Any physicians also own a non-medical business?

[organdonor]

My wife and I have daydreamed of owning a business. Self-serve yogurt if you must know. We love the stuff, it seems like a pretty simple business plan, and the few that I've been to are always crammed with people. It is novel enough that I believe we could be the first to enter a small-to-medium market and hopefully make a little profit.

Between my spouse and I, I am usually the one to handle the finances. Of course I realize I can't be a full time physician and also run a business. I figure the way it would probably pan out would be that I get the business up and running, maybe during a vacation or a period of less hours per week, and then hand her the ropes. I trust her to do all day-to-day operations but I would probably help when I can with computer stuff (also the tech-guy of the marriage), ordering, advertising, etc.

With many banks so reluctant to hand out loans of any kind, businesses still need capital to start. Being a physician seems a practical way to raise some capital to start a business. Does anybody know of physicians who successfully (or otherwise) had a business venture?

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[Frazier]

My wife and I have daydreamed of owning a business. Self-serve yogurt if you must know. We love the stuff, it seems like a pretty simple business plan, and the few that I've been to are always crammed with people. It is novel enough that I believe we could be the first to enter a small-to-medium market and hopefully make a little profit.

Between my spouse and I, I am usually the one to handle the finances. Of course I realize I can't be a full time physician and also run a business. I figure the way it would probably pan out would be that I get the business up and running, maybe during a vacation or a period of less hours per week, and then hand her the ropes. I trust her to do all day-to-day operations but I would probably help when I can with computer stuff (also the tech-guy of the marriage), ordering, advertising, etc.

With many banks so reluctant to hand out loans of any kind, businesses still need capital to start. Being a physician seems a practical way to raise some capital to start a business. Does anybody know of physicians who successfully (or otherwise) had a business venture?

Are you me? lol

My SO mentioned this possibility as an interest of her own in the future. Not giving too much thought at this stage, I came up with the same points you made as little barriers to entry.

Operations are simple enough to not need to consider a franchise, IMO.

They [yogurt] must be trending... 2 independent shops opened up in my Alma's town in past year alone. They do great business.

If a SO is willing to dedicate time to it (and knows a think or two about management -- human, resource and financial), I think a physician's salary could offer a nice start up fund depending on location...the machines and lease being the major fixed expenses.

Sure it could work out.

 

[tiedyeddog]

I don't know about where you live but froyo is saturated in my Midwestern city, I dunno how much market share will be available by the time you actually have money to spend it.