Getting a Business Loan Is A Terrible Idea
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- Опубліковано 7 тра 2022
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#businessplan #businessloans #businesstips #entrepreneurship #shorts
Better than getting a loan for college
You couldn't said it better
This comment>>>
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Oh lovely comment 😂😂😂got 25k loan for uni stuck right now with that paper work my uni gave me
💯
And they NEVER tell you what those 'other' businesses are! They never throw out a bone.
They will sell you a $5000 course to teach you though haha
@@max_rove bingo!
Its bs they make money on youtube
Best way to keep the competition away? Tell them what not to do, but leave out the specifics of what to do lol.
I don't think its a bad idea if you have a good funding strategy and sales plan. You can hire a grant writer with some of the loan money for example.
Starting a business with 0% funding with someone else’s money is a brilliant idea
EXACTLY 😂😂
Damn right I take a $50,000 loan .
If you believe in yourself & skills that you can make $100,000 salary for the then do it.
Stop wasting to time
I disagree because in life you have to take a risk unless you wanna be like everyone else
FORTUNE FAVORS THE BRAVE!!!
Take smart and calculated risk. Gamblers take risk too and most of them are losers.
@lukas bruce smart and calculated is still a gamble technically a risk is a risk regardless if its premeditated or not. At the end of the day you still never truly know how its going to go So you might as well take it with all the calculation and resources you can muster.
So how do you get a business to pay for your business?
I couldn't disagree more. Nothing wrong with getting a loan.
Starting a business with a loan is as dumb as it is dangerous ,no exceptions , don’t ever do that , I thought this was common sense, if you have to get a loan get a loan to GROW your business.
@@Felix2011y Explain
@@crazycreek667 you don’t go get a loan to start a business , you start a business and then you go get a loan to GROW your business, that’s what wealthy people do they go for bank loans once they have a business stablished and need growth
@@Felix2011y worked for me😂😂
@@crazycreek667 probably bad for some people, because thier business did succeed and they ended up owning money
I love blanket statements.
I hate that soo many gurus say it’s a bad idea…. If u know how to budget and know the business your going into then it’s a great idea plus the interest u pay on that loan is %100 tax deductible
The gurus are talking about first business loan, which mean the guys that are taking the loan have no experience.
Yup. I'm highly against consumer debt but investing into a startup can definitely be worth it.
get you a stable job, have built credit and relationship with the lender, get a business loan, invest in something people use every day like a car wash, atm, fast food. if there's no risk, there's no reward as I've always been told. idk I'm 21, and I'm trying, but I don't know, lol 😭🤦♂️
Most businesses you would get a loan for would already be in existence and already profitable. Leverage can be very useful in a situation where you’re buying a business already cash flow positive. Better to buy an already successful business then build that bigger. Much better alternative than to bootstrap a business since 90% of startups fail.
Totally agree. I have business. It doing well. Just looking to expand and upgrade a little
Online funded trading. Probably one of the best ideas
Not true, you obviously don't understand amortization.
If you are smart and have a business plan and correct budgets and market access, going to the bank is smart.
As long as you are acquiring assets for the business
Maybe for buying a business that works
I did not need a business loan when I opened my restaurant. 2.5 years later and I'm selling products in 200 other stores. And all the business loans they want weekly payments no way.crazy % rates . All scamers .
That's awesome Angie!
Source trust me bro
Stop bullshitting how else u got money to start then
Seems someone never read rich dad poor dad
Yep. Robert kiyosaki borrowed money for real estate portfolio or for his first business again?
Loved that book
Anyone who can fully furnish and hire staff in a rented (or bought) property for a restaurant on £100k is cutting some serious corners
still waiting for what those businesses are before your "passion" business starts
Although this is just a different way to look at things in regards to going to a bank.. there’s too many types of loans out here that don’t involve commercial banks to narrow in on just this way to look at things in regards to going to a bank.
Some of the wealthiest people in the world started their business with a loan. There is good debt and bad debt. And, also - not every business is a mom and pop shop type of idea. Real estate, Airbnb , my insurance agency - all almost guaranteed cash flow (if you know your industry) and debt could be the greatest idea because it also will give you major tax write offs and will help build the credit of the business. Wealthy people use loans, too. It’s so much better to use the banks money than your own.
No wealthy people started their business with a loan,
@@Felix2011y What? 😂😂😂😂 What world do you live in, dude?
@@luizalouyoga name just one publicly known wealthy person who got a loan to start a business .
@@Felix2011y I'll name 2: Gabrielle Chanel and Silvio Santos.
A loan can be a simple 500 bucks, dude. It's what gets you to start from where you are.
@@luizalouyoga no , Silvio Santos he worked his way up from being a hawker, never got a loan to START his business , keyword START ,there is a difference between starting with a loan and eventually getting a loan to grow your business, Gabrielle Chanel , did not get a loan to start a business, she had an initial support from Boy Capel that’s all, when we say a loan we mean resorting to bank or lending institutions which you will have to have a collateral, a deadline and have to pay an interest, a simple loan of couple bucks from a friend or family member is nothing. nice try though
I’m 16, I made around 20k my first year pressure washing and now I’m getting a lot of jobs for window tinting and I wanna get into window tinting company, I need a couple machines and I have already done a couple cars, would a loan help? The machines in total are around 3-5k
This is why you do this with an LLC and severely limit your liability.🤷🏼♂️
I agree 100% - it is a very bad idea and it is a recipe for failure
As is learning the skills to become successful. When you could of kept working your old job and saved, while waiting time. Point is know the exact system your creating and make sure it can start running as soon as the loan ignites the engine.
False
Yeah, but if you buy an existing business from somebody else, or you gotta look at is their numbers then that will tell you if you should buy that business
Ok, where do I get the funds for the money making business?
Okay so give an example then.
I have a few questions.
i wanna open an import business where i live there are none but high demand
if i get a business loan for 10k around that buy a the car for 4-8k register it in america and then flip it for around 15-20k but don’t pay off the loan for another six months to build credit
is this a smart idea so i’m not out 10k and don’t waste around 6 months of saving
also how do they work does the 10k go into my account?
is it cash?
is it a check?
To sum it up get some passive income coming in and use the profits to fund your business
What are some passive incomes I can create
Really useful business advice! How can small businesses do this too?
Easier said than done
I’m nineteen already started a bussiness looking for loan to boost it up what loan app should I apply for
I 100% DISAGREE! Business Credit & Funding is Changing LIVES.
This is still money you never had. Lost or win
Am I right in saying if you have business loan and you make a loss you can cease the business & the debt gets written off?
100% not true
youtube lets anyone with a mic to talk silly.
Is it a good idea if the loan you're looking for is less than 50k? If profitability is achievable why wouldn't you take on the debt?
Depends on te business model! I would prefer to prove it's profitable by testing first! This is all depending on if it's an online business where you sell knowledge obviously :)
Some of us are in the rat race and have trouble getting ahead. I think if it’s a business start up around $15k and you know how to budget and stay consistently around $4k-$5k per month year round I don’t see how that could be any worse than taking a loan out for college lol.
Just buy an existing business duh
Yeah but what if you get that loan invest 2%-10% in a life insurance policy now you have equity for life
I totally agree with you...
I want to open up a barber shop. And become a barber start small
It’s a terrible idea! It it doesn’t work, risk with life I guess
Bro its called tax free and if your business is good it’s absolutely fine. Its only bad to take loans when you’re bad with money.
Bad advice no one has truly become wealthy without debt unless its a lottery
what about a grant? i have started a ltd company to do videography and real estate
Bro, everybody disagreed with this dude😂
Agree 100 percent!
Can you give examples of these smarter businesses to build cash flow?
Online Businesses mostly! There are a lot of options out there and I know I biased because it's what we teach, but selling your knowledge online has proved to be extremely successful for us and our clients :)
I saw a business for sale recently in my area. A glazer and installer business;
- Fully staffed with management in place
- Annual turnover of £500k
- Annual profits of £49k
- Asking price; £120k
- Selling due to other business interests
A business loan for £120k over 5-years would be a £30k a year liability, while the annual profit is £49k.
So, you’re making £19k a year profit right off the bat.
@@steparko23 why wouldn't you just naturally spread the business loan longer to reduce the monthly financial commitment? Then let the profits build up.
Soooo.. before starting a business, you should start a business to start your business?
You got it!!!!!
This guy is all wrong he needs to watch more Robert kiyosaki
Wrong!!
Can we have a small list of these smarter buisness to start? I have a great opportunity to buy a restaurant that us doing ok for $120k I am it is turn key and there is a lease for $2500 / month I am trying to search for the best lending for this. Any suggestion would be greatly appreciated. Or anyone willing to loan the cash I am nore then happy to pay a little extra and make you some money 😊
ok, cool i agree with you, so whats the business that you say there are so many of that we can do without ever going to the bank???? come on now, lets make sense when we speak
So tell us what’s smarter then? This video hasn’t helped at all
and which
This country is funded on debt thats why the economy wotks the way it foes
O.s.f.i controls the banks , anything we conxjmers want is yoo high priced so wr have to loan
And where do alot of ppl go for loans , straight to the bank ,
Then rssentially we pay them intrest for "loaning it to us "
When in reality we shouls be able to buy alot of things while not going into sebt , but thongs are so expensive these days its impossible
So in reality without the consumers the whole system stops working
The rich use debt to get rich read rich dad poor dad
Media soldier
Don't blindly believe in books🤣😂😂
@@rohitsingha119 well simple I read that book cause it's a billionaires experience.so who should I listen to a billionaire or someone thats not
@@smooth1010 robert kiyosaki took loan on real estates, not for first damn business
@@TheBrucelei yeah you are right and it made him rich too But the thing is you have to know what you are using the loan for and how you are planning to use it
Robert K business had ups & down too. Some of his ventures filed for bankruptcy. My point is don't give up. We can always try again.
Most stupidest advice 😂😂, so where do you start with no money? Some people want to get out of a 9-5 but don’t have the capital.
Fully agreed, cost of capital during building cash flow is risky to maintain. Use grants, savings, investors then last will be loans
Zero elaboration here.... What are the easier ways bud?
Check out my channel for the long form content!! :)
Ok like what then?
Come back to Earth, man.
Use their money kitten
Not great financial advice
Horrible advice
wannabe guru
help me please 🤦
Any luck??
not yet i even sent a leeter to helpbnk
@@test2blessHave tried getting a grant ? It’s one of the best ways to get funding. I got 30,000 in grant funding and everything was done in a week.
I’ll advise you reach out to Nathaniel, he’s the one that helped me get a grant and he could also help you get a loan if you’re interested in that.
SbaNathan
Laughs in business credit 😭😭🤡
If u didn’t know rich people borrow money and get into more debt read rich dad poor dad
Easier said than done