Ask E. Jean - Tormented? Driven Witless? Whipsawed by confusion?

Advice Vixens

Dear Vixens,
I recently found out about an opportunity - an old disused medical practice becoming available for a great price. I would have to buy all new equipment but would only need to make small cosmetic improvements to the building. Total price tag around 750000-800000 euros. Since the practice is no longer active, I would have to recruit my patients and 'start from zero'.
After having done some research (lots of referring doctors in the area, sparse and aging competition, need for my services in the area) i am very excited about this opportunity. In one week I have to decide whether to do it or not and put down a significant downpayment. However, my parents are completely not interested and against the idea. I would like but do not need their active support, but I am finding myself negatively affected by them. I have started to doubt if I can pull this off.
I have a 16 month old son. They tell me I would hardly ever see him and would not be able to have a second child. I have tried working in a prestigious hospital and hated everything about it - the hours, the gossiping, being away from my son in the evening and almost every weekend. I would not have these insane hours and intense pressure in the private practice. However, I would take on a very large financial responsibility.
Also, I moved to be closer to them, but still they never take care of my child. So I prefer to 'go it alone'and think I can make it (with the help of my supportive partner). Do you think I should go for it, or continue at a 'safer' job working for someone else in a similar, private practice setting? Many thanks for any thoughts or entrepreneurial advice you have to offer!

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    While I don't want to discourage you from pursuing a great opportunity, you need to make sure you have seriously done your due diligence before further pursing this. I'm glad to see you've done some market research -- but don't even THINK of going any further unless and until you can answer these questions:

    - Why was the business previously abandoned? What factors might recur, and make this relaunch difficult or untenable?

    - Many businesses fail within the first year. If the business *is* tenable, do you (and/or your supportive partner) have enough money -- after paying the start-up costs -- to support yourselves for the next eighteen months if the business doesn't initially pay for itself?

    - Good help can be hard to find -- and expensive. Will you be able to find and hire the competent support staff you'll need?

    - Do you have an experienced accountant to help you through the various stages of planning and running your business? (And filing incorporation forms, and paying taxes, and setting up employee payroll....)


    If you're confident about all these issues, AND you have a definite plan to attract patients to your practice? (And retain them!) ...


    Go for it! Your parents sound impossible to please. So if you're not going to please them no matter what you do? You might as well do something *you* believe in!

    (But if you *don't* have all these issues hashed out yet? Don't pull the trigger on this deal. Other opportunities will present themselves. Remember, it's never a good business decision to pursue something *just* because it's there. It's got to be the *right* opportunity.)

    reply to Kal
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    I'm coming to this very late, but listen to Kal. Also, I'd love to know what you decided!

    reply to Robynne
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