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It is very easy for someone to work and get capital to start a business because you already have your plan the next is execution but if you don't have business idea and knowledge about the business plan even if the capital is there success may not be guaranteed.Securing the right idea or the technical know how of the business and defining the required tools needed to establish it. Capital is always sighted.
And that is the maor reason why most financial housese are very sceptical about giving loans to new start ups,this it due to the fact they have not actually run the business to see the profitability in the venture yet.This is the major issue with taking loans for business startup, you do not know how the business would go. You might not get the amount of profit you have hopped for at the beginning, what happens when things do not go as planned? You would start looking for ways to pay back.
That's just it, no one would want to put in their money or give out their money to someone or somewhere they are not sure of getting a return back. That is also why most loan apps have various levels where you might not be able to take loan of 100k and above until you get to a specific level.And that is the maor reason why most financial housese are very sceptical about giving loans to new start ups,this it due to the fact they have not actually run the business to see the profitability in the venture yet.
You are absolutely right that If you take a loan from any bank then you will have to take interest from it.But the biggest issue in our country is that if you want to take a loan, then you have to give security to the bank, without security, the bank does not give you a loan.starting a business with a loan is not advisable, cause it ties down the profit of a business, all the profit you get from selling will be used to pay back the loan, profits that is suppose to increase the business and also live on will now be directed back to paying loans, there's no way such business will grow, and the owner of the business self won't grow financially.
And the interest is crazily in the high side, If I could afford all that I wouldn't be taking loan in the first place, also starting a business in loan is definitely not a good start.One of the major challenges of starting a business with loan is the fear you have. Try not to start a business with loan because you will have to return it with interest.
The major challenges of starting a business with loan is to pay back in due time. Most times business take time before it gain stability and banks will not wait for that to happen. Trying to sustain the business and same time pay back loan and interest can be challenging.One of the major challenges of starting a business with loan is the fear you have. Try not to start a business with loan because you will have to return it with interest.
Yes. The fear of not being able to meet up with the repayment is enough challenge.One of the major challenges of starting a business with loan is the fear you have. Try not to start a business with loan because you will have to return it with interest.
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