Should you take a small business loan?
Imagine I offered you a million dollars saying I want to invest in you?
Where would you put that money? Your business? A 401K? Should you say “No. I don’t want your money??”
In my most recent Youtube video, I take you through understanding whether or not you should seek financing for your business. I explore your business journey and your risk tolerance to help you determine if NOW is the right time to grow and scale your business by borrowing money.
I’m going to use this blog to highlight a few points from the video, but if you’re a business owner I would HIGHLY recommend watching the full video for yourself above.
I’ve created seven-figure businesses and I’ve experienced failure – like, a lot. I’ve bootstapped before, but I also know that having capital can open up new opportunities for growth. At UpMyInfluence, we were recently in the position to explore whether or not to seek capital investment.
Thanks to the book The Growth Dilemma by Ami Kassar, founder of Multifunding, I was able to determine that UpMyInfluence was in the right place to secure funding – AND WE DID!
Because there’s so much confusion about how to fund a business – and because there are so many sharks out there – I’m hoping that sharing my story could help you.
Ami’s book should be required reading for anybody thinking about scaling their company faster by leveraging productive debt.
He also opens with the “million dollar” question. What would YOU do if someone offered you that kind of money? Would you funnel all of it into your business? Or would you invest some into a 401K to create a safety net?
I believe that if you don’t have the guts to invest in your business, that’s a good indication that A. You may not be wired for that level of risk or B. It’s just not good timing – maybe your business isn’t scalable at this point.
If you feel like taking on debt is WAY too risky right now – that’s awesome! That means we have a little time to play with. In future videos, I’ll address what you can do NOW to better prepare you for investing in growth in the future, including establishing a line of credit for your business.
Next, Ami said, you need to determine whether you’re a tortoise or a hare. You’ve also got to figure out whether a grower, a glider, a speed bumper, or an exiter and you need to determine your risk tolerance.
Learn how to do those things and more by watching the video above. Don’t forget to subscribe to our channel and turn on notifications so you don’t miss any of this potentially life-changing video series.
In my next video, I’ll be chatting with Gerri Detweiller from Nav.com – and we’re going to learn all about the world of business credit. You won’t believe what she has to share.
I'd be happy to answer whatever questions YOU may have about funding. I can make an e-intro to the right funding consultant, too. Trust me. There are sharks out there – and some really great providers. Submit them here.
About UpMyInfluence
UpMyInfluence is an Influence Agency dedicated to turning thoughtful entrepreneurs into media celebrities increasing their authority, influence and revenue. To learn how we can help YOU check out Josh’s free webinar.
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