Business Owner in denial - HELP

iVillage Member
Registered: 02-10-2010
Business Owner in denial - HELP
8
Wed, 02-10-2010 - 11:23am

Hi.

iVillage Member
Registered: 10-31-2002
Wed, 02-10-2010 - 11:56am

In reading your email, you sound overwhelm. As a financial social work educator/coach,

iVillage Member
Registered: 10-01-2008
Wed, 02-10-2010 - 4:20pm

Been there done that, trying to run a business without enough income. I'll spare you the details, but the company is now closed. TG.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 08-04-2008
Wed, 02-10-2010 - 4:43pm

First I would say you need to get real with your obligations, your actual abilities and the overall concept of running a business - it is HARD!


I hate to say this, but your post seems pretty overwhelming and a bit disorganized.




iVillage Member
Registered: 02-10-2010
Wed, 02-10-2010 - 7:09pm

Thank you!

iVillage Member
Registered: 10-31-2002
Thu, 02-11-2010 - 8:24am
Continue coming here for support. It is not about fixing the problem but creating lifelong financial changes. Also, before you make a purchase check in with your self,
iVillage Member
Registered: 10-01-2008
Thu, 02-11-2010 - 9:50am

I agree with Gracemae 59 and Marie.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 11-14-2008
Thu, 02-11-2010 - 12:40pm

Welcome,

I owned a business with my ex husband and when we got divorced in 2007 I bought it from him. I did not have a clue what I was doing. I didn't know I would end up owing for back taxes, interest, and penalties, as well as a whole bunch for my personal taxes.

Fast forward 3 years and I have learned so much and am finally finding my groove and paying off a substantial amount of debt. I got my head out of the sand and started hitting the books. I, however, use an accountant to file my taxes. I believe that is really important. They can often set you on the right course. What accounting program do you use? Do you review your profit and loss statements and balance sheets regularly? Do you know if you are making money? Because really, there is no point in prolonging this if you are not. I know dreams are important but sometimes it is a matter of changing dreams, no matter how hard that is.

I wish you would have talked to someone when you were at your 99,000 debt mark. They would have told you to declare bankruptcy.

How much do you owe right now? Do you have a plan to pay it off? Do you pay yourself a salary? Can you keep business and personal separate? These are some questions you should ask yourself.

Feel free to ask specific questions. And please take some time for yourself and your kids. This is survivable but it takes time.

Good Luck.


iVillage Member
Registered: 08-04-2008
Thu, 02-11-2010 - 1:18pm

You might want to take a money management course to help you on the way.


My DH and I are attending Financial Peace University by Dave Ramsey.