My dad is 66 years old and owns a small a electrical shop. He has been in the electrical business for more than 20 years. 3 years back due to country's decline in economy, the shop has been operating at loss, he had some savings in the bank to cover the costs of running the business but that lasted for only few months, that resulted him to take loans from the community hence resulted being in debt. He used up the savings and took loans to save the business and hoped it will pick up but the recessions, high shop rent and too much unfair competitions pushed him back. We all know debt can have many impacts on a person’s life; his worries of debt and persistent creditor contact has also resulted in stress and high blood pressure. Currently whatever he sells, he pays little back but he doesn't make enough to cover everything else like shop rent, house rent and house expenses and he now worries of losing the shop.
I have a job and after speaking to my Boss, he gave me permission to spend 3 hours at shop and look into my dad business and finances . I have now taken the shop responsibility and intending to hire a salesman who will push for sales, completely revamp the shop, renovate and redecorate and give a new look. I have also been negotiating with suppliers to give us better deals and payment terms, and looking once again at all the pricing and introducing new products going by the current market in order to boost more sales.
Currently we do not have enough funds to undertake this project and even pay rent for the next 12 months. I am trying every step to reduce expenses, even sold some assets he was no longer using it. I am also paying his house rent and covering his house expenses.
Please we need your support and contributions to save the shop. The shop is all what my father has.