I really really want to be........mortgage free!

ourcornercottage

Ali-OK wrote: »

Sorry to read the business frustrations, no advice but hope things improve. Is your plan to go into the counselling as a career move?

Would love to but issues with cost and timescales of training. We're taking 5 years before I can practice in reality. The next bit is uni part time but then it'll have to be full time uni which is an issue. It's something I'm looking at and would love to but can I actually manage this all with a full time job and s child to look after. That's the question!

ourcornercottage

AlexLK wrote: »

Could be worth looking into getting an overdraft on your business account as a "just in case"? Not to find yourselves in debt but as a safety net and to make things a little less stressful when things are tight.

I'm a rascal for using OD's all the time!!!


Can completely understand that. The advice I was always given by my parents was to play the long game so far as business is concerned. Which usually requires more planning. Funny that I can deal with it in a business situation but not in life.

You're right that things don't go well with no planning in business. Have either of you had a business before the current one?



I'm sorry re. partner and the member of staff. No wedding bells planned? Also thought you were about the same age as me (35)!

I'm 41 BF is 50, we are past it!!!

I do hope you're right about my son. Whilst I want him to have a life of his own when he's older, I dread the thought of him moving away. Read something once about never knowing when is the "last time" with kids and remember wondering when will be the last time he holds my hand as a child and if he'll hold my hand when I'm old and frail. A bit pathetic, I know.

Not pathetic at all. I really love my boy too, he is a really really wanted child and it's never a chore to do things for him. I just love him to bits. You sound the same

Answers inserted as I can't do fancy quotes!

ourcornercottage

today has been much better. BF is trying to sort something to avoid me going to glasgow. this is going to cost more money though of course. I have followed Alex's advise and emailed bank manager for a temp OD to take the heat off as the stress isnt good for me in all honesty.

todays spends top £9 with football (£3), dance (£5) and some milk (£1) mini is playing footie with the next year up tomorrow and then going out with my sister for the first time in about 5 years. I will be preparing stuff for miniocc to go to grandparents whilst he is out in case I do have to go to glasgow. Im dreading driving there on my own tbh. Ive done it with someone before quite a few times but not on my own.

Its times like this I really wish I had tackled the mortgage a lot earlier. That really isnt helpful thinking though and I mustnt forget if we downsized we could be MF any time we like.

AlexLK

Glad to hear things are a little better. I think having the overdraft would be good for your cash flow, so long as you're not getting into the trap of viewing it as money to use on a day to day basis (for the business, of course).

I hope this doesn't appear rude to ask but are you planning to retire / sell your business once mortgage free?

ourcornercottage

Not rude at all. We are looking to move from our 2 part business by selling one of them off hopefully in 2017 and then run the other for as long as it takes then sell that too. We will hopefully get a reasonable amount for both which would nearly cover the mortgage as it currently stands. I have no plan on relying on that though I would like the mortgage done and dusted before we sell part 2.

TBH it is such a load of hard work but we need to have salaries of £70000 per year between us to earn the same amount which I think we would struggle to get here as its a low paid area. That said this hand to mouth living is depressing and if the recession hadn't come along I'm sure we would have been laughing now. We have traded right through the worst time and I can't see that changing. Can you imagine what we could have done if we had traded through a boom rather than a bust.

CathT

Hope your weekend has improved occ. I looked at the pension calculator for dh and it was frightening! Even more scary is that I have no idea what my pension is worth. Currently you can request a projection aged 50!

jodles16

Hi OCC, sorry work stuffs have been difficult lately, my mum works with my stepdad and I know she pulls her hair out at times as she is left to organise and plan everything! Congrats on your continued fab OPs, look forward to checking in again soon!

Jodles

AlexLK

ourcornercottage wrote: »

Not rude at all. We are looking to move from our 2 part business by selling one of them off hopefully in 2017 and then run the other for as long as it takes then sell that too. We will hopefully get a reasonable amount for both which would nearly cover the mortgage as it currently stands. I have no plan on relying on that though I would like the mortgage done and dusted before we sell part 2.

TBH it is such a load of hard work but we need to have salaries of £70000 per year between us to earn the same amount which I think we would struggle to get here as its a low paid area. That said this hand to mouth living is depressing and if the recession hadn't come along I'm sure we would have been laughing now. We have traded right through the worst time and I can't see that changing. Can you imagine what we could have done if we had traded through a boom rather than a bust.

I'd be careful if you're selling part 1 and it is intrinsically linked to part 2. If not so closely related, that may well not be an issue, though.

Have you looked at whether you could be doing anything to make the running of both a little easier? Again, I'm not trying to be rude but sometimes I think it's hard to see the wood for the trees when it's your own business and taking a step back to see whether things could be done more efficiently should be a good exercise. It may seem I know nothing about running a business (hardly been successful) but the odd time my head is in the right place, I don't do so badly.

I suppose how you'd do if you were to both get a job working as employees, it would depend on what you're qualified to do. My wife's job carries a salary that doesn't seem linked to location (outside of London / abroad). It may be worth looking at how you are paying yourselves from the business too.

ourcornercottage

Thanks Alex that's all true, part 1 and 2 are linked but separate. Part 2 needs to generate enough income. We did have a part 3 that we closed 2 years ago (couldn't sell this one as it would have been counter productive) and profits actually went up!

Yes a review is in order. We do this from time to time and our accountants are very good at making suggestions (at no extra cost) our main problem is we hold too much dead stock but this is something we have been working on to hold the right stock. We are selling off the old stock cheaply (although not making a loss)

In terms of my qualifications a 2:1 by hons politics and sociology, loads of it qualifications now out of date, prince 2 project manager and then 12 years running my own business and 41 years old. Unfortunately that doesn't make me a hot prospect in the employment market especially in Norfolk where jobs aren't that available at senior level.

ourcornercottage

wrote a long post and deleted it by accident. heres a synopsis.

good day and a nsd to boot.
miniocc was good in football tournament for older kids.

BF is waiting for a quote from a logistics company for moving our trade show stand about. I am hoping I won't have to drive to glasgow on Tuesday but am prepared to.

I am doing really badly in my decluttering the last few days but have been good at starting to use stuff up so im hoping to add a lot to the list soon.