When do you count your losses and walk away.
At 65 years of age, last year decided I would start my very first small business. This was to not only fund my retirement, (having little to no Super) but felt after working for 51 years felt I deserved the luxury to create something I have a passion for.
After 2 years of research, a feasibility study, and a business plan approved by my new government funded “Mentor” from the Small Business Advisory Service, (who seemed mainly interested in me completing feedback forms each time we met).
I was all set to officially launch my business that required I spend $15k (redundancy monies from my previous job loss), to purchase inventory, supplies, a website, business cards, and advertising etc. I was not in a position to pay back a loan
In Oct last year I excitedly presented Devilicious Dietary Deliverance, servicing online Healthy Food Gift baskets for people Gluten intolerant, Vegans and Vegetarians, all products 100% certified along with value for money in the very expensive product industry.
March this year my web design company launched Google AdWords and my business started to picking up, I started to get some small sales, both local, and interstate, and feedback on my website was positive.
In January however, I suffered a setback as my husband was laid off his job of 10 years and he has been unsuccessful to gain employment in Qld’s competitive market. Now my dream of being the ‘additional’ income, is now one of being the sole provider with the need to continue my fulltime employment to pay the mortgage and basic living needs etc. this has left little to no money to invest in further advertising (which seems to be the only obstacle in my path to success).
I need your advice as I am running against the clock, requiring “the Quick Start Guide” necessitated for establishing my business successfully, as I no longer have the luxury of time, or finances to make mistakes and to bounce back.
Part of me wants to take that leap of faith and get a loan, quit my fulltime job and focus on getting out and promoting and selling my product, (I have been giving out $$$ in samples baskets and stock to promote and keep my turnover of in date stock).
More than anything I believe I have the passion, drive, and skills required to make my business successful, but with only one income this seems impossible.
I need any help, advice, or any words of wisdom you can offer. I look forward to your reply.