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To purchase or not to purchase? - Page 3

post #31 of 74
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post #32 of 74
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post #33 of 74
Quote:
Originally Posted by inspiredbymom

sfrog68, I have been a business owner (childcare) for almost 17 years. It is a risk taking that jump. I don't make much "profit" anymore (I had to cut my workload in half on that business when I had more kids) but I can not put a price on being able to stay home with my kids! I also work a farmer's market in the summer and do custom cakes on nights and weekends. I have never been in the red. I have never borrowed money for my businesses. If you have the start up money without borrowing, you will be off to a good start. I made a business plan when I started my first business even though I didn't have to borrow money. I just wanted to see it work on paper before I quit my day job! It really helped! It sounds that you have weighed a lot of this out. If you have a dream I would say go for it. If it doesn't work, you know in your heart that you gave it your best shot. I wouldn't suggest that if you were going into debt for it because that is just more stress! Best of luck to you. I would love to see pics if you get it up an running!



This is the most realistic and helpful reply I've seen.

At the end of the day, a business can be a success or failure even with the highest of planning. I agree with inspiredbymom, if you're not running yourself into debt by making this purchase, I say venture on and if you fail then you just pay it off and move on. Business is always a huge risk, do it for yourself, not for the money.
post #34 of 74
Quote:
Originally Posted by inspiredbymom

sfrog68, I have been a business owner (childcare) for almost 17 years. It is a risk taking that jump. I don't make much "profit" anymore (I had to cut my workload in half on that business when I had more kids) but I can not put a price on being able to stay home with my kids! I also work a farmer's market in the summer and do custom cakes on nights and weekends. I have never been in the red. I have never borrowed money for my businesses. If you have the start up money without borrowing, you will be off to a good start. I made a business plan when I started my first business even though I didn't have to borrow money. I just wanted to see it work on paper before I quit my day job! It really helped! It sounds that you have weighed a lot of this out. If you have a dream I would say go for it. If it doesn't work, you know in your heart that you gave it your best shot. I wouldn't suggest that if you were going into debt for it because that is just more stress! Best of luck to you. I would love to see pics if you get it up an running!



This is the most realistic and helpful reply I've seen.

At the end of the day, a business can be a success or failure even with the highest of planning. I agree with inspiredbymom, if you're not running yourself into debt by making this purchase, I say venture on and if you fail then you just pay it off and move on. Business is always a huge risk, do it for yourself, not for the money.
post #35 of 74
I think there is a big misunderstanding concerning the word, "risk", in business. People hear the word associated with business and believe it to mean to just jump in and see what happens. But that is not the meaning.

In economic models, after a thorough business plan is completed, the risk is not, "Will it work?". The risk is a calculation of return on investment. After a business is established, risk can be calculated in relation to expansion or a greater capital investment.

Of course, a business plan can fail. It can either be incorrect or an unanticipated economic condition arises. Or the owner underestimated the need or desire for the business in the market. It could also be a quality issue.

So the try it and see what happens idea is why so many businesses fail (85% in the first year, higher for the food industry). It's not about following your dream. It's about education, gaining experience, becoming an expert in your field, saving money for the project, writing a business plan with real numbers, and finally realizing your dream.
post #36 of 74
[quote="dantherex"]
Quote:
Originally Posted by inspiredbymom

I made a business plan when I started my first business even though I didn't have to borrow money. I just wanted to see it work on paper before I quit my day job!

This is the important part in any business. Plan, rethink, plan some more. Think about all the possibilities, problems, pros and cons. No such thing as too much planning.

If it doesn't work, you know in your heart that you gave it your best shot.

Not really. A hobby, a past time, a crazy weekend in Vegas- that's "a shot". A business is a business... and should be planned for accordingly
post #37 of 74
Quote:
Originally Posted by scp1127



There are many people who read these threads and some of us have gone to great lengths to help people write complete business plans. The OP may want to shoot down my responses as mean, but, in fact, they are truth that a dreamer does not want to hear.



A casual observation: Your advice may be sound and it may be coming from a good place. It might also be, as you suggest, truth. But it was also snippy and unnecessarily brusque--bordering on flat-out rude.

There is an unfortunate level of impatience in these forums, and I'm not surprised that the OP was offended. Not because any of your advice was wrong, but because it was delivered in such a negative way.
post #38 of 74
Quote:
Originally Posted by Dr_Hfuhruhurr

Quote:
Originally Posted by scp1127



There are many people who read these threads and some of us have gone to great lengths to help people write complete business plans. The OP may want to shoot down my responses as mean, but, in fact, they are truth that a dreamer does not want to hear.



A casual observation: Your advice may be sound and it may be coming from a good place. It might also be, as you suggest, truth. But it was also snippy and unnecessarily brusque--bordering on flat-out rude.

There is an unfortunate level of impatience in these forums, and I'm not surprised that the OP was offended. Not because any of your advice was wrong, but because it was delivered in such a negative way.


Truth.
post #39 of 74
Quote:
Originally Posted by kelleym

Truth.



Scp1127 contributes a lot to this forum. We each have our style of communicating and we each have our strengths and weaknesses. Her weakness (my opinion) is that she tends to be abrupt. But she's loved by many who have learned from her years of experience. In the spirit of community, I find it counter-productive to criticize without being constructive. My opinion.

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post #40 of 74
I was agreeing with someone who gave constructive feedback. The best advice in the world is going to be disregarded if it is delivered accompanied by a slap rather than a smile.
post #41 of 74
If you are running a business and you can't handle abrupt criticism from a stranger on a message board, you won't get very far considering you are bound to hear worse every once in a while from competitors, potential customers, vendors, etc.
post #42 of 74
In my opinion, the ability to run a business vs. personal tolerance for hostile advice on The Internets are not related.
post #43 of 74
Quote:
Originally Posted by kelleym

In my opinion, the ability to run a business vs. personal tolerance for hostile advice on The Internets are not related.


Interesting, in the space of a few hours her advice has gone from "snippy and brusque" to "accompanied by a slap" to downright "hostile". I'm curious how you will characterize her advice next. icon_wink.gif

Having a thick skin is most definitely a requirement for any business owner, unless you have one of those rare businesses where you don't need to deal with any other humans. This forum can provide some good practice in that respect.
post #44 of 74
Quote:
Originally Posted by jason_kraft

Quote:
Originally Posted by kelleym

In my opinion, the ability to run a business vs. personal tolerance for hostile advice on The Internets are not related.


Interesting, in the space of a few hours her advice has gone from "snippy and brusque" to "accompanied by a slap" to downright "hostile". I'm curious how you will characterize her advice next. icon_wink.gif

Having a thick skin is most definitely a requirement for any business owner, unless you have one of those rare businesses where you don't need to deal with any other humans. This forum can provide some good practice in that respect.



Just to be clear, I said:

"The best advice in the world is going to be disregarded if it is delivered accompanied by a slap rather than a smile." Which is not referring to any one person or post, and is clearly a metaphor, as no one on Cake Central can reach through the screen and slap another person. It's also great advice which I think everyone could stand to hear from time to time, including myself. I run a large, busy Facebook page and I sometimes find myself answering repetitive questions, and becoming impatient. So I sometimes have to try to remember that everyone deserves a respectful answer. A little kindness goes a long way, here on CC, out on The Internets, in business, and in life.
post #45 of 74
Quote:
Originally Posted by kelleym

So I sometimes have to try to remember that everyone deserves a respectful answer.


Agreed, that's definitely a notion to heed. Especially when a post turns into an attack on an individual instead of a discussion of an idea.
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