BringTheFood
New Contributor
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- Feb 18, 2021
- 2
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I got a question for some people especially those who have had businesses fail and then continue to try again. A lot of businesses especially those with physical brick and mortar locations seem to require a LOT of money to start, money that most people dont have on hand and require getting loans. When that business fails which happens often especially to first timers, how are you not stuck paying off those huge debts the rest of your life and how do you even afford to be able to try again.
It always seemed to me like once youve failed once and are now stuck having to pay back all loans you took out for an extremely long time, youd never be able to afford to try to start another one. It feels like the thought of being in the hole for the rest of your life if it fails is a huge reason why many people dont attempt starting a business to begin with.
Im not too knowledgble about how all that works, so maybe theres some way of avoiding being personally in debt afterwards that im not aware of. Can someone shine some light on that?
It always seemed to me like once youve failed once and are now stuck having to pay back all loans you took out for an extremely long time, youd never be able to afford to try to start another one. It feels like the thought of being in the hole for the rest of your life if it fails is a huge reason why many people dont attempt starting a business to begin with.
Im not too knowledgble about how all that works, so maybe theres some way of avoiding being personally in debt afterwards that im not aware of. Can someone shine some light on that?
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