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.
One financial advice for those starting a new business
- Thread starter cherry123
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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.
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.
I agree with you, these three factors are very important for every business; staff, location, products.
Well, you should investigate and conduct research in a proper manner before you invest money. This is the advice I could give.
Definitely, it must be a risk that is very reasonable. Without that you may make lots of mistakes.
Cryptocurrency is risky but it is not bad in my own opinion. It depends on your level of knowledge and understanding.
My advice would be to get a fractional CFO. Their part-time financial expertise would help the business get guidance.
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I would advice someone that is starting a new business to always distinguish between personal funds and business funds.
The advise that I would give to someone starting a business is to avoid loans as much as possible.
