Small Business Starting to Run Out of Steam! Please Help!

Discussion in 'Starting a Business' started by Trep117, Aug 23, 2013.

  1. Trep117

    Trep117
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    Hello ladies and gents,

    I'm in need of some wisdom.

    I have currently been running my business for close to 2 years now. My industry is in the secondary market for cell phones and tablets. Long story short my company is developing a retail buy-back program and is currently producing revenue with liquidation services for large tech retailers.

    When I first started this business I teamed up with someone that not only funded the businesses payroll, but also would dev the front end and back end software. Everything was going great and then all of the sudden things started to fall a part. He stopped working and I didn't hear from him for weeks. Later on I started figuring out that he was going behind my back and trying to team up with one of our larger clients. So I prepared myself and severed the relationship successfully.

    My questions to you all is, how do I bring myself to trust someone else to partner with. It seems like everyone I come in contact with is selfish and shady. Is it just me?

    After I cleaned up the mess from the first partner, I went into "limp" mode and cut all my expenses. Somehow I still cant get ahead. Retail start-ups need funding and it seems like its nonexistent. Im paying myself incrementally and even out source everything.

    Fact is this is all starting to take a huge toll on me and I feel like my goal is getting further and further away. Negativity has never been a part of me but this is how I am starting to feel.

    Any advice to get me out of this rut would be greatly appreciated as I am ready to start feeling like a proud business owner again. Thanks in advance.
     
  2. sjzllc00

    sjzllc00
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    I think only your wife or husband is the best partner.
    I will not believe other partners.
    Everyone all like money, they will give up friendship sometimes in order to get some opportunity.
     
  3. AmbitiousStudent

    AmbitiousStudent
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    Not even your life-long partner should be trusted. I don't care how dedicated they are, once money is involved things can get vulnerable. One of the strongest, perhaps even the strongest, reasons why familys and relationships break up is because of money. It's not the money itself that's the problem it's what the money brings - freedom, prosperity, fun, security. When there's a better deal round the corner people see more security, when there's a loss their freedom is threatened as well as their security.

    I'm assuming you don't want to go it alone because you feel you lack the experience? How about if you just hired an experienced assistant and it doesn't even have to be in person it can be somebody from another country who may have already worked for a couple of successful businesses. They could even have a small team and be working on a couple of other projects. You don't need to have someone else in the driving seat with you it causes problems.

    If you're starting to feel negativity I strongly suggest you buy a cd or an app of Paul Mckenna. He is a very popular hypnosis guy who has helped thousands of people lose weight, gain confidence, get rich etc. It all starts in the mind and so if you go ahead with doubts then you will fail. Just take a step back and rejuvenate yourself. Think of the goal that you want to achieve. The fear of being broke may even drive you.
     
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  4. amwarner

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    Sometimes you have to go through absolute hell, to eventually see the light ... and it may seem that that's what you're going through. But you know what, so does every single business. There's ALWAYS going to be tough situations and times that come up, but you just have to bear down and get through it. The only way to somewhat avoid all of that headache,is to get a job ... and I don't think that;s what you really want.

    Now why do you feel the need to partner with someone to run your business? You have 2 years of experience running the thing so you probably, or hopefully, have developed some business acumen. You're doing a good thing by outsourcing some of the tasks and day-to-day duties. But even while doing that, why do you feel you can make it work? There are plenty businesses that are owned by a sole person, but other aspects of the business are outsourced.

    AmbitiousStudent is on the right track, there are alot of great VAs out there that could help with your business.

    You seem to be the driver of this business, and you need to take full control of it. Along the same sediments of what AmbitiousStudent said, there's no bigger motivating factor that having your back against the wall and trying to make your business work.

    I wouldn't try to go with another partnership. You have the experience and have seen and learned alot ... time to implement what you've learned.
     
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  5. Trep117

    Trep117
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    Thanks for the great advice. I am going to look into Paul. At this point I am willing to try anything.

    I do feel the lack of experience but have also learned a lot. How do I go about hiring an experience assistant?
     
  6. Trep117

    Trep117
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    Hello,

    Thanks so much for the great advice.

    You are absolutely correct in regards to "going through hell" part. When money gets tight I start to get very worried. But, somehow going out and finding a job seems worse.

    I have learned alot in the past 2 years, however we dont have a steady flow of work right now. Im relying on the liquidation side as the revenue stream right now and we are just now starting to get aggressive with our pipeline. I am trying to grow organically but its becoming increasingly difficult. I have a very large retailer that is ready to sign a contract with me but I dont have the buyback software built yet because I cant afford it. I feel like im going to miss a big opportunity. This is where Im stuck and need help. I dont know if I should just focus on the liquidation and pass up the large deal or what?

    When you say hire a VA. What does that mean exactly and where do I find them?
     
  7. amwarner

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    If you have a big deal like you say, why leave that opportunity and money on the table so to speak.

    You know, I don't fully understand your business but it sounds like you have two sides of the business that you're simultaneously working on to try to build. The liquidation and the retail if I'm not mistaken. You need to just focus on one aspect ... master that aspect, then build up the other one. You want to work on the liquidation side but you have a retailer ready to do a deal but you're not prepared enough to do that deal.

    The best suggestion I could give is to try and focus on one thing at a time and build it up. It doesn't sound like you're all over the place but it sounds that when you had a partner, it was easier to maintain both aspects, but now that you don't it's proving to be more difficult.

    When I speak of V.A.s I mean Virtual Assistants, kinda the same thing that you're doing with outsourcing but they usually work for you to help build your business to where you want it to be. It's the next step that I'm going to take for my business, because I'm starting to grow and get more business, I'll need to have someone that could do tasks like transcribing podcasts and editing and proofreading articles and helping with webdesign, etc.
     
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  8. eurekapsycrille

    eurekapsycrille
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    To sum up, your biggest problems are trusted partner and developing your business.

    The thing you should do is to look 2 to 3 years from now if you can sustain that business without having a partner. Look at the possibility and profitability of the market that you're in right now and your competitors.

    If you find out that none is going your way, I think you should think now and start looking for other business opportunities. I am not that rude to say this, but I think you are at the end of the road for that industry. It's like you have sustained your business because of your partner, and having him out of your side makes you weak.

    Find another business opportunity. Use your fund that you earned and don't wait until the business shut down because of money. What are the things you do good? What are the other opportunity that suits your budget?
     
  9. Trep117

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    The only reason I got into this business is because I thought of building a buyback software back in 2009. Now its getting further and further away. But I think you are right about finding one thing Im good at and sticking with it. The low hanging fruit it the liquidation program and I could actually simplify it by brokering deals for a 8 to 10% commission on each deal. This is going to require a strong network and will have to start from scratch. Any ideas on how to build an effective network quickly?

    I think that I have made up my mind and decided that this is what I will focus on and when the time is right, I can move on to developing the other parts of the business. My mentor said this is a good idea. Thanks for your great advice!

    If things start to get to busy for me, then I will have to hire a VA.
     
  10. amwarner

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    Glad we can all be of assistance to help you out. Yea, trying to focus on multiple things at once in a business, especially when both are new and you're trying to build both of them up simultaneously, is difficult. Hopefully everything works out with you and wish you much success.

    For your question on building an effective network, I'll have to think a bit on it. Possibly you could create a thread specifically for that question and those on BAF could help you and provide you with great suggestions so you have multiple options to choose from.
     
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  11. Trep117

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    Good idea.
     

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