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decisions decisions...

September 8th, 2011 at 09:09 am

I've come up with an idea, and to this point, although being on the wary side, no one has tried to talk me out of it. They've pointed out pros and cons but ultimately been supportive of my 'idea' and I'm at that very scary stage of taking a leap and doing something about it. It's something I haven't just thought of - BUT, an actual opportunity has presented itself as of the past two weeks, and slowly the cogs have been turning in my head, crunching numbers, etc etc.

My idea?

I'm thinking of buying a bakery. In my local town.

I don't know the figures yet. I need to look at their books. It might not even be worth it at all. I know the initial daily takings that I need in order to make things work. But I need to know the revenue and the rent. Everything else I already know from 7+ years of working in bakeries.

My best friend has already said she'd work for me. She's accepted the full-time job with our boss but would leave in a heartbeat if I bought the place. Unfortunately her financial situation prevents her from forming a partnership with me; but I think it may be for the best anyway. Partnerships between friends? Hmmm. However, we have identical ideas on how we would run a place, and she would rather not 'own' anything or have anything to do with managing a place, so this works for her.

The issue with the place, the only thing, is the parking. Or rather, lack of. It is on the busy main street, which has carparks along it but no actual carpark. However, it is less than 100m away from a library, a police station, a firestation, the local welfare office, a telecommunication businesses main service centre, the local council, several banks, and of course, the other businesses along the main street. The only other bakery is at a shopping complex on the other side of town.

The place is a little rundown and sad looking. My goal would be to have different breads that the supermarket and other bakery dont sell (sourdoughs, exotic mixed grains, italian olive breads etc). I also have the advantage of knowing the only place that makes novelty shape cakes anywhere around here is... yep, you guessed it: my boss. Now wouldn't that be a kick in the pants for him?

Considering, well, I'm actually the one that makes most of them ANYWAY. Big Grin

But, there's things I don't know yet. I need to know their figures, and I need a business loan. The plant and equipment in the shop will most likely cover the security of the loan I'll be asking for ($145k-ish). So those two uncertain things are... uncertain. Business loans aren't given out easily at the moment, but when I initially went in to ask questions, once they heard our plan (my friend and I went in together) they practically tied us down trying to get us to make an appointment.

DH is excited and supportive. He will carry on with his flooring business (which I will still do books for) so that we don't rely on just one income.

Hmmm. Things to think about.

(oh and I will continue studying as well, and continue with the baby plans... Big Grin things might get a bit crazy in the next few months!)

9 Responses to “decisions decisions...”

  1. marvholly Says:

    Sounds like you are checking your local bank for the loan.

    have you considered checking w/the Small Business Administration? You have a plan. You have experience. You are a woman. All of these things will be to your advantage w/the SBA. It would be even better IF you had an added minority status (hispanic, black, muslim????)

  2. littlegopher Says:

    It does sound like quite the opportunity, and the timing is amazing with the souring of your current job. Whatever you decide, I wish you well! (I'm kinda hoping it works out - how exciting would that be!!)

  3. Whitestripe Says:

    I havent heard of that, is it an American based entity? If so it won't apply to me. And i would most likely use the bank I already use for our mortgage, ccs and general accounts.

  4. creditcardfree Says:

    Small Business Administration is a US program/entity.

    I think that is a very exciting plan! Do what you love, right? I bet with your niche of cakes that you could really make it work. Good luck!

  5. laura(momcents) Says:

    Best of luck to you in determining if this is right for you. I second what everyone says: love what you do, hoping it works out. I think that because you are centrally located to lots of other businesses, you'd be just fine. Our local bakery is right in the middle of a busy city block with no immediate parking, and we always manage to get there for cookies. Keep us posted!

  6. baselle Says:

    I'm guessing that there's small business help/programs in Australia. I hope it works out - the array of businesses that would be near you. As soon as you wrote "police station" I figured that the lack of parking won't really be a minus. In the US, we have a stereotype about cops in doughnut shops!

  7. LuckyRobin Says:

    What an exciting opportunity. I hope it all works out for you because your current job just seems so toxic.

  8. FrugalTexan75 Says:

    Like Baselle, I think it would be good for you to check and see if there is anything similar to SBA in your country.

    The idea sounds quite exciting and like a good possibility. I hope it works out to be something doable.

  9. Jerry Says:

    I love the idea and I am sure that with your creative flair you could lead that old bakery to become something really exciting. And I agree that your current gig seems like a major headache so it would be nice to have the insurance of a workplace where you could create the environment and have it be someplace pleasant! Good luck if you decide to run with it...

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