“The money… thats not my thing”. On the brink of broke and about to lose her business, how an unexpected bill from the IRS became the wake up call this Louis Vuitton loving entrepreneur needed to completely transform her mindset about money. If you’ve ever found yourself burying your head in the sand so to speak when it comes to money, today’s interview is a MUST LISTEN!
Candice shares openly and honestly about almost losing her business, borrowing money from Grandma Vera to pay payroll, and avoiding the IRS all due to her complete lack of understanding about her business finances. You’ll learn the cloud-parting moment when she finally figured out that money didn’t have to be a source of shame or fear, and how this former “non-money” person became obsessed with knowing her numbers.
The best part? Now she is empowered to make decisions based on facts and not fears.
“I had no business owning a business.”
It’s funny to hear Candice Coppola say that now. As an author, podcast host, and business coach, she’s definitely created a name for herself in the world of event planning and entrepreneurship. She grew a business that started in her spare bedroom into an international, multi-six figure company. I mean, if anybody has business owning a business, it would be someone like Candice, right?
Well, the road to get to where she is today didn’t come without bumps, bruises, and burnout along the way.
“In those early days, I didn’t know how to do anything business related. I didn’t know how to create a spreadsheet, or market my brand, or understand cash flow. All the basics of business were lost on me, but I was determined to do it. So, I just did.”
After a nasty bout with appendicitis landed her home sick from her job in the medical field, Candice found herself in the middle of a marathon of “Whose Wedding Is It Anyway?”. What started as a sick-day binge watch turned into a life-changing course correction for her career.
“I can’t explain it, but when I was watching that show, it just felt like a calling. I had this crazy idea to just become a wedding planner.”
The catch? Candice had never actually planned a wedding. In fact, she’d barely even attended one at that point! But with determination to create the life she wanted for herself, she made the decision to go for it, experience or not!
Candice got to work learning the business of building a business. She bought books on Amazon, wrote a business plan, developed a marketing strategy, started networking and building relationships with others, and created a website heavy in SEO to get her started online.
“I spent about a year just creating my brand and learning my business before I launched. But if I’m honest, I still had no clue what I was doing. From pricing to marketing, I literally made it up as I went and just hoped it took off.”
And eventually, it did! After about six months, Candice booked her first client. And nearly two years later, she had turned Jubilee Events into a six-figure business.
Of course, growth doesn’t come without a few growing pains. For Candice, those came in the form of money management.
“On the surface, things were incredible. I was buying myself Louis Vuitton bags, going to high-end conferences, featured in magazines, and being noted as an expert in the field. My highlight reel looked pretty incredible. But in reality, I had no foundation for money management, and that was a big problem.”
Fixed overhead costs,
Scaling for growth,
Planning for the future.
Candice hadn’t considered any of these details when it came to financial planning for her business. And eventually, she was left with a lot of instability when it came to money.
“I found myself in a lot of debt and really depressed. When you put debt on top of depression, on top of anxiety, on top of poor decision making, on top of trying to keep everything perfect, things eventually get so, so, so bad.”
Soon, Candice realized the truth: Her business was in trouble. She was struggling so much, she even made the decision to put off paying her taxes (a choice she doesn’t recommend!). Eventually, she borrowed money from her grandmother just to stay afloat.
“I was minutes away from losing my business, and I say that with complete sincerity.”
Under the threat of closing her business and the looming reality of back taxes, Candice had to face the truth: If she wanted to save her business, things were going to have to change.
“All this started because I operated from a mindset that I wasn’t a business person. That mindset allowed me to give myself permission to never figure out the money. And that got me into a lot of trouble.”
So, Candice had to adopt a new mindset—one that empowered her to take control of her finances and her life.
“I took on a new mindset and that changed everything for me. I paid off my debts, I called an accountant for help, and I got to work paying back my taxes. I even set up QuickBooks, and, for the first time, I saw where my money was actually going. That was the wakeup call I needed.”
With time and consistency, things eventually turned around. Finally, Candice was making and managing money in a way that allowed her company to grow and thrive.
Soon, however, it was time for a change.
“I worked my butt off to build my brand and business, but I sacrificed a lot in my personal life to do it. I hit a point where I realized I was just too tired to keep going this way.”
After 12 years, she made the decision to sell her business and move on to something new. For Candice, that something new was a move toward education and coaching, serving others in the wedding industry in a different way.
“I’m building a new system for this season of business, but more importantly, this new season of life I want for myself. Sure, it’s been really hard and really scary to get here, but on the other side of all that stress is something really beautiful.”
Press play to hear the rest of the story (or download the full transcript) and trust me, there’s so much more goodness in store! From hitting burnout, to selling her business after 12 years, and pivoting into something new, Candice’s resilience and courage is to be admired.
Candice Coppola is an author, podcast host, business coach and entrepreneur who believes that you shouldn’t have to do business (or happy hour!) alone.
As a successful entrepreneur who grew a business from the spare bedroom of her home into a multi-country, multi-six figure company – it’s safe to say she’s navigated the bumpy road of entrepreneurship.
She started her first company, Jubilee Events, during the great recession in 2008. With NO experience and NO contacts, she grew it into a recognizable brand and team. Over 12 years, she worked with clients from all over the world and produced events in excess of 1M.
She launched The Power in Purpose Podcast in 2018, a show that explores how to build a profitable business with purpose—and the stories behind successful entrepreneurs who have. Candice and her audience dig in and have meaningful conversations about business and life, as they explore the strategies and techniques that build profitable businesses. Her podcast, rated 5 stars, sits on the Apple Podcasts charts as one of the top 100 podcasts in the entrepreneur category.
Candice’s work and voice can be seen in many publications, but most recently and most notably in her two books The White Dress in Color: Inspirations for the Modern Bride, and The White Dress Destinations: The Definitive Guide to Planning the New Destination Wedding.
Her favorite color is pink, she’s obsessed with all things skincare + bravo TV, she’s always overdressed, and now lives in beautiful Barbados with her husband and two pups. Catch her on Instagram for business advice and tips–but stay for the island life and house plants.
CONNECT WITH CANDICE :
August 11, 2022