Leslie Morsing posted an update 10 months, 3 weeks ago
If you are seeking to cultivate your company and possess a powerful sense of community, then it may be tempting to take out a loan to cover the costs involved. However, be careful not to use your name and your company as security. There are numerous risks associated with this plan of action, and it would be unwise to consider it.
The first risk involved with placing your name along with your company up as security is that you could end up in legal hot water. If your name is registered to your local phone book, phone company or mailing list, it’s illegal to steal your contact info out of them, and theft of contacts is a violation.
Starting a Business – Using a Directory For Your Organization to cover your own company expenses can also be risky since you’re placing your company name on the line. You might get sued for supplying an unregistered name.
However, most companies require a loan to repay a debt that is bad, and if your business is in trouble, you will be lucky to avoid paying high rates of interest and huge quantities of money. Additionally, borrowing money to buy your new company makes it easier to create the required improvements, and allows you to pay your loan in full each month.
Possessing a loan to pay the expense of building your business also enables you to employ your employees, and give them the necessary training and tools to operate the business successfully. That is why having a creditor to cover your business in exchange for a loan, is the perfect method to cultivate your business without putting your name on the line. Additionally, it lets you add more workers, add maintenance and storage facilities and improve the design of your location.
As soon as you have secured a loan, you can move forward with improvements to a business without any worries about paying for the creditor back. That is a risk free way to get your company started and to grow your business in the right direction.
In summary, borrow the money to build your own business. Remember, when creating a commitment similar to this, that it is you and your business in danger of being given by the lender. The safest way to start a business is to borrow the money to build your organization, with the aim of paying off your loan when you are prepared to achieve that.