Taking a loan is generally better than giving away equity.
But, why do you need the money?
But, why do you need the money?
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Free registration at the forum removes this block.Go find the recent 'Profit" episode with the custom lighting company. Marcus touched on equipment purchases.I need to invest on heavy equipment and hire new designers for my business. Last time I inquired about the idea of getting investors, now I'm thinking about getting that loan myself.
There are many borrowing options for people who needs the money nowadays... I guess there really is a lot to go around.
One of the biggest steps we could make when deciding to grow our business is taking that much needed loan.
What is your point if view about this? If I finance my business by taking that loan instead of going for investors, would that be a better decision?
I'm also a loan agent by profession and I connect US businessmen to financers around US and Canada. I could even assist in helping some of the businessmen here in taking that funding that they need as long as they qualify.
I have observed several clients that I've had who took that much needed financial boost and are doing quite well in terms of paying back what they owe. I guess as long as your projections are right, then you wouldn't really have any problem.
I haven't really tried taking a loan myself altbough it is one of the things I am currently considering since having partners are quite complicated.
So which is better? Getting investors or that loan?
Lol one of my friends did it to get $10,000 to start his ecom company.is... is that legal? Sounds like a pretty cool hack
Apple store is an easy place to rack up a big bill with a few items.Lol one of my friends did it to get $10,000 to start his ecom company.
just make sure the store has a good return policy.
I don’t see why it would be illegal, the lender still gets paid back, and you Still took out credit.
I would not take a loan for starting a business for this reason: The only thing guaranteed with this security is that you will have to pay bank the money. So if something goes wrong with your business, which you must consider the possibility, you will have to pay it back anyways.
The upside: you don't need to split ownership of your company.
I know several people who have started a business on loaned money, that business didn't work out, and they were in a less than desirable financial state because of it.
While investors don't want to lose their money either, they are professional risk managers, and a skilled investor would not risk more than he or she could afford to lose.
On the other hand, there are several successful entrepreneurs that started their first big business on a loan.
Does it work out for the best? Sometimes it does. Sometimes it doesn't. When it doesn't, it's usually painful. For me, I would see a large loan as an foolish risk despite the fact that there may be a good return.
So it's up to you. It might work out well for you. It all depends on if you're willing to take that risk.
I know how Mark cuban feels about loan. I agree.
Credit cards with 0% APR for one year, if you need cash to put into the company buy stuff with the credit card and a little on a debit card.
then return the stuff and have them put the refund all on the debit card.
then take the cash and put it in your business account.
hope that helps some.
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