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[Brain]

I'm looking at starting a cement selling business offline and to be a major dealer which I'm targeting to be. I need some good amount of capital which I don't have handy. I'm looking at approaching my bank for a loan to start off. What do you think about this idea? Does starting a business on loans have any bad effects on the business??

 

[Croissant21]

I mean taking a loan from a bank is good if:
1. You have enough money to cover at least 75% of the loan. You just borrow the money so you can invest your own money somewhere else with low risk investment like deposits.
2. You are sure the business you use your loan for make more profit than the interest you have to pay in the first year. Because not all businesses break even quickly.

Otherwise as someone else suggested it would be better to start small to gather the money.

 

[westmania]

taking loan is very very risky more risky than online HYIPs and I see people frustrated who cant pay the loan. better to try with whatever I haveon hand.

 

[Brain]

Does starting a business on loans have any bad effects on the business? I would say not really especially if the business owner is able to pay back as at when due. Generally, it is risky to borrow money to start a business. Raising business capital without getting loans is still the most appropriate route to take.

The issue here is money gotten from family might not be enough to fund this business. I have approached my bank already but need some sureties of a higher level to signed my signatory forms. I'm talking to some people about it

 

[Brain]

What I was trying to say is that it is advisable to start saving up for that business over a long period of time especially if the capital is not big. It is a better option than borrowing money that will attract interest on its own.

Yes I perfectly understands you but some business like mine needs a good capital that might take a longer period of time to save and start the business so getting a loan might just be the way out though it might attract interest just like the bank Loan

 

[SCAMEXPOSER]

Loans are not good to start a business except it a government grant that comes with little interest other you start busineses as little as you can then upgrade via loan. A mini cement Depot can be started with at least $500.

 

[Rassy011]

Taking a loan for a start up business is not really adviceable as you can't predict the outcome of a business, if the business does not go as you planned refunding the loan might be an issue.

 

[a_jerobon]

Taking a loan for a start up business is not really adviceable as you can't predict the outcome of a business, if the business does not go as you planned refunding the loan might be an issue.

That is true, paying back a loan can be so hard when your business does not go well. That is why I prefer saving money first so that I can invest it in a business.

 

[a_jerobon]

Using loan to start business is not good ideal. It's not advisable. The best recommended way of securing capital to start business is using saved funds, donations/gifts from family, and relatives. Discussion with friends on how to raise funds to start business is even better than going to bank for loan.

Those are really great ideas. I like the idea of saving up for a business. It just requires you to make plan for your business and know the amount you need to start it. Then you save until you reach the target.

 

[Wisdom01]

I'm looking at starting a cement selling business offline and to be a major dealer which I'm targeting to be. I need some good amount of capital which I don't have handy. I'm looking at approaching my bank for a loan to start off. What do you think about this idea? Does starting a business on loans have any bad effects on the business??

It dosent have bad effect ,but isn't really easy to start a business with a loan because he doesn't know how favourable the environment and condition may be

 

[Niftyicon]

The huge interests on loans from bank is the major discouragement especially for startups. Try to exhaust all other avenues such as seeking for investors or loans from family and friends before considering approaching the bank.

 

[Harkhore]

I'm looking at starting a cement selling business offline and to be a major dealer which I'm targeting to be. I need some good amount of capital which I don't have handy. I'm looking at approaching my bank for a loan to start off. What do you think about this idea? Does starting a business on loans have any bad effects on the business??

It's very good idea to get the business and have certain of amount to start with and to order for a loan it's very nice and it's will make you sit tight and focus on your business

 

[Ofonime]

Loan sometime is very good but there is a need to get it from a reliable source,@Brain you want to start a cement business offline then you need a good amount of money which can get you started,you can also get a loan to start the business ,cement business are so expensive to start.

 

[Ayojesu1993]

I wont advice anyone to start a business with a loan, you can always source for startup funds elsewhere. Getting a loan to start a business will put a whole lot of pressure on you and this can make things go wrong and you may eventually loose all the funds. Get a way to raise funds so thatv you dont feel indebted to anyone and you can be comfortable to do your business putting all things in place to ensure sucess. LOAN is a big NO for me.

 

[George10640]

Sure that's a great deal,bt you must be careful with this two points; Is your business plan ready?Is the loan terms and conditions favourable ?Those are the most crucial things and having in mind before starting a business I think your business will succeed without a problem.

 

[tray59]

Sure that's a great deal,bt you must be careful with this two points; Is your business plan ready?Is the loan terms and conditions favourable ?Those are the most crucial things and having in mind before starting a business I think your business will succeed without a problem.

Thank you for this post the loan terms and condition must be simple before you apply for the loan,I have seen so many people that loan money but they cant pay back the loan due to some complicated terms and condition that applied when receiving the loan money.its better you chose what is simple.

 

[George10640]

In

Thank you for this post the loan terms and condition must be simple before you apply for the loan,I have seen so many people that loan money but they cant pay back the loan due to some complicated terms and condition that applied when receiving the loan money.its better you chose what is simple.
[/QUOTE

Thank you for this post the loan terms and condition must be simple before you apply for the loan,I have seen so many people that loan money but they cant pay back the loan due to some complicated terms and condition that applied when receiving the loan money.its better you chose what is simple.

Frustrations in life is what we are avoiding .The indisciplined and inpatient people receive tough lesson most of the time.Anyone starting a business must be ready to follow the path because almost everyone out there lacks the capital but they got the idea.

 

[Geniusmaco]

It is not advisable to take loans, especially from the bank, when you want to start a new business, because you cannot predict the outcome of the business. If you lack capital you can collect loans from families and friends. I think that would be better, low or no interest and no disturbance.

 

[geniusash]

Everything is well and good as long as it comes in from a reliable source. Beware of sharks though, i know of some people in serious trouble because of sharks being too greedy(well of course they would be!).

 

[Odufalove]

That's a very bad idea dear. I will say you start by getting a job first either online or offline and then save or even invest , then when you have a reasonable amount you can start up your cement business...going for a loan no way...when you start, if you want to increase sales and all that then you can go for the loan

 

[Josemendez]

I'm looking at starting a cement selling business offline and to be a major dealer which I'm targeting to be. I need some good amount of capital which I don't have handy. I'm looking at approaching my bank for a loan to start off. What do you think about this idea? Does starting a business on loans have any bad effects on the business??

There is nothing with a good effect that doesn't have a bad effect , it all depends on the the weight of each one . Loan is good for business only when it is from family or friends without collateral less the fear of losing collateral may prevent you from taking risks