Don’t sink in debt when starting a business

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(Edited)

I have seen many people who started their business collecting money from different financial institutions and make use of the money to start up a business. To some they did prefer that but what is the essence of starting up a business and within a short period of time they close up.


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There are some businesses that one can do that doesn’t require much money or capital to start up and also starting a business with debt is not advisable because most or some of this borrowers will come for their money by month end and even some on daily basis.

When venturing into a business one can borrow the capital from family and friends because this kind of people are closer to you and can borrow you the money for a longer period than any other financial institutions.

Don’t sink in debt in the name of starting a business because at the end such business will crumble by time to sell the goods in your shop to pay back and even their could be high of which friends and family might not even collect interest.

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Thank you for this.
Many people run into businesses because they had an idea, saw prospects without really sitting to study the intricacies involved.
Financial sources could come from personal savings, soft loans, grants, investors, loans etc. All loans should have proper channels of repayment most especially outside of the business in focus which the outcome is yet unknown.
Thank you for this

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You are much welcome and thanks for buttressing more
Here is some !LUV and some !BEER for the weekend and !PGM

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If they have a good calculation and also business plan, getting some loan to start the business is not that bad, but doing it without any proper research can really be a big problem.

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Well said but I will still say that it is not advisable to take loan when starting a business because most of this bank’s loans they collect them every month and wonder which kind of business can one venture into that will make interest to be able to start paying. Thanks for your comment take some !BEER for the weekend and show some !LUV

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