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Who else here has no cash left?

st8icst8ic subscriber Posts: 11 Bronze Level Member
edited September 2008 in Thought Leadership
I saved hard and finally ended up with $20,000 to start my very own business. This is the high point in the story.
After launch came the legal fees. And the book keeping fees. Next I bought a work truck. Then I bought a little bit of stock. Realizing that I didn`t have enough left over for more stock, I had the bright idea of buying a pallet of valves and liquidating them off for some quick cash. I figured that since this is an oil town, it should be extremely easy to get rid of the valves at wholesale price. They haven`t sold yet.It`s been six months since I incorporated and all I have to show for it is an empty bank account and a big box of valves. I may be forced to borrow at ridiculous interest rates even after having saved $20,000 just to get some stock to sell.If anybody has any ideas in regards to how to sell a pallet of 3" and 4" flanged ball valves, I would love to hear them. Otherwise, some advice would be excellent. Thanks!

Comments

  • stonesledgestonesledge subscriber Posts: 608 Silver Level Member
    My advice- do not do that again! . But maybe put an add out, or sell on ebay business?Did you contact companies personally that may be in the market- even at your cost?
  • st8icst8ic subscriber Posts: 11 Bronze Level Member
    Thanks for the responses and especially the encouragement guys.
    Just to clarify, I ran out of cash before I could even do any advertising. The business its self was never tested, just the startup budget. I am still confident in the business and yes, I do have a plan for when it gets off the ground.The pallet contains 15 valves. I have called many many oilfield manufacturing companies, and have recieved about 25 "no`s" from purchasers. The main reason for this is because natural gas production in particular is in a downward trend right now, so nobody is building the pressure tanks and seperators that these valves would be appropriate for. I`ve also tried ebay and classifieds sites.I`m in Canada and there is no SCORE chapter here, unfortunately. 
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