I have been considering going into business for myself. I don’t have any money; I’m actually in debt. I perform best in leadership roles.

How do you get a lender to give you the money to start a business?

  • chiefcryptodegen1@alien.topBEnglish
    1·
    10 months ago

    There’s a lot of risk in this question, and that’s ok, but make sure your downside is protected.

    Taking a loan from a bank is pretty structured and every bank has their own requirements - often though, you’ll need to put some* down yourself. If you don’t have that small 20-30% down payment (depending on rules wherever you apply), you’ll need to figure out how to finance that.

    However if you get the loan, and your business implodes, your personal record is torched. Don’t mess about with this stuff, it takes a lot to come back from it.

    Take it slow, start a small side business on the weekends and evenings and grow from there. I’ve seen people dive head first without a clue and regret it several years later

  • BenShon9@alien.topBEnglish
    1·
    10 months ago

    If you don’t have access to money then the best business to start is one which doesn’t require any external funding.