any advise please

*zippy*

Have you had a look at the debt free wanabee board, it is very supportive if you are in debt and there is good advice to be found on there. They will help you trim outgoings or just offer a listening ear if you need someone to talk to.

Theres a few self employed on there in the same boat


http://forums.moneysavingexpert.com/forumdisplay.html?f=76

bugbabe

i will give it ago but my local groomers sells bits and bobs

icklejulez

With xmas coming up you could advertise xmas pressie's. I know my BIL loves his dog treats it like a child so we are going to buy him something for his dog around xmas. Otherwise we wouldnt normally buy this type of item.

Advertisements in newspapers is what I'd take notice of.

WhiteLily_2

First of all well done for setting up your own business - it is a big decision and it seems like you have made great attempts at making it a success. You have a flexible lease - so at the end of the day if you really feel you are getting more and more in debt then you know you can get out in 7 months time or negotiate with the landlord an early release. I am tied into a 10 year lease, with a break out clause at four years. On my down days I feel like this is a noose around my neck........however, the good days make up for this.

I too opened my shop this year and can relate to your worries and concerns. Retail is dire at the moemnt - just look at the big stores and their mid season sales.........it says it all! Hopefully you will be able to trade well in the lead up to Christmas - but you must be realistic as to your overall performance - or you could end up in a great deal of personal debt - I assume you are a sole trader.

A couple of ideas for you - can you put an A-Frame on the pavement outside the courtyard to tempt customers in? This has worked really well for me and has been more effective than costly advertising. Also agree with OP - try and sell at the best price on e-bay - it's 10p listing day tomorrow so get listing - bear in mind the charges though - or you could end up with a costly bill at the end of the month.

Anyway - i wish you well in your venture and hope with your commitment and the advice offerred on this forum that things improve.

bugbabe

ive spent ££££ on advertsing in the papers ,i have nothing left until i can find a way out of the debt but thanks fr your help i agrre i always notice adverts

bugbabe

thanks white lily i to feel so down at the moment i have till friday to make £400 and ive not had one sale yet just dont know what eles to do wishing you loads of luc with your new buisness

WhiteLily_2

Try not to feel down - I know it's not easy - my DH has been through it over the last few months - you have to remain positive! I have been in retail for over twenty years so feel that I know what it's all about - did the research and business plan (ensuring it was based on worst case scenario) - however if the customer decides to save their money and stop shopping there is not a lot you can do! My fellow traders and I are all very proud of our offerring and all advertise regularly; hold traders meetings, organise a summer and Xmas shopping event - I do not feel we can do anymore! I reckon it's because people are reading MSE and saving their pennies........... Keep smiling and be positive.

Mike_by_the_Sea

Hi bugbabe

I agree with WhiteLily that you should be very proud of the leap you have made and the first year is always the hardest. My advice, for what it's worth, is to pop along to the UKBF forum and post something on there. I know of at least two members on there that are in the same business as you and they may have some very specific advice thay can offer. the link is http://www.ukbusinessforums.co.uk/forums/

Good luck for the future

bugbabe

thanks for your advise i descided to give it to the end of the week then see what happen :eek: well i did and i didnt take anything ive descided today is my last day cant afford to run up any more debt so am going to see citzens advice next week am so upset i feel like such a failure but i now relize how important location is for a retail shop anyone any advice what i do about the ££££££££ i owe

*zippy*

Sorry to hear it didn't work out for you bugbabe

Who is the debt with, is it an overdraft with the bank or do you owe suppliers?

Will selling off your stock cover most of it? Did you get any sales off ebay or could you just get a table at a Christmas market to sell off remaining goods?

zippy x