Alternative against taking business loan

[Setho]

There are so many alternatives to taking loans that you can consider as a business person such as seeking for government support and going into a partnership.

 

[Ralphjoe]

If I am a medical doctor i think I'll get the money to start up my dream business, There are different works depending on what people are doing that can be profitable for people to raise money and start a business.

So that I can let see you go and not in any professional job that you are just someone that is struggling to even feed yourself as an individual don't you agree with me that if you are in this category of people there is no way that you will be able to gather up enough money for you to start up a very big big business of your choice.

 

[Jlife]

So that I can let see you go and not in any professional job that you are just someone that is struggling to even feed yourself as an individual don't you agree with me that if you are in this category of people there is no way that you will be able to gather up enough money for you to start up a very big big business of your choice.

I am not yet a medical doctor that is what I was trying to say but I was using it as an example because medical doctors may not be poor people ,at least the government take care of them and they will have some money to start up a business. Or maybe I didn't understand your post.

 

[Razor1911]

I am not yet a medical doctor that is what I was trying to say but I was using it as an example because medical doctors may not be poor people ,at least the government take care of them and they will have some money to start up a business. Or maybe I didn't understand your post.

And specially in this situation I think the doctors have worked really hard. The government should take note of this, and should provide a good incentive for them. I also donated some amount for the doctor's charity.

 

[Jlife]

And specially in this situation I think the doctors have worked really hard. The government should take note of this, and should provide a good incentive for them. I also donated some amount for the doctor's charity.

I don't know of any doctors charity organisation and this is the first time I'm hearing about it, sometimes the government here do not really know the function of our doctors that is why some of them migrate to the European country for better life.

 

[Razor1911]

I don't know of any doctors charity organisation and this is the first time I'm hearing about it, sometimes the government here do not really know the function of our doctors that is why some of them migrate to the European country for better life.

I mean the charities organised by the doctors. And I agree that the government should provide Full support to the doctors and nurses. In our country also there are many doctors who flew to other countries due to lack of care by the government.

 

[akinlolu99]

I will advise to rather go to friends family and tell them about the idea and you see the one that s will to invest into the business then go ahead because the sort of loan to start a business is not cool at all not because you are afraid i might no work but because a loan to start business give you a do or die mindset and when it does not go your way confusion could set in and then boom trouble

 

[Setho]

The alternatives will actually be to choose what exactly works for you. If it is a big business and then I think you should look for angel investors or partnerships and if it is a small business then you should consider grants and donations.

 

[delnovem]

It doesn't always have to result to obtaining loan before you can start up a business. Learn to always start with what you have or look for someone to join you in starting.

 

[Ralphjoe]

There are several ways to acquire capital for your business. Taking a loan should be the last resort after other options have failed. It would be better to save money rather than taking loans. If you can't save, you should take loans from family and friends and never from a bank.

The submission of yours really aligned with my thought on this subject as I really think that taking loan from banks is not the priority for anyone that want to obtain capital for his business startup. It should be the last option after one has exhausted all the other options.

 

[Good-Person]

The only alternative to not taking loans is to start small, as I suggested. Otherwise, you can borrow money from your parents or your siblings who would not mind if you lose money after investing in business. You can borrow spare money from them and see if they are willing to help you.

 

[Razor1911]

The only alternative to not taking loans is to start small, as I suggested. Otherwise, you can borrow money from your parents or your siblings who would not mind if you lose money after investing in business. You can borrow spare money from them and see if they are willing to help you.

But in some cases, for small businesses also you will need some money. Not everyone has the ability to start a business from scratch. I don't think taking loan is a bad idea at all, only thing is that you require a lot of planning and strategy.

 

[Jlife]

I mean the charities organised by the doctors. And I agree that the government should provide Full support to the doctors and nurses. In our country also there are many doctors who flew to other countries due to lack of care by the government.

I do not know which African country are you but here in Nigeria even a doctor that is working for the government are even looking for an opportunity to travel to a strange land that will favours them, because it seems the government do not know their value over here.

 

[gammarays]

I think there are practical alternatives to taking loans from financial institutions. You can save money for a long time and use the bulk money to start up your firm or you can dispose an available property that's worth the money you want.

 

[Thinker009]

I think in some countries the government usually give small businesses grants and they do programme concerning that , you could register on one of them and get the grant , the grants could help grow the business you are ready to build

 

[Senator]

We should try as much as possible to make it a point of duty to stay away from taking loans for your business no matter what happens. Alternative to this is planning on saving till you get to the level you can use to start something

Post automatically merged: Jul 24, 2021

The best alternative against taking a business loan is to use your personal savings to start that business of your dreams. You don't have to get the money now, you can start saving for it from now

 

[Razor1911]

I think in some countries the government usually give small businesses grants and they do programme concerning that , you could register on one of them and get the grant , the grants could help grow the business you are ready to build

In our country, government provide some subsidy in interest amount of loan. Get subsidy can be availed only on home loans and welfare loans. I don't think there are any scheme which provide subsidy for loans for any business. You have to pay full amount of interest.

 

[kayode10]

Friends and family is one of the way you can source business capital. But this is quite hard to come by in Nigeria. Those who have are not ready to give out just to Lord over you. And the government is not helping people in this regard.

 

[Lens]

I like the points that you raised but I do not suppress one. :Getting a partner" this is the greatest mistake I made in my life. The persom I partnered with has a negative motive and plans to take over my business. It's a Long story

 

[Agbalagbaa]

I would rather save to invest than taking loan maybe its because of my location. our loan interest rates are on the high side and not good for start up capital