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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Community Leader
Registered: 08-25-2006

Sorry I don't have any advice, but just wanted to say how excited I am for you!  Keep researching and keep us posted.  I have found that even if something doesn't pan out, I feel better knowing that I did the research and can check it off and move on to something else.

So either way, this a good thing!

 

Serenity
iVillage Member
Registered: 10-28-2009
How exciting!! The only thing that comes to mind is make sure you research the franchise territory-sometimes territory is already claimed by other franchise owners for future business. Keep us posted!!
iVillage Member
Registered: 12-31-2010
Wow, you are embarking on major life changes. I have recently made such changes myself and we did take quite some time in mapping out the changes before taking the plunge, actually it took about two years before I made the leap.
Some suggestions: Can you go do some temporary work in one of the franchises in another area as an hourly low wage employee to learn from someone else? That way you can learn, be of service to another franchise and get your feet a bit wet to see if it is all you want it to be?
I currently am under the mentorship of someone in my field, using my prior skills for him as a marketer, but also learning the ropes and building my business - it is a win-win for both of us.
Will you map out a complete business plan? And will you be able to go over that plan with someone in the company to see if it is realistic - or better yet, another franchisee?
Instead of buying a franchise from the company at full price, is there someone in such a business who might want to retire and you can buy them out for less, so you buy an already built client base?

As far as where to live, if it is just the two of you, could you see if you could rent part of a home from an elderly person and help them with upkeep in exchange for a really low rent? Again, looking for win-wins here, you could help someone who needs it, in exchange for lower living costs for a while. Remember it would only be temporary, but keeping your cost of living down would allow you to put more into the business at the start.

I don't know what the business is in order to help lead you to research, but please try to get as much first hand information as you can, as opposed to the sales pitch used by a franchise sales person.

Good luck,

Marie
#Marie
iVillage Member
Registered: 07-24-2001

Wow, good for you!

I don't have any real advice either to offer, but I'm very excited for you.

A few years back H and I discussed H going into business for himself.  It is scary as hell to think through, but really exciting too.  I think it's good that this stuff is scary though.  It keeps you thinking all the time.

We ultimately decided it wasn't the right move for us at the time.

It's still an option for our future though.

And the one thing I learned during our process is that it certainly seems doable.  

Good luck and do keep us posted!

iVillage Member
Registered: 10-01-2009
Hi Sandra...

I too adore BC and plan to retire there for six months a year and the other six months in New Mexico.

I love Vancouver Island best and am thinking of Ucluelet or Campbell River. Whereabouts are you thinking?

I have sixteen years before i retire at 57 but I can't wait to move there. I try and get there at least every two years.

Duke



iVillage Member
Registered: 04-08-2008

I am born and raised in BC - I know this province quite well. I have mostly lived in the greater Vancouver area but spend a large amount of time in the Okanagan.

I believe the BC housing market (and AB) is in for a market correction in the next year or so. If you'd like info on that, I can forward some research and local news. Obviously places like the Caribou and Kootneys had less expansion and thus will have a much smaller contraction.

The film industry has been stagnant with a small contraction as CA starts to become cheaper and BC's tax cuts are making less of a difference. The natural resources are pretty steady - I was pleasantly surprised by this as much lumber is used in the US and I would have thought the recession in '08 would have had more of an impact. Communications industry has been stable as well - with most of the layoffs for those companies in ON. Radical just went out of business, but the larger ones like EA & Disney in the OK still expanding slighter.

Tourism has grown with a new sport tourism industry showing a 34% increase in revenue of the last 5 yrs.

I guess I could ask - what specifically are you asking? Yes, owning a business is way better than trying to find a job. Smaller communities are very difficult to find DECENT paying jobs. DH and I are considering moving to the OK-Silkameen region - our only concern would be the opportunities for our children as they are young. We are positioned for his work to be transferrable and possibly mine - tho I could downgrade my position if need be.

Good luck and definitely keep us posted!!! This is super exciting!

Dee

 

iVillage Member
Registered: 03-15-2012

Good to know about asking about franchise territories!  We feel confident in the company but still have LOTS of reserach to do for sure!

Sandra

iVillage Member
Registered: 03-15-2012

Marie,  I didn't mention it before but when I said my dh works in the industry he actually works for an existing franchise owner.  My dh started from the bottom up and is now in management (it is a cleaning company with various divisions - from janitorial franchise, commercial cleaning (floors and carpets for businesses), house cleaning, residential carpet cleaning etc and each division is a seperate franchise.  We are interested in the janitorial and commerical cleaning division (we can buy both together and save $$)

He knows a lot about how the company (head office) operates, certainly knows the how to's of the actual work side, customer service etc.  We would only need further training on the managment side of things as DH has all the other training and qualifications he needs (believe it or not there are many couses on how to clean carpets - lol). 

To add to- when I say we are one step closer - is because we both have a sense of commitment to make it happen.  Before it was a"dream" but not a concrete goal.  Now, it is goal - to move to the area - and we will investigate other options. 

Sometime in Sept (if dh can get the days off we want) we are going to go to the area, contact a realtor to see some houses and businesses for sale in the area.  Check out the neighborhoods and towns in the area etc to get a feel for the place.  We already know we love the area where we go camping but not the same as living there.  There is a lot of research to do for sure!

I appreaciate everyone's advice.  Also, to add we have two sons ages 9 & 11.  I like the idea of helping out a elderly couple as you suggested but with two active kids don't think that would work but I would certainly be open to any ideas.  We are trying as much as possible to think outside the box.  DH even threw out the idea that we move (sell our house and buy there) and he rent a room here and keep working until something comes up to buy the right business.  He could arrange to work 3 weeks on,one week off (putting in more hours so make up for the week off).  Logistically we both know that is NOT what we want but we have thrown out lots of ideas at each other.

Sandra

iVillage Member
Registered: 03-15-2012

We really like the Kootney lake area.  I love the west coast too.  All those HUGE trees!  Right now in the prairies. .not alot of trees happening! LOL

For whatever reason we love it there.  We spent 4 or  5 days camping in the area and left to travel elsewhere.  We spent one night away and looked at each other and both wanted to go back and camp in the same area so we did! 

We both want to live there now and so do our boys.  They both say they would miss their friends but would love to live near a big lake.  We don't have big lakes where we live now.

My dream ultimately would be to have a home lakeside.  The vision I have is to be able to pour my morning coffee, walk outside a few steps to the beach and sit down in a chair, sink my toes into the sand and sip my coffee as I look out over the lake :smileyvery-happy:

Community Leader
Registered: 08-25-2006
If I ever win the lottery, I want a house on the beach and a cabin on the river. :smileyhappy: Not that I don't like lakes. Heck, if I win the lottery why not...a cabin on the lake, too.
Serenity

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