“Nest Egg” Has More Than One Meaning - Here’s Why Having One is So Important When Starting a Small Biz

03.06.2021 - By: Anastasia Barbuzzi

When you hear the term “nest egg”, what does it mean to you?

By definition, a nest egg is a substantial sum of money or other assets that have been saved or invested for a specific purpose. However, the term can also refer to money kept aside as a reserve to deal with unexpected emergencies - and boy, don’t we know about “unexpected emergencies” these days.

My guest on Episode 8, Ashley Klassen, is no stranger to them either. Ashley is the owner of Sol Atelier Studios, a collective of beautiful creative spaces between Montreal and Toronto. When the first lockdown happened, Ashley was forced to close her doors to clients and with the lack of government support for small businesses, she was forced to ask for help.

Now, asking for help is a topic that we’ll discuss in upcoming episodes of $HMONEY Radio, though I think it’s important to highlight how painful it was for Ashley, along with thousands of other business owners across the country, to air out their financial troubles and ask people to help fund their businesses during a financially stressful time.

As I mentioned before, no one could have expected a global pandemic or properly prepared for one, so even if someone felt that they had an “adequate” nest egg set aside, they probably never expected for it to go straight towards paying their rent during lockdown until the well ran dry.

Suddenly, people were faced with more than just “aha moments” — there were “oh shit” moments too. Did Ashley really want to start a GoFundMe campaign to Save Sol Atelier Studios? Absolutely not. But did the support she received help her recoup over the next couple months? Absolutely.

If there’s one thing the pandemic has shown us, it’s that community building is an extremely important part of building a business. Think of it like this: If the people who love and care for Ashley, her artistry (which is really her livelihood), and the purpose of her business didn’t show up when Sol Atelier was close to going under, where would she be today?

The answer is one we probably don’t want to think about, but it translates the importance of more than just a numerical nest egg, don’t you think?

Ashley made the right move at the right time when she asked for help, and I was curious to know her best tips for building and maintaining a community, especially when you’re in need of assistance. Here’s what I took away from our conversation:

HOT TIP #1: Trust your intuition. We have gut feelings for a reason — follow them.

HOT TIP #2: Make connections with other like-minded creative entrepreneurs in the same “vein” of business as you. Turn to each other.

HOT TIP #3: Ask a lot of questions. You’ll be surprised at how many people are willing to answer.

HOT TIP #4: Have a plan. Knowing your limits and boundaries when it comes to how much risk you can afford is key.

HOT TIP #5: Bounce ideas off of people you admire, trust and look up to - they’re always there to listen and they’ll give you honest feedback.

Remember: “Nest egg” has more than one meaning — it has two very important ones. Hopefully, my chat with Ashley gives you some more insight into why.

To listen to Episode 8, Starting a Small Biz & Embracing Artistry, click here.