I suppose I’m the exception to the rule. I started my own business during COVID, and it’s going well. Tired as fuck, and not enough time for R&R, but it’s going well. I’m fortunate that I set up a really niche business with one real competitor established in this market in Canada – so there was room to disrupt. I also moved to Winnipeg to start up, where I can have a mortgage payment that is small enough to survive the first few years of business.
But I can’t imagine trying to start a business in Toronto or Vancouver unless you’re born into money. The risk of not being able to afford the cost of living is way too high. Nevermind trying to find a place to operate your business from…
I’m 26 and I’ve been running my own IT and computer repair business for 6 years out of commercial space. It’s rough and I’m not doing well financially. I’ve learned a lot though, so maybe being 65k in debt was worth it?
That’s harsh. But probably a fair lesson. Revenue streams are important, and debt snowballs if you don’t have enough revenue. It’s okay to take debt if it means growth at a rate that is faster than your interest rates. But you’ve really got to have a plan for that debt.
Three years in and our debt to earnings ratio is now very good, but the first few months after startup were really hairy, what with the capital on my house wagered…
I suppose I’m the exception to the rule. I started my own business during COVID, and it’s going well. Tired as fuck, and not enough time for R&R, but it’s going well. I’m fortunate that I set up a really niche business with one real competitor established in this market in Canada – so there was room to disrupt. I also moved to Winnipeg to start up, where I can have a mortgage payment that is small enough to survive the first few years of business.
But I can’t imagine trying to start a business in Toronto or Vancouver unless you’re born into money. The risk of not being able to afford the cost of living is way too high. Nevermind trying to find a place to operate your business from…
Now I’m kinda curious what this niche business is. No worries if sharing would risk doxing you though.
I’m on Lemmy with my real name, so self-doxxing ;)
Geophysical instruments – think ground penetrating radars and the like.
Suddenly, sales are up 15% and traffic to the company website is up 300%.
Haha, unlikely. Like I said, niche. :)
I’m 26 and I’ve been running my own IT and computer repair business for 6 years out of commercial space. It’s rough and I’m not doing well financially. I’ve learned a lot though, so maybe being 65k in debt was worth it?
That’s harsh. But probably a fair lesson. Revenue streams are important, and debt snowballs if you don’t have enough revenue. It’s okay to take debt if it means growth at a rate that is faster than your interest rates. But you’ve really got to have a plan for that debt.
Three years in and our debt to earnings ratio is now very good, but the first few months after startup were really hairy, what with the capital on my house wagered…