We recently heard how Jennifer paid off over $40,000 in debt in just one year by starting a home business. Today we’re talking to Chris who used his direct sales business to conquer his family’s big debt.
Our series is about starting a home business to pay off debt. Can you tell us a little about your financial situation before starting your business?
My husband and I took out over $500,000 in business debt when we bought out his business partners in 2009. We have worked hard for the past six years to pay off our debt and look forward to making our final payment in November 2015!! Our personal debt was a mess with over $25,000 in credit card bills, car loans and a mortgage payment. We survived month after month trying to keep up with the payments.
What made you decide to start a business as opposed to getting a second job?
In 2009 I quit my corporate job to start a small business at home so I could be more flexible with my time and energy for my family. I was stuck with a stressful schedule and unable to make more money in my 8a-6p world…I wanted to be in control of my financial future, so starting a business made the most sense to me. In 2010 I added another business and joined the direct selling world of Thirty One Gifts! I quickly realized that this work would be the key to my financial success for our personal loan.
How much did it cost to start your business?
The Thirty one gift start-up kit Full of products and all business supplies will cost me only $99.
Where did you find your first sale?
In my first four weeks with Thirty-One I sold $3,500 worth of products to friends and family. The first two teams helped launch my business and never stopped from there!!
How long have you been in business? How much debt have you been able to pay?
My business of thirty-one will be five years old this November. With dedication I was able to save over $25,000 in credit card debt, $10,000 for my car loan and $12,000 to pay for an all expenses paid trip to Walt Disney World in December 2015.
What advice would you give to someone in your previous situation, looking to get out of debt and considering a home business idea?
I would tell them to take that leap of faith. Find a business you are passionate about – this is the key to success in any business. I know my success with Thirty One Gifts comes from my love for the product and the company. Their values are a great match for me and they are all about empowering women and helping them earn extra income in a fun, rewarding way.
Getting out of debt takes a plan and sticking to it. Once I put our debt on paper and mapped out my monthly payment schedule, I was able to see exactly what I needed to do with my business to cover those bills and other household expenses.
We are debt free other than our home mortgage which will be paid off in 2022!
Any favorite resources or tools you can share with your fellow budding entrepreneurs?
I’m lucky enough to work with a company that offers a lot of support in terms of sales coaching, marketing resources, and more so I don’t have to invest a lot of money. I have thirty one business. I would say look for a direct sales opportunity that doesn’t involve a lot of overhead or additional expenses.
Thanks for sharing your story Chris. Remember, you only get out of your home business what you put into it. There is no magic switch that works in Home World. We all have to hurry. If you would like to learn more about other home party plan opportunities, Check out our sister site.
Do you have a great story about working from home to pay off overwhelming debt? We want to hear about it. Contact us here.
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