Taking Out a Loan to Start a Business

Depends who is providing the loan, a bank or your family?

 

Remember that you need to repay that loan and 10,000 is a big chunk of change when no money is coming in.

 

I know I already mentioned this, but if you join a community and or group on prosper.com, he may be able to find financing for his busineses. I see a lot of people on prosper that take out loans for growing their business and starting new ones.. it's all about the sale presentation that you can write up

 

Thanks for the advice! I'm going to look into that prosper.com thing..

 

STAY AWAY from Prosper.com It's the spawn of Satan. Go with family or a bank or SBA.

 

You also might want to think about incorporating your business so you're protected in case of legal action. But before you get even that far your number one thing should be to make a solid business plan. Write down what your business is, identify your customers and expenses and then do a breakdown of your costs for running your business for six months. If you are planning on renting retail space or hiring employees this part is critical because you should find out what it will cost for you to open your business and run it until you have a steady stream of customers.

Good luck!

 

I think this will help you http://onlineunsecuredbusinessloan.blogspot.com/ see this blog here is lots of Idias to how you can get cheap business loans and with easy repayment.

Cheers
Aryan
http://badcreditunsecuredpersonalloansuk.blogspot.com/

 

whatever your heart says, DO IT! because there are millions of people thinking what you are thinking right now! so before it is too late ACT now...

 

I totally agree with this one.

To add: I would personally not jump from having no paid workers to several full-time staff members in one go. That seems like to big a jump to me. If you do get a loan, start by using that to do quality promotion, then, if the revenue justifies this investment, you can start paying some of your staff. And if they are volunteers now, why not just give them a share of the profit (when there is profit) instead of some wage.

 

I think this question is dependent on the type of business you are referring to.

 

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Dee