I am reaching out for some advice about my soon to be wife. He runs a small business that makes and sells sterling silver jewelry. I run my own pool construction company, and we’re doing well.
We’re getting married in October and we’ve come to a turning point in our budget.
He insisted that we get 2/2 apartments for our place of residence, which would be half of my monthly income.
He has been working in his business for almost two years. Her jewelry business is relatively new, and she doesn’t have enough to cover the cost of a store / storage unit for her jewelry studio.
I’m trying to figure out a way to say that we can’t justify the cost of extra accommodation or rent, especially when he hasn’t made a profit yet. He thinks there is a lack of marketing skills or skills in general for this to happen.
How can I please tell her that her business is more of a hobby and she can work on it even when we can carry extra space? Am I doing something wrong so that we don’t want a refund?
Either way, I don’t want to crush her dreams or aspirations, because I don’t think it’s the best leg to start as a newlywed.
Not sincerely trying to be a bad guy
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There is no way to tell her that her jewelry business is more of a hobby, and there is no way to know that it will not succeed if given the right support. So don’t do it. Success means different things to different people, and if your wife makes a profit with this business and / or even breaks up, it can motivate her to do bigger things.
About a quarter of small businesses fail in the first year, and more than half in five years. About 38% of retail businesses close after five years. But part of being an entrepreneur is failing to define you, learning from every experience and trying again. Of course, it takes marketing skills and money – but there is one person who needs his help at an early stage and that’s you.
He will soon find out if he has a foothold in the jewelry business. She doesn’t need a partner to tell her it’s a hobby. Not only sound education but his alertness and dedication too are most required. Offer your help. Ask questions. Share any crossover guides from your own pool building business, and share what you’ve learned. Keep your costs and Both Set a goal for your business income / expense paper, and for those 2/2 apartments.
According to the Economic Innovation Group, a think tank, there was an “explosion” in new business applications last year, an increase of 24% over the previous year and 51% over the 2010-2019 annual average. The epidemic has devastated the lives of millions of people, and some have had the opportunity to start all over again and make their careers a work in progress. It is an exciting and debilitating time for such people.
Your fianc can now take a number of steps, including getting involved with her local chamber of commerce and finding a business consultant. The government’s small business administration has local resources that can help your soon-to-be wife’s business. SCORE, a national non-profit organization, has a mentorship program. There will be similar organizations in your state.
Get the word “hobby” out of your vocabulary and you’re off to a good start.
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