Normally I am swamped on Thursdays with bi-weekly cleanings, however, today both my clients are out of town. So I am going to take advantage of this to work on things that have been neglected and dire need of my full attention.
I have been balancing my business check book and although I am making enough money to sustain the business and myself, I am need to add to my equipment inventory. When I work at the condominiums there are two of us. Usually one does the vacuuming and steam cleaning of the floors while the other does the more detailed dusting and wiping down of all the furniture, laundry rooms, baseboards etc... Normally it works out but like yesterday, the vacuum belt popped off. No problem, I got it working again but then it got me thinking. I need backups in case something fails and I can't fix it. I can't leave a job unfinished. So I tried brainstorming on how I can acquire enough cash to be able to do this.
I can't rely on a purchase order finance method or a line of credit. My business is too young to qualify. I don't have large sums of cash in reserves in the business but I am starting to save up for such purchases. I was just hoping that my equipment would last until it was feasible to go out and buy backups or replacements. I do not want to ask for a loan from either parents but if it came down to that, I probably would be forced to. They would not let me go without, if it meant the business would cease because I no longer can provide the service. Right now, the condos have their own vacuums and I can use them if need be. Although I much rather prefer to use my own because they work a lot better. So I am finger crossing here. The season for snowbirds will be here before I know it and I will have a lot of my customers back on a regular basis. Hopefully I can start stock piling the cash to be able to restock on equipment and have a few backups.
Another thing that will need to be considered is a purchase of a new/newer to me vehicle. I own a Chevy Malibu. It is 9 years old. Although it has low mileage, it is definitely starting to show its age. It has been a challenge to use it to cart around all my supplies and cleaning equipment. I really need a minivan or a SUV. I am not sure if I want to have the company own it or just purchase it myself. My dad is really wanting me to look into the Ford Escape. It's a nice SUV but I am not sure if I could afford the payments. I think my company needs to get a little bigger for that to happen. Eventually, my vision for the company is to have a small fleet of company vehicles. That won't be happening anytime soon. Probably not for at least another five years or so.
Since I am the bigger bread winner in the family, all my decisions are bounced off my husband, who has been extremely helpful and is more willing than I am to just do what needs to be done. The economy isn't bouncing back and actually we may be headed for a double dip recession. Working for the condo association and the clients that I have are not going anywhere, but I would be hard pressed to acquire more clients. I am just looking to get through another year with my head above water.