Login required to started new threads

Login required to post replies

Need a gal's perspective...
Quote | Reply
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.
Quote Reply
Re: Need a gal's perspective... [jamma] [ In reply to ]
Quote | Reply
I don't think you need a girls perspective at all. I think you already have a girls perspective.

For a 5k investment in your future, I wouldn't think you need to ask permission. Simply explain the plan from a business perspective and then tell her that you are about to execute it. If she doesn't trust your judgement or think you are smart enough to execute your plan then you have a whole new set of issues to deal with.
Quote Reply
Re: Need a gal's perspective... [jamma] [ In reply to ]
Quote | Reply
This sounds like you have all of your bases covered and you feel like this is going to be a minimal impact with some reward which has me worried.

I have a home based business as well as working full time. I could not do it without the support of my husband, both in time and in financial risk. These things tend to look simple enough at the start but it is amazing how much time and effort goes into launching even the smallest business with the most modest of goals. Everyone has to be completely bought in to the process because it will take some effort by everyone, even if that effort is to simply watch your spouse walk out the door to spend more time on the business.

It sounds like you just got back on your feet financially so you might want to really consider whether now is a good time to take a new risk. You should get in contact with lilpups who has way more expertise than I do in these areas and can give you more information.

Sorry to be a Debbie Downer, but you asked for a perspective!
Quote Reply
Re: Need a gal's perspective... [jamma] [ In reply to ]
Quote | Reply
In Reply To:

Anyway, my idea is for a seasonal business, very limited support would be needed from her, less than 2K to get it going.

There's your potential problem, IMO.

Make it fly on your effort alone the first year.

DFL > DNF > DNS
Quote Reply
Re: Need a gal's perspective... [jamma] [ In reply to ]
Quote | Reply
Sounds like my marriage. He always comes up with ideas for new businesses, even has started some, and I'm always grounding him in reality. Kinda sucks for both of us but if I didn't we'd be living in a cardboard box.

We've reached the agreement that he will continue to work full-time until his latest business venture can hold up his end of the bills. We each are taking an "allowance" from our paychecks to do with as we please and he is welcome to invest his in the business. As long as it doesn't impact our finances and he is home most nights of the week then I'm fine with it.

So, based on my experience with my husband, I'd bend over backwards to explain there is no threat to the financial security of your household. Outline what it will take from a $$ and time perspective, work on a schedule of when you will be working and present it. Have a solid businss plan in hand that demonstrates there is an acutal need for whatever it is you are making/selling so you can both prove to yourself and her that it is worth the effort. The flyby "Hey, I'm going to start a business, see ya later" really doesn't work. Treat this like you are looking for investors. Shows you are serious about the business and respect her enough to do your homework to ensure you have a valid business idea and have put a lot of thought into how this will work.

Good luck!

----------------------------------------------------------------------
Jen

"In order to keep a true perspective on one's importance, everyone should have a dog that worships him and a cat that will ignore him." - Dereke Bruce
Quote Reply
Re: Need a gal's perspective... [jamma] [ In reply to ]
Quote | Reply
I think you should tell us more about your business that is only $2K in startup costs but is going to make upwards of $3K in its first season.
Quote Reply
Re: Need a gal's perspective... [jamma] [ In reply to ]
Quote | Reply
I rolled in late last night from a tradeshow for the business I started about 4 years ago and had to respond to this. Listen to what trailbait has to say - she is wise! Honestly, entrepreneurship is the hardest thing I've ever done. I had a complete business plan that I spent more or less a year building that had comprehensive financials, marketing and distribution strategy, etc etc and I'm still shocked by how far off the ball I was. By that I mean, what I projected in terms of startup cost, ongoing costs, time investment, and return on investment were all way the hell off the mark. There are very very very few (legal) businesses that can turn a profit of over 100% in such a short time. Not saying that you don't have a phenominal idea, but I'd honestly sit down and do a comprehensive spreadsheet of all the fixed and variable costs involved and then run three scenarios - a worst case, a best case, and a middle of the road. See how your financials pan out in all of those cases - see how long it is before you think you'll start seeing a return in all cases. Then assume that even your worst case is wrong and it'll take longer.

The reason I say that is that if you're going to go into this seriously - be it as a fulltime or parttime gig - and you're taking money from the "family pot" you need to be very honest with yourself and your wife about how long it's going to take to get paid back. And I promise you that it will almost always take longer then you expect.
There is no way I could do this business without my husband's 110% support. There have been more times then I can count that he's actually been the one who has emotionally carried me when I'm down when business is slow. He has always believed that this business could and will succeed and without that support I would have gotten out years ago.


http://smallfoodbiz.com
</blatent self-marketing>
Quote Reply