04
  SPEAKER_00: I am broke.
• 0:06
  SPEAKER_00: And anytime I put out a message like this, I get friends, people contacting me saying, Are you okay?
• 0:11
  SPEAKER_00: Or why did you say that?
• 0:13
  SPEAKER_00: You shouldn't be telling people that.
• 0:14
  SPEAKER_00: But I'm like, why not?
• 0:17
  SPEAKER_00: My whole thing from the beginning has always been to show you the realities of barbering and business.
• 0:24
  SPEAKER_00: So if I'm in a season where I'm broke, whether that season is one month, one year, five years, whatever it is, it's my responsibility to show you guys.
• 0:35
  SPEAKER_00: And also the reason why is because many people enter into business and don't know what it is really like.
• 0:42
  SPEAKER_00: They just go online and they see people talking about my business made a million pounds this year, and yeah, we're living the lifestyle up, jet skis, this, that.
• 0:52
  SPEAKER_00: And then people are like, okay, well, if I run my own business, that's what it's gonna be like.
• 0:56
  SPEAKER_00: And they're just not telling you the truth.
• 0:58
  SPEAKER_00: And I know many business owners, people that own massive businesses, businesses that bring in so much money is unbelievable.
• 1:05
  SPEAKER_00: To people that own smaller businesses that bring in tens of thousands, so there's tens of thousands of people which are bringing in tens of millions.
• 1:13
  SPEAKER_00: And when I talk to business owners, there's always this thing where we relate and we connect, and it's this side of things that a lot of people just don't see.
• 1:27
  SPEAKER_00: And this is why I am broke right now, and I'm telling you, and if you don't know who I am already, my name is Mark MacIver.
• 1:35
  SPEAKER_00: I own the brand and the business Slider Cuts, and this is the Slider Cuts podcast, which hasn't got an official proper name yet.
• 1:42
  SPEAKER_00: I'm working with different names, so if you've got any ideas, let me know.
• 1:45
  SPEAKER_00: I'm thinking about Beyond the Cut, but I think potentially someone may have it.
• 1:50
  SPEAKER_00: I'm not sure.
• 1:51
  SPEAKER_00: Potentially, I had the Slider Cuts Barber Business Podcast.
• 1:56
  SPEAKER_00: I've got well, I own the copyright and the trademark for in the cut, so maybe we'll go with that.
• 2:01
  SPEAKER_00: I'm going off on tangent, but we still haven't got a podcast name.
• 2:05
  SPEAKER_00: But whatever the case is, I'm gonna show up for you every week, regardless whether I have an official podcast name or not.
• 2:14
  SPEAKER_00: And this is the podcast where I talk all things barbering, business, and in between.
• 2:21
  SPEAKER_00: And today we're talking about being broke.
• 2:25
  SPEAKER_00: I am a business owner, and let me tell you this my business is doing well.
• 2:30
  SPEAKER_00: The business altogether is gonna gross probably around a million pounds this year.
• 2:35
  SPEAKER_00: So you may be thinking, well, how can you be broke?
• 2:39
  SPEAKER_00: If your business is gonna bring in that much money, that doesn't make any sense.
• 2:44
  SPEAKER_00: Let me explain.
• 2:45
  SPEAKER_00: Because some of you are gonna say, Well, you must you just must be doing bad business.
• 2:49
  SPEAKER_00: And sometimes that may be the case.
• 2:51
  SPEAKER_00: Sometimes I've done bad business, I've made wrong decisions, I've lost money, and that's why I come out here and I just tell you guys what I've done so that you don't make those same mistakes.
• 3:03
  SPEAKER_00: But let me explain to you why I'm broke, and to make it very clear before I start explaining it, I'm not saying I'm poor.
• 3:11
  SPEAKER_00: I'm not even saying that I'm in a bad situation, but I am broke.
• 3:16
  SPEAKER_00: I haven't got any money.
• 3:18
  SPEAKER_00: Month to month, I'm earning money to pay off things, pay staff, pay bills, pay debts, and so on.
• 3:28
  SPEAKER_00: The money comes in, the money goes out.
• 3:31
  SPEAKER_00: And why is that?
• 3:33
  SPEAKER_00: It's simple.
• 3:35
  SPEAKER_00: I have overinvested into my business with my own money and resources.
• 3:43
  SPEAKER_00: And this is why I say this is my own doing.
• 3:47
  SPEAKER_00: When I opened up Slidercut Studios, I had plenty of people asked to invest.
• 3:52
  SPEAKER_00: And I said no.
• 3:54
  SPEAKER_00: And the reason why I said no was because I always knew in my heart and in my head logically that I felt that the Slidercut Studios, that Slidercut Studios, was gonna be a success.
• 4:08
  SPEAKER_00: And I just felt that if I took investment at the time, people were investing when it was at its lowest value because it's still a seed, it wasn't an open running business yet.
• 4:20
  SPEAKER_00: And I just thought, if I take money now, I'm gonna look back and think, why did I do that?
• 4:29
  SPEAKER_00: Also, I didn't want any investors because I didn't want any split views, I didn't want anybody who was involved who was telling me to do things a certain way, which I didn't want to do.
• 4:38
  SPEAKER_00: And many people said, Yeah, but you can have silent investors and silent partners.
• 4:42
  SPEAKER_00: And to be honest, barbershop-wise, I just don't believe that I could have a silent partner, especially for the people that were trying to invest.
• 4:54
  SPEAKER_00: These are these are people who have been going to the barbershop their whole life, who go to the barbershop now, they all have opinions.
• 5:02
  SPEAKER_00: So I said, I'm not taking any investors.
• 5:09
  SPEAKER_00: This is unprofessional.
• 5:10
  SPEAKER_00: I'm gonna close this curtain a little bit because I think it's shining on my hands a little bit.
• 5:16
  SPEAKER_00: This is for the guys which are watching it, but for the guys who are listening, it's a real podcast.
• 5:21
  SPEAKER_00: This is like not having any edits or anything like that, guys.
• 5:23
  SPEAKER_00: I'm actually just telling you the realness.
• 5:25
  SPEAKER_00: So the reason why I didn't take investment was because of that.
• 5:29
  SPEAKER_00: I believed it was gonna be a success, and I just felt, well, if I take the investment now, then people are gonna own a good percent of my percentage of my business, and all they invested was money.
• 5:40
  SPEAKER_00: So I decided to go down the route of just borrowing money, high interest loans is what I took out.
• 5:46
  SPEAKER_00: This is where it all started from.
• 5:47
  SPEAKER_00: This is why I am coming up to eight years into my business, and I'm still not making money, although the business is making money.
• 5:58
  SPEAKER_00: Let's say Mark Mackyver isn't receiving a lot of money from the business yet, because I just keep over investing, and let me explain to you and break it down to you.
• 6:08
  SPEAKER_00: So, first of all, I took a lot of loans out, high interest loans, so that I can keep 100% of my business.
• 6:15
  SPEAKER_00: Because one, I didn't want to sell any shares at the entry point, you know, at the beginning of the business, because I was like the shares will be too cheap.
• 6:25
  SPEAKER_00: That's one, and two, to be honest, the main reason as well was I had a vision for how I wanted Slidercut Studios to be, and I didn't want anybody else involved in that obstructing that vision, so I said it's better that I just own it all so I can run this business the way I want it to be run.
• 6:43
  SPEAKER_00: And some of you may be saying, Well, what's the things that you know that could be obstructed?
• 6:47
  SPEAKER_00: Well, let me tell you, there's plenty of things that have come our way that I haven't bought into or haven't kind of like taken on, which could have made us money.
• 6:55
  SPEAKER_00: Sometimes people come and say, Yeah, do you know what we want to do this with you or do this with your business, will you do it?
• 7:00
  SPEAKER_00: And I'm like, no.
• 7:01
  SPEAKER_00: And it's like, why?
• 7:03
  SPEAKER_00: Because it just goes against my ethics and values, but it can make money.
• 7:08
  SPEAKER_00: But I'm like, nah, I can't do that.
• 7:11
  SPEAKER_00: Because just to make be very clear, I'm a Christian, I'm living out that life, so there's sometimes things people want you to do which you just I'm just not on.
• 7:20
  SPEAKER_00: I just don't want to do.
• 7:21
  SPEAKER_00: I'm not, you know, it goes against my values, against goes against my beliefs, so I'm just not gonna do it.
• 7:25
  SPEAKER_00: And I just felt if I had business partners, especially who don't share the same belief as me, who have invested money into it, and they're like, Whoa, this opportunity has come up, you guys should do it, and I'm like, Ah nah, I don't want to do it.
• 7:42
  SPEAKER_00: They're gonna be thinking, Why?
• 7:43
  SPEAKER_00: It makes money, and I'm gonna be like, Oh, well, you know, my beliefs and so on.
• 7:47
  SPEAKER_00: And what they're gonna do is say, Oh, come on, bro, it's not that deep, and there's just gonna be some conflict, so I just didn't want anything like that at all.
• 7:56
  SPEAKER_00: Like, I just didn't want that, so I just said, you know, it's better that I just have this business myself, so I'll instead I'll take out high interest loans.
• 8:05
  SPEAKER_00: In taking out high interest loans, I owe a lot of money.
• 8:09
  SPEAKER_00: Now remember this I'm starting a business at a time that has no barbers, it's set for me.
• 8:14
  SPEAKER_00: So the business is generating no money, making no money, but I'm paying out all this money out, and I'm having to pay shop rent, I'm having to pay money from all the loans which I've taken out, you're having to pay electricity bill, the gas we had taken out, so there's no there's no gas, you know, just PPI, PPL, you know, all these different things when you're running a business that you know, you just have to pay out straight away rent every month, straight away, but the business is making no money.
• 8:40
  SPEAKER_00: So, what's happening is I'm falling behind a little bit because I'm borrowing more money to make sure I'm keeping up with the bills, and then suddenly we get a barber working, great.
• 8:48
  SPEAKER_00: The barber's working, not making that much money, but something's coming in, it helps.
• 8:52
  SPEAKER_00: Another barber comes in, great, another barber comes in, great, still behind, but you can see things are building.
• 9:01
  SPEAKER_00: Another barber comes in, great, another barber comes in, great, and then it gets to a point where it's like, all right, you know what?
• 9:08
  SPEAKER_00: The business is kind of like breaking even, like in a sense of the money I'm making, or the shop's bringing in, it's paying the bills now, and it's covering the debts.
• 9:20
  SPEAKER_00: So it's like okay, great.
• 9:22
  SPEAKER_00: I'm working in a chair, I'm making money, so I don't really need money from the business per se, because I've got my chair.
• 9:31
  SPEAKER_00: Great.
• 9:31
  SPEAKER_00: So, what did I do then when that stage came?
• 9:36
  SPEAKER_00: Apologies if you're watching.
• 9:37
  SPEAKER_00: Let me move this.
• 9:38
  SPEAKER_00: I think the sun's moving, you know, the sun's moving.
• 9:42
  SPEAKER_00: I'm not gonna edit it out either, guys, because um it's just it is what it is, and I want to be real, and I don't want to kind of like chop up this video because this video is really just about being authentic and straight up.
• 9:54
  SPEAKER_00: So I got to a stage, right, where that's happening, and I'm like, okay, how do we grow the business more?
• 10:01
  SPEAKER_00: I'm like, well, let's get someone else in.
• 10:04
  SPEAKER_00: So get another barber in, but this barber who's got loads of potential is saying because of their age and their living circumstances, they can't afford to go into like a percentage split deal because they need to be earning money now because they got rent to pay and so on.
• 10:19
  SPEAKER_00: So I was like, you know what?
• 10:22
  SPEAKER_00: Cool, I'll pay you a wage.
• 10:24
  SPEAKER_00: So now at this stage, the business isn't really making money, but what's happening is I'm working, and some of the money I'm making is going towards this person's wage so that they can work here and we can train that person up until they're at a stage where they're earning money, and then suddenly they're paying for themselves and bringing some profit to the business.
• 10:44
  SPEAKER_00: So I did that, and then that happened, then I did it with someone else, and then that started growing and it started making some profits, and then I was like, you know what?
• 10:54
  SPEAKER_00: Some point in this journey, I was like, you know what?
• 10:57
  SPEAKER_00: I think the shop needs a receptionist, and I was like, we can't actually afford a receptionist right now.
• 11:03
  SPEAKER_00: The business isn't really making money, it's not making money, it's bringing in money, but it's not making profit, let's say.
• 11:09
  SPEAKER_00: But I was like, I really believe a receptionist will help the flow of the business and in a roundabout way help the business make money.
• 11:16
  SPEAKER_00: So I was like, you know what?
• 11:19
  SPEAKER_00: I'm gonna get the receptionist.
• 11:21
  SPEAKER_00: I didn't even do the numbers.
• 11:22
  SPEAKER_00: If I'm being very honest with you, I didn't even do the numbers.
• 11:24
  SPEAKER_00: One day I was in the park with my children, and I was like, Yeah, this is a good idea.
• 11:28
  SPEAKER_00: I went onto Instagram, I did an Insta stories and said, Hey, looking for a receptionist for Slider Cut Studios.
• 11:36
  SPEAKER_00: If you're interested, hit me up.
• 11:38
  SPEAKER_00: I remember my PA at the time, my PA, she saw the message and she's like, Yo, Mark, we did like should have run this past me first, you know.
• 11:45
  SPEAKER_00: Come on, we could have done it a better way, and so on.
• 11:46
  SPEAKER_00: I'm like, Yeah, you know what?
• 11:47
  SPEAKER_00: I'm just kind of like spared a moment like that at times.
• 11:50
  SPEAKER_00: And I did it, and we hired someone and they started working.
• 11:53
  SPEAKER_00: Now there was a season also where, like, when the receptionist was working here, I was also the business also got VAT registered for those which are outside the UK.
• 12:05
  SPEAKER_00: V VAT is this thing which is called value added tax, which just means that on top of your normal taxes, you pay an extra 20%.
• 12:13
  SPEAKER_00: But the whole point of that is they say is what you're supposed to do is add 20% onto all your services, and then the government takes that 20%.
• 12:20
  SPEAKER_00: But sometimes in a barbering world, it's kind of hard just to say everything's going up by 20%.
• 12:24
  SPEAKER_00: So, anyway, at this point, the business is registered for VAT, and what happened was, and you may say I'm silly, and it was a silly thing, I started paying all of the barbers VAT, but I shouldn't have been doing that because they're all self-employed, so they're supposed to pay it themselves.
• 12:41
  SPEAKER_00: So I was paying their VAT bills, and on top of that, I was also paying the receptionists.
• 12:47
  SPEAKER_00: So my early morning slots that I was working, which you make more money from because it's early morning haircuts out of our haircut, they cost more.
• 12:53
  SPEAKER_00: People didn't realize when I'm working from 5 a.m.
• 12:56
  SPEAKER_00: to 9am, that money's not going to meet that's going to VAT, and that's going towards the receptionist.
• 13:01
  SPEAKER_00: So if I stop working, the business would crash at that time.
• 13:04
  SPEAKER_00: But I'm trying to make everything happen and do it myself, right?
• 13:07
  SPEAKER_00: Without taking the investment, taking the loans, doing this, working to pay this, to pay that.
• 13:12
  SPEAKER_00: Because I also just knew it was gonna work out.
• 13:15
  SPEAKER_00: So fast forward, we get to a stage when one, I stopped paying the the maybe about year, two years into doing it, I stopped paying the barber's VAT.
• 13:24
  SPEAKER_00: My accountant was just like, you know, you shouldn't be paying the VAT anyway, the barber should be paying it.
• 13:28
  SPEAKER_00: I was like, Oh, yeah, I know, I know, I know, I know.
• 13:30
  SPEAKER_00: And then I had a conversation one day with this business coach, and it was just a good conversation to be honest.
• 13:35
  SPEAKER_00: And I just said, What am I doing?
• 13:36
  SPEAKER_00: I was like, Yeah, these guys are self-employed, so why am I paying their VAT for?
• 13:39
  SPEAKER_00: They need to pay their VAT.
• 13:40
  SPEAKER_00: So I put it onto them, they started paying their VAT.
• 13:42
  SPEAKER_00: Great, and also the business just started growing, you know.
• 13:45
  SPEAKER_00: I'm skipping out so much stuff, so the business is growing now, so it's looking great because it's like we got loads of barbers in there, it's bubbling, it's busy, the business is earning more.
• 13:53
  SPEAKER_00: But every time the business got to a place where it was earning more, the profits I would take and reinvest it because I was just like, I don't want to take money out of this business until I can see that this business has hit its full potential.
• 14:08
  SPEAKER_00: And when I was in Slider Cup Studios, I'd look around and say, But that needs work, that needs work, this could be better.
• 14:15
  SPEAKER_00: I don't like the way the shop looks, I don't like the way the toilets look, you know, the basement could be better, could be done better.
• 14:22
  SPEAKER_00: Wouldn't it be good if we had a proper staff room?
• 14:24
  SPEAKER_00: You know that all these things would go through my head.
• 14:26
  SPEAKER_00: So for me, it was like taking the money out the business, and I felt as just there was so much more to be done in the business, and also I was like, you know what, we could eventually like have all these chairs filled up.
• 14:36
  SPEAKER_00: So for me, I would I would have rather just been like, well, instead, let's keep hiring people and paying them so that we can grow the business.
• 14:44
  SPEAKER_00: And when we get to the stage where it's like, okay, all the chairs are filled up, people are bringing in money, we've done the refurbishments which I want, and all these different things there.
• 14:50
  SPEAKER_00: Then I can be like, okay, if I'm earning 50 pounds from it, yes, put that in my pocket.
• 14:56
  SPEAKER_00: 100 pounds, thousand pounds, 10,000 pounds, one million pounds, whatever it is, at that time, put it into my pocket because I've done right by the business.
• 15:05
  SPEAKER_00: My whole focus has always been the business.
• 15:08
  SPEAKER_00: Is the business doing well?
• 15:09
  SPEAKER_00: Is the business doing what it's supposed to be doing?
• 15:12
  SPEAKER_00: So if it's not, then I need to work on that.
• 15:13
  SPEAKER_00: And that's why, even like a year to just under a year and a half ago, I did another refurbishment from the first one I did.
• 15:21
  SPEAKER_00: And this refurbishment cost me about 200 grand, 200,000 pounds.
• 15:25
  SPEAKER_00: Yeah, I gutted out everything, let's redo it.
• 15:27
  SPEAKER_00: New aircon units.
• 15:28
  SPEAKER_00: I did the basement so we could put a podcast studio in the basement.
• 15:31
  SPEAKER_00: I tanked the basement so there was no more walk um water issues and damp issues.
• 15:36
  SPEAKER_00: We rewired the whole place.
• 15:37
  SPEAKER_00: We did the lighting.
• 15:38
  SPEAKER_00: People don't understand as well, because some people are like, well, why would it cost that much money?
• 15:41
  SPEAKER_00: The lighting itself cost thousands and thousands of pounds.
• 15:45
  SPEAKER_00: The strips of light we got on the wall on the ceiling cost about, I think it was, it's somewhere between no, it's about 80 to 120 pounds each, and we may have like 20 of them on the on the ceiling.
• 15:56
  SPEAKER_00: Then the lightings on the side of the wall cost like 60 pounds each, and we've got about 16 of them on the walls, right?
• 16:05
  SPEAKER_00: And then you pay for labor.
• 16:08
  SPEAKER_00: These are just rough estimates, right?
• 16:11
  SPEAKER_00: Then we done um structural work, had to get panning permission, knock out the back wall so we could add four new stations.
• 16:18
  SPEAKER_00: The toilets, I was never happy with the way the toilets were done initially.
• 16:21
  SPEAKER_00: So I was like, okay, we're gonna get this right.
• 16:23
  SPEAKER_00: If you speak to the builders, the builder kept on saying to me, Why do you care so much?
• 16:26
  SPEAKER_00: And I said, Because I care about the customer and the barber experience.
• 16:32
  SPEAKER_00: Because he said to me, The toilet's not gonna make you any money.
• 16:35
  SPEAKER_00: I said, It doesn't matter.
• 16:37
  SPEAKER_00: I want customers and the barbers when they go to the toilet to be comfortable.
• 16:41
  SPEAKER_00: I've always believed that if I invested right into the business and done all the right things by the business, the business would eventually pay me back.
• 16:49
  SPEAKER_00: But all these things come at a cost, and it costs money, and it's money which I don't have because back to the beginning of my journey, I wasn't taking any investments, and even when I done the refurbishment, no investments.
• 17:02
  SPEAKER_00: But what I did was I took high interest loans.
• 17:04
  SPEAKER_00: Let me tell you, I'll be real with you, some of the deals I did.
• 17:07
  SPEAKER_00: The builder, what I paid them, what we had a deal was I paid for all the materials up front, so I paid for that, borrowed money, paid for that, high interest loans, and then with him, well, the labor cost, I'm paying that back over two and a half years or three years, but I'm giving him 25% on top.
• 17:35
  SPEAKER_00: So I worked out a deal with him and said, Look, I'll pay you an extra 25%.
• 17:40
  SPEAKER_00: I'll tell you, I'll tell you what the price was, but people know the builder, so it's not their business.
• 17:44
  SPEAKER_00: I'm open with figures, but when it comes to figures to do with other people, I'm not gonna like throw it out there.
• 17:48
  SPEAKER_00: But he's making a good price and good money on that.
• 17:52
  SPEAKER_00: So I was just doing things like that, you know, bought new chairs as well, because we bought new stations, bought new chairs, then I refurbished the original chairs because they were all ripped up and so on.
• 17:59
  SPEAKER_00: We've done the reception area, you know, just done a lot of things, right?
• 18:03
  SPEAKER_00: It costs money, and when you don't have money, you have to spend your own money.
• 18:08
  SPEAKER_00: No, sorry, when you don't have investments, you spend your own money.
• 18:10
  SPEAKER_00: Well, I didn't take any investments, but when you don't have money, you start borrowing money, and that's what I have done.
• 18:15
  SPEAKER_00: And this is the reason why we're eight years into my ownership journey, and I'm broke because I haven't got any money, I can't go out to the bank and just draw out some cash.
• 18:28
  SPEAKER_00: I don't actually have any money.
• 18:29
  SPEAKER_00: I've been living like this like from when I started this business because I put everything into the business, and now I'm in a stage where I'm like, okay, great, I've done right by the business.
• 18:40
  SPEAKER_00: I'm still behind, I'm still in debt, I'm still clearing things, but now I'm happy that when the business starts generating money and I pay off the debts and we start making profits.
• 18:50
  SPEAKER_00: I'm happy to now take money fully from the business and be like, yo, yeah, I'll spend it on whatever I want.
• 18:56
  SPEAKER_00: Holiday, you know, I don't know, a car, maybe, I don't know, don't really need a car, but you know, whatever, right?
• 19:04
  SPEAKER_00: Because I've done right by the business.
• 19:07
  SPEAKER_00: But this is the reason why I'm broke.
• 19:09
  SPEAKER_00: So I have to explain this to people because when I tell people I'm broke, they don't believe me.
• 19:13
  SPEAKER_00: And when I mean they don't believe me, the other day I told someone I got no money, I was talking to him.
• 19:16
  SPEAKER_00: About a month later, he called me and asked me um to do some business thing and asked if I could put in 15,000 pounds.
• 19:23
  SPEAKER_00: And I thought, this is strange because I just told you like a month ago when we spoke that I've got no money, explaining the situation.
• 19:30
  SPEAKER_00: But what happens with me is because the business is doing so well, and because I'm not crying, because I'm not, you know, just acting all down all the time, people just don't believe me when I say I'm broke.
• 19:39
  SPEAKER_00: They're like, but why are you still smiling?
• 19:41
  SPEAKER_00: And I'm like, But why should I not smile?
• 19:43
  SPEAKER_00: Like, life is good.
• 19:44
  SPEAKER_00: I appreciate the life I've been given, I appreciate the blessings God's giving me.
• 19:48
  SPEAKER_00: You know, my family still eat every day, we're paying, we're getting through, we pay the mortgage, we pay the bills, we get through things, right?
• 19:54
  SPEAKER_00: But I'm just behind, and that's the truth.
• 19:56
  SPEAKER_00: So, as an example, let's say if I've got a thousand pounds coming in every month, as example, I've got literally about 1,300 going out.
• 20:07
  SPEAKER_00: So every month I'm kind of reinvesting or refinancing and so on and so on because of all the money I put into this business, but I'm not crying about it because I believe it's worth it, and I can see the rewards coming.
• 20:22
  SPEAKER_00: Like I look at the business, I'm like, okay, we're generating more money.
• 20:24
  SPEAKER_00: So, yes, more money's coming in right now, great.
• 20:26
  SPEAKER_00: But the issue is more money's coming in, but I still got all that stuff to pay back.
• 20:30
  SPEAKER_00: But it's kind of slowly and slowly we're getting is getting paid back, you know, and then we're working out payment plans.
• 20:36
  SPEAKER_00: Okay, yeah, you owe this money for this, work out a payment plan, or this money for that, work out a payment plan.
• 20:42
  SPEAKER_00: So, yes, I'm broke, but I'm broke for good business reasons.
• 20:48
  SPEAKER_00: I don't look back and think, if I went back, I wouldn't do that again.
• 20:52
  SPEAKER_00: No, I would.
• 20:53
  SPEAKER_00: The difference is if I went back, I would do things right first time.
• 20:56
  SPEAKER_00: The first refurbishment was rubbish, and the builders bumped me.
• 20:59
  SPEAKER_00: That cost£70,000.
• 21:00
  SPEAKER_00: I gave them the full money and they disappeared.
• 21:03
  SPEAKER_00: So I had to go get another set of builders, and they didn't do the greatest job, to be honest.
• 21:07
  SPEAKER_00: And I spent£30,000.
• 21:08
  SPEAKER_00: Then I got another set of builders and they cost they charged me£25,000, and then it got it to a decent like state.
• 21:15
  SPEAKER_00: But that's why in my head I was always like, at some point, I need to redo this shop properly, how I really want it to be done.
• 21:20
  SPEAKER_00: And then I did that like about just under a year and a half ago.
• 21:23
  SPEAKER_00: Now we got a staff room proper.
• 21:26
  SPEAKER_00: Now I've got an office downstairs, and I can do podcasts downstairs as well.
• 21:29
  SPEAKER_00: Got a proper storage room that doesn't look run down, it's all clean, you know, it's tank downstairs, so no damping issues downstairs.
• 21:37
  SPEAKER_00: Proper reception desk with storage spaces, you know, washer dryer, we always had that.
• 21:42
  SPEAKER_00: But washer and dryer in the back, cooker, microwave, fridge freezer, areas for barbers to sit.
• 21:49
  SPEAKER_00: Clients like it when they come in there.
• 21:51
  SPEAKER_00: They always say, Yeah, it's really nice in here.
• 21:53
  SPEAKER_00: The toilets, people compliment the toilets and say, Yeah, it's a really nice toilet.
• 21:57
  SPEAKER_00: That makes me happy.
• 21:58
  SPEAKER_00: So now I'm in a stage, like I said, when the business we get out of like debts and all these things there, because it's debts, it's personal debts, it's business debts.
• 22:07
  SPEAKER_00: When I kind of get out of that season and the business starts making money, then I'll start taking the money out and I'll stop being broke, and I'll be able to go to the bank and just draw out money, and I'll stop shouting I'm broke, because I won't be broke, because I'm not saying I'm broke for the sake of saying it.
• 22:19
  SPEAKER_00: If I, God willing, when I get to the situation where I'm not broke anymore and I've actually got cash, I'm not gonna be sitting here saying I'm broke because I'm not speaking that back into my life.
• 22:28
  SPEAKER_00: I'm broke right now because I am, and when I'm not, I'm not.
• 22:32
  SPEAKER_00: And I've always said this in the barbershop, even like in the spells where I had money.
• 22:35
  SPEAKER_00: I'll say people like, oh, you got money right now.
• 22:37
  SPEAKER_00: I'd be like, Yeah.
• 22:41
  SPEAKER_00: Yeah, I'm not hiding it, I'm in a good place.
• 22:45
  SPEAKER_00: So, yeah, this is not like one of those clickbait things where it's like, oh, I'm saying I'm broke to tell you I'm not.
• 22:50
  SPEAKER_00: Yeah, I am, but I get by, and thank God, you know, I get through the bills every month, I'm getting through and I'm paying back my debts, and the business at the same time is growing, and I can see the fruits in the business, and I can see where we're gonna be, even just like next year.
• 23:05
  SPEAKER_00: And this is why I'm broke right now.
• 23:08
  SPEAKER_00: Thank you for all of you which have locked in, watching or listening, listening.
• 23:13
  SPEAKER_00: If you if you've enjoyed this episode, let me know in the comments.
• 23:16
  SPEAKER_00: If there's anything you want me to talk about, let me know.
• 23:19
  SPEAKER_00: This has been another episode of the Slider Cuts Podcast until we find a proper name, which will be the Slider Cuts something, something podcast.
• 23:27
  SPEAKER_00: But for now, it's the Slider Cuts Podcast where I talk all things barbering, business, and in between.
• 23:35
  SPEAKER_00: See you next week.