One financial advice for those starting a new business

Chibson

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Though i wont even advice anyone to take loan at all no matter the level the business may be in, but it is even understandable for someone who already has an existing business to take loan compared to someone just starting out.
I don't see anything wrong with taking a loan provided you have enough knowledge of the business you are going into. Most of the successful businesses you see today started off with loans.
 
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eldavis

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I don't see anything wrong with taking a loan provided you have enough knowledge of the business you are going into. Most of the successful businesses you see today started off with loans.
Most started with loans i am very much aware of that, but not all end up successful. The fact is taking loan is risky, so before collecting a loan for a business startup, make sure you are very sure about what you are going into, and so have a backup plan. Cause there are cases where you might be successful in
starting up the business but along the line the business does not produce the required results within the given period of time.
 

Chibson

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Most started with loans i am very much aware of that, but not all end up successful. The fact is taking loan is risky, so before collecting a loan for a business startup, make sure you are very sure about what you are going into, and so have a backup plan. Cause there are cases where you might be successful in
starting up the business but along the line the business does not produce the required results within the given period of time.
I know, but if you are afraid of taking a loan you may not be successful in business. To succeed in business you must take some risks.
 

eldavis

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I know, but if you are afraid of taking a loan you may not be successful in business. To succeed in business you must take some risks.
True business and everything about life is all about taking risk, no doubt about that but that does not mean you should just take any risk that comes your way, there is something called calculated risk. If possible be sure of it before taking the risk and most importantly have backup plans, its called risk because we do not know the outcome, so always have something to fall back to.
 

Passiveearner

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What is that one financial advice that you would give to a new business owner. From me is that start small invest little capital and expand the business with more capital later. How about you?

Well, you should investigate and conduct research in a proper manner before you invest money. This is the advice I could give.
 

Starmix

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Don't overspend and don't use the income of your business. Deposit the net profit daily to bank. Cut nonsense expenditures. Observe discipline don't waste money.
 
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