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  • FIRST POST
    • Lisaloppylulabell
    • By Lisaloppylulabell 10th Nov 18, 2:37 PM
    • 10Posts
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    Lisaloppylulabell
    Self Employment Question
    • #1
    • 10th Nov 18, 2:37 PM
    Self Employment Question 10th Nov 18 at 2:37 PM
    Hi

    I am looking into purchasing a franchise and becoming self employed. My husband is the one who pays all the bills as I have been raising the children. Both kids are now of school age and itís time I got back into the working world. I have a lot of health problems and the only option for me is work from home. I have found a business that looks great - here is my problem.

    Part of the reason I want to start working again is that my husband is awful with finances. He is also self employed but rarely does his paperwork which means were are always in the red with all of our monthly bills. My name isnít on any of the bills except the council tax and that is also in the red. I think that will have affected my credit rating. My question is - Am I going to be able to get a start up load to get my franchise business off the ground or am I going to be shot down because of my husbands poor credit and inability to pay a bill on time. I have talked to him until I am blue in the face about paying things on time but he leaves it and leaves it and then does a load of paperwork at once - it goes like this - we get red bills and court action threats, he will do a crazy amount of paperwork, get the cash in, pay a big chunk off and then leave it again until we get the red bills and court threats. His credit is shot. He is currently in the process of trying to get an IVA to clear some of his credit bills but we donít know if he will get it.

    I want to get a business going so that I can get us out of this mess and start bringing money in. (I canít help him with his paperwork, itís all stuff that needs doing on the job and heís in the HGV trade, I have no idea about trucks! Believe me if I could, it would be done).

    Any ideas of where I can go to get a franchise start up loan that will ignore the mess my husband is in. Do I say itís a secondary income and my husband takes care of the bills? I assume they are gonna want to see bank statements showing our in and outgoings? I just feel trapped - I canít get a normal 9-5 as my health fluctuates but Iím Ďnot sick enoughí for PIP. This feels like my only option so any ideas would be massively appreciated.

    Thank you
Page 1
    • motorguy
    • By motorguy 10th Nov 18, 3:12 PM
    • 17,849 Posts
    • 10,887 Thanks
    motorguy
    • #2
    • 10th Nov 18, 3:12 PM
    • #2
    • 10th Nov 18, 3:12 PM
    Hi

    I am looking into purchasing a franchise and becoming self employed. My husband is the one who pays all the bills as I have been raising the children. Both kids are now of school age and itís time I got back into the working world. I have a lot of health problems and the only option for me is work from home. I have found a business that looks great - here is my problem.

    Part of the reason I want to start working again is that my husband is awful with finances. He is also self employed but rarely does his paperwork which means were are always in the red with all of our monthly bills. My name isnít on any of the bills except the council tax and that is also in the red. I think that will have affected my credit rating. My question is - Am I going to be able to get a start up load to get my franchise business off the ground or am I going to be shot down because of my husbands poor credit and inability to pay a bill on time. I have talked to him until I am blue in the face about paying things on time but he leaves it and leaves it and then does a load of paperwork at once - it goes like this - we get red bills and court action threats, he will do a crazy amount of paperwork, get the cash in, pay a big chunk off and then leave it again until we get the red bills and court threats. His credit is shot. He is currently in the process of trying to get an IVA to clear some of his credit bills but we donít know if he will get it.

    I want to get a business going so that I can get us out of this mess and start bringing money in. (I canít help him with his paperwork, itís all stuff that needs doing on the job and heís in the HGV trade, I have no idea about trucks! Believe me if I could, it would be done).

    Any ideas of where I can go to get a franchise start up loan that will ignore the mess my husband is in. Do I say itís a secondary income and my husband takes care of the bills? I assume they are gonna want to see bank statements showing our in and outgoings? I just feel trapped - I canít get a normal 9-5 as my health fluctuates but Iím Ďnot sick enoughí for PIP. This feels like my only option so any ideas would be massively appreciated.

    Thank you
    Originally posted by Lisaloppylulabell
    Hmmmm, i'm not sure borrowing money and getting further in to debt to buy a franchise is the best way forward? Also running your own business is usually more stressful and requires more hours than a regular job?

    Depends what the franchise is of course - but bear in mind a lot of them dont make the sort of returns they advertise. Have you spoken to any other franchisees for example?

    Is your O/H actually making money in this truck business or is it slowly taking him down? Its easy to "think" you're making money when you've significant cash flow but not actually be making a living at it really....

    Also running a business isnt just "doing the job" its managing the paperwork, paying the bills, etc, etc so maybe he needs to get a PAYE job where he doesnt have all that hassle OR if the business is making money, employ someone who can do the paperwork?
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • Lisaloppylulabell
    • By Lisaloppylulabell 10th Nov 18, 3:43 PM
    • 10 Posts
    • 14 Thanks
    Lisaloppylulabell
    • #3
    • 10th Nov 18, 3:43 PM
    • #3
    • 10th Nov 18, 3:43 PM
    Hi

    The franchise is a community parents magazine, like a whatís on for families in the area guide and you make money by selling advertising space. It has been in business 25 years. I have emailed other franchisees and am awaiting their replies. Iím also waiting for the financial info from the company. It states itíll take between 16-20 hours a week and should provide a steady income.

    My husbands business is brining in good money and he has lots of regular customers, he is just shocking at the paperwork side. He canít really employ someone otherwise I would be doing it. The paperwork he gets behind with is the stuff only he can do as he was the one who did the job.

    I understand what you are saying about getting further into debt but I canít get a regular job and every other work from home job I come across is basically some version of Avon type selling. I am signed up to every survey site there is and am constantly reviewing our outgoings to try and find savings but I feel the only thing I can do is to find some kind of stay at home business and a franchise seemed the safest route to take as the businesses are usually already well established.
    • lincroft1710
    • By lincroft1710 10th Nov 18, 4:09 PM
    • 11,175 Posts
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    lincroft1710
    • #4
    • 10th Nov 18, 4:09 PM
    • #4
    • 10th Nov 18, 4:09 PM
    How much is the franchise?
    • jonnygee2
    • By jonnygee2 10th Nov 18, 4:40 PM
    • 444 Posts
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    jonnygee2
    • #5
    • 10th Nov 18, 4:40 PM
    • #5
    • 10th Nov 18, 4:40 PM
    I really respect your ambition to go self employed to take better control of your finances. It's a great ambition.

    Any ideas of where I can go to get a franchise start up loan that will ignore the mess my husband is in.
    Well, you two will be financially linked so his debt is going to affect your ability to get credit. If his business is good can he not loan you the money though?

    The franchise is a community parents magazine, like a what’s on for families in the area guide and you make money by selling advertising space. It has been in business 25 years. I have emailed other franchisees and am awaiting their replies. I’m also waiting for the financial info from the company. It states it’ll take between 16-20 hours a week and should provide a steady income.
    It may well do, but really do study the financial information and opportunity seriously. They are trying to sell you a product, they are going to under exaggerate the work involved and over-estimate the potential.

    As it's a magazine I'd ask for historic performance figures. Many print formats are in long term decline as advertisers move toward online formats which are cheaper and more targeted.
    • trailingspouse
    • By trailingspouse 10th Nov 18, 5:01 PM
    • 3,010 Posts
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    trailingspouse
    • #6
    • 10th Nov 18, 5:01 PM
    • #6
    • 10th Nov 18, 5:01 PM
    I know you know this, but he has to get a grip of the business side of running his business. How much time and effort is he wasting in payments on overdrafts and credit, when if he just got his act together it would all be profit??
    If he doesn't, he will drag you down with him, and trying to find a job you can do from home will be the least of your worries.
    What are his excuses for not doing what he needs to do? Most people in his position put aside a certain amount of time each week for the paperwork. What he's doing is basically working all week then not bothering to cash his paycheck. Daft.
    • motorguy
    • By motorguy 10th Nov 18, 5:16 PM
    • 17,849 Posts
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    motorguy
    • #7
    • 10th Nov 18, 5:16 PM
    • #7
    • 10th Nov 18, 5:16 PM
    Hi

    The franchise is a community parents magazine, like a whatís on for families in the area guide and you make money by selling advertising space. It has been in business 25 years. I have emailed other franchisees and am awaiting their replies. Iím also waiting for the financial info from the company. It states itíll take between 16-20 hours a week and should provide a steady income.

    My husbands business is brining in good money and he has lots of regular customers, he is just shocking at the paperwork side. He canít really employ someone otherwise I would be doing it. The paperwork he gets behind with is the stuff only he can do as he was the one who did the job.

    I understand what you are saying about getting further into debt but I canít get a regular job and every other work from home job I come across is basically some version of Avon type selling. I am signed up to every survey site there is and am constantly reviewing our outgoings to try and find savings but I feel the only thing I can do is to find some kind of stay at home business and a franchise seemed the safest route to take as the businesses are usually already well established.
    Originally posted by Lisaloppylulabell
    As has been said - magazines are vastly on the decline. How many young parents do you know these days who wont just google a problem or be part of an online forum or facebook group for free?

    As has been said, i'd like to see year on year readership figures, because i bet they are on the decline - and rapidly.

    How many businesses these days want to pay for paper based advertising?

    I honestly think you'd have better income for less outlay with Avon type selling.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • motorguy
    • By motorguy 10th Nov 18, 5:23 PM
    • 17,849 Posts
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    motorguy
    • #8
    • 10th Nov 18, 5:23 PM
    • #8
    • 10th Nov 18, 5:23 PM

    My husbands business is brining in good money and he has lots of regular customers, he is just shocking at the paperwork side. He canít really employ someone otherwise I would be doing it. The paperwork he gets behind with is the stuff only he can do as he was the one who did the job.
    Originally posted by Lisaloppylulabell
    You need to find a way to sort this mess out between you. Any money you'd ever make is only going to replace the money he's haemorraging away in his business.

    I dont understand why hes the only person can do "the paperwork". Is he purposely projecting it that way?
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • Savvy_Sue
    • By Savvy_Sue 10th Nov 18, 6:34 PM
    • 39,168 Posts
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    Savvy_Sue
    • #9
    • 10th Nov 18, 6:34 PM
    • #9
    • 10th Nov 18, 6:34 PM
    This is another vote for getting on top of your husband's paperwork - and there'd probably be a tax saving if he paid you to do it!

    There's got to be a way of someone helping him with this. Either it's writing in a paper diary each day and someone learning to interpret it, or entering it on a spreadsheet in a tablet if you want the hi-tech approach.

    Let's face it, what is this paperwork? Raising and sending out invoices: not rocket science. Paying bills: not rocket science. Recording expenses: not rocket science. Ensuring vehicles are maintained, serviced and MOTed as required: not rocket science. A diary, supply of plastic pockets, little bit of organisation and you're there.

    And having said that, there was a snippet on Radio 4's You and Yours the other day about the 'new' Avon lady. Many of them are now selling online, and some have their own YouTube channel. It's not all delivering catalogues in the rain these days!
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    • Les79
    • By Les79 10th Nov 18, 6:37 PM
    • 586 Posts
    • 682 Thanks
    Les79
    As has been said - magazines are vastly on the decline. How many young parents do you know these days who wont just google a problem or be part of an online forum or facebook group for free?

    As has been said, i'd like to see year on year readership figures, because i bet they are on the decline - and rapidly.

    How many businesses these days want to pay for paper based advertising?

    I honestly think you'd have better income for less outlay with Avon type selling.
    Originally posted by motorguy


    They might be vastly on the decline, but there will always be a core (baseline) market for them. We have yet to find anything which REPLACES the magazine (like VHS and DVD), but there is a lot more competition these days and probably not as lucrative as it was 10 years ago.
    • Tarambor
    • By Tarambor 10th Nov 18, 8:22 PM
    • 3,795 Posts
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    Tarambor
    They might be vastly on the decline, but there will always be a core (baseline) market for them. We have yet to find anything which REPLACES the magazine (like VHS and DVD),
    Originally posted by Les79
    I've found many small local businesses of the type that you would be approaching already advertise in a local booklet of adverts from small businesses that is put through the door every month as well as on local stuff for sale pages on Facebook.
    • motorguy
    • By motorguy 10th Nov 18, 8:37 PM
    • 17,849 Posts
    • 10,887 Thanks
    motorguy
    They might be vastly on the decline, but there will always be a core (baseline) market for them. We have yet to find anything which REPLACES the magazine (like VHS and DVD), but there is a lot more competition these days and probably not as lucrative as it was 10 years ago.
    Originally posted by Les79
    Absolutely - so you're chasing an ever decreasing customer base and trying ever harder to convince small businesses to pay for advertising in a medium they know is diminishing anyway - thats going to be a massive uphill struggle.

    This company may have been around for 25 years but their hay day is long gone.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • ACG
    • By ACG 10th Nov 18, 8:37 PM
    • 17,817 Posts
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    ACG
    This does not sound like a great idea in my opinion.
    Have you ever tried to sell advertising space?
    You have no circulation, even when you do, there is no guarantee people will read it. It will take a long time to build up any sort of trust/recognition. Its not a case of starting a magazine and then you sell a few spots and jobs a good'en.

    You are also up against the business that call us every few weeks trying to scam us.

    Personally, I would think you would be better placed trying to get something going yourself in the local area. Link up facebook and twitter with a website geared towards the local community. A directory of local businesses, events and so on. You also do not have the monthly expenditure of a loan that you are probably going to struggle to pay unless the business works from day 1?

    I cant help but think taking out a loan to get a business off the ground at a time where you are struggling to pay the bills is not the most sensible of ideas. Putting aside your credit history (you can view your credit report for free at noddle.co.uk) you are still going to have to pass affordability checks.

    Assuming you read all of the above and decide to proceed, would the franchisor(?) not allow you to pay them in instalments?

    ----
    Just to add, I started my own business in 2013. It took about 18 months before I was earning anything remotely like a wage on a semi regular basis. Most of my sales are big ticket where I only needed one mortgage a month to cover my bills. Chances are you are going to be selling transactions at maybe £50 a month? So you are going to need x number of sales to cover the loan, x number of sales to cover your expenses, x number of sales to make it worth while - how many is that each month.
    Last edited by ACG; 10-11-2018 at 8:40 PM.
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    • motorguy
    • By motorguy 10th Nov 18, 8:38 PM
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    motorguy
    I've found many small local businesses of the type that you would be approaching already advertise in a local booklet of adverts from small businesses that is put through the door every month as well as on local stuff for sale pages on Facebook.
    Originally posted by Tarambor
    +1

    And most know the ROI on that advertising is very limited.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • motorguy
    • By motorguy 10th Nov 18, 8:41 PM
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    motorguy
    We have yet to find anything which REPLACES the magazine (like VHS and DVD)
    Originally posted by Les79
    It doesnt need replacing - the world has moved on. Dedicated forums, online searches, facebook groups, etc, etc. All new sources of information and knowledge.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • xapprenticex
    • By xapprenticex 10th Nov 18, 9:11 PM
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    xapprenticex
    You touched on it already saying you cant but id be focused on thinking of ways to bring value to your existing business.


    Even if he has to teach you, or going forward, keep records of what you need so you can take over the admin going forward.



    Your husband is clearly not good with the paperwork and thats fine, its not for everyone, so id focus on trying to get that figured out as the problem will never go away otherwise.
    • Les79
    • By Les79 10th Nov 18, 9:44 PM
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    Les79
    It doesnt need replacing - the world has moved on. Dedicated forums, online searches, facebook groups, etc, etc. All new sources of information and knowledge.
    Originally posted by motorguy


    I'm not saying it needs replacing. I'm saying that nothing (including your examples) has replaced magazines; you can still walk into your local shop and find a shelf full of them.


    VHS, in contrast, has been replaced and you can no longer buy them from mainstream stores.


    So it still has some baseline market. It may be dwindling, but it isn't DEAD. You can still make money in those circumstances, though it is harder and less lucrative and a bit of a financial risk.
    • Les79
    • By Les79 10th Nov 18, 9:50 PM
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    • 682 Thanks
    Les79
    Absolutely - so you're chasing an ever decreasing customer base and trying ever harder to convince small businesses to pay for advertising in a medium they know is diminishing anyway - thats going to be a massive uphill struggle.

    This company may have been around for 25 years but their hay day is long gone.
    Originally posted by motorguy


    Well, I agree with your comments about it being a potential uphill struggle and the potential truth in "their hay day is long gone"


    BUT the market still exists in some form and there may be scope to carve out some living if the conditions are right. If you disagree with that then perhaps share some statistics about magazines and their potential profitability? I would be genuinely interested to see them.
    • BrassicWoman
    • By BrassicWoman 10th Nov 18, 10:02 PM
    • 1,875 Posts
    • 7,510 Thanks
    BrassicWoman
    Well, I agree with your comments about it being a potential uphill struggle and the potential truth in "their hay day is long gone"


    BUT the market still exists in some form and there may be scope to carve out some living if the conditions are right. If you disagree with that then perhaps share some statistics about magazines and their potential profitability? I would be genuinely interested to see them.
    Originally posted by Les79

    I think this sounds like more of a directory than a magazine, and point out that hard copy Yellow Pages recently announced it's last edition.


    Theres a shortage of HGV drivers nationally and it may be employment would serve husband better? Regular income, tax paid, and all the overtime you can shake a stick at in the run uo to Xmas.
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    • Kayalana99
    • By Kayalana99 10th Nov 18, 11:17 PM
    • 3,476 Posts
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    Kayalana99
    Hi

    I am looking into purchasing a franchise and becoming self employed. My husband is the one who pays all the bills as I have been raising the children. Both kids are now of school age and itís time I got back into the working world. I have a lot of health problems and the only option for me is work from home. I have found a business that looks great - here is my problem.

    Part of the reason I want to start working again is that my husband is awful with finances. He is also self employed but rarely does his paperwork which means were are always in the red with all of our monthly bills. My name isnít on any of the bills except the council tax and that is also in the red. I think that will have affected my credit rating. My question is - Am I going to be able to get a start up load to get my franchise business off the ground or am I going to be shot down because of my husbands poor credit and inability to pay a bill on time. I have talked to him until I am blue in the face about paying things on time but he leaves it and leaves it and then does a load of paperwork at once - it goes like this - we get red bills and court action threats, he will do a crazy amount of paperwork, get the cash in, pay a big chunk off and then leave it again until we get the red bills and court threats. His credit is shot. He is currently in the process of trying to get an IVA to clear some of his credit bills but we donít know if he will get it.

    I want to get a business going so that I can get us out of this mess and start bringing money in. (I canít help him with his paperwork, itís all stuff that needs doing on the job and heís in the HGV trade, I have no idea about trucks! Believe me if I could, it would be done).

    Any ideas of where I can go to get a franchise start up loan that will ignore the mess my husband is in. Do I say itís a secondary income and my husband takes care of the bills? I assume they are gonna want to see bank statements showing our in and outgoings? I just feel trapped - I canít get a normal 9-5 as my health fluctuates but Iím Ďnot sick enoughí for PIP. This feels like my only option so any ideas would be massively appreciated.

    Thank you
    Originally posted by Lisaloppylulabell
    There are very few franchises that are worth it. They take big cuts from people who aren't very business minded (usually)

    People who are business minded don't need a franchise name unless it's a really well known brand. I highly doubt this magazine company you are looking for is well known enough that if you walk into a shop they will go ooooo I've heard of them sign me up!!!!

    So am I telling you not to do it? Nope. I'm telling you that if you are the sort of person who is 'ready' to do this sort of business - then make your own magazine and don't pay someone to do a little bit of the work for a huge chunk of your profits.

    Believe me I know too many people who have got sucked into these 'small' franchises who end up putting in more time then it's worth to them on an hourly rate...certainly money can be made...but by the time you've bought the business and paid their fees, compared to taking the leap of doing this yourself - you'll thank yourself for it later.
    People don't know what they want until you show them.
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