Ask The Mentors

Do you have a question about

Finances?

Marketing?

Sales?

Recruitment?

Product?

Investment?

Exit Strategy?

0 votes
3 answers
123 views

How do I deal with a toxic client and save my business

My business is in pretty bad shape and I guess up till now I have not wanted to do anything much about it. I have been cutting my nose off to spite my face and it is all to do with one client that has been a thorn in my side for years and pretends to be a friend while all the time undermining me and harming my reputation and business. I have actually felt at one stage that the only way to get away from this person was to kill myself. I even planned it and set it in motion. I won't go into details of why I didn't go through with it but lets just say it was pretty close. I now want to turn my business around and find some clients that will pay a fair price and treat me with respect and I am joining a business group so getting some help in that aspect so the business will improve. I have so much debt and the client I spoke about above is still in my life and still a client and virtually my only client and I just don't know how to turn it around fast enough or not have him derail me while I turn it around. Once I do turn it around then I can get rid of him, but currently I am begging him to just pay a $600 invoice to keep afloat. It's so desperate and he has me at a very vulnerable stage and he is milking it for all its worth and keeps telling me that I should keep doing it cheaper because he is the only client so the rate just keep dropping and I am just keep getting further behind with my bills and debts. I am not sure financially how much longer I can hang on. How do I take control back with this person and make him treat me fairly so I can have time to fix the mess I am in?

0 votes
0 answers
77 views

For Matt Lancashire: how did you get out of debt?

I saw a segment in which Matt emphasised the importance of training in his changing his working in his business. He also mentioned that he was in debt with two credit cards and a small loan at the time he sought the training - identical to my current situation: in all over $1000 in repayments per month. Some friends have suggested I try to get a consolidation loan but I am a bit reluctant - I just don't want the hassle at this time as I have less than $6000 on the loan with monthly payments of $500 and not much monthly interest accruing at this time. The credit cards are coming down too with regularly monthly payments I keep above the min amount to pay back. but the debts remain hugely inhibiting.

0 votes
2 answers
77 views

How do I get my landlord to reduce the rent

We operate a small convienence store in Hervey bay, our nett income have been reducing over the last couple years by about 4%. Our rent has a yearly increase of 3%. We are at the point were the rent is too high for the income. We have been in the current location for 15 years. How do I prove to the landloard that a rent reduction is required to continue the lease? There is no other suitable location on the beach.

0 votes
2 answers
57 views

The droughr

Hi Mark, you recently traveled to our drought affected farmers. My question is simple, why don't we build dams?

Start Up

0 votes
2 answers
127 views

We are rolling out our products in 93 stores nationally. How would you go about training our retailers staff?

Our product is now being rolled out to 93 stores nationally. We have a group of casual, partime, and full time staff to train. Aside from flying around the country engaging in store to store trading is there a more efficient way to train our retailers staff?

0 votes
2 answers
151 views

Shut the Doors, Or Prepare to Sell?

HI there, I've had a Corporate Hamper business for 3 years. www.giftedaustralia.com.au Built it from an idea. It's done about $80,000 in sales in that time. I have found many challenges with having physical products/inventory. I know it's not the long term business I want to run and am tempted to just close the doors and shut the website down. However, I have about 15,000 followers on Social accounts, a small but 'warm' email list and about 1,500 'warm' LinkedIn followers. I've returned to consulting in the corporate world and just don't know what to do with the business. I currently have another, much bigger hamper company doing my logistics but there are challenges with that too. I'd be so grateful for any advice. :)

0 votes
2 answers
118 views

How do i get clientele?

I am business that offers Personal Training, Psychotherapy/Counselling services and a Motivational Speaker. I am also a published author. I have been advertising via social media and have spoken at a couple of schools, and have talks at public libraries promoting the book and business, plus self promotion via my website. My following and interest has increased on social media, but I yet to get a client. I am on LinkedIn and have even offered a collaboration with others in the mental health industry to no avail. I guess i need in assistance in Sales and Marketing. Can you assist? Thank you Vickie

0 votes
1 answer
112 views

How do I find investors for a new business?

Hi my name is Jake and I have 10+ years experience in industrial sales in the Gippsland area. There is a massive opportunity to start an Industrial Supplies store in my area and I have the product, supplier and customer knowledge to make it happen but don’t have the funds to start. Can you please help me how and where I go about finding investors? Thank you Jake

Start Up

0 votes
1 answer
106 views

How much commission should I charge?

Hello, I am setting up an online art gallery and I am having a lot of trouble deciding/working out how much commission I should charge on top of the in-hand price the artist wants for their work (to establish the FOR SALE price). The commission will be the only profit I make. Other more established Australian online galleries are charging about 30%, most bricks and mortar galleries charge between 30-50% and occasionally you will get the cheapest rate at art fairs/markets etc. for about 20%. I had originally made it 30% because I figured it was at the lower end but also not too low compared to the other online galleries who have had more time to work out what their profit margin needs to be to still make a good profit BUT now I am questioning if I should be coming in lower because I am brand new and haven't developed a reputation and trust with the artists yet so it is a bit of a risk for them at this stage. But at the same time I don't want to sell myself short and realise I've been working for nothing by the end of the year. The cost could be seen as coming out of the artists pay because they will generally try to keep the RRP the same across different sites so depending on the commission percentage of a particular gallery, the amount they receive in their hand is what is left over after the gallery takes the commission out. So.... my questions are, is there a way to actually calculate what I should charge or is it more of just a general estimate like what I have already done? And should I be coming in under other galleries because I am just starting out or is that too risky because I might not end up making enough to make much of a profit? Should I start at 20% and let the artists know it may rise in the future? I don't really want to make it 25% because I find calculating difficult as it is! But if you think that is the magic number I will go with that. Thanks in advance for your help!

Start Up

0 votes
3 answers
136 views

How do I market and new online business

Good afternoon, We have been a face to face consultancy service over the last 13 years. As a result of supporting our clients we have developed an integrated platform to assist small to medium called CIRT (www.cirt.net.au) to delivered a one stop platform to deliver procedures, induction, reporting and training. Can you please give me some guidance on the most effective way to market this product. Take care Mick