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stastnamicka stastnamicka is offline
Maven
Join Date: Jul 2005
Posts: 51
Bad, bad day!

Is it just me?
I feel totally deflated and panicky.

I set up my language business a month ago after months of research. There is a total lack of any companies doing what we are doing but a huge demand that isnt being supplied anywhere. I set it up with less than a grand and due to so much interest, employed 4 part time staff to cover the 4 most popular languages so I could concentrate on the management side.
Its now the end of the month, the staff should be paid and theres 200 in the bank. Weve done a couple of good interpreting contracts with great results and promises of more work, sent out loads of enrolment forms for people interested in classes, had features about us, handed out loads of flyers, wrote to businesses trading in these countries..........the list is endless. We've rang round for sponsors etc too.
We are waiting on all invoices and cheques coming in, the bank wont help till theres more coming in and theres no mates or family that can help.
Two of my staff could wait but the other two cant. They are over alone and without partners and obviously need to pay rent etc.

WHAT NOW???

I feel lousy. I cant get a part time job to help and all my experience is physical (chef, archaeologist etc) and the reason I started the business is due to my ankles packing in last summer. They are still too painful to do any physical work but at least Ive been able to walk the past couple of months.

Im at my wits end today. Ive applied for a business loan and have a panel interview in 2 weeks which is almost guaranteed to get but doesnt help me for this next month.

Any suggestions anyone???
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nicolaca nicolaca is offline
Connector
Join Date: Nov 2005
Location: South Manchester
Posts: 227
If you have money oustanding then you can do something called factoring, I'd only do this if you are really really desperate but it can be a way to release money which is due to come in.

Suggest you contact a chap I know through Ecademy called John Courtney

0845 8380936
E: strategy@nildram.co.uk

He is also a business angel so may be able to help with other types of interim finance.

Some banks also offer this service so it may be worth checking with them. It could also be worth going back to the bank and speak to someone in person, I've found crying on the bank manager's desk usually does the trick

In all seriousness, explain the gravity of the situation on a personal and business level and see if they can do anything at all.

Apart from that, keep the faith - I promise you it will get better - you have a wicked idea and passion for what you do.

Other ideas - ring clients and ask them to cough up!

If you need someone to chat to you know where I am.
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MK Printing MK Printing is offline
Banned
Join Date: Oct 2005
Location: Manchester
Posts: 543
Dude this is not a bad day, it is a great day! You have a business, you have already done some contracts and you have been promised more work from them. What you need to do is sort out your payment systems, I never do any work for anyone without 100% payment upfront. I understand in your game this might be different if you are teaching courses, so arrange a monthly direct debit etc etc.

Cash flow is the life of a business and it needs to be always coming in so the company can continue to operate.

It is hard for me to give direct advice to you on how to get more work because I dont know what it is that you do. I am currently working with another language tutor that specialises in East Europe languages.

Anyway I am sure I can help you in what you are trying to achieve and if you want to give me a call on 0161 248 5474 then we can determine who is most likely to buy from you and how to reach them in the most cost effective way.

Matt
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HSL HSL is offline
Entrepreneur
Join Date: Jan 2006
Location: Lincolnshire
Posts: 27
sorry you're feeling lousy, and I'm afraid I can't really offer any advice.

However, I also run a languages business ( albeit a rather small one!) and would be interested in finding out what you do. You can contact me at enquiries@hslanguageservices.com

Hope it all works out for you.
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big_phoenix big_phoenix is offline
Connector
Join Date: Oct 2005
Posts: 443
Matt at MK is right, and he managed to keep his post under 32 pages long!

Cahsflow is the problem. Factoring may be an option. Did you show the bank the overdue invoices when you asked for a loan or overdraft?
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stastnamicka stastnamicka is offline
Maven
Join Date: Jul 2005
Posts: 51
Thanks Guys!

Feel a little better, (thanks Nicola!! your help is always appreciated!) No results as yet but.....
Thanks too Matt! The Eastern European language person you mentioned is myself! I will call you asap though, cheers!
Pheonix, never heard of factoring but its definately an option at the mo, Nicola explained it to me.
I'd told the bank a few days ago, everything and no joy. Rang my business manager but she was in a meeting, left a message but no reply. I will go there first thing in the morning and beg and cry!!
The language person who replied - that was a lovely message thanks, Im just about to email you! I would love to talk to you about some projects we have planned for the future that you may be interested in.
IF WE GET THROUGH THE NEXT COUPLE OF MONTHS!!

GRRRR!
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unknown unknown is offline
Connector
Join Date: Dec 2005
Posts: 482
have you ever thought of creating basic language packs on CD? basic packs for kids, etc... to earn a little extra money, maybe get in touch with travel agents and estate agents for people going on holiday and moving abroad? maybe they could refer you to them? worth a try!
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