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Advice for a struggling company...

  • 09-06-2009 4:41pm
    #1
    Nice1
    Closed Accounts Posts: 16 ✭


    My husband and I are directors for a small limited company - selling online. We took a small start up loan last April but due to delays in development the website meant that most of that loan went on repaying itself instead of the marketing and other planned and by the time the site was ready in December, we had very little left for any kind of promotion. There has been a really disappointing number of sales and it just hasn't taken off as we'd hoped. Now we find ourselves in the position where we have nothing left in the business account to repay the loan or continue to pay the other monthly bills needed to keep the site going. The bank will restructure the loan, but only if we sign a personal guarantee and since we've both lost our jobs since we started this, neither of us are keen to do this. I have no idea what to do - we haven't any finances ourselves if we have to spend a few thousand on liquidation or other fees, we just can't afford it.
    It's so stressful, I have no idea what to do. Your advice would be great.


Comments

  • #2
    blue4ever
    Registered Users, Registered Users 2 Posts: 1,258 ✭✭✭blue4ever


    PM'd


  • #3
    flash harry
    Closed Accounts Posts: 511 ✭✭✭flash harry


    well first and foremost if they dont have personal guaruntees on your loans DO NOT SIGN any now, thats for sure......

    If you cannot trade out of this, could you sell the site on, even to cut losses

    Ongoing expenses for running a site are minimal so you really need to meet the bank and ask them to restructure loan over longer period - play the lost job card, they will not want to the negative press of foreclosing on you in your situation


  • #4
    shoutman
    Registered Users, Registered Users 2 Posts: 6,924 ✭✭✭shoutman


    If you want you can give details of your website and get some feedback in relation to it on here.


  • #5
    byrne0f56789
    Closed Accounts Posts: 201 ✭✭byrne0f56789


    It's hard to build up a website in a year. It takes more time than that to get enough traffic to sell at the level that you need to turn a profit.

    The only option open is to use Google PPC to buy traffic. However, your conversion rate needs to be high enough to turn a profit.


  • #6
    jimmmy
    Closed Accounts Posts: 2,539 ✭✭✭jimmmy


    shoutman wrote: »
    If you want you can give details of your website and get some feedback in relation to it on here.

    Good suggestion...you may even get some customers. So come on...


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  • #7
    DubTony
    Registered Users, Registered Users 2 Posts: 3,267 ✭✭✭DubTony


    flash harry wrote: »
    well first and foremost if they dont have personal guaruntees on your loans DO NOT SIGN any now, thats for sure......

    Excellent advice here.
    Ongoing expenses for running a site are minimal so you really need to meet the bank and ask them to restructure loan over longer period - play the lost job card, they will not want to the negative press of foreclosing on you in your situation



    ... negative press? I'm not so sure. I get the impression that some sections of some banks don't give a sh*t about the publicity. They've got our bailout money, so it doesn't seem to matter a damn to them.

    hawk the site. For a start, put an ad in your signature and post all over boards (relevant posts in threads won't get deleted - follow the sig rules)


  • #8
    Axwell
    Moderators, Computer Games Moderators Posts: 10,462 Mod ✭✭✭✭Axwell


    DubTony wrote: »
    For a start, put an ad in your signature and post all over boards (relevant posts in threads won't get deleted - follow the sig rules)

    As Tony said stick it in your signature and if you want go to the web design/development forum and ask for advice on the site or for a critque and you will get some advice on what to change etc if you want it.


  • #9
    SKYDOG
    Closed Accounts Posts: 51 ✭✭SKYDOG


    Agree witht he guys above, dont sign the personal guarantee at any cost, dont let the bank bully you into either. It sounds like you have a lot of the hard work already done in getting the site up and running, so many people dont even get that far, so a pat on the back for doing that! next is to try and trade and build your site traffic and increase conversion rates. There is no magic formula for doing this other than being clever with the promotional tehniques you do decide to use. Have you really drilled down into the target market you want to reach, do you know where that target audience hang out (online or offline), what would grab their attention (and more importantly how would your product meet their need), do you solve a particular pain that they have or is it a lifestyle product.... its hard to give ideas without knowing what exactly you are selling but please dont loose heart, all businesses go through a period where it is no fun getting out of bed in the morning but a few wins here and there get the blood going again, keep at it.......


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