Your message pours out enthusisum that will pull you through your storm.
But once your out of the storm you never want to go back in. Without change
you will create a tornado. My suggestion: Reorganize!
Starting with your business name. No where in this name do I know what
you do or offer. When I looked you up on the internet, there were so
many names just like yours. I only can tell you do home remodeling from
your comment. Create a name that says who you are, the name should
start with an A or B to get you top billing in phone books, ads,
sponsorship, listings.
You have the perfect business in a declining economy! Why?
Because you can market to homeowners who are now wanting to sit in
"Staycation" homes. No longer will individuals be looking to sell they will
be looking to fix what they have, create rooms that they can make into a
oasis (since they miss the great vacation resort) and upgrade within their own
home.
As hard as it will be, you will need to re-organize starting with....
Letting your employees go and replacing them with a list of subcontrators
you can contact on a freelance bases. Making your wife and you the
only two full-time employees. This will omit payroll taxes, unemployment,
additional insurance, etc. Yes, you will not have as much control but with
what you do, I do not see where that is a huge issue.
When re-organizing let any new clients know you will need a deposit (half)
up front (non-refundable) this will cover your overhead, the rest should be
profit.
Re-organizing with a silent finacial partner. Forget bank
collatoral in this market it does not matter if you have great credit, money is not
being loaned at the rate you need it. I suggest finding three 25,000 investors
who get a percentage back on their loan and two percent earning (each)
over a five year period. Asking for this amount per person is not as
overwhelming as the whole amount. Perhaps talking to family, friends
associates who know your great work ethics.
Stop and think and proceed smart...do you really need to buy more equipment
or can you rent this when needed until you are in a better place? Do you use
the equipment you now have on a regular bases or could you sell this and rent
as needed turning the proceeds towards debt? Clean house step away and
look in.
My last suggestion you will also not like but tough business love is always
best. Let your wife be the Owner of the business and you the Operations
Manager. This will allow her to get loans and bids easier as a women (I do not
agree with it, but a broken system has it set this way), this will give her the
administrative focus of the business. You will then focus on keeping the
business moving, cold calling, and networking. Step away from relying on
your internet leads (what if you wake up tommorow and they closed down,
do not rely on them, only use this for extra work). Look to do goverment bidding,
contact a new business soon as City Council approves them. Read the
local newspaper in and out find out who will need you. Is the Historical
Society getting ready to renivate homes, is the school system getting ready
to upgrade, within the newspaper legals did a home get approval for an ad on?
THINK OUT OF THE BOX.
Pretend you are a father and this is your son's business. What advice
would you give him? How could you direct him out of the snowball he is
under? Do the same for yourself, take your heart and emotion out of
the business and seperate this for what is right to keep the business alive.
You will survive. Best to you.
