eLdavis
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How did you raise funds for your business startup?
- Thread starter eLdavis
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- Sep 25, 2023
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My business is done through franchising and my capital was from my savings. The franchise fee isn't so big. It's only $1, 400 USD. But I already gained ten fold since I started. My business is one year old this month.
Investing personal finance could be a far much better option in many cases. This is because borrowing loans could be risky. Moreover, you may also need to pay heavy interest as well. This could cause a lots of damage to your finance because banks charge very heavy interest, which should be avoided under all circumstances.
- Joined
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- Philippines
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We also cannot avoid applying for a loan to invest in a business but if possible, let us avoid it because the bank for example charges big in case of failure to pay in a single month. It is better to save first before deciding to start a business. Also, let us think about the right business. It is not good to jump to a conclusion because big capital is involved and money is easy to spend.
I'm saving money for my business. I don't like the idea of loans for business. So I have been putting aside funds for my business. I intend to start as soon as possible.
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I acquired my small business through franchising and used my savings for the franchisee fee advance 3 months of the rent of space in the mall and uniform for my two staff. I was thankful of my savings. It's not advisable to start a business through a loan.
This is why i have never taken any kind of loan from any bank. Getting a loan is a really big headache and I also hate interest. This is why I rely a lot on personal savings in order to make investments. i have invested in cryptocurrencies in the past and i never borrowed loans. So, saving money is the only option for me and other people as well.
I raised capital from obtaining a loan from my cooperative. The amount is not that big because we only need some renovations and some startup working capital. Since it's an eatery business we already have cooking equipment.
- Joined
- Sep 25, 2023
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That must be part of the planning before starting an investment to save more and as soon as the capital is sufficient, that is the time to start a business that suits the capital. It is not advisable to start a new business through a loan. You can not concentrate. Your concentration will be on the payment of your loan.
Applying for loan is something that I always hated. This is because you end up paying interest and I really, really hate it. I have always prioritised personal finance and saving money. This is because this does not put excessive pressure on me. When you borrow money, you are always under pressure, no matter what.
- Joined
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- Philippines
- D Bucks
- 💵5.631950
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It
It is good to finance your own business especially if a beginner entrepreneur. Applying for a bank loan is also inevitable, however, the bank interest and surcharges are above the neck.
Since banks charge a really huge amount of interest, this is why I never borrow any kind of money from such kind of institutes. I have been considering various other options. For example, borrowing an interest-free loan could also be a good option.
- Joined
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- Philippines
- D Bucks
- 💵5.631950
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- 100
I experienced a loan from the bank and I was so terrified because of the feedback from my friends. I wanted to experience and the amount was only P20,000 pesos pr $ 200 USD. At that time, I had a small business and that was bags and belts selling in the faculty office. That was among my businesses. I paid it in 3 months time and the bank was shocked. They cannot earn from me.
Where i am from new business owners get their business fundings from their rich parents or from bank, bost of the time they get it from those, but their are some who try to save and start very small business and grow it.
Actually I collected loan to start the business which am doing right now thou it's takes me alot of time and I pass through some stress to get the loan ,but now it's helping me to own a mini business offline
It isn't bad to take a loan to get your business running especially if that was the only option but it is always stressful
