What does it take to get a loan?

what does it take to get a loan I got a
great question for my newsletter readers
love you guys namu casa who wrote in to
say what does it take to get a loan and
how can you pay it if you want to start
a small business so a lot of
entrepreneurs when they’re thinking of
getting started they need the money to
get launched they think bank how do I
get money from the bank and get a low in
the sort of company the thing to
remember here is most banks are not
startup friendly banks do not like
entrepreneurs because they don’t like
risk they want something they can take
right they’ll finance your house because
if you can’t make a payment they’re
going to take your house and so with a
startup business banks don’t like
lending money typically if you are under
3 years in business then the only way
they’ll give you money is based on a
personal guarantee which means you have
to personally guarantee that you’re
going to pay back the money so if your
business goes under you’re still on the
hook so it’s not really a small business
loan it’s a personal loan for you and
that’s going to just depend on your
credit history if you have good credit
you can get to loan you don’t have good
credit you’re not going to get the loan
and so Ben’s are typically not the place
to look for but I would also you know
encourage you not to start a business on
alone because you’re in debt and you’re
paying money back and you’re not making
anything yet and the problem with
entrepreneurs at the start is the
business that you start with Israeli the
business you end up with you have to
make lots of changes the assumptions
that you make will be wrong the things
you think will work won’t work and other
things will and you have to change and
figure it out understand the market
that’s how it goes with entrepreneurs
you look at the successful entrepreneurs
you look at what they started with it’s
never what they ended up with they
always had to change many times before
they hit their big idea and so all this
time while you’re experimenting you’re
losing money because you have to pay
back this bank loan if you want to get
started I’d say boots job find a way to
get it started without spending any
money started as a service if you need
to get close to your customers learn
what they need learn how you can help
them instead of going into personal debt
to get this company launched another
great way to do it is to get a job go
work for somebody and don’t just get a
job to make money get a job to learn the
reason why you get a job is to learn you
work to learn I have an entire zucca
guide that’s dedicated to working to
learn the break down all the steps on
how to do it but basically you want to
find somebody who has done what you want
to do who’s accomplished what you want
to accomplish and go work for them you
get paid so you’re not worried about you
know paying your bills you’re getting
paid to learn you’re making industry
contacts you’re making mistakes while
getting paid it’s like going to
university but getting paid to do it
you’re making contacts so that when you
launch your business you already know
what you’re doing you don’t need the
money you can line up clients that’s the
better way to do it and to fund it then
they go into debt and take on a personal
loan to launch so maybe not the answer
you wanted to hear but that’s my advice
believe those you watch like the video
thumbs up below let me know what you
think let me know if you’ve gone to the
bank and tried to get funding and we’re
accepted or rejected your experiences
leave it in the comment section below
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