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Is it crazy to borrow money o start a business?
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Is it crazy to borrow money o start a business?
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>>1056057
For you? Yes.
>>
>>1056057
For you? No.
>>
If you want to spend your entire life paying it back before you can make profit then go ahead.

But you are signing up for alot of work.
>>
I am a Chef,

If I had the money to buy a Restaurant for my very own I could use that same money to just retire instead.

Why buy a business that I have to slave away at for the next 30 years ? Especially when most of them fail anyway.
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>>1056057
It's crazy to mortgage your house.

It's not crazy if you have it all figured out (worst case scenarios included).
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>>1056057

For you?
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Leverage may be a good choice ( you put, say, 40~50% of the money as capital and borrows the rest). The bank will understand that you care about the business because you're ooutting your neck on the line. And I can't stress this enough, borrow AS A COMPANY, not as a person. This way if everything goes down you file for bankruptcy and life goes on
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>>1056107

Banker here. We'll just require you to individually guarantee the loan thus if your company defaults we still come after you.

You really didn't think it would be that simple to do away with your personal liability, did you?
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It depends, sometimes it is other times it's not
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