New Business and New Debt!!
I have always prided myself (and my husband) on having intelligence when it comes to finances. We have done well living within our means, paying off debts, etc. Until now. We have some good friends that started a business in another town and within a year were making a 6 digit figure. They convinced us to buy the distributorship in our area. While I still totally believe in this business and the long term potential, the here and now is frightening. It is a business that my husband must work on promoting and I do the "production" end of it. But, as it is still in the early stages, he still works at his regular job, which is about 50 hours a week. With time commitments of homeschooling 3 boys, running a household and trying to still earn money through my past sources (since the new business once again can't support itself yet) I have not been able to help with promoting the business, plus sales is really not my thing. At this point we are losing about $4000 a month on this new business. If we grow at the rate we are growing, we should break even in about 4 to 6 monthes and hopefully within a year see a decent income. But in the meantime, our debt has grown to about $70,000 and will probably go to over $80,000 before we move forward. I am trying not to panic about the here and now, but it is terrifying. Any advice on surviving until the money comes in? We are living as lean as I know how to at this point and the debts incurred were all necessary for this business. I appreciate any advice.