It's a good lesson, though. Build slowly. I never took out loans, but used my personal $$ to invest. Even so...over a 2.5 year period, there has been about $40k invested personally (from myself, Citizen Agency and now Hillary Hartley). T
On Thu, Aug 20, 2009 at 10:16 PM, Patrick Tanguay <[email protected] > wrote: > > To Alex's point about debt; bootstrap is certainly safer but in the > case of Workspace it wasn't dept, it was massive debt that did them > in. I don't know what the state of the debt was when Bill sold or when > they closed shop but if I remember correctly, the setup was in the > 180K range. (From memory, seen in an article on the wall at Workspace > (interview with Bill)) > > For Station C we did get a loan but it was a minute fraction of what > Workspace was facing. We managed to pay it back in less than a year > and a half, it was planned for four years. However, we've done all the > work, like most coworking spaces, for free. Workspace was a business > with employees (great ones but still an expense). Dept + salaries; > those are two big charges. > > If you can bootstrap, do. But small scale loans can help you work the > whole thing without dipping in your personal savings. SMALL scale > though. And try operating as long as possible as a hobby, get payed > help only when absolutely necessary and workable within budget. > > > Patrick > > > -- tara 'missrogue' hunt Book: The Whuffie Factor (http://www.thewhuffiefactor.com) Blog: HorsePigCow: Marketing Uncommon (http://horsepigcow.com) Twitter: http://www.twitter.com/missrogue phone: 514-679-2951 --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Coworking" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/coworking?hl=en -~----------~----~----~----~------~----~------~--~---
