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re: Starting Your Own Business: Early questions
Posted on 1/14/14 at 3:55 pm to BugAC
Posted on 1/14/14 at 3:55 pm to BugAC
quote:
I have a good job right now, but I am risk averse.
Starting your own business will be riskier than being employed. Because you hold the most risk and have the most to lose.
quote:
What did you do, right at the beginning, for money? I have a good job right now, but I am risk averse. I would like to one day start up a brewery, but the biggest question i initially have in my mind is, "How do I pay myself before i even start making money? What replaces the loss of a steady paycheck?"
If you are willing to give away ownership, you can take on partners. I know we have talked about this idea and I have a few wealthy people who have shown serious interest in giving capital up front for ownership. I want to start with brewpub because I can pay that off myself and not give away ownership. My plan is to have at least 6 months living in my bank account and I'd expect to not get paid for a while. Especially in brewing where your cash cycle is so long.
You have to pay for grains and such, brew,ferment, age, then sell. If you are selling to a distributor, expect another month before you are getting paid after delivering the goods. That means you are gonna have a 2.5 month period where you have paid for goods but aren't getting paid for your production.
quote:
Does some of the loan money go towards paying yourself?
With little to no "professional" experience it's going to be damn near impossible for you to get any type of loan. Some may take a chance on ownership because there is more reward for the risk taken. While getting a loan would be ideal, I doubt you will find even a small business loan and if you do, they would likely only give you 60% of what you need to get business running.
This post was edited on 1/14/14 at 4:04 pm
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