Q & A Table of Contents
Out Of The Fire, Into The Frying Pan?
From: Yap, Kuala Lumpur, Malaysia
Question: I work for a company that is on the verge of bankruptcy. I'm doing the obvious i.e. looking for another job. At the same time, I've come to know of a little cafe business that's up for sale at a very good price for which I can pay cash upfront and in full. I am interested in the food business as I am a self-confessed foodie. Furthermore, I am lucky in that I am debt-free (no car or house mortgages to agonise over). Should I work for myself for a change, though it would mean a drastic drop in income and I may have to deal with a whole new set of issues for which I have no formal training.
Response: Changing jobs is always a risky business, but especially so if it involves changing careers. Being a 'foodie' may mean you enjoy good food. However I have found that many excellent cooks lose their appetite because they are surrounded by the smells of cooking all the time during the cooking process.
The same may be true in this case. How much is it in your interest to undertake a radical change in your life? Are you prepared to take a drop in income? How do you feel about risking your assets in a business that (like all businesses) is not guaranteed to succeed? Does the idea of working the hours involved in the restaurant business appeal to you in terms of your other interests?
You should think about your personal and business priorities and develop a list of questions to ask before taking the plunge. Ask the current owner of the cafe why s/he wants to sell -- not just "Do you want to retire?" but also more detailed questions about benefits and burdens of their specific business and the restaurant business in general.
You should explore your own alternatives: can you find another job in your current profession? How long will it take to find work? Will it offer the rewards you need for a satisfying lifestyle? Are there other professions looking for people with your talents and experience that may also offer the benefits that will contribute to fulfilling your interests.
Before you make a big change, prepare yourself with a lot of questions. Think about what kinds of answers will help you decide whether to to go to the next step. The more questions you ask now, the less likely you are to make a decision that you will regret later.
Good luck,
Steve
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