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Re: Is It Wise To Start A Business With Loan by afroxyz: 10:24pm On Apr 11, 2016 |
julsuc:True. But one can install a car tracker on his truck, thereby you can monitor the business of the truck. Also if the truck develops a fault before 12pm, you can go ad visually insect the truck with your mechanic and you bear the costs. But anything after 12, na tge driver go carry the geese. Gone are those days when drivers toy with peoples investments. Also with trucking, you determine when/where your truck loads and delivers too. The driver gets paid per trip 2 Likes |
Re: Is It Wise To Start A Business With Loan by salo4resolute: 10:47pm On Apr 11, 2016 |
Its wat am into,have got some tips for u bro/sis....hit me,watsap me,call me on my hotline 08064139522 ola original |
Re: Is It Wise To Start A Business With Loan by Chukzyfcb(m): 11:05pm On Apr 11, 2016 |
Yes it is wise to obtain loan to start a biz. But the bizness plan has got to be worth. Someone hs pointed out that the interest on the loan would be like 29% per annum. Can you handle it? Remember startups require that the profit yu get is RE-INVESTED into the bizness so it can grow. If the loaan can generate enuf return to cover 29% for the bank nd to cover your operational cost and still remain few sums to continue the biz after you'v repaid the loan, then move ahead. I believe by now you should hv done enuf research to know how much r.o.i is obtainable if you engage in such biz |
Re: Is It Wise To Start A Business With Loan by salo4resolute: 11:19pm On Apr 11, 2016 |
lonelydora:pls watsap me 08064139522 1 Like |
Re: Is It Wise To Start A Business With Loan by Nobody: 11:20pm On Apr 11, 2016 |
it depends on what you are doing with the loan |
Re: Is It Wise To Start A Business With Loan by banme1(m): 11:35pm On Apr 11, 2016 |
Op. Have u heard of hypertension? Stroke? Etc. Don't go o. |
Re: Is It Wise To Start A Business With Loan by banme1(m): 11:36pm On Apr 11, 2016 |
muyo2001:this one only read the topic and forget about the details. |
Re: Is It Wise To Start A Business With Loan by gifted21(f): 12:27am On Apr 12, 2016 |
banme1: Never ever start any biz with a loan. You can expand with a loan. Even LAPO microfinance bank will never give any startup a loan and their interest rate is low talk less of a commercial Bank. Start small and grow big with what you have be it savings or contributions. |
Re: Is It Wise To Start A Business With Loan by lonelydora: 12:32am On Apr 12, 2016 |
salo4resolute: Okay. |
Re: Is It Wise To Start A Business With Loan by lonelydora: 12:34am On Apr 12, 2016 |
fleczon: In my company about three banks came for marketing and were even begging people to come and take loan. Our collateral is our salary. |
Re: Is It Wise To Start A Business With Loan by rotymie: 1:02am On Apr 12, 2016 |
if you know the season we're in is the best time and your current job will help you kick start the business, i will advise you to take a step of "RISK" alot of people out there started their business with different loans and if you are planning to save up for the business you might not be able to make it. Don't be afraid to take that risk. |
Re: Is It Wise To Start A Business With Loan by anonimi: 2:28am On Apr 12, 2016 |
steroid: Yes. Good to get a loan and do a repayment plan so part of your salary can go towards it when cash flow of the truck business is low and/or to finish repaying the bank more quickly. |
Re: Is It Wise To Start A Business With Loan by bullabong(m): 5:47am On Apr 12, 2016 |
steroid:My brother since u still have ur job then its ok to get d loan and start the business. It takes guts to start a business. I have a light truck Tundra dual cabin,not so light truck Nissan dual cabin,and a heavy truck volvo. Make a choice and get a good bargain from me. Cheers |
Re: Is It Wise To Start A Business With Loan by dharn10(m): 5:54am On Apr 12, 2016 |
I will advice you stay away from loan, because business performance cannot be measured for a prospective business. I have 3 questions for you and if all answer can be YES, u can go for the loan, if NO, please flee from debt. 1. If the business die within the first 3-6month, can u still cope with the loan repayment? 2. If Nigerian Economy goes worst than this and the business has not started bringing returns, can u cope? 3. If the monthly repayment is more than 50% of ur salary or can ur salary exclusively pay for the debt? Please be sincere with ursef when answering those simple questions. If u av any NO, stay away from Bank loan, and follow any of the advice below: 1. u can go for interest free loan (from family n friends), 2. look for a partner and put resources together, then u manage ur risk. 3. Do enugu contribution with ur colleagues in the office and request to collect first. E. G 10 of u can be saving 100k as the case may be, and that's 1m for u u and with no interest. May God help u bro. |
Re: Is It Wise To Start A Business With Loan by harmony940(m): 6:24am On Apr 12, 2016 |
bro take the loan.....life is full of risk....you are wiser..some take loan to buy or service liability....just make sure you know indebtly well the business you want to invest in with the loan. |
Re: Is It Wise To Start A Business With Loan by Harfisco(m): 6:30am On Apr 12, 2016 |
It depends on alot of things 1.it must be a longterm loan 2.u must not spend d whole money on d bussiness,safe like 40% 3.u must know deeply d knowledge of dat business 4.manage d business by urself ,if u must employ then very little 5.mouthvitise ur bussiness well,i.e use ur mouth to market ur work ,cos as @ now u cant you cants spend much on dat. |
Re: Is It Wise To Start A Business With Loan by datopaper(m): 6:31am On Apr 12, 2016 |
What is the profit margin of concern business, if it is okay. Y not I know you have sense, do your visibility studies before doing anything. Ehehen |
Re: Is It Wise To Start A Business With Loan by Dapsin2901: 6:34am On Apr 12, 2016 |
Be wise |
Re: Is It Wise To Start A Business With Loan by intrepid: 6:53am On Apr 12, 2016 |
Loan or no loan, the important thing is a good analysis of what u want to do and ability to succeed at it. To me, no problems. Many blue chip companies started with loans but with expert management, they offset loan and are stronger today. |
Re: Is It Wise To Start A Business With Loan by kunbit(f): 7:02am On Apr 12, 2016 |
aameyah:Well said The truth is that, it's not likely the cash flow from the business will be able to pay the loan. Moreover, the bank will assume that he has no knowledge, skill and experience about the business which will impair his capability hence repayment 1 Like |
Re: Is It Wise To Start A Business With Loan by kunbit(f): 7:04am On Apr 12, 2016 |
lonelydora:It's likely to be a consumer loan, not a business loan. Depending on the bank, the sum may not even be huge, not more than your annual salary 2 Likes |
Re: Is It Wise To Start A Business With Loan by froshman(m): 7:13am On Apr 12, 2016 |
Business itself is a risk, you don't want to start it on a loan... trust me! 1 Like |
Re: Is It Wise To Start A Business With Loan by lonelydora: 7:14am On Apr 12, 2016 |
kunbit: It's about 1.5 your annual max. |
Re: Is It Wise To Start A Business With Loan by phraoh(m): 8:42am On Apr 12, 2016 |
@Op,we have a truck we had like to dispose off from our fleet and it's in good condition... We just want to divest from trucking business... So we can do good price... Do contact me on Promotionsnig@gmail.com |
Re: Is It Wise To Start A Business With Loan by Tem12(f): 8:49am On Apr 12, 2016 |
haggdon: Business issue business any fucking thing can happen. Taking a move is better than u, just in a spot. |
Re: Is It Wise To Start A Business With Loan by femynho(m): 8:58am On Apr 12, 2016 |
You r a salary earner, right? my advice: try AMAP (as much as possible) 2set aside dat portion of d said loan (savings) frm ur salary, though it might take a little time. Rather, start up ur biz wit d li2 capital u can raise frm d savings. NO TO DEBT! |
Re: Is It Wise To Start A Business With Loan by ucjesuso: 10:15am On Apr 12, 2016 |
the truth is that you may end up owning a bank. |
Re: Is It Wise To Start A Business With Loan by Okotoko1(m): 10:28am On Apr 12, 2016 |
I would rather suggest you start small with whatever you have. When you understand the terrain then you can add a loan. Loans can put you under pressure and you might make mistakes. |
Re: Is It Wise To Start A Business With Loan by Onelovetayz(m): 12:22pm On Apr 12, 2016 |
steroid: My dear brother, kindly go for it. I have a colleague in my place of work that did the same thing for transportation business where they have been deducting the money from his salary and the business is doing well. He is even thinking of paying off the debt before the expiration of its tenure. Let me ask these questions Is the vehicle new? Else, there shall be complaint here and there from the driver which will reduce the proceeds from the business Is the driver trust worthy? Is there an agreement between you guys? Is there lay down rules and regulation by which the driver operates? Above all, if you manage to pay off the debt you will eventually make times two of the money if well managed, but don't forget regular servicing of the vehicle. One example: The Governor of Kogi State; Alhaji Yahaya Bello also secured loan to start his transportation business after it was well manged they gave him another loan (according to what I read when he was declared the Governor of the state). My brother this life is full of risk, I advise you to take this calculative risk and thank me later if well managed as advised. One love! |
Re: Is It Wise To Start A Business With Loan by DedeNkem: 12:25pm On Apr 12, 2016 |
steroid: Starting a biz with loan is ONLY good if you're sure the biz'profit will be enough to pay back the loan in time and still pay for your upkeep expenses. Most big business owners started with a loan. The type transportation biz you're want is good if you will have steady customers and a trusted driver (very important). If you're not sure the stuff I mentioned above, don't take a loan. Unless there is a company willing to take the truck from you on full rent basis. They will pay you a negotiated amount monthly, they'll also be responsible for paying their own driver and maintenance of the truck. If they lose the truck to theft or to road accident they will pay for it. You need to involve a lawyer to write and legalize the contract. I think the latter is better because you will not have so much burden on you. You'll focus on your work and have money remitted to your bank monthly. |
Re: Is It Wise To Start A Business With Loan by 100Cents: 12:34pm On Apr 12, 2016 |
steroid: Loan is a NO for a new business. YES for an existing business. Loan is for expansion operations. It takes about 3 years to master the ropes in a new business.. |
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