5 Ways to Avoid Taking Out a Business Loan

It’s Denise her from LuckyBitch.com. I want to ask you, have you ever been
tempted in your business to get a bank loan or a credit card to start or up level
some of your business? Maybe you’ve been tempted to put an expensive course
on your credit card to prove to the universe that you’re ready. Taking on more debt
is something that really scares a lot of female entrepreneurs, especially if
you’re not making much money yet. This week, I’m going to bring you some
Denise Truth Talk about whether you really need a business loan to take out more
credit or if you need to do something else. Spoiler Alert: the answer is almost always
something else. Let’s talk about why, and I’m going to share five different ways to
come up with the money yourself, plus an awesome resource that I personally use when I
need to raise some big cash-a-roony. Let’s do it. In the past, business loans were pretty much
unavoidable if you wanted to start a business. Even just a few years ago, getting
something like a simple website was really freaking expensive. No wonder
that most businesses couldn’t get off the ground without a loan or some sort of
gamble/shuffle with your credit cards. Now days, not so much. The great news
is that there has never been a better time to start a business, even if you have zero
money to start it. With all the awesome tools available to us, like free and low
cost, you can pretty much start or maintain a business with very little startup
costs and your costs don’t have to increase hugely as you make more money.
You might be surprised to hear that I run my business in a really lean way and my
fixed costs haven’t really increased a lot even though I have a million dollar business.
I want you to get really honest about if you really do need a loan or
if you’re procrastinating. I’ve done it myself. I have been tempted
to increase my credit card, for example instead of launching a new course or doing
something outside of my comfort zone. There are lots of ways you can do it without
getting a loan. Let’s go through six tips for you. Tip number one: You’ve got to embrace
imperfection. Not everything has to be professional and sexy right off the bat.
When I first released my Lucky Bitch Money Boot Camp, I recorded all the
videos for it on my iPad at home in the spare room. I had a mattress behind me
and it was dodgy. I even created all the graphics myself and I even did my first
website myself. On the blog, I’ll show you some stuff. Did they look professional?
No, they did not. But, they did the job and that’s all that mattered at that time
because I had a big message that I wanted to get out into the world. I had to
make things really simple and focus on getting clients instead of obsessing about
what hex color my website should be, which I spent months on. This is
otherwise known as procrastibranding. Stop doing that and just get some clients
with the resources that you have right now. Tip number two is to embrace the
incremental upgrade. I talk about this a lot in my Lucky Bitch Money Boot Camp.
Big leaps totally can happen, but most of the time you’re going to grow slowly and
consistently over time. You don’t need to go from a simple, free website to a big
$10,000 one. You can just take baby steps and start off with something really
simple and then just upgrade when you get more money to come in. That way,
your profit funds your business, not your credit card. Honestly, if you get a loan
straight off the bat to get this super complicated website, you might not build
the right thing. At that stage, you might not know what your clients really want, so
don’t do it. Instead, get in the business trenches and then just upgrade things as
you refine your skills, hone your marketing and, importantly, as you make more money. Tip number three is to really invest in
the things that bring in your clients and money first. If you’re choosing between
two possible biz investments, I always recommend picking the one that’s going
to have the easiest and biggest return. That usually means the one that’s going
to help you bring in more clients, not be super sexy. For example, I don’t really
recommend you spend a ton of time or money working on your business logo,
your business cards or your website branding early on. Those things can be
great to have, even though I still don’t’ use business cards. But they won’t necessarily
bring in the cash and the clients straightaway. You’ve got to focus on those income
producing activities and then just park the other ideas. Put them on a nice
to have list in your diary in the future when you can fund them yourself. Tip number four is maybe at the start
you have to budget in other areas. You could free up some funds by maybe
deciding not to do a holiday this year or say no to some other big personal expense,
just so you can fund your business. Then you can use that money to upgrade stuff.
Trust me, it will pay off in the future. I don’t recommend doing this forever or
for too long. It’s one thing to prioritize, but I don’t want you to have to suffer or
make yourself a martyr. Maybe you just skip some personal expenses this year so
you can create an amazing asset in your business for the future.
It will be totally worth it. Tip number five – obvious – get into action.
You might think that you need a loan, but in reality you could generate that money
much quicker from your actual clients. Create something. Write down your big
money goal, work out how many of your products and services you need to sell to
hit that goal. Seth Godin said this and I was like, “Oh!” He said, “When in doubt,
raise money from your customers by selling them something they truly need –
your product.” Rather than put big expenses on a credit card or get a loan, make
yourself hustle to make them money. Then, when you have that big goal-end
deadline, trust me, the adrenaline is going to force you to come up with creative
ideas on how you can achieve it. I can honestly say that my business has
grown so much more because I had no other option. I wouldn’t allow myself to
get a business credit card, so that money had to come from new business and not
the bank as a saving point. That philosophy has honestly helped me create a
million dollar business in record time. To recap, embrace imperfection.
It doesn’t have to be perfect. Do the incremental upgrade. Invest in
those things that bring in the clients and the money first, maybe budget into some
other areas, but get into action and just do it. Make the money yourself. I have
an awesome free resource for you. It’s my famous How to Make Money in 24
Hours workshop. I will take you through this exact process that I still use when
I need to manifest money really quickly without going into debt. You can get that at
LuckyBitch.com/24. Just the numbers “2” and “4”. I totally understand that sometimes
things come along and you think, “I need the money right now.” It can be really
tempting to take a loan instead of doing the work. Don’t do that. Just listen to this
really simple process and I’m going to teach you how to manifest that money super
quick without selling a kidney, without doing anything dodgy and, more importantly,
without getting into more debt. It’s a really practical process and you’ll feel
really empowered to make the money yourself. Then you can replicate it for big stuff,
small stuff. I still use it all the time whenever I have a goal. Make sure you listen
to that right now at LuckyBitch.com/24. Remember, it’s your time and
you’re ready for the next step.

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