I am leaving a job. Can I use the severance pay to start a business?
Basically, just as the title reads... I lost my job last week. I’ll be getting a decently sized severance package of >$25k. I have an idea that I’ve been kicking around for a few months now and I think this is the time to turn that idea into more than just that.
Anyway, what are the legalities I’d using money from another job/company to fund my own company?
The average cost of making and marketing a product is 1 million US dollars. Your severance cost can try a local business such as sticking mails in local mailboxes. Save the money and get another job. Basically, if you are over 35 and still have many ideas being kicked around, don't do anything. (I can prove to you).
The cost of doing business is the COST OF BEATING OTHERS. It is relative. It is always something enough to bankrupt an average family.
The fact you are asking tells me you might need a little more experience before risking the money. I suggest bank it and find another job ASAP. Not going to start a lucrative business with $25k. Remember you still have to pay rent.
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