Alternative against taking business loan

[Immilash]

starting up a business without capitals is not easy, but there is a way out ,I am planning to start up a offline business,I gather my online earnings to raise a good capital,I think you should do that too, start with the little you have.

 

[CeeJase]

Banks think about solid and grounded income as one of the vital pointers in the capacity to take care of existing obligations. Entrepreneurs may experience issues getting an advance from a bank if the organization's working expenses exceed the cash that is entering the business.

Taking a bank loan is the last step for me to make use of when it comes to getting the capital I need to run my business. I'm more open to selling one of my assets like land to raise money.

 

[Theodarion]

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.

I must commend you for your input. I will just point out that when it comes to business, things can always go sideways. If you purchased an established business and for whatever reason the business stop making money then what happen next?

 

[Godspower]

Taking a business loan is not always advisable. There are other alternative means of raising money to start up a business like borrowing from friends or family members.

 

[Skysaint]

I personally would suggest you opt for some menial jobs both offline and online ones that you will get yourself involved in so that you can save up your required business capital, I think it's best that way

 

[Abigael]

starting up a business without capitals is not easy, but there is a way out ,I am planning to start up a offline business,I gather my online earnings to raise a good capital,I think you should do that too, start with the little you have.

Online earnings are truly a great source of capital to start up a business. I am sure that with consistency and a good plan, one can save up enough to start a business.

 

[Immilash]

Online earnings are truly a great source of capital to start up a business. I am sure that with consistency and a good plan, one can save up enough to start a business.

that's very true.your online earnings can be a great source of capital for a business.but not only that plan is always one of the greatest thing you need to bring in to your business.

 

[kayode10]

Grant from the government is another alternative to taking loans from the financial institution. The only problem is that you have to do well connected with the people who are closer to the government in order to receive the grants.

 

[Kingstone]

While many will not recommend taking loans to start up a business, some feel that it is also a good option. I don't like taking a loan to start up a business. The risk is just too high and I can only do that when I have alternatives to pay debst

 

[HayKay]

If you don't want to take a loan to start your business, you could source from family and friends or seek for angel investors.
There are platforms that can connect you to this investors and deals would be made there.

 

[Good-Person]

I think you can avoid taking business loans by taking business grants but it is obviously not an easy job to get a business grant, especially if you live in a low tier country. In my country, the government never gives business grants.

 

[Justin]

If you do not have funds, if you cannot build up capital by burrowing from from your friends and family, if your crowdfunding does not work, if you cannot find angel investors, there is no alternative to taking a business loan.

 

[Kaffyfolla]

. Startups often try to sell their services or products in a pre-sale, Side Business, Renting Out Your Home, Crowdfunding, Grants, Mergers and Acquisitions, Line of Credit, Home Equity Loan.

 

[Stnicholaz]

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.

There are lots of people who have the money and they are looking for business ideas and people they can partner with. It's much easy to get them if your idea is topnotch and you have the neccessary knowledge and skills to start the business.

 

[kinqzbitz]

Well one can take grants or solicit for help from family members and friends,so many people actually disagree with actually getting loan from the bank and so the person can try other ways

 

[Elfinito]

You can work as an employee for some time then you can save up capital to start up your own business or you can lease some property to get capital

 

[Justin]

You can sell your liquid assets, for example, gold, shares etc. to fund your business if you do not want to take a loan. You cna also sell your fixed asset to raise a capital.

 

[greenie]

There are alternatives if you know how to put your onions in the right food for a food spices. Depending on the kind of business you want to do, it will determine the capital you want to get inform of loan. You can sell your idea to people who can invest in that business and you will give them there commission instead of taking loan, you let someone buy into to the business, bur mind you tour business must be viable and attractive.

 

[Kaffyfolla]

A grant is financial assistance awarded by the federal, state, or local government. It is a specific amount of money given to an applicant who shows a promising chance of success.

Because grants are money being awarded rather than simply borrowed, they are much more competitive to receive. While they are difficult to acquire and oftentimes require specific circumstances, grants are incredibly valuable. If you’re pursuing a grant, government and SBA options are likely the most common but difficult routes to go.

 

[GoldenLady]

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.

Having a partner is good, but it can be highly disruptive for a start up especially if the partner does not have the best ideas and is only involved because of money. It depends on the individual though, so it's best to be on the lookout for red flags.