Alternative against taking business loan

[Oliver 20]

It's not a sound business plan to start your business with loan, it will make more sense if you getting the loan to boost your business, you can ask for help from friends and family or find a sponsor

 

[Spicywilfred]

There are businesses that can be done without capital at first except you want to expand. These business most times is about pay before delivery. You advertise your product then when orders come in customer pay u take out ur profit and deliver the product or services.

 

[Dowenship]

Alternative ..... You can do crowd funding, you can also work or do some little jobs to earn some capital although you have your business in mind but you need capital for it, working in an organisation is also an alternative...

 

[Setho]

Instead of taking a business loan, you can instead concentrate on saving for a long time, teaming up with friends, families and potential investor's in order to gather capital required to start the business.

 

[Kelly5]

Alternatives abound around you in taking a business loan. You can start from your family members and very close friends or associates. Avoid the bank at all costs please

 

[Jesuyemi 08]

If you are keen to start a business but have no starting capital, then there are some alternative options rather than taking out a business loan.
Firstly, have you considered starting off with a business that doesn’t require much capital that you could perhaps self fund? This will allow you to earn some money and then invest your earnings into the larger idea. Always my preferred option!
Secondly, think about taking on a business partner. There will be people out there who want to partner into a business but don’t have experience in business, but do have capital. Discuss an equal partnership. You can often find these people on message boards and forums. They will probably even bring their own set of skills to the table!
Lastly, if you are adamant on taking out a business loan, then consider purchasing an established business.
There are many sites where people list established businesses for sale, and if you can find one in the area you’re looking to work in, then this may be an option for you, because with an established business, you will be able to ask for accounts and be sure that the loan repayments would be covered before taking out the loan.

All your points are very powerful and most importantly educative. The third advice is useful to me because I am thinking of getting a loan to start a business I have not done before.

 

[Ehizzy1]

Taking a business loan can be very risky if the person business did not succeed the person might be at risk of repaying the loan

 

[Kingsley]

Are there really other means of obtaining business start up when one is financially handicap without accessing a loan. I think the only way is work hard to raise the money yourself or you can ask from shareholders and other close friends.

 

[Adebola]

There are lots of alternative to taking loan for business. One is personal savings. In a case where the savings can sum up to the needed amount then help from family and friends

 

[tyrim88]

A v good alternative is to be on ground first on the business and understand the terrian proper,because the reality is different from forcast,and when your source of revenue has been properly sorted out you can now go for expansion by presenting your proposal base on your revenue reality.

 

[nimzy]

Yes your suggestion is completely true for those who want to go into business without fund thou I sees it very difficult to go into business without fund thinking you could get a partner with with capital and low experience or even borrow from banks alot of banks always considered those whom they are lending their funds to.

 

[FreshKaz11]

If you are keen to start a business but have no starting capital, then there are some alternative options rather than taking out a business loan.
Firstly, have you considered starting off with a business that doesn’t require much capital that you could perhaps self fund? This will allow you to earn some money and then invest your earnings into the larger idea. Always my preferred option!
Secondly, think about taking on a business partner. There will be people out there who want to partner into a business but don’t have experience in business, but do have capital. Discuss an equal partnership. You can often find these people on message boards and forums. They will probably even bring their own set of skills to the table!
Lastly, if you are adamant on taking out a business loan, then consider purchasing an established business.
There are many sites where people list established businesses for sale, and if you can find one in the area you’re looking to work in, then this may be an option for you, because with an established business, you will be able to ask for accounts and be sure that the loan repayments would be covered before taking out the loan.

Is a good idea if one could get a loan to start up an established business, because the business is already going on well before the sudden down fall. So if one could handle that kind of business with the great idea he or she want to use in it I think he or she could pay back the loan when due.

 

[Richard92]

You have spoken well on the alternative of taking a business loan. I think that of starting a business with low capital will be a better one and looking for a partner to start a business with, since most business require a good capital to start, thanks for this idea.

That is the best idea starting a business with your own capital not matter howsmall the capital is but you will be satisfied that you are starting with your own money and not with a loan because loan with the high interest add more pressure on the business owner.

 

[Kelly5]

Also in trying to avoid taking a business loan, you can start to save up for that business from your personal savings. You can also go into some freelancing jobs for the moment to get you some money after a while too

 

[Setfragil]

The best alternatives against business loan is accepting grants from parents, friends and family. Money coming from these set of people can be accepted to establish a business without having your heart in your hands. Business loans especially when it comes from the bank is very risky in using for business that we are not sure of it success.

 

[Abigael]

I think that the best way to avoid taking a loan to start a business is by working offline in order to earn the money you need. This will reaquire patience as you may not be able to earn all the money you need in just a month's salary. But you can always venture into online work too so as to increase your earnings.

 

[Ayokex]

The alternative of taking a loan is very risky,I prefer to attach yourself with family and friends form a group or look for a business partner to enable you use a little capital at hand and combined with your partners they run your business successfully instead to go and take loan.

Some other best alternative way to raise a capital to start business other than loan are using personal savings, getting financial assistance from friends and family. Sometimes one can get a funding grant from either governmental or nongovernmental organizations.

 

[joy101]

I don't like taking a loan to start up a business the best alternative is to save capital to start up a business, instead of taking a loan to start a business.

 

[Good-Person]

I really do not advise anyone to take loans. What you can do is save small amounts of money and start a small business with small capital. Taking loans is always risky. Currently, I am unemployed and I really cannot think of borrowing money. So what I am doing is earning a small amount of money online and I reallu hope I will start my small business in the future. This way I will not be in need of taking loans.

 

[Bookwormlux]

The best alternative to taking loans is to seek help from close family members and friends who would be ever willing to support your business. They would help you avoid the stress of loans.