Part of the reason for my blog hiatus was that I failed to get the loan I was hoping for at the rate that I thought was reasonable. Certainly a credit crunch issue! I was turned down by the Co-op, not for an unfeasible business plan, but, because it was too cautious. Well, if I have a cautious business plan that can pay back the capital and turn a profit in the medium term I should be set for the future. I have to remind myself of this, during these torturous months of delays. In fact, with current interest rates it does make sense to plough rainy day savings into the business as I would earn nothing and even at 10% interest on a loan - well, you can work it out I am better off using my savings. I am better off this way - but yes, I have put all my eggs in the business basket!
I have also revisited my original business plan and it seemed so out of step with the credit crunch and the potential for new media marketing. Added to which with the delayed launch of the site I have already spent £800 on fruitless marketing I need to get seriously smart about where I go next. I was chatting things over with my step son, and he was (oh the delicious certainty of youth) pointing out what I should be doing. Well he is one smart cookie and a joy to chat to, and while none of his ideas were not covered in the business plan it suddenly made me look at things from a different perspective. I had been wondering how to incorporate new media marketing and how to harness the potential - but suddenly I think I can see a way to bring everything together in one neat strategy! I am not economising by building new media into the strategy, in fact with the money that I am saving from interest payment I have re-established my original budget for marketing (writing off the spend to date).
I have always been so rude about businesses who just get a website without having an overarching strategy of what it is setting out to achieve, and used to be driven mad by an MD who would not allow me a marketing budget (when I was responsible for marketing) but insisted that we did ad hoc initiatives. The benefit of having a strategy is that you can clarify where you want to go, and then set a (budgeted) course.
I am now in the process of pulling everything together, and I think it is looking realistic and quite exciting. All I need now is a site to work with...