Am currently a serving corp member, however, am not so much needed in my PPA ( Primary Place of Assignment) and i have a business plan that in mind of which i am very sure am going to make huge money from it but i don't have the capital to start
Have finally come to the conclusion with myself that am going to save up money during this my service year and start the business have am done serving.
However, because i have many friends that are able to borrow me this money and even many other areas that i know i can get this money from, my girlfriend was now advising to borrow and start the business but the fear of the unknown is holding back from borrowing.
What do you think i should do?
Borrowing from family and friend is also the of sourcing capital for small scale business, the fear your are having in your mind is form of risk taking in business. You need to make you are on the right business before taking the risk, all successful businesses are with calculated risk.
Borrowing Of Money For Business Is Never A Bad Idea It's All About The Type Of Business You Want To Start Which Will Yield Out Profits Not Loss. Again Borrow Which You Know You Can Meet Up The Time Given And Make Sure You Don't Borrow Often It It Be Once Or Twice Use It As An Investment For Sure It Will Help You Go A Long Way.
Borrowing money to start a business is not bad but it all depends on the urgency of the business and the type of business. if you don't want it very urgent, I advise that saving up money for the business is the best. before you borrow, make sure that the business you are going into is a very lucrative one otherwise you may not be able to payback that which you have borrowed.
Anyone who want to start a business must put in mind that there are risks in every business. Borrowing from family is a source of capital for small scale business. A potential business owner must consider the risk in the business.
You don't have to be scared since you have a good business plan and you are sure of the business ,take note: no business without risk,borrowing money is not a bad option ,set your goals and do it right.
Borrowing in a business is not bad as long as you promise to be consistent in the business. In fact its gonna make you put extra efforts in making the business boom once you know its not your money that's at stake, its someone else's own in your name,and as they say there is no business without risk....
Borrowing to start a business is not a bad idea depending on who you intend borrowing from. Some will give you a certain time to pay back, and if you don't meet up, it'll be a problem. I'll suggest you save up a little and borrow the remaining from a family member or a friend who understands what entrepreneurship is all about and wouldn't be in a hurry to be paid back incase you don't meet up with the specified payback time. Best of luck. In all, pray for God's guidance.
Borrowing money for business is not bad. But is depend on the Business you want to Establish on. Firstly, if we borrow money for business, that kind of business is not a something we can employ someone for. I didn't said to employ is not good. But we must also take of the business. So once we can do tuis, there is no problem for borrowing money for Business
To borrow money to start a business is not a bad idea depending on the type of business and also the arrangement between two parties when negotiating in the loan process should come to the agreement for the repayment to be made easy and effective.
I will not advice anyone to do so but I can advice someone that already has a business to borrow money and boost it up. This is because most times what we have on our head and calculated on our mind doesn't seems to be that way in reqlity. For instance what if you borrowed the money and you get stock in the business without even getting any profit ,will you go and borrow another money to pay for the first money you borrowed.
People forget to check both the giis and bad sides of things before finalizing a n their decision. Ifyou use your own money to start a business if for some long period you couldn't make profit or get the capital money back ,You will be indebted to yourself nobody else.
if that Is only way you can raise your capital then you can go for it, but you must always have it in mind whenever you are making sales that you have some people to settle once your business is successful.
Many, if not all, successful business owners borrowed money to start their businesses. You should count yourself lucky that you even have people to lend you money, and you also have the time to invest as you said you're not busy at your PPA. Therefore, you have no excuse not to start now, it's only fear of failure and procrastination that are holding you back. Just be sure it's a venture you have passion for so you can persevere in it when the going gets tough as it undoubtedly will at some point. I wish you all the best.
Borrowing money to start a business is not a bad thing, but the problem there is to no what kind of business u want to go into, what the business is all about, the does and don't of that business and the must importantly is to know the environment suitable for that kind of business..
My own advice for you is not to borrow money to start your business because if you borrow the money to start your business later the will be mocking you that if it is not them borrowed you money you won't make it.... So I will advice you to work very hard, God will help you.
Borrowing money to start a business I will say it good and bad,let me start with the good one when you borrow to start your business it gives you motivation but not drive to more,if you use your money to start the business there is kind of drived that you get,eager to grow ,expand in the business,the bad part of borrowing money is where the outcome of the business turns you down how do you want to pay back borrow from someone to pay debt no don't borrow to start up a business
Yes it is very good to borrow money if you have believe and you believe on the business you want to do you can be successful in this life because dangote also brown money to start up he's own business and is the richest man in Africa so if you have believe and you're strong enough to do what you want to do you can also be successful in this life
First of all, you don't burrow money to start a business because you feel it will bring you profits later. Unless you've calculated the loss and gain, do your check and balance and you see its worth it, then you're good to go.
Another thing is, never burrow money (loan) from the bank to start a business, I'm talking from experience. If you must burrow, do it with your family members, not even your friends.
I like your spirit, keep it up. Instead of waiting for white collar job, start something, no matter how small.
Borrowing of money Is not a bad idea, because Is a way you know you can easily get the amount of money you don't have, to start up something that will pay you so much to the extent you can pay back to the friend or an organization that you borrowed the money from
Borrowing to start a business is good and many entrepreneurs and investors do likewise. However it must be a long term load with little or no interest attached. So what ever you want to invest it on make sure you have studied the business very well.
Any body with the intention of starting a business must know that it involves profit and loss and borrowing money just to start up a business one must be extremely careful not to fall victim of capital liquidation to avoid had I known.
Borrowing money to a business is not necessarily a bad idea but it is very important to have a well constructed business plan. The reason why most businesses fail is because the business owners didn't think through every part of the business. If your plan business is solid then go for it.
It is good 👍 to borrow money to start a business only if you have a good business plan and you keep up to your business plan
If you want to run a big business company then you need to find a big manager to run the company if you inconsistent
before you borrow, make sure that the business you are going into is a very lucrative one otherwise you may not be able to payback that which you have borrowed.
Borrowing from friends and family, relations are sure ways of securing capital for a business of your choice, however make sure to discuss in details the repayment options and know also if such terms are comfortable, if not so, please don't start what you can't finish.
Don't even think of borrowing from loan Direct via fcmb, its an express route to have zero savings during the remainder of your service year.
Yes is a very good thing to borrow money t build up a business,but before you borrow the money for the bus sine make sure that it not a business that will ruin down without you paying back the money yo borrowed,so be very careful
Be very sure of the type and the cost to start the business you want to involved in before you borrow. Borrowing is not a bad idea, but dont involve in loan to start a business, its a bad idea, loan is good for business expansion.
It is adviseable to start a business first with your savings and watch it progress before injectig more capital. Starting with a loan in my opinion is not in your best interest. Be patient!
To borrow money from your friends or anybody is very risky, money have made too friends have a very big misunderstanding. If this money is giving to you and something happens a long the line. And you told your friend the money he gave you is missing, he will not listening to you or rather to anybody. Because money have a spirit. Borrowing money from a friend is still good. But the fear there is want you are not sure of yourself how to start it
Islamically, it's a good and fine thing to borrow money. But the question is that the money you are borrowing, is it going to be returned based on interest or it's non interest. If it is going to involve interest then it's not good but interest is not involved then you are good to go
since that's the best option available just borrow it from them and you will return it as soon as possible .
I don't see any big deal there cause it's better than doing prostitution or robbing.... Please do yourself good by borrowing to help you have a better future
The type of business someone is engaging in can influence the person borrowing money or not to establish a new business. But borrowing, especially from close friends or family members ain't a bad idea at all
Look for investors with like minds that even anything goes wrong you can run back to them. You can even get them involved, like your friends, they're the best you can even have as investors, your family members. You can borrow but I won't advice you to. It very dangerous.
Borrowing money to start a business isn't a bad idea but you have to consider the risk if it goes otherwise.
i will advise you to borrow money from your relatives considering the type of business you want to invest in,start from a small scale and eventually you will grow in it.
It depends on the business you wanna do, most of the business men in dis country borrow money from one plavp of other to start a business and they made it,it just that you have to be serious about it and pray to God
Borrowing money to start a business is a risk, it is better you start business with your own money tether than borrowing to start up a business, if eventually the business run down with the money you borrowed , how do you go about it, it is 50/50, but if you use your money on business that would be fine
I believe borrowing from friends and family is actually safer than borrowing from an outsider but nevertheless, borrowing is very risky.... You have to consider the type of business you are going into..how much risk is Involved..how much yield is involved before you start borrowing money
It's good to borrow money to start a business, but before starting the business u borrowed the money for there some things u need to put into consideration which are,
* did u have the knowledge of the business u want to start
* is it profitable
* have u ever had any experience on it
And so on. If you can put all this into consideration and you see you are capable, then you are good to go in the business
My dear, check how strong you are in some area of financial suitable when it comes to pay back bill and pls borrowing money to start up a business is not good at all but in the way round try to borrow from a rightfully person, remember ocultic money is not good for business especially when it comes to borrow from them be careful ' God will see you through
You have the full go ahead to borrow to start as long as you're sure your business plan is a multi million one .. A Rich Man once said take risks and don't be scared of the unknown
It’s not bad to borrow money in setting up a business, but it all depends on the business you hope to go into. The major thing in borrowing is the ability to pay back loan, before borrowing you should know so well about the business and how it will be able to generate enough funds for you to pay back.
Borrowing is not bad but dont let it be your first choice rather let it be your last resort. If at all you would borrow, let it be in small quantity that can easily be paid back and lend from someone you really trust.
It is never a good omen when the finance of a business is borrowed because you would be under pressure to pay back and most of the times these loans come with huge interest to be paid also and running a business has both good sides and bad sides, profits and losses.
its okay to borrow money to further something, maybe a business or anything that is already there. But borrowing money to start up something.. Bro its not a good idea, remember you're just starting ,don't lay the foundation of business on borrowing..
It isn't a bad idea,life is all about risk,just sit down and ask your self if it's worth it and if you're sure that after you borrow you'll be able to return.lastly what kind of business are venturing into ,is it profotable?
To borrow money to further something, maybe a business or anything that is already there. But borrowing money to start up something.. Bro its not a good idea, remember you're just starting ,don't lay the foundation of business on borrowing.
As much as you have some amount with you. You can borrow with it to reach the business of your choice. But don't borrow 💯 percent of the business money tho you must have some with you and borrow with it. You can borrow it.
No matter how lofty your business plan may be ,it not advisable to start a business with borrowing. You can start in a very small way and grow with time because he who goes borrowing goes sorrowing. Be wise .
You should take the risk to borrow the money if you can. But I'll advice you shouldn't and just wait for the right time when you have your own money. The opportunity will surely come again. To me, it's a taboo to borrow money to start a business. I'd rather start with the little I have or not start at all
It's not advisable to request loan for business but you can give it a trial if you're requeting loan from a source that they won't be give refund time condition so you can concetrate to save up your profit to pay for at your convenient time. Without this I will advice you don't request loan to start up a business