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’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…