I learned about Kari Herman through the Colorado Springs Business Journal (CSBJ). Kari is a 20 year old entrepreneur and owner of Synergy Dance Academy.
Kari went to a prestigious dance school, gained experience in teaching classes, and lined up a roster of clients for her new business. She then ran into a problem that many young business owners face at some point – the business world did not take her seriously.
Despite having clients ready to pay, she could not find a landlord who would treat her like a businesswoman. They all said she was too young and would not succeed. She finally found someone she could work with but had to pay a full 8 months rent in advance to get her location.
Not having the money needed to pay the massive rent payment she turned to traditional lenders who turned her down because did not have a long credit history and few assets to her name.
Like most young entrepreneurs who succeed, Kari had to think outside the box. She turned to 10 of her clients and spoke with their parents to explain the situation. She managed to convince all of them to pay for the lessons of their children one year up front. Kari used the money to secure her location and start her business.
Just three months after writing her business plan Kari was up and running. “I was sanding the wood floors and putting on the finish the night before we opened. I was 20 years old so I could stay up all night,” she said. “In some ways being young worked against me. In other ways it was an advantage because I had a lot of energy and a lot of time to invest.”
Evan Carmichael
