Money to Meet Goals

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Money to Meet Goals

Postby Nell Taliercio on Sat Nov 17, 2007 6:49 pm

Here's the delema. I have goals that I want/need to meet in my business. I'm at a point where I don't want to wait a couple years to get these things done and the way I'm going now it'll take that long.

In order to meet my goals in a more timely fashion, I need money. A big chunck at once. I can bump up my income flowing in, in order to put that money back into the business...but not by the amount I need.

Ideally, I'd like to have $5,000 to invest in the business all at once so that I can get the projects I need to completed, done and launched this coming year.

I just don't know. I hardly hear of anyone in the WAHM world that takes out money (loans) for their business so it makes me wonder if I'm making a huge mistake should I get hubby on board with me, and take the money out.

Thoughts?
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Postby Mila on Sun Nov 18, 2007 5:32 am

For me, I treat my online business the same as I would an offline business and in offline business it's very common to borrow money to invest. The thing about being online is that there isn't a need to do that but it may take longer to build things up.

I don't see anything wrong with borrowing money as long as you have a solid plan and know how and when you're going to make it back.

Another way is to maybe think of a partnership where you may not need to invest so much. It means you make half the earnings but in the long run it all adds up.

I think the main thing is knowing and being sure exactly what you'll do with the money once you get it.
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Postby Audrey on Sun Nov 18, 2007 7:50 pm

Nell,

I started my business in 1983. I took out a $5000 loan. It was paid back in the first year. I worked morning, noon and night. I was going to earn that money back and I did.

So, I agree with Mila...if you have a plan, I say go for it. :)
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Postby barbararyan on Mon Nov 19, 2007 10:55 am

I agree, if you have a good plan and know exactly how you are going to be putting that money to use then there is no reason not to do it, if Hubby's on board. You already have a successful business so you know what you are doing and there is no doubt you'll make the money back ten-fold.
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Postby Vera on Mon Nov 26, 2007 1:24 am

Nell, also be sure to check out different banks for the loan, if you shop around you can get a lower interest rate also.

On another note, do make sure you have a solid plan.

I found that even the malls I was dealing with didn't think in the beginning that I needed a "big" store, they always wanted to shuffle me off to a smaller store because they didn't take my business seriously, mostly because they didn't have proof of my income in the beginning stages.

So be serious about your business and they will have no choice but fall in line with you.
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Postby KellyMcCausey on Wed Nov 28, 2007 10:48 pm

I don't like to see newbie business owners taking out loans - but a seasoned entrepreneur with a good plan can make good use of a small business loan.
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Postby suzeygal on Sun Dec 02, 2007 10:58 pm

I am definitely in agreement in that having a solid business plan is essential with any business start-up, especially when considering taking out a loan for business purposes.
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