Join the Family Business or strike out on my own?

Anything to do with the traditional world of get a degree, get a job as well as its alternatives
TheRedHare
Posts: 202
Joined: Tue Dec 20, 2016 4:40 pm
Location: Atlanta, GA

Re: Join the Family Business or strike out on my own?

Post by TheRedHare »

well, really I was thinking of ways to expand the business and start a small chain of some sort within a region.

NPV
Posts: 188
Joined: Fri Dec 06, 2013 9:41 am

Re: Join the Family Business or strike out on my own?

Post by NPV »

My point (which was of course mentioned by others in the topic as well) is that it is much easier to grow a profitable business in a growing and profitable industry. Which software is, and small town bed-and-breakfast is not. If you want to start a business, coding a side project or two could be a much better start than joining the family business simply because of the fundamentals of these two industries - not to mention being much easier from the point of view of entry/exit costs, capital intensity, regulation, HR etc.

JamesR
Posts: 947
Joined: Sun Apr 21, 2013 9:08 pm

Re: Join the Family Business or strike out on my own?

Post by JamesR »

You might have a bunch of assumptions that you need to validate or really analyze properly.

That you can scale or expand the business, sucessfully
That you can cut costs (without somehow affecting quality and reducing customers)
That you can get the business to open more days a week.. 7 days?
That marketing would help a lot

Maybe you can treat it all as a learning experiment. Maybe the first goal should be to focus on improvements that will also make it more attractive to buyers. A big clean up and fresh paint and repairs and so on perhaps, fine tuning what's there to make it more attractive to buyers?

I guess I get the sense you are definitely wearing rose-colored glasses and you're in dreamer mode.

BTW, could list the place on airbnb and also run "airbnb experience"

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