Borrowing Money for Business: What You Need to Know

Key Takeaways:

1. Balance Borrowing and Your Own Money: Use a healthy mix of loan money and your own savings. This helps you stay in control of your business and reach your goals.
2. Be Smart with Your Budget: Long-term success means being careful with spending and planning where your money goes—not just chasing quick profits.
3. Think About Risks and Rewards: Before making big decisions, look at both the possible benefits and the risks. This helps protect your business from future problems.
4. Know How Much You Can Pay Back: Don’t borrow more than your business can handle. Make sure you can repay loans without hurting your business later.
5. Spend to Grow, Not Just to Save: Making money isn’t only about cutting costs. Spending wisely—like on marketing—can help your business grow, even during slow times.

 

Chapters:

Timestamp Summary

0:00 Balancing Borrowing and Personal Funds in Business Growth

1:30 Balancing Borrowed and Personal Funds in Business Ventures

4:05 Managing Cash Flow and Inventory for Holiday Sales

4:25 Balancing High Returns and Downside Risk in Business Decisions

5:53 Building a Business Without Relying on Venture Capital

6:59 Financial Discipline and Strategies for Business Success

 

Powered by ReiffMartin CPA and Stone Hill Wealth Management

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.