I wouldn't recommend borrowing money from friends or family to start a business.

[Moseschidera]

Personally, I wouldn't recommend borrowing money from friends or family to start a business. While it may seem like a good option to get initial funds, it inevitably risks damaging relationships if the business fails to make money or ends up failing altogether. Money issues are one of the leading causes of conflicts, even ending lifelong friendships. As someone who's seen this play out with people I know, it's just not worth putting personal relationships in jeopardy. If you must borrow, get investment from strangers you'll likely never see again through formal channels where expectations are clear. But ideally, only start a business once you've saved enough yourself as a cushion, through a side job or side hustles.

 

[Phavee]

I don’t think borrowing money from a family member to start up a business is a bad idea, family are meant to help each other through even if the business isn’t favorable at first encouragement and backup would help a long way.

 

[freelancermaria]

When it comes to borrowing money from family, it depends on the situation. Some families are happy to help without expecting anything in return, while others may lend you money but get upset if you do not repay them on time. If I ever need money to start a business, I would not borrow from my family. Instead, I would save up the money on my own.

 

[magnus2022]

Personally, I wouldn't recommend borrowing money from friends or family to start a business. While it may seem like a good option to get initial funds, it inevitably risks damaging relationships if the business fails to make money or ends up failing altogether. Money issues are one of the leading causes of conflicts, even ending lifelong friendships. As someone who's seen this play out with people I know, it's just not worth putting personal relationships in jeopardy. If you must borrow, get investment from strangers you'll likely never see again through formal channels where expectations are clear. But ideally, only start a business once you've saved enough yourself as a cushion, through a side job or side hustles.

It depends on the type of family you have. I have family that is self oriented and don't help each other. But there are some family that will not sleep peacefully when some of their relatives are passing through difficulty.

 

[eLdavis]

When it comes to starting a business, I would rather work under someone or get a side hustle to gather the money I need than going to borrow form anyone.

 

[aninditasen]

Personally, I wouldn't recommend borrowing money from friends or family to start a business. While it may seem like a good option to get initial funds, it inevitably risks damaging relationships if the business fails to make money or ends up failing altogether. Money issues are one of the leading causes of conflicts, even ending lifelong friendships. As someone who's seen this play out with people I know, it's just not worth putting personal relationships in jeopardy. If you must borrow, get investment from strangers you'll likely never see again through formal channels where expectations are clear. But ideally, only start a business once you've saved enough yourself as a cushion, through a side job or side hustles.

It's better to start a business from your savings or through a bank loan. It's just foolishness to believe strangers or relatives where business is concerned.

 

[Augusta]

Yeah but if that's just the best option you can still take it but be sure thzy you are careful when running the business. Try to make it work to avoid future issues

 

[Stardom22]

For me l would prefer the borrowing of money from the friends and family members to taking loans from the banks and micro finances.

 

[Augusta]

The good thing is that getting money from family and friends comes with little or no interest. So you would fare better with it

 

[Stardom22]

As far as l am concerned, l am not in the position to borrow some money to start businesses with for that matter.

 

[Augusta]

Well, it would depend on the kind of family members you have. Get from those that would never mock you in future

 

[Fidelia]

I enjoy borrowing money from family members because it doesn't come with any kind of pressures.

 

[Augusta]

Yes, getting from families don't coke with pressure but know the person motive not one that would want to co owned the business with you.

 

[Sanjeev]

I also won't recommend it because if the business fails, you have a loss, and you're not in a position to pay back the money, the relationship will be ruined. It's better not to happen and always take a loan from the bank.

 

[King Belieal]

I borrowed money from my mom to start my business. That was the only no pressure option that I had to raise capital.