I've failed

Legacy_user

Hi Guys,

Just thought id post on here and confess my sins as such.

Been a very very very bad boy for the last few days. Firstly, I have eaten out twice when I shouldnt really have, but thats nothing compared to....

Put £210 of PC parts on my cc @ 8%
Took out a £6000 business loan to buy out someone. Admittedly the business IS doing well and I already know what needs to be done to maintain it (Its a website of types) that I purchased. It should make me good money, ie 300 a month or so for the foreseeable future. I dunno, I just feel bad as the business isnt 100% gaurenteed. The parts, by the way, are for the server that runs this website.

Im just kinda scared that if I fail, its gonna cost me another £6000 in debt (or £6210 to be exact)

I have seen the books and they look good, but I cant stop worrying!!!

Am I mad?

Warriorsith

As Business states "You have to Speculate to Accumulate" . Am sure you've made a worthwhile decision.

southernscouser

Does the income cover the loan payments?

If not as long as you can afford to pay them if the business made no money then why not? Life is full or risks!

brranger

sounds reasonable to me.

Willsnarf1983

You never lose untill you QUIT!!!

oops_a_daisy

I think you are very brave to take on and to run your own business and can only wish you all the best - I hope it goes well for you

System

Thank you all for your kind words. I feel a bit more positive about it now. SS, thats the first thing I made sure, that the income per month would be at least equal to loan payment on a worst case scenario

Just got everything crossed

lynzpower

sounds fine, we all have to spend sometimes, as long as you can justify it you are still offically on the wagon

southernscouser

13000 wrote:

Thank you all for your kind words. I feel a bit more positive about it now. SS, thats the first thing I made sure, that the income per month would be at least equal to loan payment on a worst case scenario

Just got everything crossed

Well I've got everything crossed for you aswell! :beer:

Just remember to uncross everything when on the toilet though or it gets proper messy! :eek: :rotfl:

homersimpson_3

I dunno, I just feel bad as the business isnt 100% gaurenteed. The parts, by the way, are for the server that runs this website. Im just kinda scared that if I fail, its gonna cost me another £6000 in debt (or £6210 to be exact) I have seen the books and they look good, but I cant stop worrying!!!
Am I mad?

no you're not mad. the 6k for parts was not wasted but spent on something which has the potential to bring more in return but as with all businesses there's always a risk. just because you think the books are ok it doesn't mean they are- have they been checked by accountant- if not why not? as soon as this website makes money target that towards debt- don't spend it- so reduced asap