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Insolvency advice for small businesses

Insolvency advice for small businesses


Financial resources needed to improve small scale businesses as being a major challenge to each and every business owners who lacks money. well as we all know before we start up a business we need money, even after setting up the business, we still need money to run the affairs of the business. but what if we don't have? how then can we go about it?? That i will be discussing here in today's article through some suggestions.

Also read: top7 tips for novice entrepreneur


Insolvency meaning

This is good to know the meaning before i give my advice. Insolvency in short form means; "lack of financial resources" which is applicable to anything, as long as you don't have money to finance that particular thing. Am not going deep on that, here are:


Small business insolvency advice

1). Help yourself: 

They is nothing bad for a business owner to go out and source for money through working under someone temporarily, by so doing, you get to rise some money to finance your small businesses from your pay and once your business started booming, you are free to leave and focus more on yours.

2). Collect loan: 

It is a very good decision to collect loan from bank to improve our small businesses but if it for anyother thing apart from business i will suggest you shouldn't do that. And if you want's to follow my advice of requesting for loan to boost your small businesses, please ensure you keep what am to list down in your mind:

  •  Be sure your small businesses will be fruitful when you spend the money you collected, else don't go for this advice if you are not certain.
  • Look for bank that offers less interest with enough (time) or duration on pay back.

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3). Don't give up:

 In business insolvency is born to happen but it only those that keeps pushing through will survive, so try as much as you can to find a way out.


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