Help Needed ASAP Please!!!!

ksha

If you could email that, it would be helpful for me.
Currently i have cut my wage so not paying myself at all,
Majority of suppliers have given me credit now, because we were quiet at the buggining of the year, i've taken time to pay some but most up to date now and no new stock until xmas.
We turnover approx 100,000 a year but it's improving. The profit for year one was 4000 ( sorry no pound sign on this keyboard?!) but would have been 14000 without all the bank charges and cradit card charges.
Thankyou
K

ksha

I do have an accountant but he charges 120 pounds an hour - I also have an IFA who has looked at everything; kindly, for free but he's got so busy that he can't really commit much more time to me. However, he is writing a letter of complaint to my bank on the way they've treated me.
I've got a business mentor coming tomorrow so maybe that will help.
Thanks
K

floss2

Have you been in touch with your local Business Link or Small Business support (try the Council or the Dept of Employment) - they may be able to help you tap into grants....have you looked at the Princes Trust, as you're under 21?

ksha

I looked at the princes trust and they won't help because I'm already in business - have contacted business link which have offered the business mentoring i'm having tomorrow.
Thankyou
k

opalfruits_2

Try Business Debt Line - they are a charity subsidiary of National Debt Line and can give you business debt and budgeting advice.

Conrad

Mad_old_tory wrote: »

Hardly, it takes money to start up businesses, which means debts in the first few years even if successful.

No, this is a fallecy.

Many business's profit form day one and without any debt involved, my own included, so to just assume debt is a pre requisite is innacurate.

ksha

Conrad wrote: »

No, this is a fallecy.

Many business's profit form day one and without any debt involved, my own included, so to just assume debt is a pre requisite is innacurate.

But then it depends which kind of business you in - doesn't it?!

Kevicho

Have you considered outside investment?

Another thing to consider is the princes trust, at your age you may be able to obtain grants.
Another route is the local chamber of commerce or any youth enterprise schemes may be able to put you in touch with an advisor.

Sounds to me your cash flow is a serious problem here, so maybe sound business advice is needed.

Good luck

Kevicho

Conrad wrote: »

No, this is a fallecy.

Many business's profit form day one and without any debt involved, my own included, so to just assume debt is a pre requisite is innacurate.

I have to agree

The whole point of business is to make money, 35K of debts after 2 years is the basis to make a decision on whether a business is doing well or not.

But that aside you have options, but i think you probably need help converting "good business" into money.

JCD_Capulet

Ksha, In whatever you do I wish you all the very best of luck! I was 20 when I wanted to start my own business but my then fiancee told me I wasn't allowed to. Five years from then I'm now finally starting the business I wanted to and I have anew partner who supports me in everything I do.

I'll be watching your thread closely as a point of interest and as I said already, all the very best of luck to you! x