Personally there is no friendship when it comes to any kind of business. You need to let your friends know that you will not bring your friendship into your business. I have seen a woman who sells her products to husband.
How have you been able to avoid bad debt in business?
- Thread starter maventiger
- Start date
A woman selling to her husband might actually sounds funny but it might be necessary at a point. Most bad debts can be traced down to buying on credit from from friends and family members.
I was very surprised when I saw that but it made me to realise that there is no friendship or family when it comes to business. If you allow your family members to take your product for free, you will probably go into bad debt.
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It is very important to avoid debt in a new business because it's can cost one backwards in that because, that is why is very important to avoid giving out business in credit so that it will not affect the business.
Lolz, I don't see anything wrong with that but sometimes in serious circumstances that the husband need help and she doesn't offers might not be the best .. just that if you Fail some of your friends , they will consider you to be a heartless person.
Going into debt or taking a loan is my last resort in my business because I know the consequences of taking a loan so i normally prefer using my fund or doing crowd funding to get money for my business.
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Just like you said, taking loans for business can be very bad and it doesn't often end up well in some cases. The creditors will always be after you immediately the loan is due.
They actually did the whole thing in a friendly manner. On a normal basis the husband provides everything for her and I think she might have told her husband that if he needs anything from her business, he should buy it. They actually did everything with smile on their faces.
I don't see anything wrong with that because its a normal thing. You have to buy from the shop. The woman is wise because that is the only way the business can be maintained. If the woman's wasn't a seller the husband would have been buying most of these thing outside.
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Of course, her husband understood that it is a business and he happily paid for it. it was one of the things that made me to realise that people should not mix their businesses with family or friendship because it can ruin it.
The best approach to avoid bad debt in businesses is definitely by not taking loan to start up a business because that is one of the things that will start accumulating debt on your business if it is not really making profit for a start.
It is never that easy trying to avoid bad dept especially if it is going to be coming from your loyal customers but you should always have a way that it should not be able to affect the running cost.
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LoLz , I always understand that we shouldn't mixed business with pleasure. That's very important. Probably the same should also be applicable to farmily members as you said.
Running a successful business requires a lot of discipline and some sacrifice if you really want to become successful. You must learn how to separate pleasure from your business and by so doing you can be able to make some good profit on the long run.
So what of people that believes business is just about buying products and stored in their warehouse to sell for profit , do you think that people possessing this kind of mindset will not be successful in business ?
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that does not mean that you will not succeed in business but there are certain things you need to possess in order to retain your customers. What if you have a lot of customers as a business man and you do not know how to address them whenever they want to buy something from you. Do you think that they will continue coming?.
Ok I now understand , it is not just about starting a business but others things must be put into consideration to have a successful business. Thanks for sharing your thoughts.
Exactly, that is why it is always very important to go into business mentorship before venturing into a business. It is also very important for you to learn from people who have experience in businesses because there are certain things they need to tell you which you may not know ordinarily.
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Having a bad debt especially as a beginner you something that you should not try at all but even if you will want to go into it then you should at least have some form of insurance.
Ok I also understand , this is very important no matter what may happen. Anyway I wouldn't just want to go into a business without learning it from someone or getting in touch with people with experience. I know that is very important.
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