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Lobby Financial Feast topic #242

Subject: "How am I doing ?" Previous topic | Next topic
allieFri Apr-06-07 03:26 PM
 
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"How am I doing ?"


          

I'm not sure whether we're doing good or bad.

We just started our business 3 weeks ago. We're getting business everyday. Our major market is auto dealerships. I would say that approx 50% are saying yes to our services.

I'm a little stressed. When we did our business plan we didn't have any start up costs. We never had to borrow money as the start up costs were quite low. Or so we thought.
Well, we ended up moving to a new city to start the business as when we did market surveys and research this was the place that made the most sense.
So, moving expenses, hotel rooms, and so on. We moved 1000 miles to start the business.
I've been putting everything on my visa. I have two personal line of credits that I owe money to and my visa bill is around $3000.00. I also borrowed 3200.00 from our savings.
What to do ?
Do I take the money from my savings and pay off all these debts, like the visa and the lines of credits? And then take out a cash advance on my line of credit and put it in our business account and live off that.

Any ideas out there. This has me really stressed out. We still have to buy a second vehicle. I'm not even sure I want to stay where we moved cause I'm so homesick.

  

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raisecapital01Mon Apr-09-07 12:27 PM
 
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#1. "RE: How am I doing ?"
In response to Reply # 0


          

Are you generating enough funds to cover your monthly note? If not, I would pay it off. If yes, I would allow your business to grow, and then pay it off from its revenues.

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Lobby Financial Feast topic #242 Previous topic | Next topic
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