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    8 Replies Latest reply on Feb 16, 2010 5:52 PM by PipeLIner01

    Help me with my Business, Please.

    PipeLIner01 Wayfarer

      Hello, I just joined this on a referral from a friend. I was told I would get the best advice here. I have a Pipe Lining business I started Jan 05. I need help. I am sitting on what many has said is the best thing going in our present economy. I said it nine years ago when I first started doing this. But I find myself in need of help. When this recession started I tried to keep my employees as long as I possibly could. I see now I kept them to long. But I never regretted it. Now I find myself in need of help that banks won't help and the business is only getting better. I have a couple of partners who lost interest and I still have the desire to grow as I always have. Apparently I ruined my credit doing what I did. I have managed to keep my bills paid and a couple employees working. But it has been by the skin of my teeth. Any suggestions/help?
        • Re: Help me with my Business, Please.
          LUCKIEST Guide
          Help me with my Business, Please

          I would contact SCORE. SCORE is FREE.

          Also you need to develop a business plan.

          *Good luck, LUCKIEST*<!--Session data-->
            • Re: Help me with my Business, Please.
              PipeLIner01 Wayfarer
              Thank you for the advice Luckiest. I did in fact go to the local SCORE office some time ago. Because I am a vet, white, and male after my appointment the best they could tell me was go to a bank. I then contacted the Small Business Development Community locally and they did help me with a business plan. I think it is a good plan but eight different banks didn't think so. I am in my sixth year in business and apparently my credit sucks. I was told by the bank I should find an investor but I don't know how to do that. I don't want to lose my business because it has hugh potential and is being driven by government requirements. What I need is a partner that sees the same opportunity I do. I started this company by selling my gun collection, old truck and made my first two employees buy in so they couldn't quit and become competition after I trained them. But I realized it takes time and money to build things. They don't understand this, they thought they would be rich by now. I figured it would take alittle longer. But the economy the way it is doesn't favor real small businesses right now and I struggle week to week. I just need some direction on how to proceed. I know this is where the money is at. There is a 20 billion dollar need for my services. I just want a fair share.
            • Re: Help me with my Business, Please.
              MpAllc1 Newbie
              Are you legally structured as a corporation or limited liability company? When you speak of investors and partners, being incorporated carries a lot of weight. It shows structure, professionalism, and that you are accountable to the state government for your actions.
              • Re: Help me with my Business, Please.
                UncleLeon Scout
                An LLC should be fine.

                I do not understand exactly what your business is. But here's some general guidance for a financially strained business.

                The first thing you should do is analyze where you can cut financial corners. Be ruthless in doing this. Cut any financial corners that doesn't effect bringing in business (such as marketing). Do NOT cut marketing and do NOT cut the quality of your product.

                If you have different categories of business (different product lines, etc) analyze which product lines provide the most and the least profit. Sometimes you will find that the most profit comes from 20-30 % of your product lines. You may also discover thaat 20-30% of your product lines are not very profitable and result in just "trading dollars". Then put your effort in promoting the most profitable product lines.

                You may have to struggle with this for a couple years. Once you can show recovery and a profit increase (to a reasonable level) for two years, you should then be able to borrow funds from a bank directly, or, if necessary, get an SBA guaranteed loan.