Should I purchase my dream business?

Dear Aunty B,

There is a small bridal boutique for sale in the seaside town where I live.

It has been my dream to have my own bridal store, as I love the bridal industry after having worked in it for many years.

I want to purchase this business, but my husband is very reluctant, saying it is not a good time to go into business. He has a small business which has been successful for the past 11 years, but at present he is covering expenses and taking a small wage.

I currently work outside the business (as a receptionist) and my wage helps make life comfortable.

What do I do? I need some advice.

Thank you,
Carol

Dear Carol,

I just love telling interfering, killjoy husbands to go jump. Honestly! Nothing delights me more!

I once had an accountant at a CPA conference put up his hand and say to me that his wife wanted to expand her business. He then described the business to me and told me her plans in an incredibility smug, patronising manner. I asked him was he her accountant and he said he was. I then said, here is my advice to your wife. Stop asking your accountant for business and strategic advice as he is simply focusing on the risk. If you listen to risk averse, patronising accountants you would never get out of bed in the morning (and all you growth orientated, great accountants don’t write in because I love you and I am not referring to you).

Now I am prattling on because I don’t want to give you this advice at all. Your husband is right. There! I said it! I will have to wash my mouth out with soap. And I hope my husband doesn’t read this and get any ideas.

Here are the reasons. I am not sure what capacity you worked in the bridal industry. But running your own boutique is akin to running a small business. You need a whole lot of skills, as your husband would know. Have you got those skills?

You also need to do a very detailed business plan. How do people shop for bridal clothes? I think a lot now browse online. Being a bride is the biggest occasion of a girl’s life usually. (Wasn’t for me. I would prefer going to the lockup at a Federal budget personally.) But I would suspect that many would make the trek into the city to look and try on a range of dresses. Unless you are in a mining town, your husband is quite right to point out that things are depressed – in particular retail. This is not the time to be buying into a seaside bridal boutique unless there are queues around the block in which case you should check out what is really going on in there.

Lastly, be careful about dreams. I dream of having a wild affair with one of the swans from Matthew Bourne’s version of Swan Lake. You know when those male ballet dancers with huge shoulders leap across the stage with a naked torso and white feather pants to that da… da da da da daaaa du da!!! (You know Tchaikovsky… hum along.) I am not picky. Any of them would do.

But the point is it’s a dream! It ain’t going to happen. Now. Can you set up a bridal accessory business online from your kitchen? You could source the products in China, ship them in and post them on. You take a cut on the way of course. Or how about a “hire a receptionist” business in your area. Everyone needs help now and again with stuff. Think online, low cost and growing demand.

Be smart,
Your Aunty B

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