/biz/ - Business and Finance

Have you posted about this before? It sounds familiar.

First of all, you shouldn't have taken a risky venture with money you couldn't afford to lose. And 5k of debt isn't that bad as long as you have a job. What you should have done was start your business on the side while working a regular job and have it support you before leaving that job.

Whenever you are in debt, you should treat it as an emergency and pay it off as fast as you can. Get someone you know to help, since they will probably not charge you interest or ruin your credit.

>>1041

the money I put in was money I could afford to lose, however, I made the mistake of holding out hoping we would sell our product, instead of calling it quits the minute I started to go under, I held on hoping for a good turnout that wasn't guaranteed. I was so stuck on success as I had put so much time and effort into it I didn't want to let that go at cost of going under.

I'm not sure I know anyone who has 5k they can loan out, what are my options as far as consolidation despite having no income the last year. I am willing to lose some money longterm over interest.

>>1042

can't you just shut the business down, get a normie job and pay off that debt? if you're saying you can't find a job i call bullshit, there are minimum wage jobs everywhere you can use to start paying down that debt before interest eats you alive. Tell your interviewer you need to make money to pay back a loan you took on a business venture, they'll probably be impressed you went above and beyond the average. Bankruptcy is always a choice as well.

Don't be ashamed of failure, every successful businessman has failed many times over before they found their niche. Learn from your mistakes and try not to repeat them your next attempt, after enough effort you'll be pretty damn good.

>>1042

It doesn't have to be 5k at once. The idea is that you pay the bank quickly and instead negotiate with someone that doesn't charge interest.

>>1043

I don't think the bank is going to let OP declare bankruptcy. If OP is the typical channer, IOW, young, single, male, lives with parents, is reasonably healthy, has no children, etc; then there's no way the bank is going to let him go bankrupt. Not for 5k.

>>1043

business is already shut down, and im actually making MUCH more contracting with primenow and uber than i would on minimum wage, but its not completely stable.

I actually made $200 Sunday night

Biggest issue im noticing is panic, the stress over the last year has worn my nerves really thin, I made this thread when I panicked when I saw I only had one day of prime scheduled next week and was panicking i wasn't going to make ends meet, then when I actually got some work in it turns out I will be just fine, after only one nights work (its still tuesday and I can drive tonight, tomorrow, work thur, and through the weekend)

All the uncertainty of the business really got to me it seems, not sure how to get my head back on right again