Help, Worry keeping me up all night!

RMP_2

Be honest with yourselves.

I sense that you do not trust he can make a go of it...am I right?

Bismarck

bossanova wrote: »

It seems worse now.........found out yesterday that the money borrowed for this business is a remortgage on my partners parents house and it will run for 25yrs at 300 a month!

My partner feels he will be letting them down by not starting this business but i'm so worried i cant concentrate on anything else.

I want to have no part of it, if he signs a 6 yr rental lease and is in debt to his parents for 25yrs it will ruin us. we don't know how to run a business and have no idea how much of the loan is left or how it will be fair to pay back when his brother has already spent 10,000 of it and there is no shop yet!

I really dont want to upset anybody but its hard when i pay all my bills and my partners brother has not worked for a yr and has had a lot of financial help whilst not working.

This doesn't sound like it's been thought through by the in-laws either..do they realise they could end up homeless from this? Have you talked to them direct?

Good luck. Take care.

bossanova_2

I think they all just think they can make loads of money, it will be a tattoo shop and my partner has just started but his brother has 6yrs experience, but has had a year of bad health and been unable to work at all.
I fail to see the point in borrowing so much money for such a long time just to set it up. I'm in the process of voicing my concerns.

bossanova_2

Just thought i'd add a few more details about our financial situation, it could explain my worries a bit more, bit of an soa. type thing...
my wages £100 p/week
partners wages £150 p/week(hours being cut by 2 a week soon)
tax credits £ 90 p/week
Maintenance £ 75 p/week
child benefit £ 30 p/week

Mortgage £720 p/month
council tax £107 p/month
food £260 p/month (optimisticly)
utilities £191 p/month (gas/elec/basic sky/phone/tv lic/house ins/water
Petrol £100 p/month
car tax £33 p/month
car ins £ 65 p/month
mobile phone £ 21 p/month (partner on contract, i'm on paygo)

I have tried hard to keep it all sensible with no extra borrowing since my divorce 5 yrs ago when i had to buy out my ex husband for £26,000, and i dont want to lose it all now.

Persolv0

Hello
I m certainly no expert on tattooist shops but i do have a very good friend whos wife runs her own shop very successfully and i ve racked my brains to remember what hes told me about the business(they ve moved so its been a while since i met up with them)

1)She rented the shop but as part of the income she rented out sections of the shop to help pay overheads
renting out to.....
a)another tattoist that specialised in a different area than her...she is quite well known as a tribal and celtic art tattoist but the chair she rented was to someone that specialised in the more traditional tattoos(raises the question that is he going to gain some income from renting a chair out but lose it to the other tattooist via lost sales)

b)she also rented a chair out to body piercer which seemed to compliment the business for both her and the piercer bringing each other business in

c)finally she had a basement area that she let out to a celtic art jeweller which again gave her a small steady income

not a very big shop but it worked for her and the others

she also attended all the tattoo seminars and hired a chair there also giving her some good publicity and work that she done at the seminar giving her additional income

she sent alot of her work into tattoo magazines which gave her added publicity

she remained open on both saturdays and sundays as this was when she got what she called the bread and butter work from people looking for the usual tattoos with the more serious ones booking in during the week

thats about all i can remember from conversations with them but she did make a good living from it all

I appreciate your more worried about the business starting in the first place but if they do go ahead hopefully some of the above ideas will help in the success and i really wish you all the best of luck with it.

taxi73

If you are really worried could you not write down the questions you want answers to and then have a meeting with all of them and then you can maybe reassured.

bossanova_2

Thanks persolv0,
There is the option to rent chairs to other tattooists or piercers, I have spoken about my worries now and the option seems to be at the moment that my partner is going to be employed by his brother, rather than being full partner as self employed. As we have already been given some of the loan money, we are going to return it to his parents. This way he can continue training without being thrown in at the deep end with debts and overheads,
plus our house is protected if anything should go wrong. Thanks to everyone for the great advice.....i will post more.....i'm sure more things will crop up.