Should I take it?

Question

I work as a manager at a pizza place. I have been working there for quite sometime.

My boss just told me that there is a resturant selling for REALLY cheap, and that if I wanted to buy it, he'd loan me the money. He has a lot of faith in me, and would like to see me run my own buisness. He said that I should get my sister to help me run it and we'd be 50/50 partners.

It is a big step, and my sister is all for it, but I am a little uneasy. I love what I do, I do it well. I am good with customers, and I don't mind putting in extra hours if nesscisary.

My dream since I was 16 was to teach. I want to be that teacher that everyone rememebers from elementary school. I cant do that if I am running my own buisness.

Both of these thing, I really really want to do, so I am between a rock and a hard place...

Whats a girl to do?!?

♥B

Oh, and please don't say "follow your heart" because my heart is in both things... :)

Thank you!

The pizza place I work for is a Franchise. I don't want to name names, just for personal reasons... But all of the stores are individually owned and operated. So, I already know what we are going to sell, and what not. I don't have to make a menu, and all that.

Answer 1

First I would ask why is the restaurant for sell? Are you buying the business or the building? If you are buying the business, then you need to evaluate health codes, employees, current menu, marketing, parking etc. Do you keep it all, or over haul?

If it's the building, you will need to work it from scratch.

Starting a new business means you should have double or triple the amount of money that you initially tally to run a business since there are a lot of incidentals that you just don't know about, along with the fact that you may not be making money right away. Is your boss willing to loan you that much money?

You should consider starting smaller, with a Coffee Rush franchise or something, less overhead, less people, get the hang of that then move into bigger and better things.

As far as your heart being in both things, both your chosen fields require an intense commitment, more than 40 hours a week (especially if you own a business). I say choose one as a profession and choose one as a hobby or volunteer activity.

Answer 2

What you need is a business plan. Start with your concept....what kind of restaurant do you want? How is it differentiated? What will you serve? What is the pricing versus the cost? How much will you expect to bring in each night? Each month? How much will you pay your employees and how much profit will you make? When will you pay the boss back, how much will he own?

After you get that all together, go see a financial expert and a lawyer to see if it all makes sense for you. Do you want to work that hard, do you want the risk and responsibility, the hours, and if you can get really excited about it...then go for it. If not, pass and get back to college and that teaching certificate.

Answer 3

Create a business plan for your resturant with projected profits, marketing ideas, your menu (this is the most imporant thing) and everything else involved in a business plan....do it based on that and nothing else if you are projecting a profit then go ahead if not it doesn't make sense...also take some business and marketing courses to decide if you really want to take that big of a step

Answer 4

Wait until you can afford your own business, Bank loaned if need be.
Yes you can take his loan 50/50 that is give him 50 percent of your hard work and still pay back the original loan, what does it equal now 75 percent of your work or more.
You will end up working for your boss all over again.

Answer 5

If the owner is owner is willing to loan you the money risk free -- then go for it. You can always teach later. Not only that, but you can volunteer to tutor on the side - I do that with my career. Otherwise, a free loan is hard to pass up.