Should You Sell Your Property To Fund Your Business?

by birtanpublished on October 2, 2020

billionaire Mark Cuban says only a
morons get a loan to start a business
and I think there's some truth to that
that if you're starting a business if
you are getting a loan chances are maybe
you are not quite ready now if your tech
company you raise capital you're an idea
for attack I mean I don't see a problem
with that but borrowing money from a
bank to start a business personally I
don't like the idea I think it's a
little bit risky especially when you
don't have a lot of business experience
if this is your first business that
you're starting now after you have some
experience borrowing money from the
banks to buy a business an existing
business I think as an acquisition I
think that's a very smart way to do it
because you're using basically
commercial debt to they're very low
interest rate to grow your business to
start something once you have once he's
a big big but once you have a solid
understanding and how business works and
also have a solid track record that's
that's my take so in terms of your
property selling your property to put
into your business keep in mind if
you're referring to you this is your
primary residence that's what I'm
assuming if that's the case I think it's
also very risky because what if that
business doesn't work now you have a
business that's losing money plus now
you're putting your place your home and
risk then what happens if it doesn't
work there actually you'll be homeless
in my mind this is why in my book even
unlock it I talked about the wealth
triangle there are three steps to it the
first step is what I call high income
skills excuse up pays the bills
the second step is the scalable business
that's when you actually start a
business now any business is scalable
business then a third is high return
investments I think a safer smarter more
intelligent way to go is to actually
have the skills that produce income
first then take that money into starting
that business versus taking your primary
residence you take a mortgage out you
borrow money or
you sell one of your investments could
be stocks could be real estate than to
fund your business I don't think that's
a very smart way to go because if you
need to do that chances are there's a
lot of risk within this new business
that you're starting out there are the
ways that we can minimize the risk there
are many ways to do it right you can
even shadow under someone who has a
business like that just to see what that
is like think about the odds ninety-five
percent of small businesses fail in the
first five years it's a high percentage
so when you know when you risk something
that you already have betting on
something that chances are 9 out of 10
you will lose that is not a very smart
thing unless you know the industry very
very well you have a lot of business
skills that you are a very savvy
business person then use leverage
otherwise I am very much against that
idea that says my tick some say the hey
man you gotta take risk you got it you
got a mortgage your home you got to go
all-in I did that in my early years it
is very very difficult when you lose all
that money money that you didn't have
and I had to borrow money from family
and friends and lost all my mom's money
it's difficult so this is speaking me
dental office become from experience I
would not suggest you do that figure out
smaller waste to see what can you do to
use your skills develop some skill sets
to to make money first to generate an
income first if you want to get a copy
of my unlocking book you can click the
link below or some where here in the
book I talk a lot more about the wealth
triangle and what are some of the high
income skills that you could develop
what kind of scalable business that I
would recommend you can just get a copy
just pay shipping and handling and I
will send the book to you so go ahead
and click the link and get a book today

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