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bodypainter · 07-01-2004, 03:34 PM

Especially a business you don't know much about.

I'm looking for a job for my wife. Instead of her getting yet another job working for the man for $10/hr I would love to invest in a small business and install her running the thing. We've looked at a couple bars/pubs in the area and now we're looking at a gas station/convenience store.

What I don't know is what I don't know. I know how much they want for the business, I know how much the rent is, I know what the owner claims to clear each year (although I haven't looked at his books or tax returns yet). But we haven't been to the bank yet and know nothing about financing.

I'm thinking we may have an advantage if she goes for a loan for a female owned business. I seem to recall there being special loan guarantees and such for minority and/or female owned businesses.

I am planning to keep my job. That way she can stay on my insurance and we have that steady paycheck coming in. But if anything ever happened to my job it would sure be nice to have a "Plan B" to fall back on.

So, any business experience on the board here? I would love to hear from you if so. I'm not scared to take a risk but it makes me pause to think about investing as much as my house is worth and then paying $8000 a month rent and so on. Unlike almost everything else I've wanted to learn about I've found very few resources on the web for newbie business owners. TIA.

07-01-2004, 03:34 PM	#1 (permalink)
bodypainter Psycho Location: Sarasota	Anyone ever bought a business? Especially a business you don't know much about. I'm looking for a job for my wife. Instead of her getting yet another job working for the man for $10/hr I would love to invest in a small business and install her running the thing. We've looked at a couple bars/pubs in the area and now we're looking at a gas station/convenience store. What I don't know is what I don't know. I know how much they want for the business, I know how much the rent is, I know what the owner claims to clear each year (although I haven't looked at his books or tax returns yet). But we haven't been to the bank yet and know nothing about financing. I'm thinking we may have an advantage if she goes for a loan for a female owned business. I seem to recall there being special loan guarantees and such for minority and/or female owned businesses. I am planning to keep my job. That way she can stay on my insurance and we have that steady paycheck coming in. But if anything ever happened to my job it would sure be nice to have a "Plan B" to fall back on. So, any business experience on the board here? I would love to hear from you if so. I'm not scared to take a risk but it makes me pause to think about investing as much as my house is worth and then paying $8000 a month rent and so on. Unlike almost everything else I've wanted to learn about I've found very few resources on the web for newbie business owners. TIA.