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183: When You Should NOT Take Out A Business Loan
Oct 16, 2023
Biz coach Emily Duval Ledger discusses when to take out a business loan, focusing on strategic borrowing, navigating financial challenges during a crisis, managing the loan for financial stability, and strategic growth planning. The discussion includes insights on building a strong business plan and justifying equipment costs for therapy businesses.
42:20
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Quick takeaways
- A well-thought-out business plan is crucial when taking out a business loan to outline how it will be used for growth and profitability, emphasizing the importance of a strategy for repayment.
- The decision to take out a business loan should be based on potential return on investment and ability to pay it back efficiently, urging entrepreneurs to evaluate the necessity of the loan and its impact on financial health.
Deep dives
Importance of Strategic Business Planning for Taking Out Loans
When considering taking out a business loan, it is crucial to have a well-thought-out business plan that clearly outlines how the loan will be used for growth and profitability. The plan should focus on the purpose of the loan, detailing how it will enable investments that lead to increased profits. A solid business plan includes a strategy for repayment, emphasizing the importance of quickly paying back the loan to avoid unnecessary financial burden.
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