help... my small biz is going bad - need advice

loveandlight

Another avenue to pursue is to contact the Womens Business Development Agency to see if they have one in your area. They are brilliant also and you get one on one support from a female business advisor. Their website is https://www.wbda.co.uk. Try not to panic and hang in there. You can think better with a calm clear head than a worried, stressed out one. I know what it's like to have a business collapse on you except in our case we lost a massive amount of money. That's not to belittle or devalue the predicament you are in but what got me through it was keeping calm and getting as much advice as I could. A bit like what you are doing now by posting this message thread. I also got the phone book and rang around lots of law firms and cold called for advice. I ended up getting loads of free advice from top law firms!!!
Good luck.

Madam_Ra

right...

I've just about sorted the major problems out by putting them onto credit cards...

I've just about sorted a FT job out for myself... however... i'm stuck as to what to do with the business


I've set it all up, have accounts with loads of suppliers and have a brochure website. I have a very good reputation and nurseries and schools in notinghamshire all know that my business provides quality bargain educational toys..... it seems such a shame just to call it all off!

What options do I have? The only issue there is is a loan which I cannot pay off in full and would have to carry on coming out of the business account, although I do still have quite a bit of stock left. I'm just not going to have time to do this business aswel.

I've thought about selling it, but how do I go about this. As it is a brand new business, I don't really have any accounts to show (plus, the last few months have been so bad because of the car situation). In an ideal world, if someone could just take the biz off my hands for the loan amount (or just take it off my hands and carry on paying the loan), all would be solved. It will be a nice little earner for someone that can afford to buy a bit of stock now and then as the items sell themselves. I'm quite miffed that I cannot afford to buy a bit more stock and carry on myself...

is there another option anyone can see... I know I could just stop it all, but it seems such a shame after all the hard work that's been put into it

Thanks

HugoSP

It seems that the key here is a replacement vehicle or get yours repaired.

My advice to you is to post a wanted ad on your local Freecycle, briefly explaining that your situation would be eased greatly if you could get hold of one.

Have you considered swapping some stock or other items for a car.

You've now got a job so that should ease matters.

You may not be able to sell a business that is in difficulty and is not effectively trading. You really have to get it back on its feet and start generating an income for it to be a viable proposition to someone else.

Savvy_Sue

Do you have a friend who'd help you run it for a bit? Possibly with a view to takeover if it worked out, or partnership, or something like that? Obviously not something to take on lightly, but worth considering now you can see a bit of light at the end of the tunnel.

empfun

Hi! It's nice to know that your more immediate problems are taken care of. You worry a lot, just make sure you spend the time dealing with problems instead.

It's also great to read that your venture was doing well but I'm a bit miffed as to why it had to stop because the car packed up. Could you not take the public transport even though it meant lugging your goods with you? Business is hard work but rewarding if you put your best effort into it. :-)

WhiteLily_2

Why don't you put the stock as a wholesale lot on EBAY?? If you start it off at cost price and allow bids upward then you have nothig to lose? Hopefully it should go someway to paying off your loan? I've been in similar situation and have just decided to close down by business down to the current economic climate and have, myself,secured a job. I will be holding a closing down sale and will then list whatever is left on EBAY (Nearer Xmas).
No-one is likley to buy such a new business unless you have 2-3 years of accounts and you are showing a net profit - so I would try and recoup what you have spent on stock as quickly as possible. I appreciate working full time doesn't leave a lot of time but it can be done. Good luck

Ordinary_Joe

What are the T&C's of your loan insurance.

I'm presuming its some form of payment protection. Surely if you're paying every month for this portection there is something in your circumstance that means you can call on it to relieve the problems.

buglawton

Some good solid suggestions in this thread. To get a car repaired or to buy a perfectly serviceable (but old and unglamorous) replacement should not cost over £1000. Is £1000 really preventing "products that sell themselves" from being sold? Or are there other more fundamental issues?

JulianF_2

f you need a car infrequently, why not try looking into renting a small van? If you scheduled your visits, you could maybe just get a van for long weekends (say, Friday to Monday) and get all your transportation jobs done then. You can get very good small van hire rates over long weekends. No maintenance or other vehicle overheads to worry about either!

LittleWoman_3

I was surprised to see you had the bailiff round. They can only come round if you owe money on a court order. I was at a customers who had "bounced a cheque" to purchase some equipment. Private bailiffs turned up. She locked them in and called the police. The police asked to see thier court order and they admitted they did not have one. The police insisted they reinstall the equipment and escorted them off the premises!

JulianF's suggestion of a van is excellent - if you have a local firm, they may even do you a deal/give you a discount to book it regulary.