Should I collect loan to start a business?
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Connect with like-minded individuals, ask questions, share ideas, and participate in discussions on a variety of topics.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Getting a loan to start a business is not bad idea as have viable business ideas but were not able to fund it so they had to get a loan after which their business worked and over time the business grew into a multi-million dollar business, so getting a loan for a viable business idea is good but thaRead more
Getting a loan to start a business is not bad idea as have viable business ideas but were not able to fund it so they had to get a loan after which their business worked and over time the business grew into a multi-million dollar business, so getting a loan for a viable business idea is good but that should be if you’re not able to raise enough capital for the business as paying debt is always not nice
See lessThe source of your money does not really matter in any business because the main purpose of collecting a loan is to fund your business. But what you have to be careful with is how you manage the money you collected as a loan because only a personal money you cannot miss manage it at all, this is becRead more
The source of your money does not really matter in any business because the main purpose of collecting a loan is to fund your business.
See lessBut what you have to be careful with is how you manage the money you collected as a loan because only a personal money you cannot miss manage it at all, this is because the interest of the money keeps increasing and you have to make sure you have a lot of profit in no time so that you pay back
Personally I believe that if you have a very good business idea in mind and you are sure of the fact that it is going to be executed well and there is it going to be a desirable result at the end of the day then you can go ahead and collect a loan to start the business. The one thing that you must bRead more
Personally I believe that if you have a very good business idea in mind and you are sure of the fact that it is going to be executed well and there is it going to be a desirable result at the end of the day then you can go ahead and collect a loan to start the business.
The one thing that you must be sure of is the fact that the business is a well planned and it is properly executed because any failure will mean not just mean you lose the business but additional debts on you
See lessIf you're asking whether to collect a loan to start a business in Nigeria, the honest answer is only if you have a clear plan, low-risk model, and guaranteed income stream—not vibes and hope. Let me break it down like this: When collecting a loan makes sense: You already tested the business idea (e.Read more
If you’re asking whether to collect a loan to start a business in Nigeria, the honest answer is only if you have a clear plan, low-risk model, and guaranteed income stream—not vibes and hope.
Let me break it down like this:
When collecting a loan makes sense:
You already tested the business idea (e.g., selling thrift wears online with small profits).
You’ve had consistent sales but need funds to scale.
You have real customers, not just hype.
You’ve done the maths and know exactly how you’ll repay (with backup plan).When collecting a loan is a bad idea:
You’re starting from scratch with no experience.
You want to “try something” because others are doing it.
You’re jobless and want quick income (you’ll just stress yourself more).
You plan to use all the loan to set up shop or buy fancy equipment without testing market first.
A guy in Warri borrowed ₦500k to open a barbing salon in an area where there were already 4. He used most of it to decorate and buy expensive clippers. Business started slow, repayment started quick. He ended up selling his clippers to settle debt.
Better route? Start small with your own money, test and grow. Only borrow when demand is bigger than your capacity to serve it. If you must borrow, try family first or cooperative societies with low interest.
Na business, no be show. Think with your head, not pressure.
See less