Lack of financial resources is a major constraint when it comes to starting a business and venturing as an entrepreneur. Amidst the credit facilities, financial loans become an option, but does it make up for it?
Do not rush, be cautious when thinking about a loan
Before resorting to a loan to start your venture, it is necessary to pay attention to some factors. First, analyze the market you want to join! Study your competitors, everything that has already been created, the possibilities for innovation and growth.
It is also imperative that you have a detailed business plan. Put basic expenses on the paper, such as infrastructure, products for sale, hiring of staff, rental of the establishment, among others.
This survey will give you an idea of the monthly expenses you will have with your business. Keep in mind that profits may be slow to appear. In the first year is normal to have losses. Be ready!
It is important to create hypothetical scenarios of both success and failure, and to provide solutions to potential problems. Your venture may go through difficulties and not deliver you the expected profit. This situation, coupled with the debt of a financial loan, can compromise the health of your business and your pocket.
When you take out a loan you agree to pay the amount granted in pre-established installments, plus interest, corrections and fees. If you delay the payment of any installment, new interest and fines will be added, increasing your debt with the financial institution.
As we have seen, the initial return of your venture is not entirely predictable. In this way, starting your business with a negative balance and an absurd debt is not something feasible.
Gather resources to open a business
Discuss how much it will take to get your business off the ground and plan to save the initial investment. Set a value to be saved monthly so that you can achieve your goal.
Use your creativity and the resources you have. This way you will be able, even with a longer term, to invest in your business in a quiet and healthy way. Finding friends with common goals can be a solution, with partners it will be easier to get the value to start the venture. That way, even if it is necessary to use a loan, you will commit as little as possible.