Husband Wants to Invest Money In Business for Son

tesuhoha

I was running it past all of you. I have said to my husband that we need to do a great deal of research before we decide to go ahead. Its not a scam, its an idea he has had and we can't believe no one else has provided the service yet. I have told husband that if he really is determined to do it then it should be his business and he can employ our son. I shall keep on saying that to him but he is so full of enthusiasm for the idea atm he is not really listening to what I am saying.

I've told him that if he wants to do it we need to raise the money as I don't want to be in debt and I am going to sell some stuff on ebay. I agree with all of you by the way about his attitude but wouldn't mind giving our son the opportunity to be our employee if he works at it.

tesuhoha

whodathunkit wrote: »

If you and your husband don't have the skills to implement this, what skills would your son be able to add to the business?

Its to do with modern technology, computer skills and co-ordination which my son has in abundance. We are getting on a bit and don't have the same kind of spatial awareness etc.

meer53

Is your son just as enthusiastic as your OH ?

If not, it will never work. Doesn't matter how good an opportunity it might sound. Your son has to have the enthusiasm to make it work, Doesn't sound like he has to me.

DKLS

Firstly validate the business plan, do the numbers stack up, there may be a good reason why no one is offering this service.

If the model stacks up, then it may be worth following up, But I am not seeing what the son can offer, or offer reliably, could he do 18-20 hour days to build the business?, could he learn the new skills required?, would he get bored after a week and sack it off?, is he suddenly going to find a work ethic?

tesuhoha

paulineb wrote: »

Also, now that hes not signing on, he can do as much voluntary work as he pleases. The JSA ceasing shouldn't be an excuse for stopping the voluntary work, particularly if it was something he enjoyed. I did voluntary work when I was unemployed, tended to be one day a week and more if they needed me, but the job centre had no issue with it. That was 4 years ago now and I know things have got tougher re sanctions, but the fact that hes just accepted this, isnt signing on and isnt doing anything very much, not a good sign.

He should try and claim hardship benefit even if he cant get JSA (Im aware Im posting and I dont know everything that he or you tried to do to appeal the sanctions), this isnt just about him not getting money, he wont be getting his NI stamp paid either as long as he doesnt sign on. Get to the CAB and ask someone to take on the issue with him not getting JSA, but in the meantime, he really needs to think about claiming hardship benefit.

If he has issues with motivation, the very last thing Id be considering is investing 5 grand in something that he might not be motivated to do. I can understand the reasoning that if theres something he really would like to do it will give him a reason to get up and be motivated.

But there are other things he could be doing without having to shell out that much cash.

What actually happened was that the job centre sent him on a work experience course. The person that he was doing the voluntary work for tried to ask the jc if he could work for him instead and they said no.

When he tried to go back to the voluntary work after the work experience then he was told he wasn't needed anymore. The business he has tried to set up is to do with music manaagement which is what he was doing voluntarily and the guy who he was doing the voluntary work for took this as him going into competition against him and so didn't want him working for him anymore. My son said this wasn't the case because his company was different and dealt with choirs, classical music and my son is more in the line of setting up gigs for heavy rock bands etc. But as I say loads of people are doing this and its not going to make him a living I dont think.

greenval

I'm not usually this harsh but..............
Don't use your money for this. Furthermore I would be telling him that unless he signs on immediately and takes on a certain level of household chores he will be kicked out after four weeks. He will always be 'your child' but at 25 he is not a child!

tesuhoha

DKLS wrote: »

Firstly validate the business plan, do the numbers stack up, there may be a good reason why no one is offering this service.

If the model stacks up, then it may be worth following up, But I am not seeing what the son can offer, or offer reliably, could he do 18-20 hour days to build the business?, could he learn the new skills required?, would he get bored after a week and sack it off?, is he suddenly going to find a work ethic?

When he was doing the voluntary work he was working 8 hours a day, 4-5 days a week. I am a bit concerned as he would have to learn a new skill yes but its the sort of thing he is good at.

I think the reason not many people are doing this is because it is so new that no one has thought to use it for a business idea. It is a way for certain businesses to save themselves some money but they would not employ someone just to do it or invest in the equipment

Caroline_a

This idea - it may be the best idea in the world, but you need someone to sell it. Would your son do that? or your husband? Most businesses are very cautious about spending money on new stuff now, and if it's that wonderful an idea, can it be patented or you will have companies doing it for themselves once you've told them what it is!

To set this up you will need to do a lot of market research - do you or your husband have experience of this? I guess your son won't. Additionally, companies may be getting this service by a different route - so more research needed.

Also, I'm not sure that a bang on the head as a child would affect motivation. I do not mean to be harsh, but your son has no need of motivation if you are providing everything for him.

tesuhoha

Caroline_a wrote: »

This idea - it may be the best idea in the world, but you need someone to sell it. Would your son do that? or your husband? Most businesses are very cautious about spending money on new stuff now, and if it's that wonderful an idea, can it be patented or you will have companies doing it for themselves once you've told them what it is!

To set this up you will need to do a lot of market research - do you or your husband have experience of this? I guess your son won't. Additionally, companies may be getting this service by a different route - so more research needed.

Also, I'm not sure that a bang on the head as a child would affect motivation. I do not mean to be harsh, but your son has no need of motivation if you are providing everything for him.

While I can see the potential for this business I am feeling extremely cautious and reluctant about the whole thing so there is no way I am going to rush into this. My husband is no fool either and I have said to him that we have to research and then make a business plan.

As for my son he asked me to pay £10 into his account this month so he could pay his phone bill. He gave me the cash and I gave it back to him as it was his last £10. and he said to me you have to stop doing that and be tough with me to make me want to look for work.

I think I would be more tough but its hard when you have a partner who is indulgent.

picklekin

If its a valid business proposal, take it to the bank! You can, and are ALREADY helping enough by presumably letting him live rent and bill free!

He's good with computers, great, well there's a spreadsheet, fill it in and go raise the funds! TBH, 5k sounds like a terribly small amount of money to set up any business anyway, perhaps, as its so small, there could be ways of doing things without even spending this money. If you son is as keen as your OH well, he might need a boring old day job (like we all do!) to realise his dreams.