Pay off mortgage and start having fun!

newgirly

Hi wishing, It's a lovely idea but not really suitable, we have diversified into printing in recent years but are traditional bookbinders and although there are lots of hobby enthusiasts, its an industrial environment so would be difficult to open to the public and we would need an awful lot of visitors to cover our massive costs

zcrat41

Sorry to read about your business. I can imagine how tough it must be for you x

newgirly

Thanks zcrat41

Off to work soon, ive spent hours looking online for work and have come to,the conclusion that I really want to work for myself :rotfl: It's probably just because this has all been a big shock and I'm not ready to knuckle down and get in with it yet, but the thought of longer hours, less pay and working nights/weekends over Xmas etc. As I'm probably looking at retail , has not cheered me up!

In the back of my mind I'm wondering if I could start on online selling business? We are close to London for wholesalers -although I guess most stuff is online now! and a thirty second walk from the post office. Not sure how feasible this is to actually earn money

themadvix

Tempting though it may be Newgirly, bearing in mind you have a mortgage to pay, I'd strongly suggest getting a job to begin with, even if you then start up a side business selling online! I suspect it's hard to find a niche, you'd be competing with the entire world (including Amazon) and it would take time to build up the business.

I'm not sure retail is wise for you though.... too much temptation! Perhaps you could try some temp jobs - would give you a taste of the options and build up your CV in some different areas without you having to commit too much at this point. Remember, you have lots of transferable skills from dealing with managing a household, helping to manage the business and your work at the business too - you're not a fresh-faced graduate with no actual work experience!

AlexLK

First time I!!!8217;ve read any diaries in a while. On my phone as eating lunch so apologies for my writing. Really very sad to hear the news about the business. If I recall correctly you own the factory building? Might be worth thinking about developing it as residential, commercial or mixed use depending upon the structure and location?

Moneyfordreams

changed my post then decided just to wish you well xx

newgirly

Hi everyone thanks for posting, not sure what to look at yet Vix to be honest

Alex the company owns the building and it was our previous factory (which we part owned) that was sold and redeveloped into flats and shops, our new one is an environmentally friendly brand new building in a development of 21 units so it will go as it is.

We have somebody coming for a look around tomorrow as dad has lots of commercial property contacts and heard through the grapevine of a guy who has been desperate to buy a unit on our business park and they don't go up for sale often.

Dh has been offered two jobs so far by the neighbours there, starting as soon as he wants , one our friend next door ( building and maintenance) one a few doors along ( highway maintenance) both just under what we need to tick over so good news. I guess all the time making friends with all the neighbours and helping run the management company have paid off

We have meeting tomorrow with guys we do work for who have offered to help financially, plus another large customer who said he will talk to his partner about buying us out - building and all. The latter two suggestions I don't imagine will suit us though probably. I wouldn't want a financial investment to keep us going as it's too risky with what ever capital we will have left, anything put in has to be paid back if we go under and hats our lifeboat.

In more mundane news I've checked the meters and have not submitted a reading since setting up our new octopus account in February, strangely they have not estimated bills and just let us rack up nearly £1000 of credit! I've put in the readings now and it's reduced to £200 odd.

AlexLK

NG: Hadn't realised you had a previous factory that you developed, was merely a suggestion.

Sounds like you have some options and ultimately it's you and your accountant that will know which is the right one for you.

Also sounds like your husband has some potential sources of income in the pipeline too. Could be worth you asking your neighbours too? He take one of the jobs offered to him and you take the other, maybe? Think about what kind of thing you want to do. I can't see retail being a good option really. Worth trying a few different things - I dropped on what I'm doing now through agreeing to help someone out for a few weeks. You'll both have many transferable skills.

newgirly

Hi Alex, all suggestions are very welcome! we didn't have the funds or agreement from other owners to redevelop the last place so it was sold.

I can't lie Alex, the thought of a full time job does not appeal at the moment, but if I have to do it I will. I'm hoping that once dh has decided what to do that we may be able to get a job for one of the staff too, our assistant manager has a big mortgage two kids and a wife that works two days a week, he could do with it more than me.

We have been trying to get in figures for all our leases - mega money specialist printers, van, phone systems etc. All of which have long tie ins, how well this all goes is basically down to how much we wil be stung by all of them - fingers crossed it's not too horrendous, the printers alone are probably going to cost the same as a very nice new car :eek:
I may have to find a way of running them from the garden if possible, we have a new tiny vien of customers inherited from a printer friend who has just retired, a bizarre group of spiritual healers, psychics and preachers who hand out their business cards in east London. It's small amounts of money, but may be worth doing if we end up being able to keep the machines for the same price as buying out the contract, not sure if that's even possible when they are in the company's name, more stuff to look into I guess!

AlexLK

That's a shame re. the old place.

:eek: re. the leases. Any margin in restructuring the company into one much more heavily focused on printing and finding new clients?