Running a business day after day is challenging. You have products to promote, sales to monitor, staff to supervise, not to mention the financial difficulties you will encounter from time to time that will force you to apply for loans. We have experienced all of these until we can no longer manage our debts and had no choice but to give up our small business because of bankruptcy.
It was year 2000 when I became a dealer of shoes, bags and apparels. It was just a sideline because I have a regular job then in a telecommunications company. I saw that I have potential in marketing and selling because I earned more than what I expected. It was three times or more of my monthly salary on my regular job, so my husband and I decided to pursue the business. Because it’s running almost perfectly for years, hubby and I thought our business is recession proof, but we were wrong. When the economy takes a down turn, people tend to be very careful about spending their hard-earned money thus, our business got affected. Our sales went down by 60% and we had hard time collecting from our dealers. And because we cannot afford to hire a good lawyer who could have given us the best advice on how to get our business back on track or represent us on bankruptcy court, we just decided to give it up October last year.
It was sad and depressing but then things happen and sometimes we just don’t have too many options. Still, hubby and I believed that there’s life waiting for us after bankruptcy. And with the help and endless moral support from our friends and family, we were able to overcome our depressions. Now, we are thankful that we were finally free of the stress that goes along with the business.