Home
Log in / Sign Up
    Private Messages   Advanced Search   Rules   New User Guide   FAQ   Advertise   Contact Us  
Forum -> Household Management -> Finances
To grow my business or not.



Post new topic   Reply to topic View latest: 24h 48h 72h

amother
OP


 

Post Wed, Jan 29 2020, 12:07 pm
My husband is a med student he will be graduating in 1 year. Will get paid 60k approx as a resident incl healthcare.
After a few years of residency (depending on his specialty) hell graduate and he will hopefully be making 200k plus

I am a WAHM. Problem is I havent updated my business in a while. Im not a social media person and im slowly going to be put out of business by businesses that are more updated. Im naturally not a major go getter. Im very content with what I earn now. We have come up a bit short in the past but dh is allowed to borrow $ to get rolled into loans so he does it where necessary. We also have $ invested but that is tied up (35k or so) and own our home. We bh have a few kids too. For me to grow my business now would take a LOT. 1. Major step out of my comfort zone 2. Hiring someone to do a lot for me (which I can't afford until the business grows) 3. Space- technically can be worked out but not so simple.

I know I should meet with someone who can give me proper advice where all the numbers are laid out etc. But im curious to hear from people with experience. What would you do in this position?
Back to top

TwinsMommy




 
 
    
 

Post Wed, Jan 29 2020, 12:24 pm
If he's not even making the 60k yet, are you solely living off your income now? If you let your business fizzle how are you living until he at least gets to 60k?
Back to top

forgetit




 
 
    
 

Post Wed, Jan 29 2020, 12:24 pm
I don't know the nature of the business, so answers would vary according to that.
I may be wrong, but it seems to me that you're never going to want to manage a huge conglomerate. It seems that you want to remain a one man show.
Therefore, I wouldn't invest money into going big. I would take the DIY approach, grow slowly and organically without taking out loan and without hiring someone. You can keep up a pace of remaining relevant without going 'ra-ra-ra' all over the place.
You MUST go out of your comfort zone, though. Don't stagnate. You don't want to fall off the map, especially since it seems like you will need the money for some time.
Social media is not that complicated to learn.

Not sure what you mean by 3.
Good Luck!
Back to top

amother
Bisque


 

Post Wed, Jan 29 2020, 12:41 pm
amother [ OP ] wrote:
My husband is a med student he will be graduating in 1 year. Will get paid 60k approx as a resident incl healthcare.
After a few years of residency (depending on his specialty) hell graduate and he will hopefully be making 200k plus

I am a WAHM. Problem is I havent updated my business in a while. Im not a social media person and im slowly going to be put out of business by businesses that are more updated. Im naturally not a major go getter. Im very content with what I earn now. We have come up a bit short in the past but dh is allowed to borrow $ to get rolled into loans so he does it where necessary. We also have $ invested but that is tied up (35k or so) and own our home. We bh have a few kids too. For me to grow my business now would take a LOT. 1. Major step out of my comfort zone 2. Hiring someone to do a lot for me (which I can't afford until the business grows) 3. Space- technically can be worked out but not so simple.

I know I should meet with someone who can give me proper advice where all the numbers are laid out etc. But im curious to hear from people with experience. What would you do in this position?


Hi fellow medschool wife!
Are you making enough to cover your expenses now?
Also, do you have what it takes to big while holding down the fort on your own at home during residency?
I agree with the prev poster, you have to put yourself out there, but I don't know if you have to big or go home...
Back to top

amother
OP


 

Post Wed, Jan 29 2020, 1:04 pm
amother [ Bisque ] wrote:
Hi fellow medschool wife!
Are you making enough to cover your expenses now?
Also, do you have what it takes to big while holding down the fort on your own at home during residency?
I agree with the prev poster, you have to put yourself out there, but I don't know if you have to big or go home...


Yes my salary has been covering our bills all of our marriage thus far (dh was always a student) I wont completely fall off the map in the next 2 years but likely will earn less and less as the years go on...
Back to top

TwinsMommy




 
 
    
 

Post Wed, Jan 29 2020, 1:30 pm
So no need to invest a huge amount of effort but you do need your income to remain what it was while he's still in school. Hiring part time help might be a good boost. Someone to do what you don't want to invest effort doing but who brings in at least double in increased $ than you pay her.
Back to top
Page 1 of 1 Recent Topics




Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
Ami business column this week ? Purim joke ?
by amother
17 Mon, Mar 25 2024, 9:40 am View last post
Business idea (tech and fashion)
by amother
0 Tue, Mar 19 2024, 3:42 pm View last post
Mishloach manos for business partner
by amother
8 Tue, Mar 19 2024, 12:00 am View last post
Anyone get their neck hair/peyos to grow out?
by amother
6 Mon, Mar 11 2024, 6:46 pm View last post
Opening a business
by amother
7 Sun, Mar 10 2024, 1:55 pm View last post