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10-15-2007, 11:46 AM
I am just waying my options, but how many people here have started there haunt with "ONLY" credit cards?
I am looking at needing at least a $100,000.00 to start my haunt.
My next question would be, how many people recomend the use of credit cards to start a business?
10-15-2007, 12:22 PM
There are a few reasons why I would not recommend it. First is for the reason that most businesses fail - cash flow and cash on hand. Beyond the startup costs that you already know about, what about all of the ones you have not thought about that will come up unexpectedly?
Second, like most businesses you should not expect to make a profit for 2-3 years. Do you really want to carry credit card debt for the long-term? There are other personal financing options out there that would carry much better rates.
10-15-2007, 12:29 PM
I agree with Barry, don't do the credit card thing. If you end up doing the credit card thing and fail, they your credit score just went down the grave. Here lies albatross he gave it his all.
I recommend finding a financial backer or something like that. Thats what I'm looking into.
10-15-2007, 12:39 PM
Thanks for the reply guys. It was just something that I was looking at.
I hope to figure out something soon.
10-15-2007, 04:33 PM
I started mine with CC but i started real small. $5,000 budget. I ended up paying it off out of pocket. We gradually grew and after year 5 we finnaly made a profit. Now we can expand like we originally wanted.
Try for a Small Business loan.
Or get some financial backers
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