What should I keep in mind if I plan to fund remodels, repairs, or other improvements?

If you are leasing a building and planning on making remodels, repairs, or improvements to it that would stay with the building after your lease ends, talk with your landlord before starting. When your lease ends, those improvements stay with the building, despite you leaving. As a result, you will lose those improvements’ benefits or financial value. You can lose a lot of money if you do not discuss with your landlord about the possibility of them paying for part, if not all, of the improvements. Plus, your landlord may not allow you to repair or remodel the building, especially if they feared those changes would decrease the building’s future rent value. Major improvement examples include installing a new heating and air conditioner, constructing walls to make smaller rooms, or adding a built-in bar. Talk with your landlord to see what they are willing to do before making any major changes to the building.

Do I need to invest money to start my business?

The answer to this question depends entirely on your type of business. For instance, if you already have computer and graphic design skills, you could technically sign up for free as a freelancer on various platforms and begin offering design services to customers without any advertising. In this case, the only real cost is the time spent on the projects themselves. Other types of businesses, such as a manufacturer, will require many initial investments in the form of a loan to set everything up and to acquire new customers. For loans, you will usually need to provide a cash down payment, ranging anywhere from 10-25% of the overall loan amount. In this case, you do need to invest money to start your business. The answer relies on what your business does, the capital needed to start, and the time it takes for your business to be profitable.