With this slow economy I am quickly sinking. Should I look into filing bankruptcy, finding investors or simply selling my new dream bakery?

I have finally opened my dream bakery and don't know where to turn. I truly love what we do as a family and what we provide to our customers. But I feel that I may be jeopardizing our house and even our future. At some point you have to stop pulling money from your household to keep your business afloat. Since July, we have lost an average of $2,000 each month and don't see an end in sight. In this situation, can I even find an investor or a buyer? What should I do?

Brad Sugars answered October 30, 2008|

Comment

First off, it's not about going bankrupt or shutting down--it's about getting the information and advice you need to make the business a success. In this type of environment, you need to sell your way out of your situation, and you can only do that with a good sales and marketing effort.

If your products are truly amazing, package some up and drop them off at a radio station or TV station and get a buzz going about your products and business. That's the first step in turning your situation around.

The second step is to shoot me your contact details so I can put you in touch with one of our coaches, who can guide you as to what you need to do long-term.

It really pains me when I hear stories like yours--it's one of the reasons I started coaching in the first place. So start thinking about ways to increase your sales and marketing, and e-mail me at bradsugars@actioncoach.com so I can direct you to the coaching resources you'll need to not just survive short-term, but thrive in your business over time.

All the best.
Brad Sugars

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Brad Sugars

Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.