Here's the short version; Today I was given an opportunity to become a 50/50 partner in an auto repair shop. My dream has always been to have my own shop, but now that I have the chance I'm not sure about leaving the security of a steady job. I'm looking for advice on this situation because I know a lot of you have been in my position before.
The long version; I have a steady job working at the welding shop in town building utility trailers. The pay isn't too amazing, but the work is easy and my employers are really good people. My wife has a stable corporate job and is our "primary bread winner" which has allowed me the flexibility to pick a job that I enjoy at the expense of making more money doing something else. Today a friend of mine whom I have done some work on the side with before came to me today with an interesting proposition: go into business with him and open our own repair shop. He has been working in this field for a while and built up a really impressive list of contacts. He has a business model drawn up and it looks pretty good. Between the two of us, we have all the tools and knowledge we should need. The only thing we are lacking is the shop itself, but there are a few old garages in the area for lease. My dream has always been to have my own shop, but leaving the security of a steady job is intimidating to say the least. However, I'm not yet 30 and I have no children or mortgage to worry about so there really isn't anything holding me back.
What are some pro's and con's of this sort of thing that I am missing?
Words of both caution and encouragement are welcome.
Thanks in advance for your insight!