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Episode 56: Should You Take on Business Debt?

Should You Take on Business Debt featured blog post image for podcast episode 56
Should You Take on Business Debt featured blog post image for podcast episode 56

“Is it ever okay to take on debt in my business? Should I get a loan? Should I use a credit card in my business?”

A lot of financial gurus will say that any debt is bad, but I don’t believe that to be true. I wouldn’t be where I am today if I hadn’t gone to undergrad and grad school, and in order for me to do that, I needed to take on student loans.

Now, everybody has their own personal opinion on debt, and I’m not judging your decisions. I’m not here to tell you your way is right or wrong. After all, there is a time and a place for debt in your life and in your business.

But regardless of your approach when it comes to making these decisions, one thing’s for sure: WE NEED TO USE BUSINESS LOANS RESPONSIBLY.

In this episode, I share my thoughts on business debt and offer useful tips on how to use debt responsibly in your business.

“Overspending often leads to taking on debt with a false hope that this magical cash influx is going to change your habits and solve all of your problems.” – Stephanie Skryzowski

What you’ll learn in this episode:

  • Why debt is not all that bad
  • How to tell if you’re ready (or not ready) for business debt
  • Things you can do to lower the potential risks that come with business debt

More resources to help improve your finance habits:

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You hear me talk all the time about how important it is to know your numbers as a business owner. But you may be thinking, well, how in the world do I do that? Where do I even begin? So, I have a free resource for you!

The Profit Playbook is an amazing template that you spend about 15 minutes getting it all set up. And you can literally see into the future of your business revenue, expenses, cash flow, just like a crystal ball. It is a huge resource that will absolutely help you create a roadmap to reach your goals in your business.

It’s FREE so make sure you download it now!

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Click here to read the full transcript.

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