It's when people tell me I can't or shouldn't. It makes me want to prove them wrong. But in this case, I'm a little cautious because the person saying so is quite smart and very experienced in this area.
I'm referring to my Plan B. I spoke to a person I know who's a business broker. He's very successful at what he does. What he told me once I showed him my plans was basically to throw the idea away. His main point was that I shouldn't be wasting time trying to build a successful business, I should just buy one that's already established and is successful.
He went on to point out the why's and the what's. But I looked at him and said "Well, if everyone thought like you, no one would start a business at all."
The thing is, I walked away from out meeting and I can't escape the fact that everything he said was true. Everything he said was right. He's not in the position he's in due to doing things the wrong way and learning from them. He's where he is because he always thinks things through, and makes the best choice in the aim of making money.
Another friend I spoke to who is also successful though not a rich bastard like this business broker told me "Why do you want to make all this money? Why all the greed and stuff?" I had to explain to him that is wasn't about greed. It was about goals.
I told him "My goals are simple. I want to earn enough to pay all my bills, live a little and provide enough income into my family so that my wife and I can build our new home, can have the children we plan on having and look after them in the old fashioned way we both agree to look after them, by her staying home and making sure the house is a home. And we also want to be able to go on holidays anywhere and not worry about returning to a business where all the customers have fled because no one was there to service their needs."
He changed his opinion of my greed into that of just wanting to be comfortable and getting what my wife and I want. The ability to have it all set up for us so we don't have to struggle.
I'm fully aware that plans can change. But it's good to have some sort of plan and a bit of flexibility for those bumps along the way. It might go all wrong. Though I'd rather it go wrong now and I have a few years to sort ourselves out again rather than do it later in life when there's more at stake.
The fly in the ointment however, was my meeting with the business broker. It's not that bad. He just crushed a dream. Though if I do listen to him, my goal is still achievable. By looking at established businesses, there wasn't much on offer. The choices were basically cafes and pizza shops. To me, they're not really what I like to consider a successful business. Sure, people eat food all the time. But how many local pizzeria shops do you see where the owner walks to him BMW? It's another one of businesses much like my current one. A dead end.
The only real choice of a good business was looking at a franchise, but not your regular Subway or something. I was thinking more like a tyre shop, or brakes and suspension. There's a brand in Australia that's pretty popular, and a branch of their shops is selling near me for a reasonable price.
The great part is, it's a well known brand that's been established for over 20 years. It's mechanical, which is my background. The business can operate while I'm not there because I'm not on the tools or at the register. It's a franchise, so while it's no guarantee, it has a higher than likely chance of working out. I have a nation wide advertising campaign done for me. Stationary, etc.
The business broker was happy, then suggested to get rich I must purchase a few branches. But he usually thinks big, so the number was an unrealistic 10-15 branches. LOL. Sure, I'll just invest a few million dollars and see what happens. He might be able to, but I sure as hell can't.
So, there's now a Plan C. But it may well be Plan B because all the hard work is done thanks to me purchasing a franchise.
Looking at it a few days after speaking to the broker, it makes sense. So perhaps the music school might be a Plan C. Or perhaps an additional business.
