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Going For Broke

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We go for broke when we have 3 months of funding left and need to turn a profit. Actually, if you’re in this situation you signed up for broke awhile back. You just didn’t realize it until now.

We go for broke when we bet our reputation, mortgage our homes, and borrow money from all our family members to open our space. Do or die. The problem with going for broke is you usually get there.

Instead, I think you should save some money, build a runway, make a lot of connections, bring on some risk-keen partners, test the waters with your community, then put some of your money (as well as money from your partners) on the line for 12 to 24 months. This is your “go-for-broke money.” If you don’t turn a profit in that time, you’ll have learned a lot about what to do next time and you didn’t bet the farm.

If you’ve done things in this way, then it’s entirely okay to go for broke, just don’t hit up the ATM or pawn your wedding ring to extend your runway.

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