A huge hot-button topic for many entrepreneurs is whether or not to borrow the money they need to invest in the growth of their business.
Just the very idea of borrowing money brings up a lot of emotion, the very word “debt” instills fear and, for some, a lot of guilt and shame.
Some people feel you should never borrow, that it’s too risky, and that you should only invest what you have. Others borrow so much that they get themselves into a lot of trouble.
And while there is ALWAYS a risk when you invest in your business – it’s not the borrowing that creates that risk.
In today’s video I dive in and talk about this topic to help you take the emotional charge out of it and to look at borrowed money for what it really is – a TOOL to help you grow.
Let’s look at this factually and without emotion for a moment. Business growth means income growth, and if you need to invest in things like team, infrastructure, training, mentoring, equipment, etc – in order to create that growth, then more than likely you don’t have the money up front because you haven’t had the growth yet.
So the money has to come from somewhere. And whether you fund that growth from your personal savings, or from borrowed money – the risk is still there, and what makes it bigger or mitigates it is WHAT you’re investing in (ie is it the right thing for your growth) and your commitment to taking action.
And what is that action – well plain and simple it’s selling! And while I don’t go into that in detail in this video, make sure to check out my playlist where I share a lot of sales strategies etc.
Make sure to leave a comment and let me know what YOU think about borrowing money for your business!
Check out the video above or click here: https://youtu.be/kuKCw1u_ZuE