2006-09-09 01:29:21 · 8 answers · asked by bradcarltonjeffers 3 in Business & Finance ➔ Small Business
If it will be your sole source of income, the answer is no. The reason is that it will take time to establish a client and customer base. If the business will be part-time while holding another job and then switching to the business full-time once established, the answer is yes. Having very few outside debts outside the business will make things a bit easier. Besides, it will be a chance to explore all the options and write a fantastic business plan and work out location problems.
2006-09-09 01:46:58 · answer #1 · answered by dawncs 7 · 0⤊ 0⤋
You can use the student loan money for anything you, but you should use it for education. Your return on education will almost certainly be better than a start up business.
You should also consider the fact that student loans have to be repaid and there is very little wiggle room. A business loan on the other has a certain default probability built into it. Go that route if you can. If you are worried that a bank won't give you cash for a great idea try a SBA loan. If that does not work, I would re-think the business plan.
2006-09-09 02:03:39 · answer #2 · answered by Fermat 4 · 0⤊ 0⤋
If your personal and business expenses are less than your income, you can DEFINATELY open your own business; however, you cannot rely on business income to pay the business and personal expenses. What I am saying is that until a business is operational and making money, it's a liability and not an asset. When the business turns a profit, it's an asset and you can get rid of your personal debts. Keep them seperate but think about them together. A business plan will help you determine if you can do both.
2006-09-09 01:45:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2006-09-09 03:32:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It depends, If you need a loan to start you business then those issues can hurt your credit score. However if you have the funds to start...like say an on line business then they will have no effect. I think you know what you want to do...try searching for a turnkey on line business that matches what you do. Or not...just one that interest you...then you can start generating some income. I read and learned quite a lot on mycreditadvise.com and it helped me and my wife start our own on line business.
Good Luck!
2006-09-09 02:13:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
ur from?
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what do u think?
2006-09-11 01:29:08 · answer #6 · answered by murthybcc 3 · 0⤊ 0⤋
yes, but its better to get a job first., so you have regualar income.
2006-09-09 01:31:22 · answer #7 · answered by chp 2 · 0⤊ 0⤋
Absolute recipe for failure.
2006-09-09 01:33:50 · answer #8 · answered by ed 7 · 0⤊ 0⤋