If that is really possible, it would be a better option because when you take loan to start a new business, it may crash for loan repayment because it is not really easy.
Alternative against taking business loan
- Thread starter Doradorwa
- Start date
I quite understand that in some aspect of business , you dont have a choice than to take a loan in order to start something , but you need to explore your options and then choose from a wide range of options .
Instead of taking loan to start a business that you are not sure of, start with the little you have. make great plans with the little profit that is generated. If you are dedicated and discipline, with time that business will exceedingly succeed.
If you are very sure of the business, then taking load for it is not bad.
If you are very sure of the business, then taking load for it is not bad.
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Saving up your business fund is the best alternative way of taking of taking loan for start up business , you can also either do crowd funding where your family and friends can support you with money .
crowdfunding is one of the best ways of raising money for your business but a lot of people are very sceptical these days because of the high rate of scam. Scammers can use crowdfunding to get money from people.
There is a negative to every aspect. However, crowdfunding is better than borrowing or taking loans from financial institutions who would definitely charge high interest rates.
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Taking a business loan I don't really support the idea of taking a loan to start up a business, because is good to take loan but paying back can be a problem that is why any about loan I don't really like it, I love to save than to take loan.
if you are able to do crowdfunding successfully for your business then that is very good for you but sometimes it does not really work for some people. It is actually much better than taking a loan or borrowing from Friends.
A business person could also look for a business grant from organizations that help businesses. You could even choose to conduct a business if the government tends to offer subsidy for that particular business.
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This is a very good point. There are lots of grants by several organizations and philanthropists to aid businesses. You could also benefit from grants and aid by government or international organizations.
But in general , most of these grants are difficult to secure that is why it may not be a reliable way of acquiring a business capital . For me I rather look for a way to raise money if I am interested to establish my business quicker.
Actually starting a small business that can be self funded is a much better alternative for taking out loans to start a business. starting small with time the business will grow and reached the level you wanted it to be.
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It could have been very good If you can make the cut of being favoured with the government grant , but most of the grant are diverted to the rich who normally doesn't need it.
Every business need money to thrive. A lot big companies today we're able to attain great height because they are owners have to expand and produce quality product. The biggest company today is not own by smartest business man. Money is needed in business. I, however, will not advice anybody to borrow loan from loan company to start business. You can applied for government empowerment program. They do give out loan.
There are better alternative than taking a loan to start a business if you can't raise the business capital by yourself. You may consider having a business partner. This is a good way of sourcing for business capital order than starting on credit. There are some people called angel investors. These are usually wealthy personalities who have what it takes to finance any business but do not have the business idea. They are always ready to finance as long as you have a very good business plan.
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Voluntary donation by people could also be a way that could help you secured a capital to start up your required business but getting people to raise money for you is not really easy except you partner with a certain organisation that deals with things like this.
Starting your business with your own fund is the best way to start a business , and If you don't have enough money to start , then crowdfunding is another good way of getting money needed for your business.
It is true that there are so many factors that need to be put in place before you can take a loan and there are so many things that the bank will look out for before you can be given advance. If you do not meet up the criteria , the loan will not be granted.
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That is one of the reason i would not like to go into business with a loan,you might be under pressure to meet up some of your loan obligations and that can affect your business growth.
Crowd funding is the only solution I know against taking business and secondly you can get money from cooperative societies which doesn't need you to pay any increment .
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