(Newswire.net — January 5, 2016) — You’re not just in debt – your entire business empire is drowning in a sea of bill repayments and angry phone calls from creditors.
Well, “empire” might be putting it a bit strongly. You own a simple shop, but even that could be taken from you if you don’t fix your repayment schedule.
But where there’s debt, there are solutions. No matter how disastrous your ledger looks, there are always ways to escape the pit of impending bankruptcy.
With that in mind, we’ve come up with a few strategies to help relieve your debt woes and keep your business afloat.
Move – and find the right agent
You’ve got oodles of business space and zero cash. The solution is simple – it’s time to downsize by moving to a new, smaller location.
Finding a shop to let can, however, be a difficult trudge. You’ve got to persevere with dodgy letting agents who try to sell you the property equivalent of snake oil and, without the right guidance, you could get hoodwinked.
We’ve trawled through various business property sites and would recommend these guys. They’ll be able to find you a workplace that doesn’t break the bank while still maintaining a high quality, allowing you to downsize in style.
Consolidate and consolidate
You’ve fallen into mountains of debt from a multitude of companies – maybe it’s time to make things a little simpler.
Instead of sending cash to various lenders, take out one big loan that will pay off all companies. Consolidating your debts into one payment will make it seem more manageable, removing some of the stress inherent in major debts.
Find a partner
You’re going it alone – why don’t you find someone else to help you out with your debts?
Finding a partner in your business could save it in the long run, and give you a sounding board to help fix other entrepreneurial difficulties.
However, this recommendation comes with a caveat – having a partner requires compromise in business decisions, something that entrepreneurial mavericks might not want to give up.
The choice is up to you – do you go it alone and risk ever-greater debts, or find a partner and give up absolute control of your company?
The kickstarter game
Kickstarter is a crowdfunding platform aimed at raising cash for independent companies and creatives. But it could also be the key to raising funds for your business.
Provided you can promise audiences an appropriate reward for their contribution, you could pull yourself out of debt in no time.
There are no guarantees when it comes to crowdfunding, but if you set a reasonable sum of cash and have a dedicated following already, the process will save your bacon.