Running your own buisness stress

[reallystressed]

NC and posting on here as can’t really talk to any one in RL about it.

Just looking to vent to other buisness owners about how fucking stressful itvis running your own buisness.

We had a dreadful summer. And to make sure we managed to pay our staff we have eaten massively in to our savings as we have huge outgoings. It’s a new business just under 12 months old.

Feel ill with it today. We’re in the shit financially and bills are mounting up. Dc school needs paying to day and I’m refreshing my bank account to see if payments have landed but they are taking their time

I feel like throwing the towel in but dh is optimistic as it’s starting to pick up again.

Any one been here?

Any one?

I know just how you feel, 7 months in and being able to pay the staff is making me sick, i luckily have very understanding staff and now i know that we can cope with less in each day its bringing costs down.

Hello mole, do you think we may be bald before the years out! 🙈

I just keep telling myself nothing worth having is easy.

I sometimes feel that im doimg well and all the bills are paid then look af the wage bill😕

I bloody hope not 😂 im hoping the winter months are kind to us 🤞🤞

Yes. I know that feeling. We took home less than some staff members this month. We have really bad payers who are massive companies but we cant get rid of them yet. Feel like they will make us go bust.

Winter months for us are generally good it’s this bloody interim. Every one thinks we’re rolling it but we’re SKINT 🙈🙈

Is it too early for

Do you think it's worth the stress OP?
(Genuine question)

Do you have a credit controller / book keeper who can chase you payments for you so taking that stress off you? I do this for clients at the moment and by having someone outside of the firm chasing for the payments it’s statistically known that the payments will come in either on time or within an agreed deadline... (not looking for business) just trying to suggest something to help bring your outstanding money in :)

Themarble first time I’ve doubted it today. Dh is having migraines and my anxiety is through the roof.

But if pushed then yes it’s worth it.

Don’t know if my liver would agree!

Unicorn no but that’s a fucking great idea. We do the admin work (well dh)

So would I just google credit controller ?

unicorn we are a small buisness, and if we used a credit controller would you say it could sour relationships?

Dh literately has to mither big companies but is on first name terms with account managers ect.. would this be like sending the baliffs in 😬

I hear you, totally. I'm not sure it's worth the stress myself. And it's getting worse, not better, that's what I can't understand. Making Tax Digital, Slashing dividend allowances, Rates review, Modern slavery, GDPR compliance, Auto-enrolment - I mean, WHEN WILL YOU LOT JUST LEAVE US THE FUCK ALONE!!

It does my head in, it really does - I can't believe this government's trying to develop an entrepreneurial culture. And employees? Honestly, they don't have a clue. They just assume you're rolling in it. Yea, if it works out, you'll make money - but if it fails, you lose your house.

How long have you been doing it leafy? Yep our staff are probably a bit too looked after and we need to reign it back in. Xmas do request has been put forward at £75 a head event. Was laughing when I read it. Nearly emailed back - ‘so you think we will all still be here then?’

Haven’t RTFT yet but jut wanted to tell you that I know exactly how you feel. We’re just at the 12 month mark and some days feel like a huge open can of worms that I’m flying over by the seat of my pants (that have burst into flames!)

I guess all you can do is stay true to yourself and your business and hope for the best....maybe?!

Have you looked into invoice factoring? It's kind of like a credit controller. Basically you "sell" your outstanding invoices to a third party company. They take a percentage, and you get the cash right away. So say you have an invoice for £100, they take off their 10% or 15% and put £85 or £90 into your bank account. That's it. They will then chase up payment of the invoice, and you won't be involved in that.

Yes you're paying a percentage of each invoice to the factor, but it can really help with your cash flow and depending on the deal you do with a factor, is often less hassle than taking on a part-time employee or doing it yourself. It's definitely something i'd be looking at in your position.

As someone who is 16 years in, you need to understand that the 'being friends with the account managers' means they just take more advantage. DH still falls for this and will extend credit or send more goods, so he's banned. This is my call totally, and I want to pay our staff more that I care abut pissing someone off, I'm not someone else's cash flow.

We have a set reminder procedure and at 120 days they get a solicitors letter, even the multi nationals.

I'll accept say 60 days, if payment is prompt and undisputed, we've plenty of customers that pay in this way and never let us down.

Honest, you need to differentiate. It does help. It's hard. Some of our contacts I've know years and years. You get a feel for when it's a missing invoice and an oversight or a consistent bad payer with another excuse.

The big companies can be the worst.

You need to have more cash, as if you're profitable you'll need to have money set aside for Corp tax and the vat man who don't wait. Did you capitalise the business with enough money to provide for a couple of weak months? Also are you charging enough to cover staff and running costs? Sounds like you need to cost cut to make sure you've got more headroom, or if your money cash swings are so big, you'll need short term finance.

Schools can wait a few days, or look at school fees plan to smooth those payments.

My brother has his own business and has done for about 15 years now and he STILL has a 12hr a week contract at his local Supermarket.

Benefits are:-

• Always 12 hrs money guaranteed
• He can do overtime if his own business is a bit quiet
• sociable (he has nice colleagues)
• Networking, he's had a lot of work from colleagues, friends etc....

I would get a part-time job to supplement your business, my brother does it and so does my hairdresser (who is also self employed)
It doesn't have to be forever

some days feel like a huge open can of worms that I’m flying over by the seat of my pants (that have burst into flames!)

I’ve found my people 🤣🙌🏻

Credit control is actually really easy.
I told clients today:

"This account needs to be bought back into terms".

ie I don't care that you haven't been paid by your client. That's your problem. Chase your client. Sort your own credit control dept, love!
OUR terms are 30 days, 60 days, whatever, so we require payment within those terms.

"If payment is not received by the end of this week, interest will have to be charged. "

"If the account is not settled in full, then we will have to start small claims proceedings. "

Dh literately has to mither big companies but is on first name terms with account managers ect.. would this be like sending the baliffs in.

That's a totally different thing. He's maintaining relationships. Building. Trying to get work. Getting sales.

Someone else, ie YOU ringing 'accounts payable' is a totally different thing.

Then he tells his 'mate', the account manager, in a passive aggressive way, "unfortunately we are struggling to get our invoices paid". Hint hint!

fishface no capital. Dh walked out of a joint buisness with half the staff behind him. (Which is another thread) We used our savings to set this up. Winter months we were flying and all good. Summer was hideous and we’ve had to use our savings to prop it up.

some days feel like a huge open can of worms that I’m flying over by the seat of my pants (that have burst into flames!)

This is me! I also have my eyes squeezed shut!

Biscusting safety in numbers ! 😆

bella after child care costs it wouldn’t be worth it. I have thought about it.

Fortunately we don’t run the kind of business where we’re relying on invoices being paid but we do need to work to get people to book our services and sometimes it’s a last minute thing which can be terrifying.

The st up here is, DH works the business full time and I work for the business part time and work for the NHS per time. I’m on mat leave at the moment, going back to employment next year which is going to be tough because both DH and I work all hours god sends on the business! Sometimes o think I’d like to have the security of him having a part time job too but I honestly don’t see how he’s have tome. When he’s not delivering the service, there’s admin, marketing and general drumming up of business.

He used to work in the emergency services too and the shift work took its toll. Our family life is so much better for him being at home mostly now but I admit I really can’t handle that panic stricken feeling in the middle of the night, when you’re lying awake with it all turning over in your mind. I also can’t handle the one step forward, two steps back nature of having a fledgling business. It seems once were over one hurdle, there’s another fast approaching!

Please someone tell me it gets better?!?!