When should you take out a loan to start or grow your business?
A loan gives you the opportunity to use “other people’s money” to boost your business.
It’s called ‘leverage.’
And it’s a financing strategy that many successful businesses use.
But business loans are like fire.
They can help you, but they can also hurt you.
It all depends on how well you know how to use it.
Some entrepreneurs have used loans to build bigger and more successful businesses.
But some others have been burned.
Some businesses are burdened by unpaid debts that continue to cause shame and embarrassment for the owners.
Some entrepreneurs are being chased down by their banks and creditors.
And some people have sworn to never take out a loan again due to previous bad experiences.
But guess what?
The loan is not the problem.
In my experience, “when” you take a loan and “how” you take that loan are the biggest reasons entrepreneurs get burned by loans.
And in today’s lesson, I’ll tell you the 3 Rules smart entrepreneurs follow to make loans work to their advantage.
You’re going to learn a lot from this.