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- 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..."
Blanked…
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!