Need some advice about restructuring our business. We failed to make enough with our current business model. entrepreneur how earn by blogging blog

Almost two years ago, my partner and I quit our jobs and started a video production company. We're both in our early 20's, and although our technical skills are strong, our lack of experience in the industry has definitely hindered our ability to gain new clients.

At first we were doing alright. We were producing videos for cheap clients, building our reel and building relationships, but the money was terrible. Those low end clients couldn't afford much and we couldn't support two people's tiny paychecks.

I pushed us to raise our prices and pursue bigger clients. We did, and things were better when we were able to get clients, but they were even more scarce. The larger clients didn't trust us to produce for them, and in order to pay our bills we ended up taking more and more freelance type jobs.

Now our reel consists of tons of projects we've shot and edited, but not a lot we can se we developed from scratch. Additionally, in this industry, work is all who you know. I've been lucky enough to meet the right people and foster relationships, but my partner hasn't really. In the past couple of months I've been doing tons of freelance work, I've worked more than ever before, but since it's freelance and just me, the money is really only enough for one person. When split between two it's back to barely livable.

I enjoy the freelance work, it's low stress, fun, and I set my own hours. Plus if it were just me, I'd have more than enough money and I could start to get my finances in order. The credit card and student loan debt is starting to pile.

The problem is 1. I don't want to leave my partner out to dry and just quit on him. 2. The gear I use in my freelance work is owned by the company. 3. The company is almost $10k in debt, and we need to pay it off.

Also side note, rather than creating a new LLC, we started using our business as a funnel to sell tshirt on Amazon. So far that's actually doing decently even though it's only been 3 weeks. We're very close to being profitable, much sooner than I expected.

I know this seems kinda long and complicated but if anyone has any insight I could really use it. I don't really have anyone I can get advice from.

TL;dr: our backs are against the wall financially, I've been making good money using company gear just freelancing, it's also something I enjoy, but I don't want to support two people by myself. We got $10k corporate debt and I don't want to leave my partner without income.

submitted by /u/horeyeson
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