MBA950 Q&A Wednesday: Should I get a business loan to grow faster?
Sometimes, you should just say no — to money.
Today on the $100 MBA Show, we help one listener with a question many entrepreneurs face: whether or not to seek a business loan. A big pile of money can be a very tempting thing, especially if it can take your business to the next level. But while some businesses are in a position to scale up via loans, others would only be inviting trouble by sinking themselves into debt.
In this Q&A episode, we discuss how loans can create more problems than they solve, when they’re appropriate for a given growth stage, and how to handle loans effectively. We also review some alternatives to standard bank loans, for those who wish to avoid one of the small business world’s greatest dangers: debt. Don’t let a bank take the “independent” out of your independent business. Find out if a loan works to your advantage. Click Play!
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