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Should I take loan for my startup business?

Moseschidera

Moseschidera

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I would say only take one if you truly believe in your idea. Although it's risky, a small business loan can payoff if your product really fills a need that customers are waiting for. The key is to have an extremely well thought out plan for how you will use the money to get your startup going as well as how you will pay back the loan on time even if things don't grow as fast as hoped.
Make sure to build in some buffer room in your forecasts just in case of minor issues. Having the funding can help you hit the ground running to build momentum. But only do it if the potential rewards outweigh the risks for you based on thorough research first.
 
If I start a business, I will not opt for a loan as it poses a risk that I am unwilling to undertake. The implications of obtaining a loan may become a major issue, particularly if the business does not succeed. Therefore, it is essential to evaluate all financial options before making a decision.
 
If anyone asks me this, my answer would also be no. I don't think it is advisable to startup a business with loan. If anything goes wrong, you will simply be on debt.
 
If you have a solid business plan, if you believe that you can become successful, if you have plan B to pay your loan, you shouldn't be afraid of getting a loan for your business. You need a solid repayment plan
 
Am not against taking loan If you take loan this can help boast your business but the issue is will you be able to manage the business and pay back the loan on time? So I think if you have an asset you can sell it use the money to start the business rather than collecting loan
 
Moseschidera said:
I would say only take one if you truly believe in your idea. Although it's risky, a small business loan can payoff if your product really fills a need that customers are waiting for. The key is to have an extremely well thought out plan for how you will use the money to get your startup going as well as how you will pay back the loan on time even if things don't grow as fast as hoped.
Make sure to build in some buffer room in your forecasts just in case of minor issues. Having the funding can help you hit the ground running to build momentum. But only do it if the potential rewards outweigh the risks for you based on thorough research first.
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It's not bad to take a loan to start business as long as one can properly manage the fund and make sure it goes all to the business operations.
 
pinway said:
It's not bad to take a loan to start business as long as one can properly manage the fund and make sure it goes all to the business operations.
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Am not saying its bad to take a line to start any business but you need to know that every one knowledge varies you can succeed with it while others may really go things wrong at least allow your business to have foundation before you take a loan it's not proper for new start up to engage with loan
 
pinway said:
It's not bad to take a loan to start business as long as one can properly manage the fund and make sure it goes all to the business operations.
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You are right, with proper management one can make good use of his or her loan. But remember, startup businesses face a lot of challenges that sometimes has nothing to do with money management.
 
Moseschidera said:
You are right, with proper management one can make good use of his or her loan. But remember, startup businesses face a lot of challenges that sometimes has nothing to do with money management.
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If you can read my previous post you will see that I specify that it's not all individuals that can manage and access the loan the way you think everybody are not the same loan is good but you need to manage it properly or else you will go into debt
 
freelancermaria said:
If I start a business, I will not opt for a loan as it poses a risk that I am unwilling to undertake. The implications of obtaining a loan may become a major issue, particularly if the business does not succeed. Therefore, it is essential to evaluate all financial options before making a decision.
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You are right, taking a loan to start a new business is hard, starting a new business by its own have a huge risk, and managing that risk needs hard work and good money.
 
Kirubel said:
You are right, taking a loan to start a new business is hard, starting a new business by its own have a huge risk, and managing that risk needs hard work and good money.
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Well, running a business no matter how small comes with a risk or risks we just have to choose the risks we have to carry out and it should be a calculated one
 
Augusta said:
Well, running a business no matter how small comes with a risk or risks we just have to choose the risks we have to carry out and it should be a calculated one
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You are right, we should know that every business have risks and we need to accept that and work on how to handle the risk amd minimize the lose.
 
Kirubel said:
You are right, we should know that every business have risks and we need to accept that and work on how to handle the risk amd minimize the lose.
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Yeah. Risks comes with different businesses we need to run. So you choose yours wisely. Be sure it would be a rewarding risk.
 
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