One step closer to selling out and moving provinces!

iVillage Member
Registered: 03-15-2012
One step closer to selling out and moving provinces!
14
Tue, 08-21-2012 - 4:16pm

I wrote in Family Finance about dh and I thinking of moving.  He has loved his job the past 15 + years but the last 6 months or so he has not been as happy there.  We started brainstorming about moving to BC (to an area we both love).  It would be hard for DH to find work there (we would live in a more rural location - not near a big city)  that pays what he make now so we started throwing out all sorts of ideas.

I have been researching various towns, Chamber of Commerce and websites that promote businesses for sale in the area.  We have come to the conclusion that owning a business would be the way to go rather than look for employment.  DH and I area seriously looking at buying a franchise. 

Our plan is to sell our house in 2013 (we would list in Feb/March).  Also, in the spring we would sell our holiday trailer which, with regular payments we make to our car loan now, would come very close to paying off that loan if not completely.  We would use some of the equity of our home to pay for the franchise and I am plan to research grants and business loans etc to help with cost of setting up the business.  Compared to many franchises, the start up is relatively low and it is in the same industry my dh currently works.  We both are very excited about it and scared too.

We have talked off and on for about 4 or 5 years about moving to BC which we fell in love with on a family vacation.  At some point we just need to take the plunge.  It is a business that we could work right away and hire employees as we grow the business which appeals to both of us (not having to hire a bunch of people right away).  DH would do the work and I would manage the books/office managment side of things. 

I still have lots of research to do (including taking a trip to the area and get to know the towns, etc)  and this is has gotten us even more motivated to pay off our car faster and save more money!!  We owe just over $17k on our car right now.  I feel very empowered by taking these steps (even if only in research and planning stages).  I have always wanted to live lakeside where there are trees and this will get us closer to the dream. 

Mostly likely we would rent a house and build up our down payment towards another home while we build our business. 

If anyone has advice (how to's and where to research etc) would be greatly appreciated!

Sandra

strivng to be debt free for the big move!!

 

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iVillage Member
Registered: 11-14-2008
I don't want to stomp on dreams. I just wanted to point out that we kid around here that BC means bring cash. The cost of living there is higher for sure so when you are budgeting please keep that in mind. A franchise is exciting! I often wonder how much Tim Horton owners make. That place is always busy! I love small towns. They are a great place to raise kids. Good luck with your plans.
iVillage Member
Registered: 03-15-2012

galstorelady,

 

The cost of living will be a factor in my research.  One thing that is cheaper is rent!  We will most likely rent first before buying a place and rent is signifigantly cheaper than where I live in Alberta!  At least what i have seen so far on the net.  I want to research heating, electrical costs, insurance etc.    I am a big picture person so I want to know all that kind of stuff.  I already know cost of living is higher just how much I have no idea at this point. 

DH has now confirmed some time off in September and we plan to take a trip and look at homes, buinesses for sale, communities in general. 

We are both excited and scared at that same time.  We could possibly going into debt again!  We plan to use some of the equity of our home to finance the business and perhaps we won't need to borrow at all.  If we do, hoping it is not a big amount! 

I have a call today with an organization in the Nelson area that helps people do up business plans, research etc (non profit and services are free or low cost).  They will be able to give me some info for the area as well as they hold web classes etc.  If our research shows that yes, financally we can move, than we are aiming for spring time.  Of course that could change depending on what we find out. 

Sandra

 

iVillage Member
Registered: 03-15-2012

And to add - I didn't or don't feel like you are stomping on my dreams.  You are pointing out things I need to consider and I appreaciate it! 

Thank you!

iVillage Member
Registered: 03-15-2012

Update:  I contacted the franchise we are thinking of opening and up and sent in preliminary info about ourselves.  They just got back to me and said they would be sending us more info about the franchise which means they are interested in doing business with us.  If they had not liked what they saw on the papers I filled out they would not be sending me more info!

DH has also booked some days of in Septmeber and we are going to spend 5 days in the area looking around and will contact a realtor a few weeks before we go so that we can look at businesses for sales as well as housing to get a taste for what is in the area.

This is so exciting and very scary at the same time!  ONce I get the info from the company it will be some serious number cruching time.  Makes all the more committed to pay of our car loan asap!!

One more thing to add is that I contacted an organization in the area that will assist me with research, business planning etc!  She gave me valuable info about the area. 

Sandra

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