First time with money troubles. Open to advice, guidance, and encouragement.

Hi everyone, I'm about 3 years into owning my own business (web design, monthly site maintenance, and SEO), and I've hit my first big money troubles.

I try to use PayPal for everything, and when clients pay, their payments go automatically into my business checking account, which is where PayPal draws funds from.

My business checking account is overdrawn by almost $1500; I had one project go wrong, and it's caused a domino effect of extra fees, such as the transaction overages that my bank charges for each charge, etc.

I feel like I've never felt before as a business owner… I don't feel like I'm at the end of the road, but I'm definitely at a crossroads.

What I've learned so far is that I really need to have at least $10k in reserves at all times (because the $2500 I had in reserves was gone in just a few weeks because of my overhead). I've also learned that I'm probably not charging enough for my services.

What I don't know is how to dig myself out of this hole; I tried cutting back on things where I can, but I owe so much now that's almost irrelevant. I don't know how to move forward, what will happen to my accounts, and how much of this is permanently damaging in terms of my business's relationship with my bank and institutes like PayPal, etc. I'm the most worried about HOW to get out of this, and WHAT the long-term damage will be.

I always look to people smarter and better than me for advice, guidance, support, and encouragement in times like this, so that's why I'm here.

Thanks everyone.

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