Successful Business But Struggling

bingbong_3

I hope someone can help me. My problem is this: -

I have a business ( franchise ) which has good turnover in comparisson to other businesses of the same industry. I have even won an awards. The problem is that my business area changed after 6 months of starting and whilst the new area is thriving as I thought it would during the switch and to build my new area up I got up close to the overdraft limit of £6k.

I need to turnover £3350 to include paying all bills and a loan of £550 to HSBC and £220 to Renault Finance for my van. Fortunately I am going to turnover about £4000 this month but I can not seem to get my overdraft down and I am worried about it going quiet towards christmas and then not being able to pay my bills.

I owe £20k to HSBC and about £9k to Renault. I want to honour my loans but I am finding it hard to pay those take a small salary and reduce my overdraft. Any thoughts or advice would be gratefully appreciated.

Thanks :eek:

illmonkey

i take it all of the money you are talking about is purly business?

You might want to do a SOA, list all of your outgoings and incommings. While you wait for some well knowledged people to come along!

Magentasue

It doesn't really matter how well you are doing compared to others, the only thing that matters is your income compared to outgoings!

Can you do a part-time job to pay yourself so the business doesn't have to?
Can you increase your business income - assume not or you would have done so already.

That leaves reducing your outgoings, spending less.

Could you get rid of your van and get something cheaper?
What other outgoings are there - how could you cut these?