Embark on an entrepreneurial adventure with us as my co-host, food truck connoisseur John Proprie, spills the secret sauce to starting your own business. We're not just talking about tasty treats, but the meaty details of crafting a business plan that stands the test of time and the seasoning of savvy investment strategies that shield your wallet. Whether you're flipping burgers or flipping open your laptop, our dialogue will equip you with the tools to lay down a strong financial framework, from the ins and outs of LLCs and EINs to the importance of operating agreements that safeguard your dreams from potential disputes.
Take a seat at our table as we slice through the legalities of business partnerships with advice that goes beyond the handshake. Navigating the landscape of equity, hours worked, and formal agreements, we serve up a platter of wisdom to ensure your business doesn't just survive but thrives – even when mixing friendship with finance. We also simmer down the financial feasibility of running a food truck, from reaching your dough – I mean, goals – like a $30,000 salary, to managing the heat of seasonal business fluctuations. Listen closely, as we dish out tips on pricing your menu for success, cutting through red tape for permits, and selecting lucrative locations that turn your food truck into the hottest spot on the block.
Embark on an entrepreneurial adventure with us as my co-host, food truck connoisseur John Proprie, spills the secret sauce to starting your own business. We're not just talking about tasty treats, but the meaty details of crafting a business plan that stands the test of time and the seasoning of savvy investment strategies that shield your wallet. Whether you're flipping burgers or flipping open your laptop, our dialogue will equip you with the tools to lay down a strong financial framework, from the ins and outs of LLCs and EINs to the importance of operating agreements that safeguard your dreams from potential disputes.
Take a seat at our table as we slice through the legalities of business partnerships with advice that goes beyond the handshake. Navigating the landscape of equity, hours worked, and formal agreements, we serve up a platter of wisdom to ensure your business doesn't just survive but thrives – even when mixing friendship with finance. We also simmer down the financial feasibility of running a food truck, from reaching your dough – I mean, goals – like a $30,000 salary, to managing the heat of seasonal business fluctuations. Listen closely, as we dish out tips on pricing your menu for success, cutting through red tape for permits, and selecting lucrative locations that turn your food truck into the hottest spot on the block.
Welcome to the Bound's Blueprint's podcast where we discuss the optimal techniques for finances and health, and then break it down to create individualized and balanced plan. I'm your host, Justin Gaines, here with my co host, John Proprie. In this episode, John and I discussed, John specific situation about launching a business and, hopefully, some takeaways for your situation if you're looking to launch a business. We have a fun episode ahead for you. But first, a quick disclaimer. John and I discussed his specific situation. And in doing so, there's certain nuances that aren't discussed in the episode that I'm aware of. And also specific considerations that I'm making on the fly. These episodes for education purpose only, for your specific situation, talk with the respective professionals or reach out to us to have a specific conversation. We hope you enjoy the episode.
Speaker 2:I wanna ask you these questions because from an unbiased business standpoint, we can kinda go through stuff. I'll tell you what I've done. How much money I've had, the things we gotta do. We can see basically, by the end of it, I just wanna see if it's reasonable. If it's, like, something sure, like, take the jump, it might be a good risk, or if it's really just need I need more money, basically, something something like that. So
Speaker 1:Yeah. We can talk to restaurants now is tricky because they're or no matter how good the numbers look, it's gonna be a high risk commensurate.
Speaker 2:Yeah. And that's all I want. Like, you'll ask all your I know you've done and this is just, I guess, to pull it in because it's gonna be very conversational. I want it to be somewhat applicable. But so this is all for a food truck, and I know you've done the, I think, business plans, and it's always been something you want to, like, fund at some point in your life. So, you know, obviously, the ways around it, what it would take. So I would be funding basically all of it, and it wouldn't be fifty fifty. So she thought of, like, seventy thirty or, you know, once she worked up forever.
Speaker 1:Yeah. So we'd also the other thing you'd wanna do is you'd wanna structure it where your initial investments on loan to the business. That way, all of your money. No matter what the equity splits are, the money that you're putting in is being returned back to you. Mhmm. And then that's also gonna level the playing field a little bit because she doesn't have money to put into it. You put it alone interest bearing at the federal minimum interest rate required because the for IRS purposes, tax purposes, there is a federal minimum interest rate, which you can globally, you can pull that out that fluctuates, I think, monthly, maybe quarterly. But do you find out what that is? It's usually pretty low. I think the last time I looked at it, depends on the length of the loan. The last time I looked at it, I think it was around, like, three and a half, four percent. Okay. Maybe lower. Now interest rates are coming down. So Mhmm. But that way, you have it. So that that one is gonna take back to you and that equity split doesn't have to play so much into consideration on how much money is put in there.
Speaker 2:Okay. Alright. So let's go deeper. I only wanna switch this around because I feel like that's more of a middle part. So I'm gonna switch this a lot. We got kind of the nice intro explaining to you. I guess the first thing yeah, we can even dive into that more. So the first thing is my question, I guess, would be, yeah, so how do we go about that through a contract? I'm loading her the amount I'm loading both of us the money.
Speaker 1:If you're loading the business the money, so you're gonna create the business entity.
Speaker 2:So we do have an l l c n e I n.
Speaker 1:Okay? That's an alt key. You have a tax ID for that. So that's good. So you have the entity. Now you would create you'll have to create an operating agreement for that entity so that you at at the operating agreement is gonna outline your ownership breakdown. We'll sign that, have a contract outlining your ownership agreement. The other thing that I would do is have a contract outlining I mean, technically, it's like a buy sell agreement. I have a contract outlining. If somebody wants out of business, how does that happen? What does that look like? Clear out on your dispute resolution clauses, how you're gonna handle dispute type and handle resolutions. Ideally, you would go to a lawyer and have it drafted up. Just to make sure it's bulletproof. But if not, you can Google Google standard forms. I could send you some of the stuff that I've had from prior businesses. So the LLC will then have on loan payable, no payable to you, and you'll be the no holder. So you'll hold the loan, the loan will be to the business.
Speaker 2:Like, are we joint is the contract for dividing up the LLC or is it dividing up the business? Or are they kind of the same thing? Like, if the LLC owns the business, do we have to be there's a partnership with the business.
Speaker 1:Okay. LLC is the business.
Speaker 2:Okay. I get confused because, like, with the food truck, we need an LLC, but then we need, like, a business license as well. So Right.
Speaker 1:And the LLC will be the business license holder. Think of an LLC as the a clone of you. Like, it just it takes you to duplicate you. The duplication of you is the business. Okay? So if you did a DBA, you would be the business, which just means you hold all the risk, you hold all the liability, you're exposed. So the LLC allows you to create a clone of you that is the business.
Speaker 2:Okay. So if someone asks for personal information, you're really putting in, like, the LLC's information and stuff. Correct. Correct.
Speaker 1:And then that way, like, if you're getting loans, signing up for credit cards, and the last sort of stuff, since you're gonna be startup your revenue, they're gonna ask for a guarantor on those types of things. And that's where you personally if you're the guarantor, you personally are guaranteeing that that loan or that credit card or whatever the obligation is will be paid.
Speaker 2:So so that's kinda, like, my name or her name?
Speaker 1:Right. Yeah. Whoever whoever's the guarantor, like, you're gonna put your sole solace, you're gonna put everything in there, all your information. You're guaranteeing that that debt will be paid. If you go that route, what you'd be doing here is making yourself to to the no holder and loaning the money to the business. Because we wanna think about it as is the business has its own balance sheet. If you just put the money in without any loan, you just put in cash. So say you put in thirty thousand dollars in do it. There's thirty thousand dollars in cash, which is an asset. There's no liability because you didn't do a no. So now there's thirty thousand dollars in equity. Is now being split with whatever ownership agreement you put between the two of you. So if it's seventy thirty split, you just gave her a thirty percent off. Thirty thousand for nine thousand dollars or nothing. And you put a loan in there, a no payable, thirty thousand dollar asset, thirty thousand dollar liability, equity is zero. Okay. And then if you ever were to sell the business, you know, say ten years down the road, say that it was you were making a little bit of profit, but not a ton. You would be able to then sell that and you have and you'll have your client list, your relationships, your goodwill, all that sort of stuff. You can sell off the business, sell a business. Say the business tells her, a hundred thousand dollars, but you still have this thirty thousand dollar loan because you haven't paid it back. You would then take the hundred thousand dollars from the sale payback loan thirty thousand dollars. You have seventy thousand dollars left to split between the two of you and in that in that situation, if it's a seventy thirty split, she gets twenty one, you get the remainder, and then you go in a very way. But the loan allows you to protect your investment into the business. It's not so much there because you're looking to get loan payments and looking to pay that off. It's there to make sure that in the event of a dissolution, a sale, any of that sort of stuff. You have to clearly hear, Mark, what your investment is, and you're not just giving free equity to your partners.
Speaker 2:Sure.
Speaker 1:That's that makes sense.
Speaker 2:Alright. So I'll think of myself as her and I are the LLC, which is a person. And I personally am kind of like the bank doing a loan. Correct. Yeah. Okay. In my mind terms.
Speaker 1:Yes. That works. And, actually, this is, like, great timing because I actually have to have this conversation with one of my clients and for today.
Speaker 2:That's kinda nice. So you're, like, kind of a
Speaker 1:it's a sale of a business and they called me up inside June. Can you can you help me can you help me with the insurance? And I'm gonna have the DBA later today. And I was like, well, time out. Why are you getting a DBA? We're not getting that? We're we're gonna sit down. We're gonna talk at the restructure. We're gonna talk about this because DBs are garbage. DBAs are nothing. Doing business as?
Speaker 2:It it means I'm always like the personal one.
Speaker 1:Right? So, like, that's why like, we've talked about this enough, so you knew to go get an LLC first. But a lot of people, what they'll do is we'll just go get a DBA doing business as which just says, I John Proper am doing business as this name and allows you to put that name and allows you to advertise with the name, the name on, you know, mailing addresses, bills, contracts, that sort of stuff. Doesn't give you any protection, doesn't do anything. This whole setup you wouldn't be able to do like, you can't do a partnership agreement with a DBA. You know, some sort of other entity structure in order to do it. I suppose you could do it with the DBA, but it will get very messy very quickly. You wanna have a separate entity, which is what you have here. Because you're gonna have an LLC that's a partnership. So we tax as a partnership.
Speaker 2:Mhmm.
Speaker 1:Because the other like, the next jump because this is probably one of your questions, so I'm just gonna bleed right into it. The next thing here is I know we're talking seventy thirty split. You're the one putting in the initial investment. Yes. You're gonna protect that with a loan. But the other thing is is you are still taking on the risk because there's no guarantee that that loan gets paid back because there's no revenue. So you had already mentioned that she's gonna earn her equity through marketing and through hours on the truck. What I would do is I would create a best thing schedule where you know how you know what split you wanna get to. So so if it's seventy thirty and you wanna you wanna maintain seventy percent, she wants to get to thirty. You're gonna wanna create a vesting schedule where based on the number of hours worked, she'll gain a percentage of ownership up to a max of thirty percent, which is the point at which she's fully invested. And you just need to create that schedule so that it's clearly outlined. The reason I would do it on an hourly basis is it'll force the two of you to track her hours And then in the event of a lawsuit contesting the ownership here, you will have a clearly outlined agreement that's vested base off hours worked. And also an outline and a chart that you both agreed to and signed keeping track of all the hours that have been worked. Because when I've seen partnerships like this go down and end up in, you know, either a lawsuit or sitting there in arbitration, trying to figure it all out. It's an argument over how much work was put in, where the balance is. So if you do this all ahead of time and you have look clearly outlined, clearly signed, documented, you're not gonna have any issues. My recommendation is always to get a lawyer. However, if you wanna cut back on that cost, the way to prevent yourself from having go terribly wrong is to have as much documentation as possible. But as you know, I've been in a situation where I've had to fight that and didn't have a lawyer. And so I'm telling you partly from situations where this is what I wish I had done. And then also that arbitration well favorably towards me
Speaker 2:and
Speaker 1:that was because we had enough documentation there. But some of that documentation was gathered very last minute through conversations, phone recordings, text messages, and me knowing what I was doing to gather that information, you're much better off doing it from the beginning. Because the other thing you're avoiding by doing it in the beginning is nobody's under duress. So you'll be able to maintain those contract those contracts and those agreements, whereas trying to run around last minute and get it through phone call conversations and text messages, the argument is going to be, oh, I said that and I was upset. I didn't actually mean it. I didn't understand. I didn't That's
Speaker 2:a good point. Under duress.
Speaker 1:And that's a legal term, under duress of the legal term, and then a lot of it gets thrown out. I'd say, from the stuff that I gathered together, probably eighty percent of it got tossed. Even though it supported everything that we already had from photo documents and in writing and not under dress, but simply because it's technically considered under duress. It gets thrown out and it doesn't considered at all. So you wanna have a documented as well as possible in the beginning. Preferably with a lawyer. If not, make sure you write down everything and have me look at it. Have somebody look at it that has experience going through it. So that you can make sure that there's certain clauses. Because there's gonna be certain clauses that, like, you just don't think about, then a lawyer would throw in there, and then that way, you just make sure you just put them in a pause.
Speaker 2:Yeah. Alright. So what I'm hearing, obviously, very good tips. I didn't it's crazy how things can be twisted, but most important things to protect ourselves is over document. You can never have enough documents, especially when it's with someone you know. Feel like there's a I mean, we're talking about starting a business in my case, but a lot of people do this. It's very easy, I think, to let things slide. I'm like, oh, we're friends. Oh, that won't happen. So doesn't matter. You should always do that. And then the other
Speaker 1:and the other thing I would tell you is if you get the gut feeling of, like, We probably should talk about this, but I think if we don't talk about it, it might play out in my favor long term, talk about it. Yep. We need to talk about it. Because I can tell you with my other with my situation, there was definitely gut feelings where I was like, oh, we should really talk about this.
Speaker 2:That's a good point too.
Speaker 1:I don't have any exposure on this. It's really just their exposure. They should be concerned about it. They're not bringing it up. I'm not gonna talk about it. And now it's a contentious point that we're happy to go back and forth on where if you just act on that governor, like, if you have more conversations, you're gonna be better do more stuff in writing, you're gonna be better off. Make sure everything's signed. And honestly, I would go and have like, typically, you can go to a bank and they'll sign they'll allow you to sign as a notary public. Mhmm. And it doesn't cost you anything. So even if it costs you twenty, thirty dollars to have a notary sign off that you too are the ones who signed the documents. Yeah. Do it. Make sure, like, have have your documents notarized, have it clearly outlined that yes, we signed, and yes, it was us who signed. And there's a better party here. Because if you're not gonna use a lawyer at least another public makes it so there's some sort of formal process where it was verified and it wasn't. You eliminate the comments of, oh, I was drunk when I signed that. So I was in Avery, and I wasn't in a sound mind. I couldn't have couldn't have possibly agreed to that. Doing these sorts of things just allows for you to protect yourself as much as possible. Because if you go to a lawyer, it's gonna be no advice. Yeah. Yeah.
Speaker 2:Alright. Great tips there and then LLC. So we've covered those two things. Protect yourself through that. Alright. So next things then. So that's all feasible. That's all doable. How do I guess bring us back to the point of financials time and is this possible for my situation? So I'm just gonna pull up a couple things here that I've kind of outlined and gathered that need to be done. I I'll pull this up, but actually we'll first go over financials and because that's where all this is gonna play into. We're gonna talk about the prices of everything and everything I need done. So
Speaker 1:Yeah. So, I mean, from a financial perspective, I always back into this. So if you're if if you're making the decision to do it or not, do it, I would back into it. So what's the minimum amount of profit that you need to generate from the business in order for it to sustain you? Mhmm. Do you know that number?
Speaker 2:So what you're asking is the money that needs to be made back to cover everything put in and a year's, quote, year's salary. Yeah.
Speaker 1:Okay. The so the year's salary part.
Speaker 2:Just the year's salary. Okay. Yeah. Yeah. Oh, two thousand dollars a month, we'll say.
Speaker 1:Alright. So twenty four thousand dollars of
Speaker 2:ideally, like, we can round it maybe to thirty just because that was that was probably scraping by, I guess.
Speaker 1:Yeah. Okay. That makes sense. So thirty thousand profit line. You said you're doing a food check?
Speaker 2:Yeah.
Speaker 1:So this so this is why I kinda back into it. So if you take you just take national averages, it says fUva trucks, net profit margin. Net profit margin on the food trucks generally between seven and eight percent. Mhmm. If it's extremely successful, if you get know, to double that number fourteen to fifteen. Mhmm. So in the beginning, naturally, it's not gonna be that high. If you took your thirty thousand and average payroll cost is twenty five percent, so divide that thirty thousand by twenty five. Percent point two five, and then divide that by point seven because you're only seventy percent owner. It's a hundred and seventy one And I would say those numbers are probably slightly aggressive. So if you jump if you jump that number to two hundred thousand sales, there wouldn't be any profit to share, but you'd be able to pay yourself as an employee that's gonna effectively because you're not paying yourself as an employee, it would just trickle down to profits and be shared. But you wanna remember that it's a payroll expense because you're not paying yourselves on thing.
Speaker 2:Right. Right. So kind of bypassing that payroll expense to start.
Speaker 1:Yeah. If you if you eliminate the payroll expense which from a quick search is roughly twenty five percent of sales Mhmm. And just dropping that twenty five percent down into the profit line then. You could do it at about two hundred thousand sales. Alright. You're let's say you're in the northeast though, so you're operating. Yeah. You know, eight months out of the year.
Speaker 2:Yeah. That's Oh. The genre. Generous.
Speaker 1:We call it seven months depending on the the weather. So you gotta do twenty eight twenty nine so you gotta call it thirty thousand a month. Okay.
Speaker 2:Okay. So to start so let's I guess, go with the idea. If you agree with this, because we're talking about, is it feasible? Is it possible? And we're gonna get into how much money I have. We'll obviously base it off that. Will assume it's gonna break even and not really pay me what I want for at least the first year we do it for six months. Okay. That sounds fair. Right? I mean, because we're not gonna have a line the second we opened.
Speaker 1:Yeah. Generally speaking, businesses typically don't, you know, hit a profit line until year three. So, you know, you're still being aggressive by only waiting a year.
Speaker 2:Okay. So if we use the year three line, are people working second jobs? Are they living off? What they've saved up? What normally happens there? Because I imagine that being, like, my full time job. Right? In that. So the year
Speaker 1:the year three mark is a line number. So if you're paying yourself, like, if you're one of the employees, you probably could get it quicker. Mhmm.
Speaker 2:So I
Speaker 1:realize that kinda sounds like I'm backtracking, but I'm just Yep. We're doing this live. So I'm Yeah. There's no pretty while while we're live thinking here. But Jen so to answer your question directly, generally speaking, a business is gonna either have the cash or take out a business loan And that's gonna cover, you know, six to eight months of the operating expense. And then the whole business is that that gets you to running, and then you're able to continue to to run those numbers and cover your payroll. You're breaking even and you're moving money the whole time. I guess we need to back up a little bit as the issue. So typically with a food truck, you need permitting in order to have a location. Mhmm. So the question then becomes do you have permitting? Do you have relationships with food trucks? How frequently are you gonna be open? Because that's what's gonna drive it. We're talking two fifty transactions at a fifteen dollar average, which our number I mean, honestly, that fifteen dollar average, we're pulling that number out of thin air two. Is that gonna be the average ticket size? I don't know. You know, we need to we kinda need to look at a menu as well, see what the pricing is, see what the costs are, build that out, and then once our average ticket price, Mhmm. With keeping your food costs, you know, at forty percent. So whatever your food cost adds up to divide that number by point four, that's your sale price. Right. And that's gonna get to your average ticket. Then it's gonna tell us how many transactions we need to hit thirty thousand a month sale number. And now if we hit that thirty thousand dollars a month sale number, how many days do we need to be open? Or doing it the opposite way. How many days have we opened? How many transactions do we need to hit that? Without knowing what relationships you'll have as far as farmers markets, locations to be constantly open at it. It's hard to say it's hard to say if, you know, where your frequency is gonna be. And you get away from the permitting thing. The permitting is if you wanna be on, you know, state municipality land or Yeah. Parks and, you know, that sort of stuff. You partner up with a business. You know, a restaurant that owns their parking lot, business owns their parking lot. You can get a relationship that way Mhmm. Where you're parked in a parking lot consistently. You have your food truck going from there. Mhmm. So that's another option for you.
Speaker 2:So what we looked at was the permit for, like, street parking in the city and other locations. Was about a thousand, I think, a year. But I imagine no spot unless it's, like, our public market on Saturday or a different market on Sunday, you know, unless we get into those, none of them are gonna be super high heavy traffic.
Speaker 1:Right. And that but that's the beauty of the food truck. Is that Yeah. We You were able to go where the traffic is. Definitely.
Speaker 2:Okay. So that's good. Yeah. That's good. You know, I've looked at all the permits. That's one, business license, fire safety, two health department ones. I've probably added them up, and I was just being generous. I figured all of that wouldn't probably add up to about, like, fifteen hundred to two thousand dollars.
Speaker 1:For actually, you're probably probably at the two thousand dollar mark pretty easily. Okay. And you're also gonna need in order to get some of those health inspections, you're gonna need a relationship with a commercial kitchen, typically. Yep. You know, I'd be renting commercial kitchen space.
Speaker 2:Mhmm. So all that mixed with so let's say, two thousand dollars, spending commercial space each month. Let's just bring it all up to it wasn't I did look here. It wasn't too much. But I think there still was something like around fifty an hour. I don't think it was terrible. But so that will add up to about two hundred a month. We were saying so two thousand dollars, two hundred. And then I was looking at trucks on Facebook marketplace because I'm trying to save a little money. And generally, I feel like I could find one for twenty thousand. Trailer truck. Truck. Oh, okay. Yeah. So there's one in Utica. That is around there. It's very small. There's a couple like, there's a lot in the south that my dad was sending me. So I don't know how feasible that is. But I think there's fines. It's not like they're readily available, but there's there's a couple fines that if I went for you know, the distance I could get them. But ideally, I'll say, because we're gonna have to wrap it. We're gonna have to make some changes, make it our own. So ideally, the truck would probably be twenty five in total. Now I think that's where I'm at. I think that I told you everything. So I guess what we're at now is with those numbers, with my plan, with everything I told you, and everything you know I need to do. How long would you think it would take? How much money would you do to start it? And I guess that's basically it. Because once I have that, I can then we can then look at my current situation and be like, that's probably not feasible or it is.
Speaker 1:Because this is where you're getting into when you know, when I talk about looking at businesses and, you know, I need to see two, preferably three financial statements. Because what we're talking about here is balance sheet. And cash flow statement. We're gonna talk about income statement, which is what we were talking about when we were figuring out your profit line. But the income statement really doesn't matter if cash flow sucks.
Speaker 2:Mhmm.
Speaker 1:And the cash flow you can get from different areas other than just your operating one of the ways you can generate cash flow is through a loan. And so instead of you spending twenty five thousand dollars of cash, you get a loan, that brings twenty five thousand in cash in, and then you just have a monthly expense that's going out. To a cash flow expense. You have a business expense on your income statement. But your balance sheet is unadjusted because you had asset brought in and a liability brought in instead of just reallocating cash into a different asset class. Yeah.
Speaker 2:Because if
Speaker 1:you buy the truck that you own out, right, your level of sales decreases in order for you to get your thirty thousand dollars of income because you own the vehicle, you have a lower cash reserve, but you don't have an expense item associated with it. You don't have an ongoing monthly expense items associated with it. There's not continual cash flow going down.
Speaker 2:Right. Hey. I have twenty five thousand dollars right now. It's my name. We'll just round it there. And that's actually what it takes to live for a full year. If I did no work or anything, I'd burn through all that money in a year. Right. Assuming this makes not enough money to even pay me for a year, I imagine I shouldn't really touch or use any of that money. To go towards a business?
Speaker 1:Correct. To be in a strong financial position, you'd wanna have yeah, years worth of cash reserves that you don't have to touch. You know, like, you could work, not work, and it wouldn't matter. You'd have no income, and it doesn't matter. And then the remainder to fund the operations of the business would come from somewhere else.
Speaker 2:Yeah. So that would be the law.
Speaker 1:Well, you would need a loan for the truck and you'd need whatever to get the licensing to get your initial ingredients by so that you can eat on the first time.
Speaker 2:And, ideally, I plans to get the loan for the truck and then use my money for the rest. Thanks. So If
Speaker 1:I were in your they based off the quick numbers that we threw together, I would want forty thousand dollars to do this.
Speaker 2:Okay. That's fair. That's So it's gonna
Speaker 1:take twenty five to buy the truck to get the licensing. For twenty five thousand, you can open the doors but you don't have anything in the grocery you know, you know, any groceries, going food, you know, all that sort of stuff, I would want another fifteen thousand sitting there to buy groceries, to buy the, you know, the tools and stuff that I need. Because stuff's gonna go sideways. You're gonna need to buy stuff. You're gonna need to buy signage, marketing, all that sort of stuff. So Yeah. You know, if you had another fifteen, you're not gonna be super duper stressed about
Speaker 2:it. Mhmm.
Speaker 1:And you're gonna be able to to make it happen.
Speaker 2:It's pretty interesting because when I came like, when I wanted to do this podcast with you, basically, I was trying to figure out if I can do it. Before doing all this stuff. And really, what we're kinda saying is you have to do all this stuff to figure out if you can even do it.
Speaker 1:Well, part of the reason why I have so many business plans in my hard drives on my computers. And I say that plural because I a crazy person and don't throw hard drives and they're all in a safe. I won't throw out a computer, but I won't throw out the hard drive. Literally take a hard drive. But the reason I have all of those is because you have to do this. And then you find out. That's not a good idea. Or Yeah. It's not gonna make me enough money or, you know, whatever the case may be or it's not the right time to do it. And so I hold on to them for that. But, yes, you have to you have to run this all through and put yourself in the mindset. Am I doing this? Because if you don't get excited and you are stressed out just by running the calculations, that's your gut feeling telling you that it's not a good idea. Because the one thing I can tell you with starting a business, especially from scratch, is it's not easy. It's gonna be tough. It's gonna be hard. It's gonna be stressful. So if you're not excited just by running the numbers and doing all the hypotheticals, you're probably best off not not pursuing it.
Speaker 2:Thanks for listening to our podcast.
Speaker 1:We hope this helps you on your balanced freedom journey.
Speaker 2:Please share your thoughts in the comments section below.
Speaker 1:Until next time, stay balanced.