I Have To Make A ÂLife Changing Decisionâ¦Please Help.
Business By ShopGrl1128 Updated 30 May 2008 , 1:17pm by Mommaskip
What I would do - try to get a parttime position while building my home-based business. Once it grew enough to support me, quit my job and work fulltime from home. Once it was starting to outgrow my home, look into buying a shop. Build slow - less stress, less regret.
Just my opinon. I'll admit I'm not a huge risk taker.
I always thought that if I got such an opportunity I'd jump into it without thinking, but still is a very hard desition to take. I'm still working at home and my husband keeps telling me that we just need to get some money to set up a shop, but I told him, we don't need money we need courage.
And unfortunately that is something you have to find within your self, not here. Some of us have struggled to set up a shop for years, some of us had that chance in a small amount of time. For some this has been so much work for other it's been fun. So there is not much advice to give you because we all have different stories. The only advice I have for you is talk to God, asking him to show you the path he's chossen for you. He will give you an answer, a far better answer than any of us.
HTH:SOL
Hello friends:
THANK YOU so much for all your comments.
As some of you have said if you wait for the ârightâ time to do thingsâ¦itâs never the right time.
Right now, as I mentioned, I have a steady job, no debt, no kids and very few expenses; I want to do the cake business out of my home mostly because Iâm running out of space and because Iâm turning down orders due to lack of time and I donât want to do anything else but cakes.
Answering some of your questions:
If we agree to have my b/f to buy the building and to rent it to me, obviously I would have everything by writing on a contract, I would never assume âwe love each other and things are going to be perfect for everââ¦hell noâ¦Iâm rather pessimist (or realist) when it comes to thatâ¦I know people break up and things get nasty, so whatever agreement we come to, it will be done the right way. 
On why donât I buy the building myself? Well apparently I would have to put 20% down + the closing fees, etc, which means putting my life savings on this purchaseâ¦
Nowâ¦THAT is scary; Iâm not ready to wipe out my banks accounts and not to have one single penny left. 
My b/f has a great job and he could buy the building with no problems, and thatâs the reason why we thought the best thing would be for him to buy it and rent it to me.
We met our friend (the seller) Tuesday night to give a close look at the shopâ¦well, apparently there are some repairs on the building that need to be done and Iâm not happy about that. 
My b/f was ready to sign the papers (he makes decisions like this within hours!!!)â¦but I said we have to think about it.
There is another buyer ready to close the deal right now but Iâm not willing to make a decision this important under pressureâ¦.I need to think about it. 
The repairs on the roof are a big issue, some kind of leakage problem, and we need a contractor to evaluate the problem and give us an estimate to fix itâ¦and the seller (our friend) needs us to decide whether or not we are going to buy the buildingâ¦.yesterday by 11:00am!!...no wayâ¦
I came to the conclusion that is a good not a good idea to buy this building when is being sold âas it isâ not knowing how many thousands my b/f will have to spend on repairs.
We are seriously thinking on buying a building for my business this year and now since weâve done some research on costs and fees and all that, we could take our time and make a good business plan. If it doesnât happen this year then it will be next, now that I know how much I need for down payment I could save more money and buy it myself.
The good news is that we also visited another friend of ours who is a Realtor and he showed us many other buildings nearby that are for sale, great location and same priceâ¦soâ¦if this building is not THE placeâ¦other will beâ¦
Again, thank you so much for helping me to put many things in perspective. 
quote]There is another buyer ready to close the deal right now[/quote]
Pull the other one--it's got bells on it.
Really, not a lot of businesses are opening in the current economic climate. Your "friend" apparently can't sell the coffee shop as a live business, just as an empty shell/location. This place has enough problems that you're uncertain, and there's a line to sign the lease or buy the place? For a business location where the business just failed? For an as-is building with issues?
Good choice walking away.
quote]There is another buyer ready to close the deal right now
Pull the other one--it's got bells on it.
Really, not a lot of businesses are opening in the current economic climate. Your "friend" apparently can't sell the coffee shop as a live business, just as an empty shell/location. This place has enough problems that you're uncertain, and there's a line to sign the lease or buy the place? For a business location where the business just failed? For an as-is building with issues?
Good choice walking away.[/quote]
I think you made the right decision. Too many variables. Could get messy real fast. But now that you've thought about one possible future, you've got a great platform to imagine the possibilities. Things happen for a reason. 
The building in a great location really and It worked successfully when they had the coffee shop.
I wasnât expecting to get most of the business from walk-ins or anything like that, I wanted a place big enough to work and meet my customers.
I guess neither the first buyer nor me wanted to deal with the repairsâ¦
The building got sold today; I guess the new owner is willing to deal with a leaking roof.
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