Some Advice Needed Please

[TheFoxTrail]

Hey all, I need some advice and I have been at a loss where to turn. I hope some of you have been through similar problems and such and may be able to help me...

Firstly, I run a small crafting/art/taxidermy business, primarily selling on Etsy. I WAS selling on Ebay but received a permanent ban due to late shipping times (because of low money).

In 2012 I applied for business funding with the Prince's Trust, after just a general email. They were very excited to give me funding and loved my business plan. I received £2500 in funding in Dec of 12, even though I did not feel I was ready to go into business properly due to seasonal affective disorder.

My first month in trading was okay, I made about £600 or so. A few months later I was struck down hard with mental illness and fell behind in creating my orders. I later had problems with Paypal locking my account, living out of my overdraft, etc etc - life was incredibly stressful.

Eventually I had to tell the Prince's Trust that I could not afford the repayments, and ended up seeking help through the Citizen's advice who helped me pay just £1.00 a month to my non-priority debts.

Now, with that bit of stress off me, I am on ESA for my mental health but I am selling a bit through Etsy on the side. I have been after a loan of about £6000 in order to pay off ALL my debts and then just pay the one thing off. I am intent on my business succeeding, as ESA does not cover enough for my partner and I (who is looking for a job).

However I have been refused everywhere, and there is simply not enough money coming in through Etsy right now. I badly need to purchase extra stock and assets but money does not allow.

I am wondering - does anyone have any advice on my situation? I'm going with the flow but specific advice would be wonderful as other places have failed to help me.

If there is a business mentor out there who would be willing to help me, that would be wonderful too. Thanks all!

 

[SwissChris]

What would I do?

Debt + lack of capital will eat your business and more importantly your will to carry on alive.

I'd address the debt first and then once that is on a level i'd look towards raising some capital - in line with realistic forward planning to make sure there is actually a business to be made out of what you are doing.

As for raising capital. Avoid having to be beholden to any kind of financial institution. I'd either raise it myself though saving up whilst in employment or hustle it somehow.

 

[MorrisChesterfield]

I would seriously look at working for somebody until you have some capital behind you.

As you know business is tough, its even harder with little or no money to invest.

Good luck, ben.

 

[TheFoxTrail]

I defiantly want to find a job but being in a very small village with no transport is pretty hard. Also the fact I have severe depression/anxiety (hence ESA) and also I am transgender which makes getting a job difficult. I am looking though, hoping I might get lucky!

I'll try hard to raise capital one way or another - being on here is inspiring me a lot too