If I wanted to start a business, should I just work a normal job until I save enough to pay for what I would need for a start up? Or should I just try to find a good business loan and take on that risk that it might fail?

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Posted by Jenny Pham (MONEY FORUMS: 4, Answers: 0)
Asked on April 25, 2016 7:36 pm
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Hi! How exciting to contemplate starting a new business! There’s really no “right” answer to your question, but I’ll point out some of the considerations of each path and offer my personal opinion. Your decision will be partly affected by the kind of business you want to start. If you want to provide services that you can do at flexible times and on a part-time basis, you may be able to start your business while still working at your normal job. That’s truly the best way to do things if your business lends itself to that choice. It would be very demanding to put in the hours for a full-time job plus starting up your own business, but you’d be able to see if people were interested in paying for what you had to offer. As you own business grew, you might be able to move to part-time at your normal job and then eventually be on your own. To my thinking, this is the best option of all.

If the nature of your business isn’t conducive that that part-time path, then you’d have to make a decision on whether to quit your job or not. Your first potential path – to work a normal job until you save up enough to start your business – could work unless you need lots of start up cash. In that case, unless you have a very high-paying job and you live well below your means, it’s unlikely that you will be able to make enough money to live on and to save toward starting the business. Your dream may be delayed for a very long time while you save up.

If saving enough while working is unlikely to work, then it may be best to resign from your normal job and start your business, after doing all the planning you need to ahead of time including a business plan and trying to get start up capital from friends, family, or venture capitalists.

As you get ready to start your business, check out SBA.gov, SCORE, SBDC, college start-up incubators, the Chamber of Commerce, etc – any free help you can find – for starting up a business. Those resources are so helpful! What ever you decide, best wishes to you! I hope so much that you are able to start and succeed in your own venture.

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Posted by Kathryn Hauer (MONEY FORUMS: 0, Answers: 18)
Answered: April 27, 2016 4:49 pm
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Work a job and save everything to throw at the business. Most businesses can be started with very little capital. If you end up working a 9-5 for more than 2 years, you don't want to be an entrepreneur bad enough.
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Posted by Will Lipovsky (MONEY FORUMS: 0, Answers: 35)
Answered: April 27, 2016 4:46 pm
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Only morons start a business with a loan. – Mark Cuban

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Posted by Will Lipovsky (MONEY FORUMS: 0, Answers: 35)
Answered: April 27, 2016 4:46 pm