Words of comfort needed - this business is killing me.....

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silverrepublic

  • #1
    I just wanted to see if any of you can relate to my circumstances

    My business was started to suppliment my income whilst on mat leave and I just feel like it is now out of control....

    What started as a lovely little venture has turned into a monster which six heads and eight legs and it feels like it has very big teeth

    We are currently in the process of vat registration which has just opened up yet another can of stress...

    I run this business alone with two tiny children and just feel like its all getting a bit much, but then I think hey it could be worth it but then I think, every waking minute goes into this.......

    Rant over, anyone else been through this?
     
    Christine Hough

    Christine Hough

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    Mar 31, 2006
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    Hull England, but trade on line
  • #2
    Is it profitable? If so congratulations. To achieve this with a young family is no mean achievement. But now you need to show who is boss!


    List down all the jobs you do.
    Rate each in terms of the stress/enjoyment you get out of it.

    Then see if you can sort it out so that you do the bits you enjoy and take others on to do the bits you don't want.

    You definitely need to ring fence family time and could use a virtual phone answering service or similar if you need to. You will need to organise to make sure that every waking hour does not go into your business with nothing left for your family and yourself or you will run dry.

    Or you may even consider selling it if it really is such a monster.

    The important thing is that you do the things which you find fulfilling and are not driven by outside circumstances. Your little ones will grow so quickly you really want to enjoy them. After all that's probably why you had children. Time to play, to wash, dress feed, read stories, have a good bedtime routine and of course for outings and meeting others.

    Bringing up children is a demanding job and not to be underestimated. There will be times when you are tired and that is normal. Do you have support around you?
     
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    Moneyman

    Moneyman

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    May 3, 2008
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  • #5
    DELEGATE.
    the whole admin side is a pain and you need someone and some system to speed it all through and make sure the cash doesnt get squashed. Get a part time admin person.
    Nobody can do it all.
    One of my businesses is almost identical and we are building systems to cope hopefully things will be sorted before sales grow too fast. It isnt rocket science but do it now because you sound like you dont have time to sort someone to save you time and it all gets too much.
     
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    silverrepublic

  • #8
    Hi

    Thanks for all of you who have replied......

    The VAT is a nightmare for the simple fact that we now need to increase costs to pass over to the customer and its a huge task (and expense) we are having to have our paper catalogue reprinted, web updated, consultant catalogue updated as well as sorting all the paperwork etc....

    I think your right though, for one personal to do everything is a total nightmare - time to take someone on me thinks (I am hoping the paper work side of all that is not to much to handle as will just end up adding to the work load)!

    Thanks for the suggestion of the new business name but we are more than happy with what we have - the word republic relates to other areas we may consider moving into in the future and to re-brand at this stage of a business would just be a totally nuts thing to do....

    xx
     
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    british steve

  • #11
    Sounds like finding a book keeper will make things easier for you? VAT registration is something you will go through at some stage if you are going to be successful and increase sales in your business - once registered its really not that bad and it does at least mean your sales are heading in the right direction - UP!
     
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    appyammer

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    Feb 21, 2009
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  • #12
    british steve said:
    Sounds like finding a book keeper will make things easier for you? VAT registration is something you will go through at some stage if you are going to be successful and increase sales in your business - once registered its really not that bad and it does at least mean your sales are heading in the right direction - UP!
    Click to expand...


    in the short term her customers will have to pay higher prices ??
     
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    Christine Hough

    Christine Hough

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    Mar 31, 2006
    3,111
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    Hull England, but trade on line
  • #13
    This OP has gone from 0 to 77k turnover (we do not know profit) during maternity leave. She has indeed given something the market wants, and is rewarded with a good business.

    If she has to take a small dip in return for getting her life in order, and putting in place a structure which will allow her go to forward then it is a good investment.

    If the customers will take a price rise then that is an option which should also be investigated.

    If the current high workload is temporary due to having to re-price everything on the website, why not use a freelancer?

    I have just posted a job with studentgems and have received 4 good-sounding applicants for a freelance role.
     
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    appyammer

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    Feb 21, 2009
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  • #15
    british steve said:
    Unfortunately that’s the way the cookie crumbles. With growth comes higher overheads! It is the same for every business - and the chances are that all her suppliers are VAT registered so she will be able to claim that back!
    Click to expand...

    i agree she will have to balance the 20% vat against suppliers/overheads she can claim back and increase her prices accordingly,cost of fame
     
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  • #20
    british steve said:
    Unfortunately that's the way the cookie crumbles. With growth comes higher overheads! It is the same for every business
    Click to expand...

    It is while we have idiots running the system.

    Have they no idea of the huge increase in costs to a small business VAT causes,surely some bright spark could design a graduated system.?

    Having to put one prices up by 20 % can kill a business.IMHO
     
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    appyammer

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    Feb 21, 2009
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  • #24
    sirearl said:
    It is while we have idiots running the system.

    Have they no idea of the huge increase in costs to a small business VAT causes,surely some bright spark could design a graduated system.?

    Having to put one prices up by 20 % can kill a business.IMHO
    Click to expand...

    i partly agree, but as the OP is already up and running it wont be 20% uplift on prices as she will be able to claim back on the purchases and other associated costs she was not able to prior to registering, so i assume it will be somewhere in between.

    hopefully the increase wont scare of the customers
     
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