I wanted to start my own private limited company and start hiring people. I asked my mom whether I should:
- Take a business loan from the bank
- Get a steady paying gig and save on the side for the funding box
- Start with the business using my own savings
I told my mom that I do have enough savings, but it is risky considering I have a family.
If I were to take a business loan which I believe I can commit to it, I would be happy. But I think I have to wait after the election (5th May 2013). But I do not like owing to the bank due to the interest.
So, my mom told me to go for Option 2. Find a steady paying gig whether job or client and save some money on the side specifically for the new business funding.
It might take awhile but I will be financially stable. And who knows I would love what I do.