Starting your own business

[ruxCYtable]

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?

 

[SCNCY]

While I have no experience, I have been given good advice by others. In short, generally people who have a lot of money make it themselves. While you have a lot of support from corporate, you will be able to expand the number of locations within your footprint to be well off. If opening one store is a 35% pay cut, opening a second in a year or two should be well more than you are making now.

What franchise are you looking in to? Don't need to tell us the location.

 

[somecyguy]

It's hell and heaven wrapped up in a 80 hour work week.

I currently own 2 small businesses, which are my third and forth start ups overall. I simply can't function in a large business environment. I love it simply because I don't fit in anywhere else. I enjoy being the boss and having the latitude to make decisions even when the responsibilities that come with it sometimes suck.

 

[CycloneErik]

I don't regret that I did it, but it probably needed a ton more money than I had on hand, even though I could do a ton on a shoestring.

You likely won't actually be your own boss. That's largely a myth, because anything that happens will fall on you. Many people find that the business actually owns them. Not to discourage, but have your eyes open about that.

If it's your dream and you've got the shot, take it. Those don't appear every day.

 

[CarlHungus]

I'm not self employed, but I've been told 2 of the following things about being self employed.
1. You need to have a passion for your business and love what you do
2. You have to be a risk taker

Reason 2 is probably why I'll never be self employed

 

[3TrueFans]

Don't let your dreams be dreams.

[video=youtube;nuHfVn_cfHU]https://www.youtube.com/watch?v=nuHfVn_cfHU[/video]

 

[jsb]

My only advice is that starting a business is hard enough without a spouse on board. The money is one thing but the time is another. If you have kids, you are basically making the breadwinner (your wife) the primary child care person too.

 

[IcSyU]

Be prepared to fail.

And what I mean by that is don't dump your whole life into something to lose it all. Figure out what you're comfortable with losing and stick to it. Most startups fail. Don't throw away everything you've done to this point because of it.

 

[HFCS]

One thing is tax season takes on a whole new meaning. I almost throw up in my mouth now when I hear people talk about doing their taxes in a half hour online after the small hell we have to go through for my wife's business every year.

 

[coolerifyoudid]

I came in here hoping for motivation.

I'll be leaving now

 

[pulse]

It is the greatest thing being your own boss. Being the boss of others and the drama is a treat but worth it. I wouldn't trade it and would absolutely do it again. You could pursue your dreams, or not... Which sounds better?

 

[isuska]

If you put a Five Guys in Des Moines, you will make money

 

[Cyclonin]

If you put a Five Guys in Des Moines, you will make money

Someone has owned those franchise rights for years, not sure why there hasn't been any inkling of them building one.

 

[LindenCy]

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?

In your case, I would say it depends on the franchise. Some of them are like printing money, while others don't have much upside. Have you done all the demographic work and looked at a business plan for potential success? I would start there.

 

[Cyclonepride]

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?

Do not do this until your wife is on board.

 

[jbhtexas]

I've not done a franchise startup myself, but I've observed the resulting marital and family distress that has resulted when both spouses are not committed to the cause. And that distress can come even if there is success on the business side.

You'll be starting off on very shaky ground if your wife is not fully on-board. If this thing is going to cause any kind marital conflict, that will zap your energy as much as the physical and emotional requirement of the business.

It seems as if you are planning on your wife to keep her job. Are you able to handle the startup completely on your own without her help? If you are expecting her to keep her full-time job and help you out with the startup, your shaky ground has just turned into an earthquake. Will you have adequate time to cover your share of the household tasks?

 

[ISUCyclones2015]

I personally don't like franchises as something I would own. But that is a personal preference. Franchises are a pretty good way to start because you get a lot of support from corporate. If it is a food franchise, I would suggest you have a passion for food even if it isn't "great" food. You have to like the type of franchise it is, whether it is selling ice cream or burgers or hair dryers. If you get bored with your franchise, "tough ****" corporate will say!

 

[CycloneErik]

Pride and jbh have a good point about marital unity/support in this thing. I didn't think of that, since I was single at the time.

Make sure home is more important than the dream.

 

[3TrueFans]

Do not do this until your wife is on board.

Or perhaps interview potential new wives until you find one that is ok with it.

 

[ISUCyclones2015]

Or perhaps interview potential new wives until you find one that is ok with it.

I think we could get a Ukrainian wife that will be on board!