I have been in the US for 4 years now and my business is 2 and a half years old. I pour everything I had in it and my wife is taking care of all our living expenses. We have a road map and a plan that seems to be working but I can't get out of that loop without funding to implement what we know works.
Does anyone have any advice on how to get at least 15k to help us go to the next level?
Hard advice but if you can't save up $15k and it has been 2.5 years, it's unlikely to make a difference at this point. If the $15k isn't all at once needed, seek credit cards but again, if you can't save $15k, there are some fundamental things that need to be tried prior to seeking funding. Such as, cut out everything you don't need or can go without. If you are already doing this, then your business isn't making money and unless you have a lot more capacity without adding overhead.... then you need to raise prices.
We restructured our business at the start of this year, raised prices, cut what we didn't need, and created SOPs and systems to start making a profit. It's working but because of previous debts we are paying back things are more difficult.
Is your problem that you are at capacity without additional capital or you aren't getting enough customers without additional capital. If the latter, go door to door, park in parking lots with a sign. Do whatver it takes.
What is the money for? And what is the next level?
I am currently working with a coach to create an irresistible offer that will solve the cash flow issue. The next step is to solidify the infrastructure and hire talents to manage the smaller task that does not increase revenue.
Lignum9291 I am very familiar with your situation, and I can provide some tips I have used to grow our business without borrowing or going further in debt. We have been in business for over 20 years and have multiple locations in various states doing the same type of work you seem to be doing.
If you want some advice from someone who has been int he business for over 20 years and has multiple locations, please feel to reach out to me at jt@homeproecg.com or 720-850-8376. There are a lot of poct holes out there for new business owners to navigate.
Sure, I would appreciate any useful tip.
Thanks for asking the community! What industry are you in, if you're up for sharing? That might be helpful context for the community to help.
I am in the construction/handyman Industry. My clients are property managers and realtors.
Hey Lignum9291, thanks for sharing and starting this discussion. I am in a similar boat fighting off debt I had from before starting my business. I was about $30k in credit card debt when I started and am just barely down to like $26k now 2 years after starting my business. I'd like to explore some thoughts / questions I think of myself in handling my debt.
But before that, here's a potential answer to your question so you don't have to waist time reading the unsolicited advice I've posted below.
I think looking for grants or guidance through your local SBA, connections through a local Chamber of Commers or Minority Business Development Agency may be a good place to get more info and direction for low to no cost kind of funding.
Now onto some thought experiments. These are just things that I think of while in a personal situation that seems similar to what you have described here so far. Please take these with a massive grain of salt and know my goal is to just share and not tell you what to do.
I would love to come up on an extra $15k + to knock out some or all of that debt. Out side of grants, I'd be looking at refinancing my debt to still be in debt but just a little cheaper interest. Helpful, but not a fix.
If you had the $15k, what would stop you from getting into more debt or over spending in other areas?
Does your road map plan for budgeting / spending though out the journey with and without the additional funding?
Does it seem to be working or is it working? I have to constantly check myself and pump the brakes especially when I feel like something seems to be working but hasn't proven to me it's working. I have jumped the gun a few times in the past two and a half years and land up spending $1,000s slowing down my financial progress. Being really certain that the plan is working before taking on more risk is probably a good rule of thumb.
Getting additional funding now just feels like a potentially risky situation. At least it seems like taking on more risk in an already risky and tough situation. I have cut all spending on debt for the last 12 months, reduced my spend personally and in the business several times and focused on low to no cost ways to generate leads and sales. This is a painful and slow process for me and my situation. However, I know that I am at least not taking on extra risk and I'm sharpening some valuable skills for the future. I spend most of my time trying to create content for free on my phone to share, local tabling events to generate leads, getting more 5-Star Google reviews, adjusting my SEO on my website and emailing my existing client list to get people to reengage.
If the plan is working, than you should have a clear path to getting out of debt. It may take 2-5 years but you can see it and keep working towards it without taking on more risk.
Let me know if you have any thoughts or reflections. Have a wonderful day!
Don't be scared drop your business name and contact information I do the same work and more and may be able to help with some issues and I have some issues with systems as well you may be able to help me with let's network.
I'm up for networking.
Business Name: Lignum Space Innovations
3213923189
damion@lignumspace.com
Hello
Ive had my construction company for 4 years and Ive taken a number of different loans throughout the life of my company.
We used MCA, which have terrible terms but if you have a solid plan and can use them wisely it should help you elevate. We took a 2 loans last year that let us go from $250k to $1 million in revenue. If you trust and execute your plan, and produce more than the payment will be, you will be alright.
Good luck to you.
This is helpful. Thank you
