Posted by
decben
9 yrs ago
I invested most part of my savings and borrow some money to run a take away place that is not performing as expected. I spoke to the landlord to find some agreement for finish the contract earlier but it seems not so simple and I should invest more money.
It's almost 18 months that I don't have a fix salary.
As the money started going I applied for other loans.
Now I'm out of around HKD400k (200K credit card + 200K personal loan).
My family expenses today are around 25k per month (11k house, 7k transportation/food/utilities, 8k bank repayments) .
I'm 40 years old with a quite wide marketing background: since December 2014 I started sending out my CV but the feedback has always been:
- too qualified for the position
- not enough experience for regional roles
- not knowledge of Cantonese/Mandarin
I've a baby of 8 months: my wife cannot work as we cannot afford a maid and we font have a family that can help us.
We are close to finish all the cash.
I never missed any payment so far but I already know that from next month I will not be able to pay anything.
I was wondering if bankruptcy can be a solution.
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if i were you , i would focus on why the business isn't working
take some drastic measures if you have to, send wife and kid to stay with her parents (if that is an option)
cut on housing and take 1 room somewhere..
focus on business, find out why it is not working if you are good in marketing...
remember after all the gloominess of a dark night, there is a new bright day ahead...
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SCORPIO01: thanks for the advise. What you say makes absolutely sense: I was already evaluating the chance of sending my wife and baby in Europe to my family. Also for the room I started looking around but my home's lease will expire in December and the landlord seems not too happy of a early termination.
For the shop: I did a lot in terms of promo. unfortunately is not the right location. People traffic is jumpy and is difficult to become a destination.
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Sit with your landlord.. tell him you wont be able to pay anymore rent, its his choice.. (and he cant evict you or anything)
tell him if he refund the deposit you will leave now, or you will leave after 2 months.. it will be his choice...
i am sure any sensible person can see it and will cooperate..
for shop, i have no idea where it is located and what kind of food you sell, but see if you can provide delivery to offices for lunch, i know a friend who does the same,... need to do some running to get clients but it should work...
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SCORPIO01 Thanks for the suggestions.
deliveries: we work with lots of the delivery companies but the offer (in terms of quantity of restaurants) is too wide and the competition on pizza (this is our product) is quite high for this segment: people go for the most popular or cheap brands/offers.
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where exactly is your outlet located ?
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In wanchai, not so far from southorn playground
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well.. its a nice location i think it should work..
i have a friend who opened a similar take away in causeway bay and his takeaway didnt work because his prices were too low.. yes too low..
He had enough customers coming in but he was not making money despite that..
It is possible that your business may have some issue like that..
i dont know what kind of pizza you sell, but see if you can add Vegetarian pizza and i am sure it will add to the business.
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and yes, dont give up.. and dont look for a job.. pay attention to the business...
see if you can arrange some sort of ordering and supply to maids on sunday holiday. talk to some of them and give them some sort of commission, they can book orders and you can deliver to them,
Pizza delivery to offices may not work, because very few ppl eat pizza for lunch afaik, but target ppl off work, parties and all also
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