Should I Start a Business Despite Heavy Personal Debt?
Opinions expressed by Entrepreneur contributors are their own.The answer to your question really depends on your specific situation and how much research and preparation you have already done to determine the viability of the venture. If you simply just have an idea that you believe will work, but you lack the data or experience that would bear it out, then you are not ready to launch. There are many elements that go into starting a business and execution plays a significant role in the success or failure of the venture.
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 doesn’t 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.