Should You Get a Business Loan?

Often, when working with my clients, they'll ask me, "Chris, should I get a business loan?"

My answer is typically the same - "That depends on what kind of business owner YOU are."

Dallas Mavericks owner and Shark Tank star, Mark Cuban, offers some pretty bold advice on this subject.

 

Watch Here!

 

What are your thoughts on this? I have a hard time making blanket statements, like Cuban, but he makes a great point....

If you NEED a business loan to make it successful, could you be making a mistake?

Loans aren't good or bad here. It's about whether you are a good or bad business owner. Will more money REALLY solve your problems?

Do you only want the money so you can pay yourself...and then the business will be starving for more?

Have you been successful using a smaller amount of money in your business, or do you just "believe" it's going to work out? If you're not willing to invest your own money into YOUR business, why should anyone else?

Only get a loan if you KNOW that you can make more than what the loan provides. Otherwise, it's a bad idea.

 

What do you think about this?

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