My friend has been trying to sell his business course for 9 months already and as of now, he only got 15 sales. He did 4 re-launches and got 0 sales. There's no income coming in. He's been using his savings to pay for his team and other expenses. I am really concerned that he might go bankrupt. How can I tell if the business has no hope? Is it time for him to give up? What can be his saving grace?
When will you say that a business is over?
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Xelasnave.1947
Valued Senior Member
Less sales may be manageable but no sales is very hard to come back from.
Retreat.
Alex
Retreat.
Alex
DaveC426913
Valued Senior Member
Suggest to him a way he can at least recoup some cash.
Have him flog his business material and curriculum to a college. They can buy it off him for a one-time fee. They'll be able to do better than he can because they already have the infrastructure.
If he can't stomach that, he might at least keep his business but run it through the college. He could still teach and write, he'd get exposure and marketing through the college - not to mention the status of being associated with the college - and he wouldn't have to pay all those staff.
Have him flog his business material and curriculum to a college. They can buy it off him for a one-time fee. They'll be able to do better than he can because they already have the infrastructure.
If he can't stomach that, he might at least keep his business but run it through the college. He could still teach and write, he'd get exposure and marketing through the college - not to mention the status of being associated with the college - and he wouldn't have to pay all those staff.
Xelasnave.1947
Valued Senior Member
I have been thinking what I would do even though I don't know any facts.
If no sales give away unsold spots so at least there is something.
Offer courses buy one get one free in reverse. Your course will be free if you bring someone who buys.
A promotion to business to offer group classes at an attractive price.
Do as Dave suggests.
If you could survive the work you now have hopefully some sort of income and credibility.
Free customers are in time replaced with paying customers.
The ship is afloat... refine profit, make ship shape.
Cultivate all customers as potential employees.
But cash flow needs sales or contracts and without cash flow, even a little with a small loss is sustainable short term, a hang on affair, without cash flow the money runs out, simple really.
There is a case for setting up your prime asserts such they are not in your name, could be company of family held, and your business risk is limited to the capital you invested.
Again most problems for a small business can be traced to insufficient capital.
In any event I hope things improve.
Alex
If no sales give away unsold spots so at least there is something.
Offer courses buy one get one free in reverse. Your course will be free if you bring someone who buys.
A promotion to business to offer group classes at an attractive price.
Do as Dave suggests.
If you could survive the work you now have hopefully some sort of income and credibility.
Free customers are in time replaced with paying customers.
The ship is afloat... refine profit, make ship shape.
Cultivate all customers as potential employees.
But cash flow needs sales or contracts and without cash flow, even a little with a small loss is sustainable short term, a hang on affair, without cash flow the money runs out, simple really.
There is a case for setting up your prime asserts such they are not in your name, could be company of family held, and your business risk is limited to the capital you invested.
Again most problems for a small business can be traced to insufficient capital.
In any event I hope things improve.
Alex
DaveC426913
Valued Senior Member
Credit where credit is due. I'm just describing what my wife is doing with hers right now.Sounds like two very good business plans
So I take it he is trying to sell a business course? What does that mean? What kind of business course? What is his value proposition? Who are his customers and why would they want to buy what he is selling? He needs to be able to answer those questions. Does he have a business plan? If he does, is he executing his plan? No one can accurately answer your question given you have provided so little information. As a general rule businesses continue to operate as long as revenue meets or exceeds variable costs (i.e. cost of goods sold).
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Thank you all for your comments! I will surely forward all of them to my friend. I was talking to him last night and he mentioned that he took in three sales agent to help him call his leads through phone and sell them his business model certification course. The sales agents just started recently so he doesn't have any updates on the sales yet but I'm hoping that if he could sell some through phone, then it means that there's a validation for the need of that certain course. Likewise, he decided to take in a new client as their marketing consultant as per the advice of his mentors and from what he has been reading in Regain.
DaveC426913
Valued Senior Member
I hope he is not calling individuals; I hope he is approaching the learning department of relevant corporations.
there is no limit to how spiteful or illogical people can be when it comes to business too.
for instance, the same type of restaurant business opened up right across the street just to be spiteful. wouldn't it be better to open up that restaurant on the other end of town where that business is not located so people on that side wouldn't have to drive as far? but no, because short-sightedness, greed and spite is what is popular.
i remember this owner who opened up a japanese steakhouse right next door to another one. i mean literally right next door with the same menu and setup. so lame and i was thinking they should have opened that in another part of town where access was easier for those living in that area.
i don't understand people. i just know this place is barely tolerable, if you are sane that is. there is just so much mismanagement, stupidity, jealousy/competition etc.
for instance, the same type of restaurant business opened up right across the street just to be spiteful. wouldn't it be better to open up that restaurant on the other end of town where that business is not located so people on that side wouldn't have to drive as far? but no, because short-sightedness, greed and spite is what is popular.
i remember this owner who opened up a japanese steakhouse right next door to another one. i mean literally right next door with the same menu and setup. so lame and i was thinking they should have opened that in another part of town where access was easier for those living in that area.
i don't understand people. i just know this place is barely tolerable, if you are sane that is. there is just so much mismanagement, stupidity, jealousy/competition etc.