You are currently browsing the MrBizPlan.com weblog archives for the day July 17, 2007.
- Mr BizPlan Says (44)
- December 31, 2008: It Was The Best Of Times, It Was The Worst Of Times
- December 24, 2008: A 2008 Christmas Poem
- November 23, 2008: The Next Great Depression...In High Definition
- October 7, 2008: How the Credit Crisis Affects Small Business
- September 26, 2008: Is Your Brand Awesome? Should it be?
- September 17, 2008: What's going on? From Wall Street to Main Street.
- September 2, 2008: The Universe of Opportunities
- August 7, 2008: Rags to Riches...Anecdotally Speaking
- June 30, 2008: Building Quality Financial Projections
- June 16, 2008: "The Only Thing We Have To Fear..."
Archive for July 17, 2007
Blanked…
July 17, 2007 by mrbizplan.
Well for the first time since capitalbizplan.com started we have gone 30 days without a question for Mr. BizPlan. This is probably OK as Mr. BizPlan has been busy with a side venture. I am going against most of my good instincts and rules of thumb and investing in a business venture.
You see, I have had this idea for a restaurant in a small community close to where I live running around my head for the last few months and it finally caught up with me. Knowing that my life is too busy to run a restaurant I shared the idea with a friend of mine and we both got excited and started planning to open the business. He will own 60%, I will own 40% and he will draw a (minimum) salary for managing the business for the first year. After a year we plan on hiring a full time manager who will eventually buy the business by building equity.
Looking back I am breaking two of my cardinal rules a) open a business with good odds of success - restaurants have poor success rates b)Never partner with friends or relatives - Oops!
Oh well…the investment is relatively low (about the price of a nice new car) and the breakeven point is even lower…so it should fly. It should be a good refresher and learning experience for improving the site. I have even thought of starting another blog sharing the day to day experience of starting a business. But now I am 45 days into it and it would take a lot of back logging. Let me know what you think.
It has been interesting, being on the other side again (as an entrepreneur instead of a consultant). It has been several years since my last personal venture and it is exciting and nerve racking at the same time. Also, I have had a chance to fully use my free business planning software as a legitimate user and see where it works well and where it needs improvement. We are planning some updates with the programmers right now including a spell checker that should be done by August.
I hope you all are enjoying your summer…it is even suppose to hit 100 degree here in the upper Midwest!
Mr. BizPlan
PS - Keep those questions coming!
Posted in Mr BizPlan Says | Print | 1 Comment »