On this #TrashItThursday we are discussing leveraging money for company growth. While there is nothing wrong with leveraging money for your business, often a lot of businesses wind up leveraging way too much money and inevitably end up in massive debt and with very little business growth.
Today I hope to instill in you that although leveraging your credit to fund growth can be a good thing for your business, it is not always the smartest avenue. The reason for this is that most people think that throwing money at a problem can solve the situation. I need you to throw all these preconceived notions out that you have concerning your leveraging power.
The most important thing you need to first access is whether or not you have a viable business. Do not throw money at business ideas. Make sure you have a strong business concept in place and make sure that you have all the pieces up and running. Then I want you to test the market. Make sure there are people interested in what you are selling or offering. Test with social media or advertising. Once you know you have a viable business that people actually like and want, you should be able to start making money.
Now that you have established yourself in the business world, you need to continue to make these strides and bring money in on your merit. You’ll be thankful later that you are not bond to pay back loans and or hefty interest rates which in turn eat at your profits.
There is a time and place for leveraging money like when you are completely viable and are just looking for money to add new machinery for instance to bring in new accounts, adding to your growing business not to try to make your business.
If you would like to add little back knowledge to understand when and if to leverage money for your business you can go to your local library and read this book that I recommend called Business Start Up Essentials: Adding Leverage To Your Business. If instead you prefer Amazon, here is a link to the book>> https://amzn.to/352ubNL
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