• Advertisement

Debt and Business

Just like the title says!

Debt and Business

Postby Scribe On Demand » Wed Dec 28, 2011 6:38 pm

I'm working my way out from under a pile of debt. Right now I'm disputing a lot of crap and the few legit debts I owe I'm having a hard time putting a real dent in. But now I have some trusted sources recommending I actually acquire more debt in the form of a business loan.

In order to expand my new business venture, I know I need to advertise. I've done some standard free stuff (Craigslist, Yellow Pages, etc.) and some guerrilla marketing with mild to moderate success. I'm trying to save up some to advertise, but a friend was recommending SBA loans, which I'm leery of (more debt = bad IMO). Anyone have experience with this? Recommendations? Woes?
2012 - Year of the Lioness

Sarcasm is the body's natural defense against stupid.
User avatar
Scribe On Demand
 
Posts: 537
Joined: Tue Jul 06, 2010 6:19 pm

Advertisement

Re: Debt and Business

Postby Page1News » Wed Dec 28, 2011 8:41 pm

I don't like any debt, but an SBA loan could be a good solution, depending on your business structure. I would consult with a pro before deciding. Just my little 1-cent opinion.
You can't always get what you want. But if you try sometime, you just might find, you get what you need.
User avatar
Page1News
 
Posts: 2279
Joined: Wed Jul 14, 2010 8:53 am

Re: Debt and Business

Postby liarmcliarface » Wed Dec 28, 2011 8:42 pm

No idea. More debt seems bad to me, too, but you know how the financial system goes. Nothing makes sense and it's all smoke and mirrors for hiding money. Do whatever helps you the most. I hope you get more advice.
"You gotta keep your worlds apart!" - George Costanza
User avatar
liarmcliarface
 
Posts: 1065
Joined: Mon Mar 07, 2011 11:57 pm

Re: Debt and Business

Postby Scribe On Demand » Wed Dec 28, 2011 11:13 pm

Mostly I'm looking at microloans. I just need a little bit to get advertising. I know there is a huge market for the venture and it's pretty recession-proof too. Even with just the freebie advertising I've been doing, I've already set up like $400 worth of work in the past week. But real advertising takes money.

Meh. I hate loans but I also know the saying "It takes money to make money" isn't an adage for nothing. :?
2012 - Year of the Lioness

Sarcasm is the body's natural defense against stupid.
User avatar
Scribe On Demand
 
Posts: 537
Joined: Tue Jul 06, 2010 6:19 pm

Re: Debt and Business

Postby CE_ClueBat » Thu Dec 29, 2011 4:10 am

I can only comment on paying off debt, and I'm no stranger to it. Pay off the little ones at first. Target one debt and try to pay as much as possible until you pay it off. Then, go in to the next one. Pay the minimum on all the others and slam the other one until you pay it off.

If you can't pay cash, don't charge. I used to charge everything, but I don't anymore. You pay off the little ones and then you have a lot less hassle.

I could say more, but I'm like 5 glasses into the night. It's 3am and I'm not tired dammit. Fucking sucks..
"Or, it could be that I don't know everything." ~TheBatman
User avatar
CE_ClueBat
 
Posts: 5802
Joined: Thu Dec 23, 2010 4:34 pm

Re: Debt and Business

Postby Water's Fine » Thu Dec 29, 2011 6:30 pm

Can you get a line of credit with a low interest rate? You're in a different country, but I was surprised that I was eligible for that. Interest kills you when you're self-employed, and a low interest rate makes a big difference.

For what it's worth, when I started, advertising was supposed to be essential, but I found word-of-mouth was where work was coming from, and I got very selective with advertising. Mine could be a very different business, but sometimes you have to take conventional wisdom with a grain of salt. I hope I'm not out of line saying that, but to me advertising is right up there with high interest, as a potential financial sinkhole.

I'm with everyone else that staying out of debt is key. Oh my, apparently I'll stick my nose in anywhere today just to not get on that work desk...
User avatar
Water's Fine
 
Posts: 370
Joined: Wed Aug 24, 2011 12:45 am

Re: Debt and Business

Postby Scribe On Demand » Thu Dec 29, 2011 8:26 pm

Normally, I agree. My writing business has been almost entirely word-of-mouth referrals. However, what I'm doing is in the wedding industry, which is all about expos and that. I have a few very affordable, high-return places I can advertise, but it will cost a couple thousand dollars for a year of advertising.

I agree staying out of debt altogether is ideal, but I'm not sure how to really get the business off the ground without some (though minimal) advertising.

Side note, did you know Yelp charges between $500 and $1400 a month for advertising on their site?! :shock: The few places I'm looking at are like $120 a month for print and web and a few expos in the spring at a couple hundred a pop.
2012 - Year of the Lioness

Sarcasm is the body's natural defense against stupid.
User avatar
Scribe On Demand
 
Posts: 537
Joined: Tue Jul 06, 2010 6:19 pm

Re: Debt and Business

Postby EnigmaticJack » Thu Dec 29, 2011 10:31 pm

Expos and events are generally pretty steep, but most of the time they're well worth the cost. Especially for the wedding industry; people toss about mad money when it comes to weddings.

...I should quit my job right now and start doing photo retouching for a wedding photog.
'Guys and girls, beware, the berg has warned you.'

Rule number one: The Doctor lies.
User avatar
EnigmaticJack
 
Posts: 2102
Joined: Thu Feb 24, 2011 5:46 pm

Re: Debt and Business

Postby Water's Fine » Fri Dec 30, 2011 12:11 am

I get it now. That doesn't sound like that big an investment, really, for a whole year. I was thinking of newspaper ads and so on, much more expensive, more like Yelp, I guess.
User avatar
Water's Fine
 
Posts: 370
Joined: Wed Aug 24, 2011 12:45 am

Re: Debt and Business

Postby CE_ClueBat » Fri Dec 30, 2011 1:49 pm

I guess Adwords is too expensive? I capped my Adwords charges at $20/day and have a max bid of $2.00/click. It's not much but it's got our little business up and running with some potential leads. So far, had only 1 good order, but that's just the way it works.

Another idea is blogads. I've used them before. I created a game about 3 years ago (I actually want to re-upload it. It was doing well, but life got in the way and I took it down). It was a game I totally made up myself...the algorithm, the way it works..totally original, so I had no real platform to advertise on, so what I did was create a few ads on blogads and advertised on some of the celebrity blogs I read myself. It cost me about $150/2 weeks I believe. Expensive, but it was worth it. It's not CPC, and you can choose your blog and what you want to pay. I've paid for ads as low as $35/2 weeks on slower blogs. It works though.
"Or, it could be that I don't know everything." ~TheBatman
User avatar
CE_ClueBat
 
Posts: 5802
Joined: Thu Dec 23, 2010 4:34 pm

Next

Return to Anything Goes

Who is online

Users browsing this forum: No registered users and 3 guests

  • Advertisement
cron