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When do you think would be the best time to get a loan for a business? Loans sometimes comes with high interest, when do we go for a loan for your businesses?
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In my case, I will not apply for a loan. The interest is so scary. I might spend sleepless nights thinking of the monthly payment that may seem forever. I can stick to my small business small but selleable.
My experience has been in running a business several times, so that we can recognize when the right time is for us to need a loan, firstly when the business cannot meet consumer demand because the stock of goods is limited, so we need capital to increase investors or stocks. This often happens during the business season or holiday season.
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Personally I would not want to go for a loan though. If it is something I can avoid I would prefer doing that. The best time to apply for a loan would probably be when you have a strong customer based for your business.