What is the best way to finance your business?

Kingmaker Society Business Forums Accounting and Finance What is the best way to finance your business?

This topic contains 2 replies, has 3 voices, and was last updated by  Candice C. 4 days, 6 hours ago.

  • Post
    Anthony Pistole
    Participant

    I am new at this and this will be my first venture trying to start a business so I’m number of options All of these would require me to have some form of financing . Is it better for me to save up and use my own funding as an independent lender or should I try looking into my banks options? Any options you guys have would be greatly appreciated.

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  • Replies
    Joel Slatis
    Keymaster

    I’m a firm believer in having your own resources and staying out of debt. The truth is, you always have to pay the debt one way or another. There’s never a time when you just get something for free. For instance, if you were to borrow, you’d need to secure the loan with a personal signature. Unless you’ve got a track record and lots of resources, you’re not going to get financing without it.

    Now, if you’re 100% sure you can make money with your business, you could decide strategically to take a loan in the interest of getting things going more quickly, but that would be a bet you’d need to be willing to take. If the business fails, you’ll still owe someone and you won’t have any income so you’ll be paying out of pocket.

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    Candice C.
    Participant

    I think it depends on what you’re doing. Are you able to save up enough money in a reasonable amount of time to try what you’re doing? Is taking a loan required in order to run your business? Lots of businesses need loads in order to operate. I think it really depends on knowing more about your specific financial situation to be able to answer that question, as the answer depends entirely on what your doing.

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