Ok, so you’ve got a great business idea and you want to have a go. In fact, you’re prepared to risk it all for your shot at glory. Good on you! Fortune favours the brave and you certainly are that!
Now, you need to fund your idea. The bank isn’t keen – you are a start-up. You are pre-revenue so you can’t show serviceability at all, let alone on a consistent basis over a period of time.
Angels are hard to come by.
So, it’s down to your own resources and maybe family and friends. Whoa! Family and friends? Really? Is that a good idea?
Now, I know you’ve done enough research to convince yourself that you’re right. That this will work. You’ve spent hours on your business plan and you know so much more now than you did when you first started. Plus, you’ve got a great name and a great logo. People see it and they love it. What could possibly go wrong?
But just hit the pause button for a minute!
That’s what they all thought. All those small businesses that failed (for many and varied reasons).
So, do you want to take that risk? It’s one thing to risk your own hard-earned but what happens to your family relationships, to your friendships if something does go wrong? Do you need that sort of pressure?
My advice is this – if you are going to go there, go in with your eyes wide open. And make sure your family and friends do too. You truly are risking it ALL. Best of luck to you.