Advice Please - How to tackle this problem

dottyanne

southernscouser wrote:

Dotty, this isn't meant to sound harsh so apologies if it does!

Could you run your business without your OH? You say he is qualified in telecommunications but what about you? If he didn't work for you would you have the expertise or knowhow to keep the business running?

In a word - no - hes the technial one who does att he repairs, upgrades etc - im just a shop helper - so i couldnt do it without him??

mountainofdebt

that I know exactly where you are coming from as hubby started his own business when he was made redundant.

Many times - especially since my lightbulb moment - have I thought how better life would be if hubby went back to proper paid employment - but then I think of what we've gone through debt wise and how much hubby would hate working for someone else and I've decided that I will support him so long as he wants to do it.

I would hate for him to give it all up now and it always be in the background, waiting to be brought up in an argument how he gave his 'dream' because I nagged him to.

I'm not saying that you should solider on, for one minute, what i am saying though that it does have to be a joint - but willing - decision made by both of you.

Toto

Does your business earn enough to employ a book keeper? I have a fantastic one. I basically just post her all my reciepts, invoices we get and invoices I send plus all VAT, companies house, tax letters and she deals with the lot. She costs me £100 per month. Well worth it because I am useless at book keeping. This may then free you up to go away and get a full time job. I can give you the contact details for my book keeper if you would like to PM me.

lynzpower

MOD

the business does need to make enough money to break-even though, even on a low salary for OH

Dotty, I know Ive asked this before, but DOES the business break even or not? this I think is the real sticking point xx

southernscouser

dottyanne wrote:

In a word - no - hes the technial one who does att he repairs, upgrades etc - im just a shop helper - so i couldnt do it without him??

I'm just re-reading my posts and I really don't mean to sound like an a$$hole! I'm honestly not! Often!

Could there be a case of saying to your hubby, 'look the business is your responsibility now and if it's not turning over enough for us to survive in 12 months then you'll have to get a job else where or we'll sink'?

OberonSH

Hey you,

Personally I was in the same boat as you - crap at book keeping, and worrying like hell. I sat down and thought - what does working for myself mean to me opposed to working for someone else? I realised I wanted my little shop more than that, so I got some books from the library and taught myself to do my books. I got organised annd now it doesn't even register on my list of worries. My accountant checks my work every now and again to tweak and put right, but my little spreadsheet does the work.

I really can't stress enough the importance of organisation.

Have you sat down and discussed all this with hubby? Maybe you could both learn to do the books, and share the job? It's really not too tricky once you get organised, and it might be the answer, cos doing the accounts seems to have scared you witless love! You need some backup, I'd be telling hubby that you need some support from him.

Toto

And as a note to my message. Our business is a Limited company and is pretty involved. We do have VAT returns to do and quite a lot going on and our bill is only £100 per month for book keeping, she would charge a sole trader a lot less. If your business is covering your hubbys income but not making enough to support thr 2 of you, my advise would be to ask him to cover anything outside of book keeping you do, take on a book keeper and you go off to work full time.

And remember when a business is new it always feels a bit shakey. Ours is doing well but I can honestly say I have never been this broke in my life. But I have to find a way to get through it because it's a baby and growing. In 5 years it will be established more and earning money. Right now all profits are being sucked right back in because it has so many needs. We are 60k in debt and I haven't had a holiday in 4 years, not been to the hairdresser in a year and can't remember what the inside of a clothes store looks like (so glad ripped jeans are trendy lol). But somehow I am bloody well going to find a way through this if it kills me. And someday I will look back and say, that was hard but I did it.

Pobby

Hi dotty.One thing I have found is that some people in business don`t have an eye for the ``bottom line``.That`s to say that they are not sure wether the business is profitable or not.As I said before,book keeping is about {in basic terms} 2 lists,what you spend and what you take.It`s pretty easy to do as long as you are organised to do it on a regular basis.

It sounds to me that you would be happier if you went back as an employed person.It certainly provides some security as to what you might receive as a wage.Could your other half keep the books?Honestly,it really is very easy and I am sure you could pick up a library book showing you how to do it.Also,it will provide info as to how well the shop is going.

If you did both decide to go back to work,is there any lease period that you are responsible to.This happened to me,locked into a long lease.When I had realised that my shop was starting to loose turnover,I had to sit it out for a number of years.

mountainofdebt

lynzpower wrote:

MOD

the business does need to make enough money to break-even though, even on a low salary for OH

Dotty, I know Ive asked this before, but DOES the business break even or not? this I think is the real sticking point xx

I'll certainly conceed that very valid point Lynz.

Dotty, another thing to throw into the melting pot - is there sufficient work for hubby (and I guess you)to justify working for himself full time?

If there isn't then would it be an idea for hubby work in paid employment and work for himself on the side, so to speak? Perhaps until he's built up a client/contact base so that working for himself would be more profitable?

calleyw

I am no expert don't think that I could even run my own business.

But I do think that as your husband has the technical experience in repairing and fixing computers. Then he should run the business day to day.

And you if possible you go and get a job. As it sounds as though you are not making enough to cover wages for both of you.

And at least you know you can pay the bills.

All the best what ever happens.


Yours


Calley