So many businesses are started by those with a specialized background and can spot the need for their services. But even when they succeed on a smaller scale, growing a new business is never an easy or flawless endeavor. That is why Nina Luke has flipped her bad business experiences into an opportunity to help others avoid the same mistakes.
A Misguided First Attempt as a Business Owner
Luke’s journey began as a tax employee for Liberty Tax Services, where she excelled and rose quickly at the franchise store. Just four years after joining Liberty Tax Services, Luke franchised her location and leaped toward her own business and what she hoped would be success for herself and her family. Unfortunately, her circumstances and experience as a tax employee failed her as an independent businesswoman.
When she franchised her own Liberty Tax Services store, Luke couldn’t make enough of a deposit on the business loan she took out, which, of course, led to incredibly high-interest rates. Due to the interest she was paying on the business, she couldn’t turn a profit during the early years of her franchise. And without a stellar credit score, Luke was also unable to get another loan to push the business forward.
Though her franchise made enough to cover the basic expenses such as rent and paying her staff, it was only a matter of time and one small mistake that would cause the business to fail. Eventually, it did. Though Luke is skilled at taxes herself, she once lacked the experience to run her own business. Not to mention, there was plenty of fine print Luke was unaware of at the time that she would never overlook now since she learned from her mistakes.
While a failed business is heartbreaking for any owner, it was a difficult loss for Luke as a widow and mom of two who needed to provide for her family. She admits to feeling ashamed, as though she had failed her family too rather than herself and her business alone. The loss was a trauma for Luke, and she even considered moving on to a different career altogether. But as a tax pro, she knew she needed to try one more time.
Making the Most of Failure
Luke started right this time too. There was no more debt to contend with, and that’s when she created FST Investments. Without the burden of debt and with a host of gritty lessons learned through her failed franchise, Luke was back and armored with more experience and knowledge of what to do and pitfalls to avoid as a new business owner. That is why she placed all of those mistakes together as a package for clients in similar situations. Luke was selling her mistakes as a means for helping others avoid the same problems she did while restructuring their business’s finances. Not only could her own business succeed after learning what to avoid, but Luke’s clients — new companies and burgeoning entrepreneurs — could also become successful with her advice and expertise.
Now, in a world laden with pandemic repercussions and a workforce that is tired of being taken advantage of, Luke’s 15 years of experience as a tax professional and business advisor is an asset for those leaving low-paying jobs behind to start their venture. With her expertise, Luke’s clients can structure their businesses in a way that not only saves them money but also minimizes their tax burden.
How Luke Builds Better Businesses
With an advisor like Luke, many of her clients in Long Beach, California, have taken advantage of her mentorship, which has elevated their dreams and gig work into full-time jobs that allow them to work for themselves. As a mom, Luke certainly understands the value of working for yourself. The flexibility of the tax industry, with its height between January and April, made Luke loyal to the endeavor. In her early days as a tax employee, it allowed her to make the money she needed to take the entire summer off to be with her children. Even today, she is grateful for the time she could spend with her young kids and be an involved, active parent in their lives.
Today, Luke has moved beyond offering tax services alone and continues to act as a business coach to entrepreneurs who strive to work for themselves. With layoffs from the pandemic and rare opportunities to seek different careers, Luke has helped clients make their passions and dreams a profitable business, all while making more money than ever. With her services ranging from entity formation and continuing education to business financing and credit, Luke is a knowledgeable asset. She even offers specific services for 1099 independent contractors looking to scale up.
No matter the type or size of business, the one commonality that remains is how much most people overpay in taxes. It is undoubtedly time to turn to an expert like Luke to maintain and run a better business.
About Nina Luke
FST Investments is a small business consulting company that helps sole proprietors become successful business owners. The Founder, Nina Luke, is a veteran in the credit and tax industry and has helped thousands of entrepreneurs save thousands on taxes and build their businesses with a firm foundation. Click here to schedule a free consultation: www.fstinvestments.com