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Here is something you need to hear that is absolutely critical AND something you don’t see on the TL everyday.
You SHOULD take out loans, use credit, and seek outside funding to build your business.
Let me explain...
You SHOULD take out loans, use credit, and seek outside funding to build your business.
Let me explain...
First of all let’s hit on the reluctance around borrowing money
Then let’s talk about how you need to use money you borrow for your business and how to get it
Then let’s talk about how you need to use money you borrow for your business and how to get it
Okay so I know you don’t hear this advice everyday.
1 being because if you’re following me you’re likely A. Black and B. A first generation business owner.
This means that you have likely been conditioned to think credit is bad.
If so, that’s not entirely wrong.
1 being because if you’re following me you’re likely A. Black and B. A first generation business owner.
This means that you have likely been conditioned to think credit is bad.
If so, that’s not entirely wrong.
As an INDIVIDUAL it is bad to borrow more than you currently have the ability to pay back.
Credit can be a trap and slippery slope to working folk that purchase liabilities with no capacity to earn more before repayment starts.
Credit can be a trap and slippery slope to working folk that purchase liabilities with no capacity to earn more before repayment starts.
ALSO, your association with borrowing money is probably not positive in comparison to our counterparts.
Most of us were raised within a 5 mile radius of a check cashing place while not even being able to get fresh fruit or veggies from a grocery store.
Most of us were raised within a 5 mile radius of a check cashing place while not even being able to get fresh fruit or veggies from a grocery store.
So it’s not surprising if you feel negatively about borrowing. The conversation around it has likely always been more about the negatives than the positives.
BUT IVE GOT NEWS FOR YOU.
You are NOT them.
Your use for credit is so much bigger than getting a new bag OR
BUT IVE GOT NEWS FOR YOU.
You are NOT them.
Your use for credit is so much bigger than getting a new bag OR
Trying to get a pay day loan because you’re over extended.
Your use for credit is to split your RISK as a founder of a company and give you the resources to grow.
With out capital resources your company will be slow to grow, out paced by competition, lose market share...
Your use for credit is to split your RISK as a founder of a company and give you the resources to grow.
With out capital resources your company will be slow to grow, out paced by competition, lose market share...
...be slow to innovate, resistant to expansion and therefore may guarantee your company’s demise before it starts.
Why?!
you can work as hard as you’d like but without capital reserves and liquidity it is very hard and almost impossible to build a successful business at scale
Why?!
you can work as hard as you’d like but without capital reserves and liquidity it is very hard and almost impossible to build a successful business at scale
Now let’s get to the other elephant in the room.
A good portion of people are “unbankable” or may see getting funding as an impossibility for a myriad of SYSTEMIC (meaning by design) reasons.
... all are valid but you must start somewhere and do something.
A good portion of people are “unbankable” or may see getting funding as an impossibility for a myriad of SYSTEMIC (meaning by design) reasons.
... all are valid but you must start somewhere and do something.
Your situation is yours alone.
Start thinking about the right solutions for YOU.
Some of you will need to start with repairing your personal credit.
Your personal history will be the foundation of anything you do in business until your business can be considered.
Start thinking about the right solutions for YOU.
Some of you will need to start with repairing your personal credit.
Your personal history will be the foundation of anything you do in business until your business can be considered.
Some of you will be able to “walk into a bank” with proper documentation and get anything you want.
And some of you may need to get capital injections from your payment processor (this is a thing)
And some of you may need to get capital injections from your payment processor (this is a thing)
Either way I need you to know that you should not only be seeking and accepting funding but you should be proud of it as it is a sign that you are positioning your business to grow and thrive.
If you’re reading this and feel new possibilities, new curiosities open up for you and your business—I’m glad.
I teach concepts just like these all of the time in my sales and marketing membership, Biz Church.
I invite you to check it out at my link
I teach concepts just like these all of the time in my sales and marketing membership, Biz Church.
I invite you to check it out at my link
