Waiting to lose my job - wwyd?

[Wifelife]

Sorry this might be ramble on a bit

For the last year the small boutique I run has been up for sale, I’ve only been working in the shop for 18 months and didn’t know the owners plans to sell prior to taking the job, had I known my decision may have been different - the sale fell through and the owner is reluctantly carrying on and I’ve been promoted as manager.

The industry is changing and the business is struggling, my boss has already said her heart is no longer in it and would sell if the right offer was made - but there doesn’t seem to be enough cash flow or enough want, to address many of the issues we’re facing so it’s not particularly attractive to a buyer nor is it bringing in the clients we so desperately need to stay afloat.

The last 6 months have been tough, putting off paying suppliers, reducing opening hours and so on - she’s said ‘we’ll be closing down soon at this rate’ several times.

I earn just over minimum wage and work part time hours as they’re the opening hours of the shop, I love my job and the industry I’m in which is something I’ve never felt previously in other jobs. Typically the business owners in this industry would run the business themselves day to day so we’re an anomaly and the idea of just finding the same position somewhere elsewhere just isn’t going to happen.

My DH and I are TTC and having issues there so I don’t want to stop until this has resolved itself, it hasn’t done for months - I feel constantly in limbo and waiting for the sky to fall and it’s on my mind all the time.

I feel pressured and responsible for the renewed success of a business that isn’t even mine all for the very low salary my DH and I rely on and the role in an industry I love. I feel reluctant to put my family plans on hold but also feel stupid going ahead with them knowing I could be laid off at any moment.

My DH is very supportive and says we’ll manage come what may and to remain positive but I worry if I do that I’m just being naive.

Wwyd?

Bridal Boutique?
If the industry is changing then it’ll be far better to get in somewhere that’ll keep up with the times. The sales assistants in the ones in my city get paid at least £2 above
NMW.
Jobs are few and far between as they are good jobs, owners generally treat their staff well and the staff have job satisfaction. But I do them advertised every so often and with experience in the area you will already be ahead of many applicants.
Another thing you could do is see if you can do evening courses in alterations or similar.
If I were you I’d look for another job in retail that will give you security while you ttc. While there you can keep looking for something in your preferred field.

I've worked as a consultant with businesses that are going down the tubes. Inevitably the people with drive, motivation and clear vision get out when it becomes clear that the decline is irreversible... Which only accelerates it. The people who are left often just sit around passively with their heads in the sand, and then end up truly high and dry and screwed when the administrators get called in, because they haven't been able to accomplish much of note and now they are much less attractive to employers.

No matter how much you like this job, the shop is on borrowed time. It could close tomorrow - the end usually comes suddenly. You've got to be realistic. This job is over. Get hunting, seriously and quickly.

LouLouLoupee

Yes

I’d hoped to be vague but the advice I’m receiving though valid is a lot more general. When I say just over NMW I don’t mean pennies but it’s not high and definitely not a managerial rate but again I’ve taken this because I’ve valued the experience.

Jobs are few and far between and the job satisfaction is very high which makes it difficult but thank you - extra qualifications and something for in the mean time is a good idea

CountessVonBoobs

You’re right my DH works in a very similar area so I know that the end could be very quick - I know looking for something else even just for in the meantime is the sensible option, in truth I just feel really gutted and upset but equally don’t want to put my head in the sand

I think you should update your CV and start job hunting.

From what you say it sounds like the business you work for is doomed. Best to start looking for another job now rather than wait until the bitter end.

@LouLouLoupee
@CountessVonBoobs

Sorry I thought I’d done the @ - I’m assuming that notifies you to a reply, I’m really not clued up

@HopeGarden

Thank you, you are right - I’m just very sad about it

It's ok to be gutted, it's always gutting when a job you love comes to an end. But you will be in a much stronger position if you can find a new job before you become unemployed, and this is especially important since you're TTC - you really don't want to end up not eligible for any maternity pay.

If you want to run your own business some day, take this as a learning experience - why is the shop failing? What can you take away from this experience?

Being very sad about it is understandable if you love the job.

But it really is ok to be sad about the end of this job, and still choose to look for a new job before you’re forced to.

You need to decide what is more important to you, having a child or keeping this job for as long as possible.

Children are not cheap and it is unfair to bring them in such a financially unstable situation, because then they will grow up with both the general stress of raising a child as well as the stress of financial insecurity.

The job seems done for though. I am sorry to hear it, because jobs where you have some flexibility and your work is truly valued (even at low pay) are rare, but you know this is coming sooner or later. Perhaps don't quit yet, but do start looking now so you have a plan B when shit hits the fan.

I would put off having children till you are more secure. Applying for jobs while pregnant would give you a handicap in the eyes of some potential employers and you may lose out on a great opportunity.

@CountessVonBoobs

Thank you, I really appreciate your advice both about the job and TTC alongside finding something new.

I guess the silver lining is taking away knowledge on what went wrong and its something I can take away for the future.

@HopeGarden

Thank you - you’re right I need to consider the future as well as right now

@CaptSkippy

Thank you for your advice

That’s a huge thing I’m worried about, not being secure when pregnant etc - we could live on one wage but it wouldn’t be fair on my DH and it would be a financial strain so that’s something I’ve got to consider

Buy the business?

Would it be possible to rejuvenate the business if it were yours and are you able to get a business loan to take it on? if you love it so much you could always look at making it your own.

Have you looked into finding and grants to buy the business? It’s sounds a chicken and egg scenario with reduced hours etc.

If suppliers are not being paid they could potentially apply for a winding up order.

If the business is in leased premises and the rent is not being paid the landlord could potentially step in and change the locks.

*funding

@yoohooitsme

We’ve considered it, DH is confident this is a good option my only concern is TTC and trying to rescue a business that’s now my responsibility. If we did it could mean stopping TTC, but it’s something we’ve discussed

Why would you consider buying s failing business?

What would you actually do to turn it around and make it work? Could you offer up those suggestions to current owners?!

@ACurlyWurly @Villanellesproudmum

This is something else we’re seriously considering - weighing up how viable buying this business would be versus starting from scratch. DH is in insolvency so is clued up just whether or not the risks are worthwhile - it’s definitley something I want to do though

I work in a field where people buy failing businesses and have seen them completely turned around and with you hanging in there you’re certainly more passionate than the current owner. I’d look into it, you could consider stepped payments to the owner to free up working capital.

@AnonaMouse1

That’s the thing buying something existing can tie me up with her stock and current clients and if she’s facing issues there’s a likely risk I would too - the positive is that it’s a built up business, well known, relationships with suppliers already built, marketing established etc

My reluctance to branch out alone now is I know that TTC now wouldn’t really be sensible so that’s why I don’t want it to close, am happy to manage until I’m ready to go it alone but I feel my hand is forced.

I’ve made lots of suggestions for improvements which have been taken up but not seeing instant change yet - it can take a little time but it doesn’t seem like the business has that

@Villanellesproudmum

Thank you - that’s really made me feel a lot more optimistic

Rather than a boutique, can't you set up your own place, retail park maybe with parking, pref near bus routes. Bridal is t really passing trade. Larger premises could equal greater market:-

Prom
Bridesmaids
Mother of bride outfits
Hen do section (tasteful )
Shoes
Accessories for all the above
Wedding accessories for guests such as hats, fascinates etc
Offer champagne and canapés for small parties
Team up with wedding cake/car hires etc to get commissions
Hire seat covers, table cloths etc if you have storage, marquee hire, entertainment and music

Don't just wait to be pushed- make plans to take your leap forwards

And don't stop ttc - it's big for you but you'll manage it all

what is it exactly the owner wants to sell, the physical premises or the business as a going concern, its difficult when industries are changing and everything seems so much more work to keep afloat, to keep enthusiastic , but you love job and want to keep doing it so though earnings at moment aren't good , if business was doing better you have potential to improve, but if this was your business what would you do? can you be more proactive in getting free advertisement, maybe contact local business groups, local radio maybe sponsor a prize, to promote your stock whatever it is, I feel at least if you have tried to improve situation this may reduce your stress level as you wont be feeling powerless. In meantime update cv, and get it out there you said it yourself this wasnt where you intended to end up who's to say a manager position elsewhere wouldn't be just as rewarding.