Husband Wants to Invest Money In Business for Son

tesuhoha

Prothet_of_Doom wrote: »

Okay, Look at it another way: so your Husbands had a business idea, that needs an employee.
Is it a viable idea that your husband could employ him and another more mature employee, both part time zero hours contracts, with very clear management by daily, and weekly objectives? This would allow him to work hard with a view to later taking control, without you risking your investment, without giving him any control whatso ever.
Clearly he needs to start at the bottom and be spoon fed. But if he works hard there's a carrot dangled where you eventually hand the business over. If he doesn't work hard the other employee gets more hours.

He has a friend who could come in on it too but they would have to make money for us before we paid them anything. That's how I see it. I'm far from sure about the whole thing and would not have thought of it myself.

HPoirot

tesuhoha wrote: »

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.

tesuhoha wrote: »

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.

tesuhoha wrote: »

He has 5 A-C GCSEs which include English and Maths. Not impressive considering he went to a grammar school would you believe but he mucked about. (Private primary school). He watches documentaries and reads physics books for pleasure but when I suggest he studies for higher education he doesn't want to know. He has some ICT qualifications from courses he has been on.

He has actually applied for shelf stacking jobs but has not got them.

What your son lacks is not only motivation but discipline as well, and a self employed position in a new fangled thing is not going to provide him that. You know it is more likely than not he may well end up just sitting there and telling you nobody is interested in the services the business offers.

He is not disciplined enough not to engage in similar trade to the employer he wished to be hired by; not disciplined enough to make use of his grades instead of stacking shelves, and not disciplined enough to not give up on jobs, voluntary or otherwise, the minute the JC query his voluntary hours.

I do think your son needs a stint in an employed position where he will have the opportunity to address his own laziness and lack of discipline before he gets into a startup where there will be no supervision and no one to keep him on his toes.

On the issue of the startup, it may be likely that someone has indeed thought of providing this new kind of service but never got it off the ground owing to the market not being welcoming to these services. You definitely need a lot of research and as others have said a solid marketing strategy - this is the most important thing for a startup IMO.

Caroline_a

tesuhoha wrote: »

Not a great deal to be honest.

This would concern me a little, as would your comment

As for him being enthusiastic my husband has come up with ideas before and he has said he would rather set up his own business.

A lot of people think that running a business is easy - and if your son has no 'get up and go' then it will fail. You have to be salesman/accountant/designer/secretary/buyer/marketing director/dogsbody and tea maker! You cannot farm these jobs out as it will cost you, and costs like this will hit your bottom line bigstyle!

This is the reason that most small businesses fail in the first 6 months - and if your husband wants to lose his £5k I would say that it's looking like a cert right now. This gives you some indication of what is required. Personally, I would be giving your son one of the business plan templates and asking him to do it - if he wants to run the business, that is.

Errata

tesuhoha wrote: »

I don't think its something that can be patented. Its more something that can be made money out of before lots of other people start doing it. I.e. someone once had the idea to make money out of arranging gigs but now everyone is doing it. (Its nothing like that though).

You haven't done any research or drawn up a business plan so you can't know that, you're just speculating. I think you all have your head in the clouds.

barba

No prospective business needs to make a full capital injection on day one. As you mentioned there needs to be research done before any attempts to target a product / service are made.

During the period of research your OH and son could work together to build, what could actually change your sons outlook for the better.

Why not pay him a small, but motivating wage to help conduct the research, design the product / service, price the service and design ways to promote it.

The business will only succeed if your son pushes it forward and this is a relative acid test. You hope he realises that the relationship between working, earning and buying nice things can be a good thing. If it fails then the cash injection would not be cumbersome.

Good luck

tesuhoha

Errata wrote: »

You haven't done any research or drawn up a business plan so you can't know that, you're just speculating. I think you all have your head in the clouds.

I've just done an internet search and there are people already providing the service I am talking about. Not many, but there are some companies set up. We may already be too late with it but it is not the idea that is faulty, just that too many people may already be doing it.

FatVonD

My local big supermarket are always desperate for online shoppers as not many people will work the antisocial hours (4am -8am) perhaps yours is the same?

whodathunkit

tesuhoha wrote: »

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.

"We"? If it's going to be your son's business, why wouldn't he be doing this for himself?

harrys_dad

As a parent you have my sympathy OP. You clearly have a son you love dearly but who is doing nothing with his life. It is only natural that you and your husband want to do something about this. I do feel however that this "wonderful business opportunity that no-one else has thought of yet" is not the solution to your problems. At best it is attacking the symptoms of your son's issues and not the underlying causes.

I would suggest you put the business idea on the back burner and have a more fundamental chat with your son along the lines of "what are you going to be doing in 5,10,15,20 years time, still living at home with mum and dad with no money and no prospects"? He needs to start taking some responsibility, with your support, for his own future.

Money_maker

meer53 wrote: »

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.

This is the post thats really hit the nail on the head. Don't think you answered it, OP.