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re: Small business owners
Posted on 9/30/24 at 5:17 pm to Rendevoustavern
Posted on 9/30/24 at 5:17 pm to Rendevoustavern
quote:
Bought a start up business
What does that mean exactly?
0
Posted on 9/30/24 at 5:47 pm to foosball
Isn't Kumala giving new small businesses a startup loan so she can tax the shat out of them on the backend?
Posted on 9/30/24 at 6:43 pm to baldona
Most businesses require cash up front. You sound way too risk adverse.
Posted on 9/30/24 at 7:06 pm to Howyouluhdat
quote:
For the business owners in this thread , how did you fund the business initially to get it off the ground?
Initially, savings. Then taxable brokerage investments eligible for long term capital gains. Then, as business scaled beyond my ability to fund, my CPA arrange pitch meetings with clients potentially interested in hard money lending.
Then moved from hard $ lenders to equity based loans and bank financing.
The irony of banks and leverage in general - it's far easier to get (at scale) once you don't need it.
Posted on 9/30/24 at 7:39 pm to foosball
quote:
Would be interesting to hear some experiences. I have some ideas of what I could do but I know it’s a grind to get it off the ground
I began my own biz in ‘16 (ins agency)
Began another in ‘21. (Construction co)
Began another in’23 (HVAC)
Bought two large territories for a franchise in ‘24 (home design/remodel/show room)
Beginning an overseas adventure in ‘25 (Cajun/New Orleans restaurants in UK).
Sold the first biz for more money than I ever dreamed of, closing the second soon. I am a believer in small biz, investing in the communities and people, and giving people opportunities. The people who work for the businesses make more than they ever have, and have opportunities of ownership and wealth. Also, investing in small biz generates WAY more wealth than stocks/real estate in my opinion.
When I began the insurance agency, I worked nights and weekends at bars and restaurants to make ends meet. Super stressful, depended on my wife’s private school teacher salary to get us through. After 3 years, I hit my stride and business took off. Now, I’m using my own capital to fund other small businesses. They all won’t succeed, most likely, but I’m hoping that most make some money.
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