146: Why You Shouldn’t Go Into Debt to Start a Business

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8+ y ago 5:48

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I heard recently that a friend of a friend wanted to start a product business and they planned to go in debt to start this business. I don’t recommend going into debt to start a business. A lot of people say you should, but I don’t think that you should. I don’t like owing people, I don’t like buying things I can’t afford, I don’t like living outside my means, and I’ve never operated my businesses that way. I've never operated my businesses with debt, and I don't think that you need to either. A lot of people assume if they want to start a business, they have to go into debt because they don’t have the equipment or the inventory. What’s better than going into debt for something is building up capital yourself, saving the money, and investing in your business.

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