I operated an internet cafe business from 2003 -2008. I setup computers and loaded a software program that charged users for the amount of time they spent using the computer.
I liked the business because I didnt have to answer to a boss, I set my own schedule, and the amount of money I made was only limited by how hard I worked and how much money I had to invest.
I used cash from another business I was running at the time to buy equipment for the internet cafe business. Business started doing well because the Idea was fairly new at the time and in the New York market competition was not that strong. I had to deal with two competitors but business was plentiful so we rarely crossed paths.
Business was good and in 2004 I had months where the business was bringing in $3,000 - $4000 a month. I wanted to expand the business so Bank of America , and Citi bank were sending me pre approved credit card offers. I made the choice to get approved and start using these credit cards to build the business. I was approved for $60,000 in credit.
I bought new computers, more software, and bill acceptors. Business picked up and I was making more money but I also had more work.
Things were going well until 2007-2008 and mysteriously businesses started closing. I had to go to locations every couple of weeks to pickup equipment. I was losing money and the credit card bills had to be paid. Things degraded to the point where I couldnt make the credit card payments.
I have learned many lessons about business and finances over the past 15 years. I would never again use credit primarily to build a business. I would only use cash to build a business. Some people would probably disagree with me and say if your responsible and disciplined you can use credit cards to your advantage. This is true, but I look at everything in terms of risk today.
I dont even use credit cards for personal items.
Today I am credit card debt free. The only debt I have is house, college loans, and car. Im currently working on getting rid of them all. I will feel so free when I have abosolutely no debt.
If you think this type of content is interesting, upvote, comment, and if you please resteem.