Entrepreneurship is not easy, especially when to do so we need to apply for loans or credits from financial institutions. And it is that in this situation we must not only take care that the business grows, but we must also learn to manage our debts so as not to fall into problems such as over-indebtedness.
How to manage my debts?
In this publication we want to help you to manage your debts in such a way that your business is not in danger. Take note!
Avoid taking out many loans for your business
If you have decided to undertake and have not yet applied for a loan for this purpose, we advise you to make a business plan that allows you to project yourself and know for sure how much money you need to invest. This way you will know what amount to ask from a single bank, avoiding acquiring debts with different banks. It is better to pay a single large loan to several small loans with separate interest and fees.
Create an emergency fund with part of your income
If you took out a loan for your business, you can start paying it off when you start to have an income; However, we advise you that if things are going well with your business, you also allocate an additional amount of your income to save to pay the loan in case any eventuality arises in the future. If no problem arises, congratulations! you will have a greater capital saved for your company.
Prefer small terms for the payment of your loans
If you decided to take out a loan to start a business, the ideal is that you can pay it off as soon as possible. The business plan that you initially made will allow you to have an estimate of when this could be. Ideally, the debt should not exceed 24 months to be paid.
Finally, we advise you not to take out a loan to undertake unless it is strictly necessary; also that you always request a consistent amount according to the needs of your business. If you have any questions about it, it is always better to consult with specialists, that way both your loan application and your business finances will be on the right track, from the beginning. At AlDía we can help you! Contact us!