• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 50,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

It's do or die time

Discussion in 'General Entrepreneur Discussion' started by Paul David, May 15, 2019.

  1. Paul David
    Offline

    Paul David Silver Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    351
    Likes Received:
    703
    Joined:
    Feb 17, 2015
    Gender:
    Male
    Location:
    England
    Rep Bank:
    $4,958
    I'll try and keep this as short as possible. Anyway here goes...

    Due to some poor decisions on my part my old company went into liquidation in December 2018 after 15 years trading. I had UK tax liability, Overdrawn Directors loan account of £103,000, UK VAT due and also two personal guarantees outstanding on the business - £50,000 HSBC overdraft was one and £150,000 loan for the other. As I was a LTD company i'm personally liable for the £150,000 loan and £50,000 overdraft. Everything else has died with the company.

    I started a new company (doing what my previous one did) but without the shackles of big loan payments and i went from having a shop based premises to 3PL and customer services done in the phillipines to save cost. After 12 months or so it's becoming evidently clear this type of business isn't going to provide me with a suitable income. I have zero interest in what i'm doing and after 15 years i'm physically and mentally drained by the type of products I sell and having nothing to show for it except debt, stress and worry.

    I've decided on launching a new brand (online physical products business as before - just different niche) and this time i'm concentrating primarily on sales via my shopify site rather than Ebay and Amazon as i do now. It's a premium product compared to other Ebay and Amazon sellers although i may test the water at some point with those platforms. Ideally i wanted to sell all my current stock approx (£25,000) and also sell my Ebay store which has (80,000 feedback) to my competitor for around £50,000 in total. Then put everything into the new brand whilst also giving me some capital to pay myself a low but liveable income for the next 3-6 months. My competitor wasn't interested.

    So now i'm having to try and turnaround the current stock and replace with the new products but its obviously not an overnight event. I've made $5000 deposit on my new products (total order $16500) and i'm hoping i'll have sold enough of the old stock to pay for the order in full once it's ready. I also then need to have a budget for product photography (likely to be $2000-2500) and marketing/giveaways etc. I've missed a UK vat payment due last week to try and get things moving which isn't ideal.

    I'm also having to deal with the other personal guarantees from my old company which is probably going to result in me filing for bankruptcy as i'm currently not in any position to pay them back. The only asset i have is my house which is jointly owned with my Wife and there's nowhere near enough equity to cover what i owe and probably not even enough to chase after in regards to it.

    However the stress is taking it's toll at the moment. I'm really struggling with it. In reality this has to work otherwise i'm going to have to get a job and i'm nearly 40 and i've never worked for anybody in my life and i'm certainly not the type of person who's going to be comfortable being an employee (although i do know i'd have to suck it up). Don't even know what i'd do.

    If anyone's got any other ideas on moving forward that i haven't thought off feel free. I think being stressed is limiting my thinking process. Or even suggestions on dealing with stress and anxiety over it. I feel physically sick day and night and have aged 10 years in the last 12 months.
     
    Last edited: May 15, 2019
    NMdad and MHP368 like this.
  2. MHP368
    Offline

    MHP368 the man, the myth, the Pseudo-Apollodorus Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    259
    Likes Received:
    364
    Joined:
    Aug 17, 2016
    Gender:
    Male
    Location:
    Sahuarita AZ
    Rep Bank:
    $1,441
    What exactly is the difficulty you're experiencing with the website that has you so stressed?
     
  3. Paul David
    Offline

    Paul David Silver Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    351
    Likes Received:
    703
    Joined:
    Feb 17, 2015
    Gender:
    Male
    Location:
    England
    Rep Bank:
    $4,958
    It's nothing to do with the website. I'm stressed because of the overall situation. The website side of things is fine. It's ready to launch once the products are finished and shipped to fulfillment centre.
     
  4. RazorCut
    Online

    RazorCut Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    1,396
    Likes Received:
    4,341
    Joined:
    May 3, 2014
    Gender:
    Male
    Location:
    England UK
    Rep Bank:
    $27,023
    I feel for you, i really do. It's a very tough position to be in as there is no easy or quick fix. Here are some of my tips which I can assure you do work.

    Find someone who is unconnected that can provide a good sounding board. Someone who will listen and not judge. Someone who will scream at the wall with you. Someone you can unburden yourself to who is not your other half and aren't affected directly by the fallout.

    Take daily walks in the countryside or parks (it might sound daft but being in nature has a way of reducing the magnitude of what you are facing and making you realise that it is not the end of the earth and it will pass). Thinking while in motion aids mental clarity as well.

    Also spend some time considering what the very worst outcome could be. Then look at it in the hard light of day and accept it. Have a plan for getting through it. If the worst that can happen is losing everything and starting over then make peace with that. Once you can accept the worst possible outcome you will lose the fear and a good portion of the stress and anxiety will fall away.

    I have a friend going through somewhat similar difficulties at the moment (old company and business partner going bust, new business with major cash flow issues and a credit score too low to get any funding).

    Have you considered putting your business up for sale on https://uk.businessesforsale.com? I sold my online store including eBay and Amazon within a few days. People were pretty much fighting over it.

    I'm not saying you will see the same reaction but they have an online trial so you can test the waters for 20 days without committing to paying a fee.
     
    Last edited: May 15, 2019
    NMdad likes this.
  5. Paul David
    Offline

    Paul David Silver Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    351
    Likes Received:
    703
    Joined:
    Feb 17, 2015
    Gender:
    Male
    Location:
    England
    Rep Bank:
    $4,958
    Thanks for taking the time to respond. And your advice did help. I'm lucky to live by the coast and have some nice walks which i do at least once a week. I also run at least 3-4 times a week (albeit on a running machine in my garage). I find exercise helps.

    I've just listed my current company on that site you recommended using their 20 day trial. It's certainly worth a try!

    I have up and down days but it's always there, the stress and anxiety in the background somewhere. I just have to keep completing tasks each day which are getting me to where i need to be. As you said it's not a quick fix and that is the hard part. Being patience when you all you're getting are red letters through the door.
     
    RazorCut and MakeItHappen like this.

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page