With all the postings of people looking for money to start a business, I thought it would be nice if members shared their own quick stories on how they financed their first business.
I'll start us off:
After disusing options with my wife, I took a home equity line out for the full amount of equity in our house (can never have enough money and it is hard to go back to the well - get as much as you can the first time).
The plan was, I would try the business for two years and if it did not work out, we would sell our pay, pay off the first and second (equity) mortgage and start over.
I've been in business 2 years and have a $0 balance on the equity line.
If you are not ready to risk your own money, ask two questions:
1) is your business plan sound
2) why would other people risk their money on you
I work now from home, spend plenty of time with kids and have a little time left over to answer questions on line. Only problem is my boss is a jerk sometimes...
This was my "big" finance plan after being VP of Financial Planning for a public company and helping other companies raise funds.
I look forward to hearing from other members!
