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Vezz.
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Posted: Saturday June 25th, 2005 10:44 |
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Where do I start?
A few weeks ago, Hubs came to me saying that he wanted to go into business with his brother, redeveloping properties. However, his brother is renowned for screwing up deals involving family, so I had by doubts (hubby did this years ago, but lost all his houses because of the other brother ). I was going to back him, until he wanted to take money either out of our current home (for which I laid down the £50,000 deposit), or my other house, which has equity of £75,000. He has no equity in his own property.
As you can imagine, I'm very dubious about the idea.
Anyway, this morning I find out that the local corner shop's lease is being sold for £30,000. The lease runs for another 6 years, and the price includes goodwill, fixtures, fittings and stock. I never thought the shop was very well run anyway, and I could see the potential. Obviously I'd need hubby's full backing.....
I've said that I'd run the shop during the day, but I can't open up at 7.30am and close at 10pm because a) I have a 6 year old, plus I'd have the baby to deal with, and b) it'd be dangerous for me to be in the shop on my own (considering it sells alcohol and cigarettes) until 10pm. His response was "employ someone, then".
I then said I was prepared to risk my homes for his "venture", to which he replied "well, my business is going to take off, so you won't need to work anyway".
It's obvious hubby isn't interested in the shop (although he did say he'd back me, but obviously that doesn't extend to helping run the shop!), so I was wondering if anyone has any advice. I thought it'd be perfect, as it means I could be with the baby in it's formative years and still earn a living. If it doesn't work after the lease runs out, the baby will be at school and I could return to work.
Shall I try to do it on my own, or shall I leave it?
Last edited on Saturday June 25th, 2005 12:06 by Vezz.
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Mantings
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Posted: Saturday June 25th, 2005 11:47 |
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@ Lady Vee
First of all if you don't take risks then you will never really progress any further than mediocracy, however any risk you take should be calculated, in other words you should do your market research and complete a feasibility study it doesn't have be to in depth but you should do one and make sure that your hubby does one as well. If you decide that what you want to do is feasible you should then start putting together a business plan and cash-flow forcast, this is very important as it will help you describe the business its objectives and its strategy.
The answer will come to you after you have done your Market research and feasibility study.
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Vezz.
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Posted: Saturday June 25th, 2005 12:05 |
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@ Mantings,
Thanks for your advice.
I hear exactly what you're saying but, being an accountant, the cashflow etc goes without saying.
My point was really the fact that this is something I want to do, but Hubby seems to not want to do it, and I'm a bit annoyed that I'm supposed to support him - both financially and mentally, but it seems that something I want to do isn't feasible without him even looking at any figures. He's prepared to risk my house on something, but isn't behind me if I want to do the same.
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Tru-Afri-Can
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Posted: Saturday June 25th, 2005 13:18 |
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Its unfortunate that your hubby wouldn't rather join you in the corner shop idea. It makes more sense for both of you to work on the same project thus finding ways around managing your finances and family commitments. I'm sure he thinks a corner shop is just not his thing (below him perhaps). If only he could see the potential for the long term, he might come round to the idea.
My take on this, is that if you're unsure about things, do nothing! Things will begin to sort themselves out. Your hubby's brother will target someone else, your hubby will think up something less risky to invest in and another 'cornershop' opportunity will come up for you to consider.
Give everything a rest for some weeks/ months (don't be bullied by hubby) or else you risk financial problems, relationship issues and undue stress.
All the best.
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Then behind they try to eliminate you
But who Jah bless, no man curse
Thank God, we're past the worse
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Saida.M
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Posted: Saturday June 25th, 2005 17:00 |
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Am I missing something Lady Vee? Is there something wrong with your husband's suggestion of employing someone?
Don't worry about whether your husband backs you or not at this stage - you must know that you cannot agree on everything all the time right?
Like tru afri-can said, take time to breathe a little; take stock then perhaps have the conversation again at a later date.
We don't know your husband, but could it be that he is annoyed; maybe your'e not behind him on his enterprise as you like to think, you already pointed out that you are dubious about his venture.
Why would your husband want to get involved in a project with his brother, if he has a bad record?
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dimoke
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Posted: Saturday June 25th, 2005 19:10 |
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First sis, take it easy as you are expecting....do not stress yourself so much about it....like tru said, there will be many corner shops to come along in the future, i feel that in your state at the moment, stress is the last thing you want to create in your life.
Now unto the business side...hmm, sis, as someone who's family had run businesses together, all i can tell you is, with all due respect to you and hubby AND for the sake of your marriage, do not invest any money in your hubby and his brother's business....my sister was in EXACTLY the same position....and my dad told her not to do it......because you do not want to mix family(particularly the in laws) and money.....if the brother's track records is as bad as you say, please sis, do not even take a chance on it.....many people will tell you all sorts because traditionally we are advised to stay clear of advising married couples....well, all i know is if my sis had listened to my dad, she wouldn't have jeopardised her marriage in the name of helping and not wanting to stand up to her husband and say no........i mean as your lil sis i shouldn't even have to tell you that no does not mean you respect or love him any less......its just that you are being financially intelligent.
Now as for your corner shop idea, well its a brilliant idea, but as Mantings said, do your market research first....if its a great business move, than maybe you should consider your hubby's recommendation of employing someone else part time at least.....there are many students whom this kinds of jobs are always ideal...
All the best..
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Vezz.
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Posted: Saturday June 25th, 2005 19:54 |
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@All,
Thank you so much for your advice.
It's not often I act impulsively, but I did think this would be the answer to our prayers, and I thought Hubs would jump at the chance.
I didn't really want to employ someone, because I saw it as a family thing, but if I did go ahead obviously it would be considered.
That said, when I came home today from shopping, Hubby handed me a business card of someone who could arrange the mortgage, and he also said that he was willing to help out. He's a natural pessimist, so really I should've expected that kind of reaction.
Lil Sis Mokie,
I hear you. However, I do feel Hubs wouldn't do anything without my being totally au fait with the idea. I've pointed out his brother's failings, so he knows I'm not 100% with any equity being taken out. But, where we are is his home too....
Don't worry, I'm not getting stressed, and we didn't even argue. We just put our points across and left it at that. We certainly weren't heading for the divorce courts!
I'm glad you all thing the shop is a good idea. It's practically on our doorstep. We'll talk some more over the weekend and take it from there.
I knew my friends at BN would help....
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dimoke
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Posted: Sunday June 26th, 2005 09:15 |
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| Ok my Lady...glad to know you are not stress out about all this...all the best with the outcome..
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Saida.M
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Posted: Sunday June 26th, 2005 10:20 |
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| I second that Dimoke - all the best for the future Lady Vee, (especially with the little un)
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People readily believe lies before they believe the truth
"One of the heads of the beast seemed to have been fatally wounded, but the wound had healed. The whole earth was amazed and followed the beast".
Good News Bible. Rev. Ch.13 V.3
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facetygal
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Posted: Sunday June 26th, 2005 22:19 |
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| Go ahead and do it. My dad isn't helping my mum with the day to day runnings of her business, she has a partner but yet my dad will still reap the benefits. Also if your one of the many people on here that bang on about there not being enough black owned shops, now is ur chance to do something about it.
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free
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Posted: Monday June 27th, 2005 10:00 |
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Lady Vee - go for it... but just make sure you do your research intensely... and make sure that your business and marketing plan is flawless...
I am in the same kind of boat, I will be starting my business and I have not go the full backing of everyone that I expected to get help from; but do you know what I am going ahead...
momentum has picked up...
and gradually people who did not believe in it at all are coming onside...
As for the money... the only way you should do anything like that is if you have a legal agreement set in place, if they are doing this thing... let them show you a business plan, and show how and where the money is being invested, what your return is, find out if they will return the initial investment with profit et al...
In all honesty, I would not do it... because it is
a) high risk
b) property market is falling, and could fall further... so it may be a good idea to wait and see what happens rather than rushing in at the moment.
But, good luck with your business idea and I hope you are successful
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Vezz.
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Posted: Tuesday June 28th, 2005 18:04 |
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Quick update....
My brother-in-law went to view the shop, and it seems that because he said it was viable, it now is!
So, I'm currently in the process of trying to prise the books from the current owner (!), and setting the ball rolling in raising the finance....
Thanks to you all......
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