I am looking for some serious help. A year ago my dad and I started a restaurant service business. For sometime we easily banked two to three thousand dollars a week. My dad is now retired and I am on my own. The past 4 months have been a struggle to even find business. Bigger companies with huge credit lines are stealing all the business; I cant afford to have customers pay over time. I cant even compete even though my labor and parts are typically cheaper. I started working at Hannaford to compensate but making a crap wage feels more like wasting time then working. But besides my current horrible money issues, life was good at a time.

I am very determined to succeed again. So I have also been doing research into foreclosures and the current housing market situation. Truthfully I am very nervous. I still have no idea where to begin; besides whether I choose to go my own way or get in another one of these real estate scams. I need some direction. If you can help you can contact me here or at Gnarkill980@aol.com.

I also have a few ideas in mind and I wonder how they will work. I wish I knew if they were hopeless or not; So an experienced point of view would be greatly appreciated.
Tyler.

avoid anything you see on tv, late night infomercials - they are scams designed to take your money and leave you looking silly while the "guru" laughs all the way to the bank.

You did very well for a few months working in a new business with your Dad and when he retired times got tough. All this in about a year? Well, have you talked to your Dad to see what he was doing in the business that you aren't? It seems unlikely that the need for the service would have changed that much so quickly; perhaps he can help if you want to try that again.

If you are just looking to try something different then by all means take note of Perky's advice.

If you are thinking the current foreclosure real estate market is your next opportunity you will need to be very careful. While there is money to be made from the current market it is not for the inexperienced. Far more than just knowing the trades of rehabing a house are involved. You not only need to know how to buy it right to begin with but also understand the potential market for it when you are done. Paying a bit too much to begin with followed by investing more in improvements then its future value is a recipe for financial disaster.

I'm not exactly sure what the Restaurant Service Business is; but I do know that as the economy recedes, discretionary Eating-Out is an early Victim. We have many restaurants that have shut their doors; while they wait for a turn-around. Many of these facilities are available for lease to whoever wants to try and make a go of it. I think this Sector also has the ability to rebound almost as quickly as it contracts.

I would imagine that whenever that turn comes; your business will be able to thrive again . . . . IF you're still there. Who is running the RSB now while you're at Hannafords ? When that Clientele needs your Services again, I'm sure that a small local responsive Company will be preferred over some large distant Firm.

With the Cash Flow you described above; where did it go ? Sounds like BOTH of you should of Cashed out while the going was good ! Regardless, I think I would stick with what I know. It's far more difficult, and riskier, to start a new enterprise than it is to keep a business that you know afloat ! And these bigger Firms, that you referred to above, may have been able to only temporarily extend credit terms that you couldn't; but they too must collect at some point.

Remember, it's always easier to Grow than it is to Shrink. I don't think it is prudent to try to finance your growth. Small companies are usually far more skillful at "bobbing and weaving" with the economic weather changes than larger Firms which usually have an unforgiving structural debt burden to service; something which might be Tolerable in Good Times; but is surely Suffocating in Bad.

And don't let Pride keep you from asking "Dad" to come back to help you recover ! Parents want to feel needed.