Augusta
VIP Contributor
it is often stated not to start a business with a loan but sometimes you can't help it but to get a loan to start the business when you have no other options.
When you do this, all you should do is to try to manage the business so that you can readily pay off the loan while you continue with the business.
So what are the workable tips to use to manage a business started on loan.
Don't invest all the money into the business at once. You are just starting out, it will be good to start a step at a time. So use some percentage and leave the rest for further use.
Don't think of getting another loan immediately. Concentrate on the previous one to build on it.
Keep your expenses as low as possible. if you can reduce your bills to the barest minimum.
Start making your repayment as when due to show commitment. This will help with your loan reduction.
Add yours
When you do this, all you should do is to try to manage the business so that you can readily pay off the loan while you continue with the business.
So what are the workable tips to use to manage a business started on loan.
Don't invest all the money into the business at once. You are just starting out, it will be good to start a step at a time. So use some percentage and leave the rest for further use.
Don't think of getting another loan immediately. Concentrate on the previous one to build on it.
Keep your expenses as low as possible. if you can reduce your bills to the barest minimum.
Start making your repayment as when due to show commitment. This will help with your loan reduction.
Add yours