The most advisable is to save as much as possible, in order to start a business. If the money saved is not enough, you can seek help from family members or continue saving. In this way you can avoid in any way a commercial loan.
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Taking a loan to start up a business,especially a new one is not actually an ideal one.because the reality you meet on ground is very different from what you see on paper.When we started our business,though we had our own funds,the pressure was not there when it comes to rapayment of loans.We were less pressured and our time was used to develop other aspect of the business.I know how swashbuckling it is when we clear all our debts. But when fazed with too many debts, life becomes unbearable. Its never advisable to take loans when you got no genuine reasons for taking it. We are advised to take loans when we got clear reasons for it. To establish something profitable with it in the future. Cos the repayment interest is astronomical when we didn't make anything tangible from the loan we took. Instead of taking loans for your first business start up when you got no experience for what you are starting with. You should rather choose to save. Cos that loan borrowed might not drive you success as you proceed with your business initiative. You will force yourself into achieving two things at the same time.
* Making fast profit to repay the loan terms.
That might make you to take the risk you don't suppose to take. Which might ruin your chances of success. So it is better you start it up with the capital you raised on your own. Even if its in a small scale, you should start it up. Knowing that you are not repaying for any loans, rather you are working to balance your business and keep cash flow of the business steady.
That's true, the idea of of taking loan during our first business start up isn't nice at all, not ideal. The challenges that faze first business start might shake it off and make us not to record much profit to repay the loan at the agreed date of repayment. And it will become a burden to our business career.Taking a loan to start up a business,especially a new one is not actually an ideal one.because the reality you meet on ground is very different from what you see on paper.When we started our business,though we had our own funds,the pressure was not there when it comes to rapayment of loans.We were less pressured and our time was used to develop other aspect of the business.
Its just awesome now that you've cleared those debts that hindered you progressing. We all know that outstanding loans draws us backward, cos we be thinking over it more and more without craving better opportunity to earn money.Last year, I was facing such a great issue of paying back loans. It was just after graduating from campus where I used to take loans so irresponsibly. I was so dissapointed in myself because I only have online work as a source of income yet I had so many debts. Luckily, I found some offline tasks that paid me a huge amount which I used to pay the loan. Since then, I avoid unnecessary loans at all costs.
I once have that mindset of collecting loan last year most especially from bank that the money week be paid back gradually till its complete but I discovered that it don't silver my Problem.I know how swashbuckling it is when we clear all our debts. But when fazed with too many debts, life becomes unbearable. Its never advisable to take loans when you got no genuine reasons for taking it. We are advised to take loans when we got clear reasons for it. To establish something profitable with it in the future. Cos the repayment interest is astronomical when we didn't make anything tangible from the loan we took. Instead of taking loans for your first business start up when you got no experience for what you are starting with. You should rather choose to save. Cos that loan borrowed might not drive you success as you proceed with your business initiative. You will force yourself into achieving two things at the same time.
* Making fast profit to repay the loan terms.
That might make you to take the risk you don't suppose to take. Which might ruin your chances of success. So it is better you start it up with the capital you raised on your own. Even if its in a small scale, you should start it up. Knowing that you are not repaying for any loans, rather you are working to balance your business and keep cash flow of the business steady.
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