Help! Need Capital For Business But Have Debt!!

saubryn

How long have you been trading? I would get in touch with your local Entrust / Business Link and see if they can offer you advice.

If your business is young enough, there may be grants that you would qualify for that would help you a lot, and even if they can't help with money, the advice they can give is invaluable.

bikerchick_4

Dear All to those that have posted replies to our dilemma!!

Thanks everyone for the brilliant information you have provided.

Just to fill you in with some of the questions you have asked:

We have been actively involved with Business Link from the start and have got a mentor helping us through the early stages of the business.

Sadly, we are in an area which doesn't have any options for grants to help start-up.:mad:

We have taken time to sit down and think about all that has been discussed on this forum and decided to hold fire on taking on anymore debt and try and reduce our debt that already stands - eat baked beans on toast for the next year!!:p But we will just have to put in alot more hours to keep things afloat! for a while anyway. We just feel we have got this far and it would be a shame to quit it now.

Also, we are going to now look deeply into the runnings of our business and re-assess our plans to see where we can improve. This year has been a very big learning curve for both of us as neither of us has run a business before so from this hopefully we can become stronger.:rolleyes:

And another thing - this is the first time I have posted anything on this forum and I am amazed at all the wonderful people that take time out to help other people that have prehaps had similar problems. Thanks everyone and you have helped two mad bikers trying to rid their lives of that dreaded debt.

We do find though if your head is just so full of stress worrying about debt take a fast spin on a motorbike - it is a instant cure!!! You can't worry about debt when you are trying to keep a bike upright!!!

Thanks again

A_Nice_Englishman

Thanks for the feedback bikerchick. I think you're right to try to decrease rather than increase your debt and take a hard look at the business.

Hope it works out for you

lynzpower

bikerchick

Is the option to reduce your living costs? Or I dont know how feasible this is, take on a part time job to pay towards living costs, and thus manage to keep some capital in the business for a while- ie not take a salary or a smaller etc from your business, and then this might increase that cash flow within the business without borrowing again

Are your outgoings at home cut to the bone? If you havent done an SOA for us here? then that might be the best plan- we can see if your home (and ny business costs, as you can see there are plenty of business-minds on here)
costs can be reduced and you might be able to take a smaller slary for a while?

bikerchick_4

We will have a look at an SOA and post it on the forum ASAP so you can have a look
Thanks

Rgc_3

bikerchick wrote:

Dear All to those that have posted replies to our dilemma!!

Thanks everyone for the brilliant information you have provided.

Just to fill you in with some of the questions you have asked:

We have been actively involved with Business Link from the start and have got a mentor helping us through the early stages of the business.

Sadly, we are in an area which doesn't have any options for grants to help start-up.:mad:

We have taken time to sit down and think about all that has been discussed on this forum and decided to hold fire on taking on anymore debt and try and reduce our debt that already stands - eat baked beans on toast for the next year!!:p But we will just have to put in alot more hours to keep things afloat! for a while anyway. We just feel we have got this far and it would be a shame to quit it now.

Also, we are going to now look deeply into the runnings of our business and re-assess our plans to see where we can improve. This year has been a very big learning curve for both of us as neither of us has run a business before so from this hopefully we can become stronger.:rolleyes:

And another thing - this is the first time I have posted anything on this forum and I am amazed at all the wonderful people that take time out to help other people that have prehaps had similar problems. Thanks everyone and you have helped two mad bikers trying to rid their lives of that dreaded debt.

We do find though if your head is just so full of stress worrying about debt take a fast spin on a motorbike - it is a instant cure!!! You can't worry about debt when you are trying to keep a bike upright!!!

Thanks again

Hi
I have to admit im glad thats the decision you reached...taking stock now and re assessing is a very positive step.

I think of it as building a pyramid!!you can build an upside down pyramid which will go just as high but too easy to topple or build one the right way up and it will have a solid foundation...i think in business these days theres too much pressure on instant success and up go the upside down pyramids .....but your taking time to review and build the foundation and you will reap the benefits...and sleep at night

best wishes and the very fact the business is making money now shows your going the right way