Author Topic: How to start a business without compromising current FI status....??  (Read 729 times)

tag

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We are FI, my husband still works full time in a demanding, high-paying job that he enjoys.

I took the last 8 years off of work to raise our 4 kids and am massively burnt out by SAHM life.

I am pursuing a burning idea for a business that is turning into my passion project. But it involves the purchase of a historic building in our neighborhood and a renovation.

I really, really want to do this but I donít know how to approach it or structure the deal or the business without putting our FI at risk.

My question might be: How do I buy this building with other peopleís money but maintain freedom in how I run the business?
 

SwordGuy

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Re: How to start a business without compromising current FI status....??
« Reply #1 on: December 28, 2018, 07:55:42 AM »
Business is about numbers, not passion.

Do the numbers work?  Are they guaranteed to work?   How can you make them work?  How can you keep them from failing?

None of that has a damn thing to do with "passion".


I suggest you look up the "Pop Up Business School" and read/watch everything you can find on them.  They have good ideas and principles on how to start up a business without putting much money into it.

tag

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Re: How to start a business without compromising current FI status....??
« Reply #2 on: December 28, 2018, 01:19:00 PM »
Business is about numbers, not passion.

Do the numbers work?  Are they guaranteed to work?   How can you make them work?  How can you keep them from failing?

None of that has a damn thing to do with "passion".


I suggest you look up the "Pop Up Business School" and read/watch everything you can find on them.  They have good ideas and principles on how to start up a business without putting much money into it.

I hear you. And appreciate that. But for me at this stage....it has to be both. Numbers and passion. We are already FI. The last thing I want to do is jeopardize that because I found my dream job. And the last thing I need is a job I don't love that makes me a pile (or even a little bit of) money.

I'm not aware of any guarantees when it comes to projecting business income. Not 100% anyway. But yes, I am crunching and re-crunching and re-re-crunching numbers.

I have seen a lot of the pop-up stuff. Will look again.

Altons Bobs

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Re: How to start a business without compromising current FI status....??
« Reply #3 on: December 29, 2018, 03:00:07 PM »
Business is about numbers, not passion.

There is no reason to get into the business if you have no passion on what you do at all. If you only look at numbers, most likely you will only take advantage of your customers to benefit just yourself.

lovegoodyu

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Re: How to start a business without compromising current FI status....??
« Reply #4 on: December 30, 2018, 04:29:55 PM »
Is it possible to show the plans you have and a budget of how much it is going to cost, and the cost benefit analysis and potentially get a buyer and get a fair share of that cut for the work you do?

I think money is a big constraint but it shouldn't be the deterrence!
Recommend this book to you:
http://www.abeautifulconstraint.com

I think there is a fantastic opportunity you see, and you just need to figure out how to get a partner (with money) who also sees the opportunity! If anything, you don't find this person, don't buy this particular house, you still learn something from it. Whether it is meeting other like-minded people, or exploring a new idea and seeing what else is out there.

MarciaB

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Re: How to start a business without compromising current FI status....??
« Reply #5 on: December 31, 2018, 12:03:33 PM »
Find some free help to kick this idea around with (neutral third-party help, no dog in the fight) -

https://www.sba.gov/tools/local-assistance/sbdc

The "sbdc" referenced at the end is Small Business Development Center, and I ran one of them in Oregon. I don't know which state you're in, but every state has them. Contact your closest one and schedule a business advising appointment. And/or attend a how-to-start-a-business type class (these are often free).

Don't do this without some counsel!

Linda_Norway

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Re: How to start a business without compromising current FI status....??
« Reply #6 on: January 03, 2019, 02:43:42 AM »
I heard a bit about the pop-up business school in a pod-cast. Their main approach is to first find a real customer who actually wants to pay you for your product and then refine the product to be exactly what the customer wants. Don't make major investments before finding a customer.

Also, I presume that in the US, as in other countries, you can create your own company that carries it's own risk to a certain maximum. If you go broke, your company goes broke and not you personally. This way you don't risk your household's money. But for a bank to provide a loan to your company you will probably need to have paying customers.

As the previous poster said, get professional advice.

Dicey

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Re: How to start a business without compromising current FI status....??
« Reply #7 on: January 03, 2019, 07:40:23 AM »
Find some free help to kick this idea around with (neutral third-party help, no dog in the fight) -

https://www.sba.gov/tools/local-assistance/sbdc

The "sbdc" referenced at the end is Small Business Development Center, and I ran one of them in Oregon. I don't know which state you're in, but every state has them. Contact your closest one and schedule a business advising appointment. And/or attend a how-to-start-a-business type class (these are often free).

Don't do this without some counsel!
This, plus check out S.C.O.R.E.

https://www.score.org

They operate in partnership with the SBA.