“With the right mindset and dedication, successful debt management is within your reach.”
Many aspire to start their own business, but a common obstacle preventing them from doing so is financial constraints. People who do not have enough funding often resort to taking out loans to build their first business.
But what’s the deal with businesses that end up sinking rather than soaring?
The culprit is often debt. Some businesses fall into the trap of having massive loans without a solid plan. Business owners tend to choose the short-term solution of gearing up, taking debts, instead of focusing on the long-term ones. Let’s be real, when those loans start piling up, it’s not just your business that is affected, but your personal life too.
Whether you’re in it for business or dealing with personal finances, taking on debt is a big responsibility. You have to ensure that you can deal with it and properly resolve it in order to avoid the chances of it overtaking your business or life.
Listen to learn:
03:39 Having personal debt to run the business
04:39 What too much debt can do to your business
06:22 Impact of debt on our mental health
08:17 Knowing your business numbers
11:18 Tip 1: Analyze Debt and Financial Situation
11:59 Debt Repayment Calculator Mini Course
12:28 Tip 2: Prioritize Your Debts
13:02 Tip 3: Negotiate with Creditors
13:49 Tip 4: Consider Debt Consolidation
15:20 Tip 5: Seek Professional Advice