076 Financial Excellence: Starting a Business in a Bad Economy

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06 Sep 076 Financial Excellence: Starting a Business in a Bad Economy

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Episode 76: Starting a Business in a Bad Economy: Sept. 6, 2011.

Today I welcome Justin and Angela Kannich, owners of Kannich Motorsports to the show to talk about their journey in taking a part time business to full time in the face of a bad economy. They were met with lots of criticism and naysayers along the way as Justin gave up his stable job to follow his dream of helping motorcycle riders and racers find parts and accessories at lower prices. The Kannichs are a good definition of weird by today’s standards: they have challenged the norm and taken their future into their own hands to create their own economy and define the life they want to live.

The link above is their blog. Their main business sites focus on high quality motorcycle clothing and accessories, and high end, low price motorcycle parts.

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Show notes:Matt & Janelle Recording the Financial Excellence Podcast

  • Justin quit his steady and stable job to work full time on his business. He was met with a tremendous lack of support by friends and family, who all thought he should stay at the job he didn’t like.
  • Justin’s wife Angela was the biggest supporter of following his dreams. She even took on a part time job to allow him to quit his job and work on the business.
  • Slowly but surely, Justin and Angela are building their business by keeping overhead low, focusing on cash flow, and building relationships with Racers, gear distributors, forum administrators, and other motorcycle enthusiasts. Most importantly, they build relationships with their customers.
  • They are ok with building their business more slowly to avoid taking on debt. How cool is that?
  • I thought it was very interesting that both Justin and Angela reported feeling healthier and more balanced after making the switch. They have less stress, more balance in their lives, and are more physically active.
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  • Tushar@EverythingFinance
    Posted at 12:37h, 06 September

    I think Justin and Angela have the right approach towards business. Keep expenses low!

    • Matt Wegner
      Posted at 09:08h, 09 September

      That’s definitely a good idea in starting any small business. I think it’ll pay off for them as their business grows.

  • krantcents
    Posted at 16:41h, 06 September

    Now is a good time to start a business because the cost of borrowing is low. This economy may lower your expectations, but it should discourage you.

    • Matt Wegner
      Posted at 10:47h, 07 September

      I think a lot of expectations have been lowered, but there are still some businesses that are excelling despite the economy. That’s what inspires me.

  • Canadian Finance Carnival #53 – Canadian Finance Blog
    Posted at 03:02h, 11 September

    […] at Living in Financial Excellence presents Financial Excellence: Starting a Business in a Bad Economy, saying “Today I welcome Justin and Angela Kannich,owners of Kannich Motorsports to the show […]

  • Festival of Frugality #297: Cockney Rhyming Slang Edition | TotallyMoney
    Posted at 04:02h, 13 September

    […] Guest bloggers Justin and Angela impart their wisdom at Financial Excellence on starting a business in a bad economic climate. […]