Tell us more about this new partnership….
By Chad on Jun 13, 2008 in Starting/Running a Business, Uncategorized
Well, it all began in kindergarten…seriously. The partnership is with a friend I have known since kindergarten. We have been talking about starting a business or buying a business for a long time, as we both bring different talents to a business. He is good at getting connections and using them, and I’m good at the logical side of the business.
Neither one of us can stand working for someone else. The lack of control and a ceiling on what you can accomplish is very demoralizing. We hate the idea of working until we are 55 or 60 and then slowly fade into an age restricted retirement. Why not get to enjoy your life before you get too old?
The only way to do this is to make sure your money comes from something you control. This could be investments, but you need a lot of money to pull enough from investments to live on. So, the only real option open to us is to start a business. I also have a novel in the works, but the odds of that getting published aren’t especially high.
We have discussed everything from brewing our own beer, I’m still not done with this idea, to junk yards, but nothing really caught our eye or seemed the answer. Until, we realized he had a decent idea for a sports based business.
The great thing about this business is neither one of us has to quit our jobs. This allows us to continue to add capital to our new business, from our jobs, while maintaining a steady income to live on. It also allows us to be part of something that interests us greatly. I can’t tell you how many hours we have wasted discussing sports.
We have committed $20-30k a piece and have purchased what we need. Now all we have to do is make this thing work, and wait for the money to come flooding in. Well, maybe not flood in, but a steady trickle would be nice.
That’s really cool. You have a couple of great advantages: You are self financing so you’re not under the margins of your loan– you don’t have to give away 10% of your revenue to the bank. And you are both keeping your jobs, which will take so much stress off, and stop you from making rash decisions about your business that are shortsighted, just to get business quick. You can afford to what’s best for your brand. And finally you’re long time friends! Sounds perfect.
Christine Gilbert | Jun 13, 2008 | Reply
This sounds very exciting. I did something similar (although smaller scale, only $4k invested) with a friend of mine and it worked out great.
I hope you blog about it more when you are ready to share the details.
Keeping your day job for a while really helps relieve some of the stress and helps you stay focused on building your business. When I started by first business I didn’t have as much success as I hoped, but I learned a _ton_ and met a bunch of great people who helped me start my second business.
Dale | Jun 13, 2008 | Reply
@ Christine - We will actually have a small loan, but it won’t be around for more than a couple months. The best part is we can do it as a side business, so if it only ends up being slightly profitable we aren’t stuck. Thanks for the encouragement.
@ Dale - I’m sure I will post more at some point. Right now not much is happening, but the boring admin work. The business won’t really be fully operational until the fall, so I won’t have many updates this summer.
Chad | Jun 13, 2008 | Reply