Going into Business Full Time

Going into business full time has it's pros and cons as you will see:-

Advantages

You can react to new developments as they arise.

If your business depends on a gap in the market or a new idea, time will be of the essence.

You can make your own decisions.

Disadvantages

If you decide to go into business full time you have a few options to help you over the early days:

Live off your spouse or partner's income
However, it can be hard to live off of one salary, if you've been running the household on two.

Use your savings
If you've been putting money aside for a rainy day, this could be it.

Ask yourself these questions:
If you have enough to cover your living expenses and fund your business?
For how long?
Will you have anything to fall back on if your business fails?

Get a loan
Banks will often help new businesses with a loan. However, they can be inflexible.

You may have to pay back the loan immediately if your business fails, and there will be expensive penalties if you don't make agreed repayments.

Use your home as capital
If you have capital in your house, you could use it as security. However this is risky, your house may drop in value, and if you cannot keep up repayments, you risk losing it.

Borrow money from family or friends
You can save a lot of money if your friends and family don't charge you interest.

But if your business doesn't work out, it could put a big strain on your relationship with them.

Other Topics

Have you got a good business idea?

Why Not Make Your Knowledge Sell ?

Is a Part Time Business better ?

Make Your 'Passion' sell

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