Have you seen the video of the little girl who got kicked while watching a break dancing performance in New York City? It is just brutal. But....the remix is hilarious. Check out Digitally Famous for the two videos.
Now that I am far enough along in the process I wanted to blog about my journey into the entrepreneurial world.
The decision didn't come easy as I have spent my whole working life as a radio Talk show Host. However, after a rough couple of years following my parting with CBS (WKRK), a great stint with a fun company in Austin and a quick hit in Philly, Nicole and I decided that we wanted and needed to be our own boss. Earlier this year we decided that we would return to Detroit to start a business of our own, something that has always been a family goal.
When I was fired at CBS (WKRK) two years ago I briefly had talks with the company we are working with regarding a franchise, but didn't really want to make the jump into self-employment. We decided on Autin. We are now ready, willing and excited about our new venture. We decided on a franchise and have an agreement to move forward and to open a child recreation/dining facility. They are currently operating in Canton, Farmington and Ann Arbor. We are targeting Troy, Rochester and Shelby for our operation.
Step 1: Deciding on a business.
It didn't take much to agree on a franchise, we decided on the indoor child recreation/food service business that has been so successful across the metro Detroit area. Once we identified the preferred franchise we entered into an agreement. There were many considerations, including, the structure of the deal, potential territory for our operation, past success and potential future growth. We decided on a locally owned and operated franchise with phenomenal local ownership. I will give you the name of the franchise once we have identified a location.
Step 2: Secure Financing.
This is by far the most harrowing step, exposing yourself to a bank, completing an SBA loan application, personal financial statements, credit checks, etc. It can be daunting, but we are nearly through the process and hope to attain funding from a local Detroit bank. I'll have more on this as we continue the process. Needless to say, my time off has been beneficial as gathering everything the bankers need to make a decision on an SBA loan is time consuming. The process is nearly complete and the verdict should be announced soon. No financing, off to a new bank, get the money, we are in business. This is the meaning of stress.
Step 3: The Family
My 20 years in radio have been VERY good to me, I have made a lot of friends and thankfully saved a lot of money. Ultimately my radio career made this move to self-employment possible, I banked much of my discretionary income and and ready to lay it on the line to be my own boss.
Radio isn't an easy business and can take a toll on a family, I was lucky enough to never have had to move in my first 18 years in the business, but the last 2 have given me pause, I simply don't want to continue to move around the country, hoping that somebody will enjoy my act and embrace the show. It is too risky with a wife and two small children, so from this point forward, I will do radio in Detroit or I won't do it. Detroit always supported me and I appreciate it, I'm simply not a Philly guy. I am a Detroiter. I am excited about possibly doing radio as a hobby, in Detroit. Who knows, maybe something will come up, if not, I will have my hands full with the new business venture.
Nicole has decided to return to work in Farmington so we will have income as the business grows, it is nice to have a wife with a great gig while you start a business. I think she is excited about the long term and is willing to make the short term sacrifice, being away from the kids, as we build.
It is funny, people keep asking me if I will miss radio and the answer is YES, but I won't miss the uncertanty and the politics, it is brutal. I honestly think my Internet radio show will be enough to keep my cravings at bay.
So here is where we stand:
We have identified the business, we are seeking an SBA loan, we've sold the house in Milford, the Philly house is on the market, we are moving to the Birmingham area (yes, we will be renting) and we are planning to have coney's at Athens soon.
I will keep this BLOG series alive and go through the process with you, in case you ever want to start a business of your own!
You have to hear this phone message Alex Baldwin left for his 11 year old daughter. He rips her a new one, calls he names and then rips her mom, Kim Basinger. This man is seriously unstable. Click here.
I am attempting to begin teaching my oldest, Noah the value of money. I think it hit me when one of his toys was carelessly broken and he commented that we had to "go buy a new one." It concerned me that he felt like he could "buy a new one" whenever the old one broke, so today I purchased the money savvy pig. The money savvy pig is a tool that is designed to help teach young children (4-11) the value of saving, donating, spending and investing. I think is a great idea, Noah loves his piggy bank so it should make the training process easier. The Pig cost $15.99 and can be purchased at Money Savvy Generation.