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Perseverance: She tells us how a Single Mom overcame bankruptcy. Became a tax Expert. Now runs profitable businesses.
· 25 min
Episode Perseverance: She tells us how a Single Mom overcame bankruptcy. Became a tax Expert. Now runs profitable businesses.
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Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Laura Foos.
Founder of Foos Financial Services, entrepreneur, accountant, tax professional, salon owner, and commercial property owner. The conversation focuses on her journey from accountant and single mother to successful business owner, highlighting her strategies for wealth creation, financial literacy, entrepreneurship, leadership, and community impact.
Purpose of the Interview
The interview was designed to:
• Showcase Laura Foos as a successful entrepreneur and role model for women and small business owners. • Educate entrepreneurs on tax planning, business growth, and financial management. • Demonstrate the importance of creating multiple streams of income. • Inspire aspiring business owners to pursue entrepreneurship despite challenges. • Highlight the value of mentorship, faith, and perseverance in building long-term success.
Key Takeaways 1. Build Multiple Streams of Income
Laura's business philosophy centers on creating diverse income sources. Her portfolio includes:
• Tax preparation services • Salon ownership • Event space rentals • Photography studio rentals • Podcast studio rentals • Residential and commercial real estate income
She believes relying on a single source of income limits growth and financial security.
2. Smart Tax Planning Fuels Business Growth
Laura emphasizes that many entrepreneurs make the mistake of writing off so many expenses that they show little or no profit. While this may reduce taxes, it can also make it difficult to qualify for loans, purchase property, or secure business financing.
Her approach is to balance tax savings with demonstrating enough profitability to grow and scale.
3. Ownership Creates Wealth
Rather than continuously renting commercial space, Laura focused on purchasing property in her business's name. This strategy enabled her to build equity while creating additional revenue opportunities through rentals and events.
4. Every Liability Should Have an Asset Attached to It
One of Laura's unique financial principles is that every expense should have a revenue-generating component tied to it.
Whether it's rental income covering a mortgage or booth rentals supporting salon expenses, she consistently creates assets that offset liabilities.
5. Entrepreneurship Begins at Home
As a single mother, Laura introduced her daughter to entrepreneurship early. Together they started a bracelet business, and Laura taught her daughter budgeting, reinvestment, savings, and customer service.
This hands-on experience helped instill confidence and business skills at a young age.
6. You Cannot Scale Without Delegation
Laura admits that trusting others was difficult initially. Over time, she learned that growth requires building a team and allowing experts to handle tasks outside her core strengths.
Hiring support staff, marketers, photographers, and assistants enabled her business to expand significantly.
7. Branding and Marketing Matter
Laura invested heavily in rebranding and strengthening her social media presence. Professional photography, consistent messaging, and educational content helped increase her visibility and attract new clients.
8. Health Is More Important Than Hustle
During the pandemic and commercial property expansion, Laura experienced a minor heart attack caused by stress and overwork.
The experience changed her perspective on entrepreneurship and…
Links in the notes 4
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