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Read the full transcript for this episode here.

Summary

Today I’m talking to the owner of a music school in the Boston area who started by teaching guitar out of her spare bedroom and now has a school with three commercial locations and a staff of over 30 teachers serving more than 500 students.

We talk a lot about finances in the conversation. More specifically, how Lauren decided when to bootstrap and when to take out a loan to finance her business growth. This episode provides a really helpful counterpoint to last week’s bootstrapping conversation with Jaclyn Bradley.

I hope listening to both last week’s episode AND today’s episode gives you insight as you think about your own business financing options.

Resources

Podcast episodes: 

031 – Ken Thompson on Building a Music School that Pays Sustainable Wages

056 – Jaclyn Bradley on Bootstrapping a Music Studio During COVID-19

Books:

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki

The Richest Man in Babylon by George S. Clason

Book Yourself Solid: The Fastest, Easiest, and Most Reliable System for Getting More Clients Than You Can Handle Even if You Hate Marketing and Selling by Michael Port

Traction: Get a Grip on Your Business by Gino Wickman

Clockwork: Design Your Business to Run Itself by Mike Michalowicz

Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz

Connect with Lauren

Website: www.lbmusicschool.com

Facebook: www.facebook.com/lbmusicschool.com

Instagram: https://www.instagram.com/lb_musicschool/

YouTube: YouTube.com/LaurenBateman