I just come from a middle class family.
Big ideas with not many friends; and lots of grubs watching that want me to fail.
We ALL are born naked and penniless!
Anyone who decides to have a go at controlling their financial future deserves
support.
you'll soon learn to ignore the knockers.
Some suggestion
Banks are the VERY BEST Business partners
(1) They don’t want to share your profit
(2) They don’t want a wage
(3) They don’t interfere in your business decisions
(4) They don’t want any of the increase in equity you build
They do want their interest on their capital paid.
Right now that’s not a lot
(1) it’s tax deductible
(2) you can claim depreciation on plant
So when your talking to a business banker your talking to a very strong
possible financial partner.
Money makes Money and banks have plenty of it.
Like any business partner they need to know you can
(1) service the loan —- pay it back
(2) have enough equity in your business to secure their investment so in a worst
case scenario they can come and get it
Understand That their due diligence in determining viability is just good business
you’ll be doing exactly the same when checking out Debtors With Credit checks.
It takes time
just like a first home loan
(1) You need to prove continued profitability
(2) You’ll need to develop a track record with any loans or overdrafts
Once you have this you will have a very strong partnership with pre approved
limits you can have sitting there to take advantage of business opportunities or
projects that seem out of your reach.
Go for it
It’s worth the effort for you AND your future employees!