I wanted to start my own Party Planning business but I am scared to take out a SBL, are there other options?

Answer 1

Yolonda,
Starting a business requires several of the following traits: financial capital, business knowledge, skill or trade expertise, products, networking skills, self marketing ability, reputation, luck, desire, opportunity, etc

Although it's usually important for a business to have money to start, it's not always a requirement. Going into debt to start your business makes it very difficult to get your feet flat on the ground.
By taking out a loan, your business will start off with a cash flow problem. If your repayment amount is $200 a month, that means that every month, when you get $200, you won't be able to reinvest in your business or pay for business expenses, you'll need it to repay your loan.

The other thing you should think about before taking out a loan is, what will it buy you?

If you are a photographer, and you "need" a new camera because it will get you more business, will the new camera get you more business then your reputation could?

Perhaps you should evaluate how much money you need to start your party planning business, then save up for it, and then live off the profits when you're ready to run.

Answer 2

your right to be reserved you need to be careful in business not to take risks without knowledge. Unless you have a rich uncle,it would be better to save a little each week.

When you are ready to go but your heart and soul into your business. Be flexible with your business it might not be the first track you take that works. If your first business fails, start again as you have now got a very valuable asset, experience.

Answer 3

Yes, there are other options! Save your money and finance your business yourself. Never owe anyone money. you can start small and build up.... You will be worried about paying back the loan as well as providing for your income. It is better to work toward your goal slowly and build a solid business from Cash rather than owe anyone any money.