It’s a Small World, but Smaller if You Want to Work for Yourself
By eddie on Jan 15, 2008 in Finance
Six months ago, I decided to start researching what it would take to become a self-employed, full time contractor, running my own business. I would be able to work from home and I already have most of what I need and get an equipment lease for everything else. I discovered it would not be too hard in terms of taxes and setting up my business structure, but getting the small business loan to cover the extra expenses that I can’t pay for out of pocket would be much harder than I would like.
In fact, it wasn’t that I couldn’t get the small business loans that upset me, it was that I would probably be unable to pay them back as promptly as I would like so that I could start enjoying my business.
The money it costs to get the loans would hang over me for about four or five years, while I worked the entire time to ensure I made enough money to keep my business afloat. Eventually, if things didn’t work out, I would still owe that money and be all the poorer for it. In the end, I think I was too concerned by the risk a small business venture would require, so I decided against it.
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