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    5 Replies Latest reply on Aug 24, 2009 5:58 PM by gcsent

    Help for small business

    gcsent Newbie
      I have a small business that is growing at a fast pace i am on the internet with a company that sends me leads.I have six employees plus my wife and i work together.Sounds great right! Well i ran into trouble after i hired employees.Fell behind on payroll taxes and unemployment and the economy..We have a painting and kitchen and bath remodeling which i added on in october we are busy but i need to get work done faster.Problem my credit has fallen .Iowe to much to catch up and get financing to get more equipment and pay everything off to fresh start.I love what i do and my employees are great.Forget the sba you need perfect credit for that.It would run about $70,000 to pay off buy more equipment and start bank collatoral and i would be fine.Any real awnsers out there for my company.
        • Re: Help for small business
          LUCKIEST Guide
          Help for small business, YES

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          • Re: Help for small business
            MoveForward Scout

            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

            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


            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 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.
            • Re: Help for small business
              gcsent Newbie
              i made a mistake