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Buying a Business VS. Starting One From Scratch

business acquisition club loofah entrepreneurship my fab finance personal finance scaling a business tonya rapley Sep 20, 2020
 

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Is it better to build your own business or buy an existing one? Today’s guest has done both and is here to share her wisdom. Tonya Rapley walks us through her recent experience of acquiring Club Loofah, an ecommerce bath & self-care brand in an industry she had no prior experience in. In addition to heading up this new venture, Tonya is a best-selling author and millennial money expert who founded My Fab Finance, an online resource for women to stop the cycle of living paycheck to paycheck so they can do more of what they love. Tonya shares with us her top 3 tips for eliminating debt, when to walk away from a goal versus when to push through a challenging season, and what changes she’s bringing to her new business to grow and scale faster.

Connect with Tonya

  1. www.loofah.club
  2. Myfabfinance.com
  3. Instagram

Favorite Takeaways From This Episode

  • When you free up money from debt, you can use it to do other things you’re passionate about.
  • Top 3 tips for debt elimination/finances:
    • Debt elimination is not all or nothing, it’s a process.
    • What are the different ways that I can make money to pay off debt?
    • What works for someone else may not work for you?
  • It’s important to set goals. Is what you’re doing furthering your goals, or is it something you need to walk away from TO get closer to your goal?
  • Do I have the tools and the time to grow and scale this business?
  • Acquiring a business involves growing and scaling vs. building a foundation.
  • SCALING:
    • Adding value 
    • Focusing on brand loyalty
    • Sustainability
    • Diversity & inclusion focused
  • No one makes good decisions out of desperation.
  • Is this joyfully aligned with my life?
  • Get clear on your values.
  • Being a CEO means having the grace, the glory, and the responsibility.

What Did You Think?

What was your biggest takeaway from this episode? Leave a comment below.

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