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What to say to a friend with a bad business idea?

What would you say to a friend who's trying to start a business in a field already too saturated, or something overpriced that you do already?

Just got some letters back from two failed businesses that solicits overpriced homemade cookies and homemakers ideas (that you would get free from Cafemom for example).

Should I say "More power and good for you", or "hey wait a minute, before you waste your money......."?

Answer Question

Asked by Anonymous at 10:15 AM on May. 19, 2009 in Money & Work

Answers (7)
  • If I were you, I would definitely say "hey wait a minute, before you waste your money"...especially with how bad the economy is right now...nobody can afford to lose any money. A family member of mine was just screwed over by a business he got into..which he was considered self employed.. and now is losing their home they just had rebuilt after a fire had destroyed it.

    Answer by Mommy2Ava3509 at 10:22 AM on May. 19, 2009

  • Well, depends on how close of a relationship you have. If it were one of my family or a very very close friend I would gently suggest they take a look at the market to see if there is room for one more. They will still do as they choose, b/c remember, your opinion is till just that, an opinion.

    If it is a friend thats a good friend, but not close, I wouldn't offer advise unless she asks for it. Most people that want to start a business would consider themself knowledgeable enough about the field, even if they aren't.

    Answer by lifeasinoit at 10:24 AM on May. 19, 2009

  • I would not say anything like"before you waste your money" as to me it sounds condescending..tho i know your heart is in the right place. I would however say something like"I would like to show you some research that maybe will help you choose a business that can be sucessfula dn make your dreams come true" you want to support her dreams, not crush them kwim? good luck and if she doesnt take your advice, well then just be there for her.

    Answer by Bearsjen at 10:24 AM on May. 19, 2009

  • I would talk to her, ask questions. "Would you pay $... for that." or Give her some of the places to get it free. Have her check out other options before she spends the money. Do it in a way that you are helping her. Hope that helps. Lisa

    Answer by passiontime4u at 10:31 AM on May. 19, 2009

  • I would suggest that she contact SCORE and the SBA; they will help her write a business plan and find seed money.

    Answer by rkoloms at 11:38 AM on May. 19, 2009

  • I would say "Why don't you consider selling for so and so instead? I heard they're doing well in our economy and a lot of companies, no matter how wonderful, are hurting right now. People just can't afford $30 tubs of cookie dough." Truth is nice. Remember she'll be hitting you up to buy this overpriced dough.

    Answer by Anonymous at 1:53 PM on May. 19, 2009

  • I would give her your advice,wish her luck and be there for her in whatever she decide

    Answer by sweetest-sin7 at 4:38 AM on May. 20, 2009

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