Finance What do I do when all goes wrong?

Nanaado1997

New member
As entrepreneurs, many of us toy with the idea of collecting loans from banks, individuals or any other organization we think could give us. Put yourself in a situation whereby you are in dire need of funds for your business as a result of it not growing up over time. After much struggles and pleading you finally got the funding you sought. When getting the loans for your business you hadn't any collateral and then..all of a sudden everything flopped. The business drained the loaned funds and there's nothing to show for it. The time when you should repay the loans is,fast approaching but still nothing seems to be improving. What do you do
 

Jonaville

Active member
Honestly, it can be hard to cope when times like this rears its ugly head. Some people end discouraged and dejected, they feel like they are a failure and before we know it, depression has set in. One thing that helps is by relying on trusted family and friends. They can get us through those hard times.
 

btaliat

VIP Contributor
Life is not a bed of roses. There are times when plans don't work as planned. We don't need to stress ourselves other than to just look back to see where the mistake occurred, learn from it and learn on how to do it better. If we can't do it all by ourselves, it is not a bad thing to cry for help.
 

Good luck

Verified member
It is possible to have some challenges in some cases in one's life because life is up and down.You can continue enjoying luxury of life without have one difficulties once in a while especially when it comes to doing business.One can try to secure a loan that will not have much interest rate on it to boost one business for some time.
 

AfriPeeps Official

Active member
When such situations arises, the first solution that comes to mind is getting another loan from another source to sort the existing ones, but I am telling you, that is not the best solution. The best solution is to approach the loan company and explain everything to them then request for loan term extension. You can search online for an official way of writing such letters.
 

Bashbash

Active member
When things go wrong you can obtain a loan or look for help from family or friends ,so that you can sort out all problems but if you don't get help you have to take loan to bounce back,and think about the business very well and look for ideas before starting all over again.
 

kayode10

VIP Contributor
The easiest things for most people is to give up when things don't go their way in the business. To be very honest this is not the best way out. You are going to lose valuable chances to learn new things from your business failure. the best thing is to take a break from the business and figure things out. You can seek the advice of an expert in this aspect.
 

Abigael

Valued Contributor
Such an happening can really be stressful. The time comes to pay back a loan yet the business is starting to go bankrupt and you don't know where to get money to pay back the loan. The first thing to do is to control your emotions during this time. Hard thing to do but best because they can make you fail even more. Having a relaxed mind will at least enable you to identify where the problem is and find solutions for it. Or get alternative sources of income to pay back the loan.
 

dollarAngel

New member
I've been through this, and yes, this is very depressing. But what I did was I paused and found some other opportunities to earn and pay my debts first. And slowly, I moved forward, and when I was finally debt-free. I slowly recovered my business and reassessed an excellent chance to still profit from it.
 
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