What's it like to own your own business?
What is your business? Is it a franchise?
How old we're you when you opened it ?
Do you own it with your DH/DP?How is your work/life balance ?
DH and I would love to own our own business. We have a restaurant idea which would be years off as we'd need to borrow a lot of money to start it. But I also have thought about buying a franchise. E.g a Muzz Buzz.
Thanks for the replies
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12-08-2012 17:52 #1
16-08-2012 09:18 #2
16-08-2012 09:25 #3
off topic... but OMG bring muzzbuzz to QLD!! pleassee!!
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16-08-2012 12:20 #4
What's it like ? It's great but it's really hard work and a lot of responsibility !
- if you do want to come in late, take extra time off, leave early - you can
- the profit the company makes is yours
- you are in charge
- you can choose who you want to work with
- you can create the working environment you want ,
- when times are great you make lots of money
- if you come in late and take too much time off you won't make any money!
- it's hard work setting up, especially the first few years
- you have staff to deal with
- you don't get sick days/holidays unless you are in a financial position to do so
- you are responsible not just for your own but for your staffs livelihoods
- you are pretty much on call 24 hours, 7 days a week
- when times are tough you lose a lot of money as all the office bills and staff have to be paid before you
-your taking a huge financial risk
Our Business type : Real Estate Office - independent - I'm not a fan of franchises but in saying that we had about 25 years experience between us and a client database do did not need help like that , we started 6 years ago, just the 2 of us and we now have 6 other employees ( for the first 2 years we pretty much worked 7 days a week, and very long hours)
How old? I was 35, DH was 25 - we were lucky that we worked together for 2 years ( before we got together!) so we knew what we were really like! We love working together, we are good at what we do, we loved working hard to see our dream realised, DH does most of the accounting/money side and I do the staff management side plus we both work in sales in the business ( well I've been a SAHM for 2 years but go in for sales meetings a out twice a week and help out when needed) we are lucky that on the odd chance we disagree with each other at work that it does not continue at home
My advice: owning your own business is hard, it's better if you both know the business you are going into , finding good, reliable staff is hard and you need at least 12 months of money behind you ( plus back up money when times are tough) , get a great accountant that specializes in your business type, if you are both working in the business you need to set your own boundaries/responsibilities and agree 100% on how the business is to run as it does become very stressful
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16-08-2012 12:40 #5
They created the business themselves in their 20s as a wedding video/photo business and eventually went into corporate clients.
The upside for them was that they were always there if theirs kids needed them, they worked out of their house so lots of tax benefits, they could dictate their own hours and take time off when they wanted. But it had a lot of down side too - sometimes they didn't pay themselves for a couple of months at a time, they had to do long hours to keep the business moving forward, they had staff issues occasionally, there was a lot of risk for them personally if the business went downhill. Also when things were crappy they had to keep pushing themselves, there's no looking for a new job like you'd do as an employee.
All that said, it hasn't turned me off being a business owner, it's just made me aware of the reality of it.
DH owned a franchise for a while and it was a nightmare. There are some great ones and some good benefits but with that comes a lot of restriction and lack of creative control! You rely heavily on the reputation of the brand and have very little control over that.
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16-08-2012 12:41 #6
Oh and WTF is muzzbuzz??? Lol!
16-08-2012 12:47 #7
16-08-2012 12:48 #8
16-08-2012 13:20 #9Bubhub Ambassador - tongue in cheek
- Join Date
- Jul 2010
What's it like to own your own business?-
It's great!.. But also very stressful.
What is your business? Is it a franchise?-
I am a personal trainer & group exercise instructor.
Do you own it with your DH/DP?How is your work/life balance ?-
No I own it independently. DH helps alot with the books, insurance & advertising.
I have worked in hospitality for many years & managed a number of places. I'm not sure what you are budgeting for but the best way to start is leasing in a good location, and that way you can get away with about $10000 starting cost.
Once you've built a name considering moving/building.
Staffing costs are the biggest business expense so if you and your DH work there you'll be a long way ahead.
Get an experienced (but not egotistical) chef who knows how to order/inventory so your not wasting half your produce every week.
16-08-2012 13:20 #10
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