I used the search function to find threads already covered these questions but can't find any. Delete this post if it’s already been discussed. Sorry in advance.
Family funds
To get my business started I need some funds. There are several ways to get the money, but the fastest and cheapest is to lend it from my brother. However I’m in doubt about how to go about this the best way possible. Have you ever borrowed money from your family members to fund a business? What are your key take-aways? Should we formulate a contract beforehand?
The money will cover the price of machines for a service business.
Your experience with testing the market before investing?
I have a business idea. It’s not innovative but the service I will offer isn’t available in my geographical area. I know the business is viable other places.
What I tried so far:
- Leased the machines for a week to test the interest. (It’s not possible, because they strictly sell the machine)
- SEMrushed other businesses
- Pitching the business council in my geographical area
How can I minimize the risk factors even more?
Sorry if this is not relevant. Let me know, if you need more information. English are not my mother tongue and I hope it won’t cause misunderstandings.
Family funds
To get my business started I need some funds. There are several ways to get the money, but the fastest and cheapest is to lend it from my brother. However I’m in doubt about how to go about this the best way possible. Have you ever borrowed money from your family members to fund a business? What are your key take-aways? Should we formulate a contract beforehand?
The money will cover the price of machines for a service business.
Your experience with testing the market before investing?
I have a business idea. It’s not innovative but the service I will offer isn’t available in my geographical area. I know the business is viable other places.
What I tried so far:
- Leased the machines for a week to test the interest. (It’s not possible, because they strictly sell the machine)
- SEMrushed other businesses
- Pitching the business council in my geographical area
How can I minimize the risk factors even more?
Sorry if this is not relevant. Let me know, if you need more information. English are not my mother tongue and I hope it won’t cause misunderstandings.
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