The Marketing Agency Talk

Was talking with a fellow account servicing executive over lunch and she said:

“I don’t have the money to start a business. I don’t want to take a loan, the compounded interests will take away all the profits I will ever make from my business”.

Really?

It’s almost like saying it takes money to make money. You don’t believe that it does, go ask Donald Trump. He was down with USD935 millions of debt but he was up and running with billions of bucks within 2 years. But then again, not many of us have brains and eyes like Donald Trump to see opportunities where none could be seen.

Still, that shouldn’t stop us from starting our own business. Sure, you can stay put and collect your weekly wage or monthly salary but that’s linear income. There’s no limit to how much you can earn if you are running your own show. Usually a small start-up doesn’t take lots of money. Your own saving plus holding out the hat to loved ones can usually fix the problem. Unless you have an ambitious plan or your loved ones have their own financial commitments, personal loans might not be adequate. You might have to consider Plan B.

Robert Kiyosaki said there are good debts and bad debts. Good debts are those that bring you more money eventually. If you have written your business plan, see a bright future, just suck it in and check out whether getting a loan is a feasible option.

Before getting a loan, whether you are opting for a fixed or variable loan, long or short term loans, you need to know the basics before you get started. When you understand the basic do’s and don’ts of loans, then you will be better equipped to find the best loan for your needs. You should also check out banks, finance companies and even online lenders for the best deals. The more you know, the better it is. However, if you are in an unfortunate situation where you have poor credit, all is not loss yet. Gather your financial reports as best as you can and ask the financial folks if a debt consolidation loan could be an answer.

Unless you are not interested to be your own boss, stop using “no money” as an excuse.

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