But if you have done a significant amount of market research, have a team in place, prospective customers, interested investors and experience, then the timing may be right even though you are carrying debt.
You should be as informed and prepared as possible to start this venture. Even if it doesnt work, you want to be able to say that you left nothing on the table and gave it your best shot by making the smartest decision at the time.
I hope you find this guidance helpful and good luck with your decision.
Ryan Himmel, CPA and registered securities analyst, is the founder and CEO of BIDaWIZ.com, a professional network for small businesses and entrepreneurs to obtain trusted advice and services from a team of CPAs, Enrolled Agents, Financial Planners & Tax Attorneys. His team provides answers to the many finance and tax questions that small businesses encounter every day. Ryan has been quoted in The Wall Street Journal, Forbes, Fox Business and Crain's New York, among other publications. Ryan also regularly contributes to the community with his finance and tax blog.