Post
Topic
Board Economics
Re: Act as a Business Consultant and Provide Counsel on this Issue
by
P2PECS
on 23/04/2023, 13:45:12 UTC
Should she go ahead with the business, since she said it is serving as a side hustle or should she not even venture into it considering that she has no experience and even though she may be able to pay off the debt from her main job, her lack of experience may cause the business to fail ?

Of course she shouldn't. In other words, she wants to do it backwards from the way it should be done. She does not know the market and has no financing, so the most likely scenario is the busines won't work. On top of that, if you say that she has debts, although you don't specify, I imagine that they will be consumer debts. If she came to ask me for money, I wouldn't give her a penny.

Business, even if it is a side hustle, should be done in reverse. Do them on something that you not only know very well, but that you are passionate about, and if possible start with very little capital from your own pocket and little by little as the business is running you grow more and more.