Or should wait untill you get your personal bills paid down first?
2007-03-09 08:33:53 · 12 answers · asked by newmom05 2 in Business & Finance ➔ Small Business
Its just debt we are all in in. go for your dreams.
2007-03-09 08:36:58 · answer #1 · answered by kenneth S 2 · 1⤊ 2⤋
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2007-03-09 13:44:36 · answer #2 · answered by J D 3 · 0⤊ 0⤋
Many small businesses fail because they have inadequate capital and resources to start and run the business.
Unless you can find investors for your business, starting a business with no money and in debt will be very hard. It will be nearly impossible to get a business loan, even from the government or one of these small business lines of credits from the bank.
You may be able to swing it, but you have to choose a business where you don't need huge investments -- e.g. instead of starting a clothing store, start a service-type of business where the main expense is your time.
Starting a business takes a lot of planning and you don't want the distraction of collectors calling you up or thinking where to get the next payment for your credit card bills. I would suggest you get your financial situation in order first. Use this time to determine what you want to do, and start researching and getting information on how your dream business works.
I suggest you read the following books as well. Borrow them from your library or buy them from your favorite bookstore
- No Cash, No Fear: Entrepreneurial Secrets to Starting Any Business with No Money by Terry Allen
- Starting on a Shoestring: Building a Business Without a Bankroll by Arnold S. Goldstein
- The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything by Guy Kawasaki
2007-03-09 08:40:35 · answer #3 · answered by imisidro 7 · 0⤊ 0⤋
that's one of those double-edged sword questions, because you could get a business loan (but at a very high interest), but then you could help pay for your debts, but is the business a fool-proof plan or what? Talk to the people you owe to and see if there's some kind of a settlement you can come to with your bills. Do that, get a ball park of what you are worth and go from there.
2007-03-09 08:38:00 · answer #4 · answered by HappilyEverAfter 4 · 1⤊ 0⤋
You should work on you bill's if you are going to get a loan for you business, because your going to need at least good credit to build the business. But if you what to make money on the side to pay your bill's down like babysitting or dog walking go for it. In the mean time you can work on your business plan go to (bplan.com).
2007-03-09 08:53:56 · answer #5 · answered by LaVerne C 1 · 0⤊ 0⤋
Why pile new debt onto old debt?
When starting one's own business there will necessarily monetary outlay and you can count on no real profit for at least 5 yrs. You will need to also qualify for business loans and if you have have debt now your interest rate will much higher...so I'd clear up current debt first.
2007-03-09 08:37:56 · answer #6 · answered by sage seeker 7 · 0⤊ 1⤋
i think only about 1 in 4 small businesses make it passed the first couple years. it would be hard enough without starting out in debt to begin with...
2007-03-09 08:38:40 · answer #7 · answered by Misty 3 · 0⤊ 1⤋
You should wait until you pay your personal bills first. That would be the smart thing to do!
2007-03-09 08:36:59 · answer #8 · answered by poowoda715 2 · 0⤊ 0⤋
try paying most of your debt first then slowly start your working up to your dreams
2007-03-09 08:37:45 · answer #9 · answered by Zoe 1 · 1⤊ 0⤋
Starting a business without adequate capital is the quickest way to doom both the business and yourself to failure
2007-03-09 08:39:40 · answer #10 · answered by Michael W 3 · 0⤊ 0⤋
i would wait but that's just me, i would hate to bring more debt on top of more.
2007-03-09 08:38:21 · answer #11 · answered by Anonymous · 0⤊ 0⤋