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How is it possible to start a business if you have no money and skills, but have an idea?
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this post was submitted on 13 Jan 2024
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Caveat: depending on if you are getting a loan from a financial institution or taking private investment, they will either want collateral (if the business fails, we will sell your house to cover the debt) or will want a pretty big chunk of the equity (we'll take the risk that the business fails as we loose all our money, but in return we want to own 50+% of the business, have the final say on decisions, and take a good chunk of the profit if you are successful)
Unless its a low enough number that the bank would accept an unsecured personal loan application. The twist there is that interest rates on those are usually very high.