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.
8 replies on “Life After Bankruptcy”
Naku I remember I joined Sara Lee dati, eh diba may credit yun…kuha ako worth ng credit ko…kaso di ako magaling magbenta so naiwan sa kin yung items…lugi negosyo!
must be so tough. i had a jewelry business, invested a lot of money pero in the end, people will buy food instead of luxury items. had to close the shop after only 8 months. taas din kase ng overhead expenses….now i sell online. =)
my sister in law and I are planning to have an online business, consist of pre-loved items and clothes . I hope it will push through since we need extra income 🙂 sana di lang sumakit ulo namin 🙂
I am glad that to know that you are now free of stress.. mag business na ulit 🙂
i guess, there’s a time for everything. Who knows, one day, a blessing will come that will make way for u to engage in the same industry.
Good luck.
Me too. I also tried selling clothes and bags – online. I had to give it up as well because I can no longer handle the demands of the business as I had to care for my kids and my blogs too. I think letting it go also has some positive effects. Like you, I feel stress-free (a bit) now. 🙂
Although I don’t own any business yet Ross but I know how hard it is to collect from people who owe you money. They usually are the one who have the nerves who says bad things about you just to get away from their debts. Few people still owes me money and I just tried to forget it and in fact told some of them to just forget their debts to me because it has been too long and they can’t pay as what they had promised to me. Lesson I learned, don’t lend money to these people again. I love to help but they are just taken advantage of me because they think that I have a lot of money, which isn’t true. Maybe next time I should let them sign a paper so that they can’t get away with it.
Good thing na rin. At least you have less stress. Even though you’re now stressed sometimes it’s because of the many opportunities that come your way. Positive pa din! 🙂