MBA950 Q&A Wednesday: Should I get a business loan to grow faster?
The $100 MBA Show
Omar Zenhom
4.8 • 2.2K Ratings
🗓️ 28 February 2018
⏱️ 11 minutes
🧾️ Download transcript
Summary
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!
Transcript
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| 0:00.0 | Heyo! Welcome to the $100 R&B showops You Need to Build the Business You Want |
| 0:15.8 | With our daily 10 minute business lessons for the real world. I'm your host, your |
| 0:20.0 | coach, your teacher Omar Zenholm. I'm also the co-founder of the $100 MBA, a complete business |
| 0:25.5 | training and community online. If you want to get a taste of the $100 MBA program, you could check |
| 0:31.0 | out our free idea validation course. |
| 0:33.0 | This is a seven-part video course with a workbook to make sure you nail your business idea, features, |
| 0:38.4 | tagline, pricing, anything you need validating. |
| 0:41.0 | It's absolutely free. Just go to 100 MBA.net. |
| 0:45.0 | Today's episode is a Q&A Wednesday episode. On our Q&A Wednesday episodes we answer a question from a listener. |
| 0:52.0 | If you have a question you want to ask just email me at omar at one zero zero mba |
| 0:57.0 | net |
| 0:58.0 | today's question comes from Rebecca and Rebecca asks |
| 1:01.0 | should I get a business loan to grow my business faster? |
| 1:05.0 | A very solid question. I know many people who are listening have thought about getting a business |
| 1:09.7 | loan. Banks are super happy to give it to you. And there's a whole lot of things you need to |
| 1:14.3 | consider before you actually go out and get a loan to grow your business. |
| 1:18.8 | I'm assuming that Rebecca is growing right now but she wants wants to grow faster, and that's why she's |
| 1:23.8 | considering a business loan. |
| 1:25.8 | I'm going to give you my take my advice. |
| 1:28.2 | When you should consider and when you should not consider getting a loan, what are some things |
| 1:31.7 | that you need to think about before you make this decision, |
| 1:34.8 | what are the consequences, what are some of the things they're going to have to face either way? |
... |
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