Business advice needed BAD!

Discussion in 'Growing and Managing a Business' started by fragged3d, Nov 14, 2012.

  1. fragged3d

    fragged3d
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    I am a 33 year old entrepeneur. I own a small business in Ohio that I am very proud of and believe in very much! My business has gone through a lot of trials and tribulations and struggle. I was a little Nieve when I entered the business thinking I had the golden egg, when in reality it would eat me up over the next couple years. I have had different opinions through the years with a majority of those telling me to close the doors but I have rejected those opinions because I do feel that I have a strong business model and there is huge potential in what I do. The problems, not enough promotion, not enough inventory, not enough sales and lack of credit. In my younger years I was not raised responsibly and it shows now, I have no credit which hurts my business. I am at the point now where I don't know what to do next or what the next step is. I don't want to close but on the other hand I'm so stressed out and have lost everything but the business. I have had many great feats under my belt and did things some would never do, I have good talents and I'm very good at business but it seems to lack in some areas. I mean my original business plan called for $80k and yes I have struggled but I did it with $10k and I spent 8 months on a business deal to go from 1000 ft to 5000 ft for only $500 more in rent and got them to give me 4 months free. All the investors where I live are in the agriculture industry, I am in the tech industry, even so I don't have the numbers they would ask for, what do I do????
     
  2. Mark T

    Mark T
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    You cannot simply do it on your own.

    Ask for help - find partners whom are experts in different fields that you can trust. Let them fill those areas where you lack. If you want business, you have to know how to cooperate with other people and trade ideas, ask help, and a lot more.

    Certainly, you do not have to worry yet. You still have chances of gaining back your business. What you can do is to create a new business plan, research your new market target along with a few people to help you out n determining the right factors, numbers and data you will need.
     
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  3. BridgeLL

    BridgeLL
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    There is no one panacea for an ailing business. But without knowing more about your company and what you offer that no one else does, I can't really give too much in-depth advice.

    Keeping that handicap in mind, I think that Mark is correct that you need to ask for help. And network, network network!! Have you ever heard of the concept of social capital? It's kind of like assigning value to your friends and reputation. The point is that social capital has been in decline since the 50s, but people who make the most of it anyway - and strive to build lasting worthwhile relationships, tend to do exceptionally well. So my advice is to increase your social capital by networking.

    Social clubs are an excellent way to network - Like the Elks, Rotary, Masons, etc... Another excellent source for networking and getting excellent business advice is church. Try going to a different one each Sunday, after the service just get friendly and network. Tell people about your business, your strong work ethic, your honest policies. Just talking with people can help in odd ways. Sometimes they end up recommending you to their friend, who happens to own some giant company that ends up signing a contract with you, all because you were nice and friendly and shook hands with the guy who is friends with the CEO.

    Anyway, I feel like there are several things you can to help your business grow. Hopefully some of this helped or at least sparked an idea of your own :)
     
  4. RobbiePorter

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    Hey fragged3d! I live in the Silicon Valley and am an online marketing and business strategy consultant so I'm no newcomer to technology industry. Depending on your type of business, I could potentially introduce you to experts in your field. Let us know all about your business though so we can help you figure it out!

    There really is no silver bullet for an ailing business like the others have said above and there is a good chance you might have to close your doors. But don't give up yet and let's see what we can do!
     
  5. Justinjude

    Justinjude
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    Businesses are meant to behave this way. Every business relies on several market factors and even the best of businessmen fail at some point in their life. Do not be disheartened at this condition of yours. Take out the positives and negatives. Find out where you did right and where have you gone wrong. An analysis of the factors would surely provide you an answer.
     
  6. tacticalsales

    tacticalsales
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    You need help that's for sure - get advice or a mentor/coach to guide you in the right direction as without that or time to read and learn you will become stuck for ideas.

    Ultimately try to figure out a new method of business so for instance look at the revenue model and see what can be done better and how can you improve the process so the result is you get the money faster. Also consider money management too as many companies go bust because they tried to expand to earlier or didn't do it on time - even bought too much inventory resulting in overstocking and not able to sell.

    You also need to keep you head, try a new routine in the morning to get yourself set for the day a head.

    However all this said and done - you seriously need to sit down and look at where the problems are, consider the solutions and ultimately decide if this is a viable idea, be brutal with yourself otherwise your enthusiasm for the company will cloud your judgement.
     
  7. Natcoweb

    Natcoweb
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    It's always difficult to start business.
     
  8. fragged3d

    fragged3d
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    I'm not sure where to network and at the point in my business I wonder if it's to late because of being to slow. I know a lot of my info is pretty vague so I will give you some background here.

    I started my business in 2010, my business plan called for 65K and it was suppost to be financed privately. The business plan was awesome and it modeled my business pretty well, the problem came to the investor, he could only put up 10K. I accepted with the knowledge that at some point there would have to be a chunk of money invested for the business to run right. Almost 3 years later and I still haven't been able to pull the full potential of the clientele, it's there I know it is because the city in which I live has 3 other businesses that do about the same thing I do but they are all $1mil a year businesses. I also run a sub business to my business that compliments it very well and attracts a good amount of people, we get people that travel from other states just to visit. So I ran my numbers the other day and 1st year was $55k, 2nd year was $74k and the year isn't up and we are sitting at $78k. I have a little over 100K in inventory and equipment and I don't understand business equity. I have messed around to much in my younger years which leaves me with not so stellar credit (430) which in turn hurts my business bad!!!
     
  9. Mike Brown

    Mike Brown
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    It sounds like you're a real go-getter with a strong determination to succeed and that's a great strength. I would agree that you need to get some support, even if it's talking over your challenges to people who are in similar businesses to you. Sometimes all it needs is someone to tell you that you're on the right path and to just keep going. When you're so engrossed in the business, it can be hard to see the positives of what you do.

    Business can be very hard, especially running your own business, but ultimately you have to decide whether the pressure is worth the potential or existing rewards and then make a decision either way.
     
  10. Leejeong

    Leejeong
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    You know, you have the determination and the will. i know you can do it, but accept the fact that you can't do it alone. Do you know someone who's good on some parts of your business plans you have difficulties?

    Here's my advice;
    For know, know your strengths and weaknesses, then know you business's strengths and weaknesses. Pin-point the parts where you fail or find difficulties. Make a research about that and make a plan. If the plan doesn't work out then find someone who can do it for you. Be partners, and listen to his/her ideas. Do plan about that. It's important that you really like/love the business that you're into. And asking for help is not a sign of failure.

    I do hope for the best of your business and I hope I helped you a little.
     
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  11. eurekapsycrille

    eurekapsycrille
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    Why don't you try to shut your business down for a moment? I know this sounds so rude. But man, you are in a bad reality of business life where you are in a state of finding a way to get back to your feet while leaving some other problems behind you that might cause more problems.

    From what I have conceived from your post, a small problem become worst because you ignored it when the time you can deal with it easily. My point why I gave you that kind of advice is to free yourself first the the stress you are in. And stopping for a moment is a good idea I think. Because if you will continue to fight in that state, you will be experiencing the same failure over and over again.

    So why not stop for a moment? Rest, relax, and then after you gain your composure, that's the good time to think solutions to your problems. Keeping your business running while dealing with problems that are "unusual" for a small business is a risky task. You said you don't know what to do right? Why not take a rest? You have no peace of mind at this moment. And that could lead to bad decisions and might hurt your business more.

    You have a strong determination. But wisdom is still needed at this moment. When everything is running good with your mind and heart, then start facing all your problems and run your business. I can't give any technical advices for now because I bet you won't apply them. All I can say is that you must first gain your business composure back and then resume after all is good.
     
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  12. jcworlditsme

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    I think the key to any successful business is knowing when you need to adapt and maybe even change the direction in which it's going. Also, it seems the more successful businesses tend to not rush into things, especially when expanding their companies.
     
  13. 2misi.com

    2misi.com
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    Hi, don't get too stressed out when thinking about your business. Looking for a suitable investor is difficult,my advice is, to try searching for a website that can promote your business in the search for investors.
     

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