Starting your own business

[OPButtrey]

I used to own a franchise but have since sold it. It never made the kind of money I hoped it would and it lost money for quite a bit of time. It is very easy to find yourself in a situation where you are losing $1500 per week but knowing that if you just close down you will lose $2000 per week since you will still likely to be on the hook for your lease and loan payment.

The training the franchise provided me was useful but there was no way it was worth the franchise fees. I could have received better training if I had just gotten a part-time job for awhile at a similar business. I think the actual benefit of a franchise is that they force you to spend $ on advertising and not go cheap with your signage and location decor. I quickly realized that if I had gone independent and put toward advertising what I was spending on weekly franchise fees I would have been better off. The exception to this is if you are buying a high dollar franchise like McDonalds or something like that.

Also, location makes a HUGE difference. If I were to do it again I would only open in a strip mall that had a large grocery store like Hy-Vee as the anchor. No exceptions. Available properties in these locations are few and far between and more expensive but very much worth it. If you can't find such a location you could try approaching businesses that already occupy a space and offer to take over their lease. They may be struggling despite being in a good location.

Feel free to message me if you have any questions.

 

[mdk2isu]

I'm considering buying a well-known franchise in a very high-growth town that currently doesn't have one. Realistic scenario is I'd be taking about a 35% pay cut to start out but with the potential to build it into something fantastic.

We are debt-free and able to absorb the down-payment without issue. I'm willing to take a pay cut for the opportunity to pursue my dream of being my own boss. My wife is dead-set against it and has been from the start. I'm telling her sometimes you have to take risks in life to reach your dreams and now is the time for me to do that. She has a well-paying job, is the breadwinner and could provide the benefits.

Tell me your stories, CF entrepreneurs. Was it everything you thought it would be? Would you do it again?

You are going to bring Steak N Shake to Des Moines?!? About time! :smile:

To actually answer your question, you need to have your wife on board for the reasons others have stated. Talk to her about how important it is for you to pursue your dream. But make sure that it really is your dream and something that you are passionate about, not something that is purely logical.

I'd like to think I'm a pretty logical person, but 80 hour weeks would make logic go out the window pretty quickly. It takes passion to deal with that, even temporarily.

 

[ruxCYtable]

I don't have a lot of time so I'll come back to the other questions later. Let's just say it's a well-known take 'n bake pizza franchise in a very high-growth town that resides somewhere between Cedar Rapids and Iowa City. I have a business partner who is losing his job in December and is 100% in. Wife would not be involved.

 

[TykeClone]

I don't have a lot of time so I'll come back to the other questions later. Let's just say it's a well-known take 'n bake pizza franchise in a very high-growth town that resides somewhere between Cedar Rapids and Iowa City. I have a business partner who is losing his job in December and is 100% in. Wife would not be involved.

Wife is always involved. Keep that in mind.

 

[3TrueFans]

It's a Papa Murphy's in Shueyville, I cracked the code.

 

[TruClone]

It's a Papa Murphy's in Shueyville, I cracked the code.

I say North Liberty.

 

[Schfinkter]

When I left the corporate world and decided it was time to do my own thing I saved money like a mad man before making the leap. I wanted to make sure I could continue to pay my bills and live comfortably for at least a year without making a dime. I knew that by month 10 if I had not made enough money to keep going I would call it in and begin searching for another corporate job. Well it only took to about month 6 to start to see a profit. In those first 6 months I didn't slow down at all though in regards to marketing myself and going out and trying to draw in business. It was hell for the first 6 months because I was never home because I was so desperate to make this work and be my own boss.

A year and a half in and I'm so glad I made the move. Business has been great and is continuing to grow. I get the freedom I've always wanted and do not have someone looking over my shoulder. It was hard on the wife at first because of the money concern and me not being home, but now she loves it too. If I need a Friday off I take a Friday off.

 

[3TrueFans]

I say North Liberty.

Nah, he said high growth and just look at the population boom Shueyville is experiencing! Shueyville is the future.

https://www.google.com/search?q=shu...l3.1560j0j7&sourceid=chrome&es_sm=93&ie=UTF-8

 

[jbhtexas]

Wife is always involved. Keep that in mind.

Yup. And especially so if one is asking the spouse to take on additional responsibility...

She has a well-paying job, is the breadwinner and could provide the benefits.

I'm assuming he was talking about things like medical and dental coverage, and am just going to leave it at that...

 

[AmesCloneFan]

My wife and I own a business which she operates and I have a corporate job. We've tried a few other off-shoots along the way together that have failed, but our main business has done well for 9 years. It's tough, it's a ton of work, but very rewarding. BUT - the number one thing I would tell you is - if you don't have your spouse's FULL support, don't do it. The only thing worse than working hard all week at a failing business is coming home to resentment about said business.

 

[SCNCY]

QSR Magazine is a good source for the quick service industry. They not only have articles on trends in the industry, but also have information regarding franchises. Even though they focus on quick service, they basically cover all restaurants.

http://www.qsrmagazine.com/\

 

[DeereClone]

Your wife has to be on board. I farm and if she was not on board with that we would be divorced by now. Working 20 hour days at peak season is hard on a family and wife. Investing over 600k in a hog building while living in an 80k house that needs a new everything doesn't go over well if she isn't on board. Telling her she can't update a car that badly needs it because corn prices cut in half isn't easy. Etc etc.

and you won't be your own boss. Your boss will be everyone and everything around you. Your schedule will not be flexible, it will be worse.

its worth it though. Nothing beats taking pride in busting your butt at something you love and own.

 

[ruxCYtable]

Not trying to brag but I will add this.

We live in our dream home. It is paid off. We have no debt. Spouse makes an excellent living, works full-time from home for a multi-national corporation and we live two blocks from our kids' school. Would literally require nothing of her she's already not doing. Just sayin'.

 

[DeereClone]

Not trying to brag but I will add this.

We live in our dream home. It is paid off. We have no debt. Spouse makes an excellent living, works full-time from home for a multi-national corporation and we live two blocks from our kids' school. Would literally require nothing of her she's already not doing. Just sayin'.

Its not what she has to do that will hold you back, it's just whether or not she is in agreement on it. Otherwise that 50k you need to spend to put in a new oven should have been a boat for you guys to enjoy on the weekends. There will always be conflict if she doesn't get on board, no matter how smooth it goes or how well set up you are for this.

congrats btw, you are in a cool position and I hope it works out for you.

 

[ruxCYtable]

Its not what she has to do that will hold you back, it's just whether or not she is in agreement on it. Otherwise that 50k you need to spend to put in a new oven should have been a boat for you guys to enjoy on the weekends. There will always be conflict if she doesn't get on board, no matter how smooth it goes or how well set up you are for this.

congrats btw, you are in a cool position and I hope it works out for you.

Aha, problem solved. Take and bake has no ovens.

 

[mj4cy]

Maybe sit down with your wife and ask her to explain all the reasons why she doesn't want you to do it. Then take some time to come up with your solutions or how you would ease her hesitancy on her reasoning.


I don't think I could do it if my wife were against it. I'd need her to be behind me 100%.

 

[pulse]

Not trying to brag but I will add this.

We live in our dream home. It is paid off. We have no debt. Spouse makes an excellent living, works full-time from home for a multi-national corporation and we live two blocks from our kids' school. Would literally require nothing of her she's already not doing. Just sayin'.

You know exactly what the problem is. Convincing people on CF doesn't help, other than to vent.

 

[Dopey]

Not trying to brag but I will add this.

We live in our dream home. It is paid off. We have no debt. Spouse makes an excellent living, works full-time from home for a multi-national corporation and we live two blocks from our kids' school. Would literally require nothing of her she's already not doing. Just sayin'.

Then what the **** is her problem??

 

[jsb]

Not trying to brag but I will add this.

We live in our dream home. It is paid off. We have no debt. Spouse makes an excellent living, works full-time from home for a multi-national corporation and we live two blocks from our kids' school. Would literally require nothing of her she's already not doing. Just sayin'.

this comment is pretty ignorant and it makes it seem like you really don't get it.

Your wife's life will change no matter what if you start this. It seems very likely that for a while you will have to devote many hours to your new business. Who picks up the slack at home? Your wife. Based on the other responses, it is not out of the realm of possibility that you would lose money for a while. Who does that directly affect? Your wife.

If my husband made a decision like this and then told me it would not change my life a bit, I'd be looking up divorce attorneys.

I'd spend less time telling my wife that it wouldn't affect her and more time acknowledging the potential problems and the benefits. Maybe she'll realize the potential benefits are worth it. But you need to get her on board.

 

[DeereClone]

Then what the **** is her problem??

You do realize he is likely putting up 200-400k for this? Sounds like they have a comfortable life, why risk that for a pizza place? It's a big deal and while I would do it if I were him, I can understand why someone wouldn't.