Anyone Own Their Own Business? Help - Need Advice!

[donali 57]

Hi All -

The recent layoffs here have left a bad taste in my mouth, and BF is disillusioned with the level of education at the community college level here. We're thinking, there must be something better...

This is my idea - I think it would be great if he could lead tours to places of geologic interest (he being a PhD Paleontologist). These tours would not be hard-core science tours, but more like intro level geology for the area we'd tour to - on the same level as a credit-worthy field trip. NOT touristy tours, although there would be a little time built in for that type of stuff, but the focus/point of the tour would be geology.

Places of interest and knowledge for him:

Egypt

Italy

Czech Republic

Estonia

Poland

Certain places in the states

He's arranged and lead student field trips in the past to Egypt and Mt Vesuvius in Italy, and the students really enjoyed it, but that was as an employee at a university, not just him as an individual business person.

My dream would be to maybe be able to partner with community colleges across America to offer the fields trips for credit, as well as publicizing them in scientific magazines and through a regular business website where people could sign-up and make payments, etc. Possibly partnering with a travel agency that sets up tours, etc. to help with low cost blocks of airline tickets, etc.

I know there would be a lot of obstacles to overcome and that it wouldn't be easy getting something set up, but just for argument's sake, lets pretend that this is a doable and viable venture.

How would we go about this? Our number one concern would be what kind of insurance would we have to have - what kind of liability would we have for participants?

Certainly we would have to have some legal advice and have some waivers of liability drawn up that would have to be signed.

I think it would be fantastic if we could go into a business like this together - I could managed the paperwork nightmare/marketing/arrangements/complaints, etc., and be a second hand/assistant on the trips themselves, while he would be responsible for the structure of the tour, syllabus, creating anything education-wise like tests or papers or whatever, lectures, etc. We would keep the tour size small - 10-20 people, with the intention of doing several tours each year. I would like them to be affordable for the participants, but also bring in enough income for us that we would not have to work other jobs, and be able to live on 5-10 ten-day tours each year.

So if the above, in your estimation, is no way-no how going to happen without huge amounts of $$$ invested or more professional experience in a lot of different areas on our parts, any other ideas (besides teaching in a college/highschool) on home-based/seasonal-type businesses or something that would bring in enough to live on and still give him the flexibility of 3 months off each year for his work overseas? Nothing overly physical to accommodate health issues (so canning fish in Alaska and picking produce are out, for example.)

Jenna, I know you have a travel agent background so you are in the forefront of my mind posting here, but I also know we all have lots of info and life experience that we can collectively drawn on and benefit from, so I'm turning to all of you for advice and ideas.

Thanks in advance!!!

[MeganA 35]

Um...I have my own business Donali...I provide administrative and consulting services to start ups and small businesses.

The first thing I'd recommend- get on Amazon and see if there are any "start your own travel tour company" books. There should be something there. I'll do a little digging around this weekend when I have a chance.

Before you spend a lot of time or money on putting together a business- make sure to find out if there is a true need or a only a perceived need for your product/service. Call community colleges or anyone else you think might use your business and ask if they would use a program like this.

That's a start.

Megan

[babsyintx 0]

Hi Donali,

I own my own franchise for Management Recruiters International, but I dont know anything about the travel business. This would be my take though.

In my business, it is essential to have E&O and liability insurance. I have two separate policies. One is to cover me if one of my clients sues me for a placement gone wrong and the other is for my office and contents. It costs me about $2500 a year for a 1,000,000/3,000,000 on liability and E&O. This is very cheap because I own a franchise and we have 1,000 offices.

Dont quote me on this, but I dont believe that you have any liability if there are waivers signed by the participants regarding bodily harm. You could offer (or the travel agency) them health, life insurance policies through a third party vendor, but I dont see if they sign a waiver how you could be responsible for their well being on a trip. I know that the show the "Amazing Race" has a huge waiver/disclaimer that the participants sign that waives all responsibility to anyone associated with the show. You can go to CBS website and take a look at it. I actually wanted to be on the show....

I would call a couple of travel agencies and outline what you are proposing. Pick the locations, get a quote and add on your administrative fee. I am just throwing out some random number, but lets say it cost 2,000 dollars for a 10 day tour to Mt. Vesuvius. you could add in 500.00 admin cost x20 participants = $10,000 x10 trips would equal about $100,000. COuld you live on that? Or would you need more? And then of course, you would have to line this up with a few ivy league schools. You wont find students with big budgets in community colleges.

I know I probably havent been much help, but I have started created conceptionally and sold two companies before the one I have now over the last 11 years. I believe most anything is possible if you do your research, put together a preliminary business plan and then find a way to make it happen.

Babs in TX

[donali 57]

Thanks, Ladies! I will definitely try to get a feel for demand before I spend too much time on this, and certainly before I invest any kind of money into it.

I was a little afraid all the advice would be completely discouraging, and I was hoping someone "in the know" would think it was at least worth looking into.

So, I know there are always trade offs. Do you sometimes wish you still worked for someone else? Or now that you're on your own are you "never looking back" and couldn't dream of ever rejoining the 9-5 grind again?

Sometimes I hear small business owners talk and I wonder if owning your own business is more trouble than it's worth...

Sigh. Where's my crystal ball when really need it?!?!?

[BigT 0]

I own my own businesses and have been self employeed for the last 10 years or so. Some days you love being self employeed- you get to do what you want when you want-wake up when you want and go to bed when you want,spend tons of time with the family or friends. But then some days you have to get up so early and work so late because you made commitments that need to be kept and everything has gone haywire in the meantime or you have bills due and are wondering how you can work enough to pay them in time and at the same time your family wonders if you still live with them.

Sometimes I long to be some entry level employee with minimal responsibilities but overall I love being self employed and cannot see myself being an employee ever again.

For me I get bored easily with work and seem to have to change careers every 4-6 years. I will engross myself with work and learning every minute aspect of work,shoot for success, then slowly loose interest and by the end of 4-5 years be thinking up what I can next move on to. So far each new business has been better than the last one ---time wise and $$ wise so at least that is one good thing.

I also believe in diversifying somewhat-not putting all my eggs in one basket so to speak, so I try to run a primary business and a secondary one so that the chances of both being down at the same time are less likely.

That is my 2 cents on the matter- take it for what it is worth.

T

[porclndoll 0]

Donali....

This has NOTHING to do with business...but it caught my eye when you said BF has a PhD in Paleontology. I live in upstate NY and just recently a almost complete Mastedon skeleton was found in a field across from the school where I work! This is the second or third such find in the area where I live....Orange Co. NY Here is the link to the online newspaper story about it if your interested http://www.recordonline.com/archive/2005/04/11/mastodo0.htm

ENJOY!

I re-read the artical myself, and it seems it wasn't as recent as I thought...still...intersting