I know, it sounds like a terrible idea. One I swore I'd never resort to.
Is it as crazy as I think? What should I watch out for?
Thanks!
Is it as crazy as I think? What should I watch out for?
Thanks!
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In for the comments
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Stay proactiveComment
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I haven’t ever started my own business, but I would think most that do have to borrow money to get started. Just my thoughts. Best of luck in your new venture!Comment
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Depends on the business, how well you know it, how much traffic you're gonna get, and how much money there is to make. That's for starters. It also will depend on how committed you are to it and how well you manage it. I was a million it debt once, for a few months, but I knew I would come out on top and did. I did have a few anxious moments whenever I thought about, so I just kept working at it and tried not to think about the debt.
One thing. If it's a success and you don't do much more than make a good living, it still beats working for someone else. Go for it !Comment
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There hasn’t been a better time than now to go into business in many many years.
My opinion is this. What money you have saved and assests you own, do not margin those.
Get a business loan, which there are all sorts of small business grant government loans available.
Therefore in the sad event things go wrong, you default on the loan, BK the company and you personal assests aren’t touched, like your savings and Home etc.
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Have enough in savings that you don't need to draw a check for a couple years.
I hope it works out. Good luck!Comment
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I've started several business with my own and with borrowed money. I'd liquidate everything to pay back money that I owed. You just gave this man advice to borrow money and if things don't go well, bankrupt the company and screw his lenders. Anyone willing to do this shouldn't go into business. If a man borrows money, he should pay it back. Every time, regardless of how bad it hurts to do so.Originally posted by mikerosa View PostComment
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And how many banks are going to loan to a business without a personal guarantee from the signer? In the end, he may likely be in for the debt.
The smart play usually is to front all the cash and assets you can, and not take loans until the business is functioning on its own and paying its own bills. By then you're in the place to pay yourself back on the startup loans. And you save yourself feom accruing debt that you are ultimately liable for. Yes it's a gamble but that's the risk and reward of entrepreneurship.
Only if it was a sure fire, and i mean contracts signed, the work is starting but need up front capital, then risk getting a loan. In that case you know the money is coming, but only take what you need and can pay back immediately.
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I’m in with a no vote.
Just for the record.
What are the details?
Borrowing 10k is different than borrowing 10m.....Comment
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Do you have funding set up already? We found out even if you check all the boxes with your personal finances banks are stingy with a new business. It was 2 years with a lot of personal money invested and showing steady income before we started getting legitimate offers.Comment
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lots of hid cost will pop up. if you don't do it now you will regret it 15 years from now.Comment
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This is what very many successful small businesses have done. You are already taking a great risk. Good luck.Originally posted by mikerosa View PostComment
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