I want to present to my wife my idea of a business idea/venture that I'd like to pursue further. A little background, she's always has been a bit of
a skeptic, a little negative, not the most supportive. It's not all what it sounds. I'm the dreamer and she grounds me from getting too goofy if that
makes sense. Still love her to death... :)
Anyway, my idea is for a seasonal business, very limited support would be needed from her, less than 2K to get it going. and I've guessed anywhere
from 1K to 5K per season profit, beyond expenses for the first year. Each additional year would be higher as the inventory would be paid for. It's a
business that my boys, ages 6 and 8, would also be able to help out and I'd share the returns. Instead of a lemonade stand, it's more of a job that
they can help daddy with, and get a decent payout for very little time.
A bit on us.. Used to be in the hole credit wise. When Sara ran the finances, things would get missed, we'd get calls, etc.. I took over to help out
early last year and since then, I've gotten all credit cards paid off, (about 8 of 'em), reduced our mortgage, and now have a small emergency fund and
a fully funded Christmas fund, something we've never had before. At the same time, I've had no commission checks, a pay cut in another part time job, no raises in my fulltime job, etc..
What are my pitfalls that I need to look out for? I want to try to show her that I can handle this and that it's an investment in our family with a decent payback with little to no impact on family time, little financial liability, etc... We'd split the profits 4 ways with my 1/4 being invested back into the business and she and the boys getting the rest. Most would go into the boys' college fund and she can do whatever she wants with hers guilt free....
I know I'm missing something though...
Appreciate it,
Jamma.
a skeptic, a little negative, not the most supportive. It's not all what it sounds. I'm the dreamer and she grounds me from getting too goofy if that
makes sense. Still love her to death... :)
Anyway, my idea is for a seasonal business, very limited support would be needed from her, less than 2K to get it going. and I've guessed anywhere
from 1K to 5K per season profit, beyond expenses for the first year. Each additional year would be higher as the inventory would be paid for. It's a
business that my boys, ages 6 and 8, would also be able to help out and I'd share the returns. Instead of a lemonade stand, it's more of a job that
they can help daddy with, and get a decent payout for very little time.
A bit on us.. Used to be in the hole credit wise. When Sara ran the finances, things would get missed, we'd get calls, etc.. I took over to help out
early last year and since then, I've gotten all credit cards paid off, (about 8 of 'em), reduced our mortgage, and now have a small emergency fund and
a fully funded Christmas fund, something we've never had before. At the same time, I've had no commission checks, a pay cut in another part time job, no raises in my fulltime job, etc..
What are my pitfalls that I need to look out for? I want to try to show her that I can handle this and that it's an investment in our family with a decent payback with little to no impact on family time, little financial liability, etc... We'd split the profits 4 ways with my 1/4 being invested back into the business and she and the boys getting the rest. Most would go into the boys' college fund and she can do whatever she wants with hers guilt free....
I know I'm missing something though...
Appreciate it,
Jamma.