Business Ideas

How to Start a Business Without a Loan

Embrace business loans for these five compelling reasons

You have a wonderful business idea. All you need is funds you are good to go. You tried getting am interest-free loan from friends and family and but you came up empty. You decide to find a way to raise funds with interest. Income from your business should be enough to repay the loan. Sounds like a good plan.

There is one challenge. You don’t know for sure that your plan will work. Many have borrowed money from friends and family but could not repay it. Borrowing with interest from a stranger is worse. They will come after you, unless you have another means of repaying the loan.

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Obtaining a loan to start a business when you have no way of knowing if the business can repay the loan is a common mistake many people make. It is gambling. You are exposing yourself financially based on assumptions.

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Starting a business could be a dream come true. Your business is a platform to give your gifts and make a difference. It can grow beyond your wildest imagination or fail. One common mistake we often make is to jump in head first without dipping in our toes first.

When you develop a product, you test it first before you mass produce. When you start a business, it is better to start small with what you have and test to confirm your business concept works before pumping in money.

After testing your idea and it works, you have the assurance based on actual data that if you expand production, you will generate enough income to repay the loan with interest.

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