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EXECUTION I'm going to go from bankruptcy/£240,000 personal debt to a life of freedom using Facebook ads.

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Captain Acidhead

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Is it any wonder i'm anxious? And instantly trying to think positive doesn't fix that.
That's right.

Advice from people telling you 'how to think' is well-intentioned, but it doesn't work.

Why? Because negative or positive thoughts are a very late consequence of subconscious processes (feelings and beliefs).
By the time you're aware of your negative thought, it is too late in a sense. Trying to replace it by something else doesn't work, because there is no root in your subconscious to support that foreign thought.

Think of your subconscious beliefs as the seeds, with roots buried deep, and the thoughts you're noticing as leafs above ground. Cutting them off and replacing them with the leafs of a more 'positive' plant won't work, will it ;)

My recommendation is to do a process that helps to follow the 'negative' leafs all the way down to the seeds, and challenge those.

Still with me? I recommend you try a process that was described by Byron Katie, she calls it "The Work." She wrote a book about it too. But you can also just download her one-page worksheet, watch an instruction video, and spend some time with it every day.
 

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GSF

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You don’t have the cash/time to do two things! Why are you trying to help people run ads and run an e-commerce company?!

Stop with the e-commerce company and just find clients to run ads for. It will be much cheaper for you to go that route. With e-commerce you have to worry about product costs, shipping etc. and there are many more costs you have to factor in that could lead you to lose money that you cannot afford. Just stop it with e-commerce for now and get out of debt!

Also if you’re a Facebook ads expert (I’m assuming since you feel you can charge others) why is someone else running your Facebook ads?


Why are you continuing to spend your time on this? You’re $250,000 due to running poor e-commerce companies and now still a company you haven’t profited off of... just stop with e-commerce for a bit, get some clients and get some money coming in
I'm with 1 step. Focus on the facebook clients. Don't use Facebook ads to get clients though. Get out their meet call email network with business owners. Target a niche, focus on high value niches like home improvement co's and other service providers with high ticket sales.
 

1step

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At the moment i'd say there's a 90% chance i'm going to lose everything and 10% chance that i'm not.
This is the direction I want go down and has massive potential.
This is insanity.

Let's just pretend you are successful and able to make profit on your products. Then what? I have been in e-commerce long enough to know it requires a TON of cash, who is going to lend you money to take advantage of the "massive potential" How are you going to continue to fund re-orders without going even further into debt?
 
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Paul David

Paul David

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This is insanity.

Let's just pretend you are successful and able to make profit on your products. Then what? I have been in e-commerce long enough to know it requires a TON of cash, who is going to lend you money to take advantage of the "massive potential" How are you going to continue to fund re-orders without going even further into debt?
I'm going to fund re-orders from with the profits from the sales. My background is eCommerce, I successfully sold millions of dollars worth of products for 15-18 years before a couple of bad decisions really set me back. Plus some silly spending on personal things.

My background isn't actually facebook ads.

I'm not dropshipping. I've got 1900 products in stock which when sold will bring in $40,000 profit if we meet the target CPA. This is plenty to re-invest.

I have seen an e-Commerce store in the last 40 days go from 0 sales to $40,000. With 30% profit. I've already done a lot of the funding work - products, website, photography, etc. Any future costs will be for advertising only.
 

pkom79

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@Paul David Did you manage to lower the cost of traffic (CPC) and get the conversion rate up?

I see that you're running the same creative that still takes people to the collection page instead of the product page. You don't even give your potential customers a chance to see your offer (product page). Most of them just bounce from the collection page.
 

1step

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I've got 1900 products in stock which when sold will bring in $40,000 profit if we meet the target CPA. This is plenty to re-invest.
What price point are you selling at? What's the CPA goal?
 
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Paul David

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@Paul David Did you manage to lower the cost of traffic (CPC) and get the conversion rate up?

I see that you're running the same creative that still takes people to the collection page instead of the product page. You don't even give your potential customers a chance to see your offer (product page). Most of them just bounce from the collection page.
At the moment I have some re-targeting set up for lookalikes of people at different stages. The creative is the video which goes to the collection page.

Well that's what the guy has done, i'm taking this back over shortly.
 
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Paul David

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What price point are you selling at? What's the CPA goal?
Sales price is $59 for US customers, target CPA overall (cold, warm, hot traffic) is $20
 

Bandex

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I'm pretty confident that I could negotiate a settlement figure of around £8k-£10k with HSBC. The other main creditor which is a peer to peer lending group will be more difficult however I'm pretty sure if I make an offer of £20k-£30k or tell them I'm filing for bankruptcy they may (and should) accept. The lending company would go to the people who've loaned me the money and present the offer to them. If it was me and I had to take £20k-£30k or nothing I'd have to take the money.

So there are options to possibly get the debt down to £40K or something even though yes on paper the debt as it stands is significantly more than that.
Be realistic, the bank and that lending company aren't in the business of losing money, and your low ball offer won't cut it. They'll aim for the whole lot and when you can't deliver they'll collect the insurance.
 

RazorCut

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Be realistic, the bank and that lending company aren't in the business of losing money, and your low ball offer won't cut it. They'll aim for the whole lot and when you can't deliver they'll collect the insurance.
Actually he is being realistic. Banks will take whatever they can get. If there is no personal guarantee then the bank will send out threatening letters then sell the bad debt on for a fraction of the total amount owed if they get nowhere.

Part of the percentage you pay on a loan covers bad debt so it’s already calculated in.
 
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Paul David

Paul David

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Be realistic, the bank and that lending company aren't in the business of losing money, and your low ball offer won't cut it. They'll aim for the whole lot and when you can't deliver they'll collect the insurance.
There's no insurance to collect and there are numerous instances were the bank will accept a lower payable amount in comparison to someone filing for bankruptcy because if I do that they won't get a single penny.....ever.
 

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Paul David

Paul David

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Just as way of an update....

I'm still fending off companies chasing their debts most days, i'm being honest and open with them on the situation and nearly all of them are continually giving me another 30 days each month to see if things have improved.

On the business front, the sales of my ecommerce store are still slow and not profitable. I will be working on this more myself during the next week as it's still in the hands of another digital marketer.

I've selected a client niche that i will target, to start running Facebook ads for. I am in the process of developing a one page website and step by step approach to target clients daily. This will be done by a variety of different methods. I also have someone in India who is proficient in this niche who is willing to white label the clients advertising on my behalf. I know of one guy who has all his clients with this particular Indian company and is delighted with the results.

This is an option i'm considering but the number 1 aim at the moment is get my first client. I'll update not 'if' but 'when' i have one.
 

Stevekins

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Congratulations for not giving up, failures are steps to success. What I see you need is PERSISTENCE to build and steer this new company to enviable heights.
 
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Paul David

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UPDATE:

A lot has changed since my last post so it's time for an update. Firstly i managed to get through to Christmas by getting a few new clients for Facebook ads.

I haven't had the funds to do anything with the e-commerce brand so i'm actively looking to sell it at the moment without much luck.

On December 30th 2019 and after 20 years of being in business for myself I finally ran out of money. No money in my personal account and no money in my business account. Time to get my ducks in a row and prepare for bankruptcy.

After speaking to another parent at my Children's school, I decided to register for training to become a taxi driver. This other parent has been doing it since he lost his job 3 years ago. He works only days, like 6am - 12pm and earns around £130-150 per day. I can work it around my children and also my business work. So i applied and have the one week course starting on the 27th January.

By making that decision i've felt a great weight lifted off my shoulders. I no longer worry about having to get a "full time" job and I know that i can at any time in future earn money as and when i want to. Don't get me wrong this isn't something i see myself doing long term, but it's a backup plan and means i can provide for my family.

My Father has also set up a new company and i will be an employee, it's a facebook ads agency. I cannot be a Director of a company for at least 12 months after i file for bankruptcy so this is the way forward for now.

The company isn't a Facebooks ads agency like most set up. I have developed a unique offering for clients in a particular niche. Most agencies contact clients and offer to ads for them for a monthly retainer. This is the model i was using last year and i did get a couple of clients this way. However in order to be different i have set up a model that essentialy means i can control the niche myself. I won't go into detail here but I'm very excited after testing it on a small scale at the moment.

By the end of the year i expect to have filed for banktruptcy at some point and grown the new company to at least £20k a month in profit. And have my taxi licence as a back up so that i can fall back on that if all else fails.

I decided on January 1st 2020 that whatever has happened before cannot be changed. It was time to forgive myself and move forward, no more anxiety, no more negative thinking. New habits, new mindset, new me.

Last week i was preparing to ask my Father if he would put £5k into the new business account. Firstly to set up a few things required and also to be able to pay myself a low wage just until we get more clients or I start my taxi work. I'm down as an employee so even if i did have money i couldn't put it in because it's my Fathers business, it has to come from him or sales. Like i said I had zero money in any bank. You can't really get lower than £0 money in any bank and £240,000 debts so i focused on the fact that the only way is up.

I got an email last Thursday from one of my old competitors from when I used to sell power adapters on ebay. He asked me would i be interested in selling him my old database of adapter models. I was going to say sure £500 but then i thought i've got nothing to lose here so i told him i wanted £5k. He replied 1 hour later saying yes that's a fair price and within 12 hours the money was in deposited into my Fathers new business account. I actually cried with happiness. No need to ask him to invest now to get started and it gives me some breathing space financially for the next few months. Positive thinking at it's best!

I will post some further updates as I go along but this year is going to be the complete opposite of the last, i'm so excited now as to the ride that awaits.
 

MHP368

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Thats good you gota new dtsrt , I feel like "maybe a babkruptcy" while trying to start a business is kind of like a mental ball and chaon. Sending yourself mixed signals yah know? "Am I abundant or a failure?"

Interesting to here that taxis are still a viable job , here in the US lyft and uber sort of gutted that industry and turned it into a shitty below minimum wage job for the desperate.
 
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Paul David

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Thats good you gota new dtsrt , I feel like "maybe a babkruptcy" while trying to start a business is kind of like a mental ball and chaon. Sending yourself mixed signals yah know? "Am I abundant or a failure?"

Interesting to here that taxis are still a viable job , here in the US lyft and uber sort of gutted that industry and turned it into a shitty below minimum wage job for the desperate.
I have to get rid of the financial "baggage" and the only way to do that is to file for bankruptcy. The new company is up and running and we've got two clients already.

Taxi isn't a great job. To earn "decent" enough money you have to put the hours in and do nights/weekend usually. As long as for now i'm putting a minimum £2k into our family account each month it doesn't matter where it comes from at the moment. If i can afford to take £1k from my business then i only have to 10-12 days a month on Taxi etc. I hope i never have to drive a taxi but like i said it's there to fall back on.
 

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