Don't make a mistake
I'm going to tell you a story based on real facts.
Let's call our couple Mr & Mrs Smith. They both worked far too long hours for little or no thanks in the local city. After barely seeing each other for a month, enough was enough and they decided to jack their careers in and buy a B&B by the sea.
It's a lovely thought - spending more time with your loved one, no more commuting or rat race.
They quickly found a property they liked and having sold their city home they sunk all their money into their new property. This is when the nightmare began...
As the property was within their budget, they hadn't needed finance. If they had, they'd have found it unlikely a bank would lend them anything anyway. They quickly discovered that the business was on the market as it was failing to bring in enough guests to pay its way.
They also soon found things breaking down and needing repair or replacement and the place was in dyer need of a major refurbishment - nothing they had noticed on their two quick visits before moving in.
Unfortunately, they had been talked into the wonder of the lifestyle by the previous owners who were desparate to sell after being on the market for five years. They hadn't noticed this as the couple had moved estate agents and gone on and off the market several times.
The coupe had spent all their money on the business they fell in love with, and now had very little to re-invest, and what they did have was dwindling fast as they were living day to day on it.
The only solution was for Mr Smith to go back to full time work - meaning he would be working away four nights a week. Mrs Smith was left all alone to deal with the small amount of guests coming in, and quickly grew to hate the situation and resent the guests being in her home. The only time she spent with her husband was weekends and this was mainly taken up by cooking, cleaning and generally dealing with the guests.
Mr & Mrs Smith saw no way out and decided to sell up and move back to "normal" life. The dream was over for them before it even bagan. And that's where they still are now...four years on, they are unable to sell the business and feel trapped.
So, why am I telling you this story of doom & gloom?
Well, if only they had been on my course! Firstly they may have decided - "do you know what, it's not for us after all now we know all about it - thanks for saving me my career, home and tens of thousands of pounds in wasted money".
More likely though, they'd have left my course feeling enthused and empowered. They may never have chosen to buy that business, of if they did, they'd have known how to value it, what to look out for on the viewing, what questions to ask and know if they could turn the business around and how much that would cost.
They may have decided it wasn't the right property after all but then have the tools to find the right property in the right location. Furthermore, they'd have the tools they needed to hit the ground running and make a success of their new B&B business, knowing how to market it and how to build the business.
Don't be like Mr & Mrs Smith - your future together is too precious to make a huge mistake. This is one of the biggest decisions and purchases you will ever make so make sure you know what you are doing.
Check out my website for the latest course information.
