I do! I owned a traditional business before, with a physical warehouse and phone lines. That lasted a while but just couldn't compete because of high overhead. Now at 28, I have a real job during the day but slowly building a side business so I can work from home. Good thing I'm very sociable so I have a lot of friends to help me out with little things. That and my awesome wife of course LOL It's amazing to see how many things you need for a small business, from paperclips to computer network. I've been with the current company for about 6 years now. It's fun but I rather not spend my entire career here.Rodney said:You don't wanna know how many websites I have
I know for a fact that they are many!Rodney said:You don't wanna know how many websites I have
I personally believe that the credit card route is the best way of obtaining start-up cash. You can usually get your first 12 months with 0 APR as long as you pay the minimum balance. Hopefully after that your t-shirts will pay for themselves. The only risk is putting your credit score on the line if you cant pay after the 12 months/minimu balance during.ydargenson said:How do you all get money to get your business running for the first time??
Yep, definitely debatable In the example I provided, the equipment itself is tax deductable. You don't need to pay premium on insurance monthly. You still in the end lose a lot less, if at all, then borrowing $25k for a car, + maintenance and monthly expense. THere are many other example where good debt will generate even more money. A couple of years ago, real estate was also one of them. Someone spent $40k for a down payment of a house is now holding over 600k in equity, where someone spent $40k for a Corvette is now w/o a tax shelter, equity, and is paying for someone else's mortgage. Of course each case is completely different, and each person's perspective is completely different, but there are clear differences between "good debts" and "bad debts". You can never live completely debt free, so pick wisely.Comin'OutSwingin said:That's debatable.
Your equipment will also depreciate. And if your business goes under you now have a piece of equipment with a loan of 5k plus interest and your used equipment is now only worth 3K. Since most small businesses fail in their first year, it's still a risk, and one personally I just don't take.
People have their own preferences. I just don't borrow. I consider all debt as bad.