Wise Wednesdays - $50,000

If I gave you $50,000 to help start your business would you know what to do with it? Or would you spend it all only to realize you’ve made a mistake?

My experience is that many people want more money then they are prepared for. A case in point: I had a client ask for and receive $50,000 to finance a restaurant business. Within nine months they had to close their doors. Another of my clients asked for $40,000 but could only secure $10,000 for his high-tech company. His company today is thriving. He is now ready to secure a loan for a much higher sum.

Dream big. Start small. Think in increments.

Today the average start-up cost for new micro businesses is under $10,000.

Look around you and see what you can do before asking for more money. There is a saying, “you have everything you need to take the next step.” You may be surprised to find out that being resourceful and action oriented can go a long way.

Cheers,

Dominik