Should You Use Your Personal Money to Fund Your Business?
Hooray for you! You have a new business, probably your first, and probably the one you’ve dreamt of having for a long time. There’s a lot you need to spend on, like the registration paperwork, equipment, materials, marketing—not to mention the paycheques of your new team. Where are you going to get the money for all of that? It probably won’t take you two seconds to say, “The bank”—but whose account will you be using? Your own, or the business’? Now you might say, “Well, since I own the business, the business account would be mine, as well. So I might as well use my own money, right?” Wrong. Why personal funding is the wrong funding for your business Before we talk about how business loans and other forms of funding for an enterprise like yours would be a much bette...