Business Loan - To Purchase a Business

[Bantam Roosta]

I think it is important to be encouraging and positive.

Yes, I totally agree and like I said, I'm not having a go at you, I was just interested. I'm an employee working a job, so don't think I was having a laugh at your expense.

Your definition of a business is probably correct, but it is also a job in that you can't walk away and have cash coming in. I come from the Kiyosaki viewpoint that the only money you earn is through your own time and sweat, whereas the ideal situation is to be using other peoples time as leverage so that you spend less time and enjoy your cash.

Is a builder's business a job? Is an electrician's business just a job?

Depends on the situation. Is the electrician a sole trader? Then yes they have a job. If they have employees doing the work for them, then no, they have a business. Does the builder have to be there watching over every move? Probably not, at least I hope not, otherwise the business will probably go down pretty quick anyway.

BR

 

[The Y-man]

In my own mind, I like to classify a "true" business (probably not a good terminology) as one which you could technically walk away from, and it will chug along under it's own steam for a while (if not indefinitely).

The other type, I tend to refer as a "self-employment business".

I would assume that many (all?) "true" businesses have grown from being "self-employment" type ones.

Cheers,

The Y-man