I decided to believe in our business and went all the way with the bank. So far, thankfully, it has all paid off and our business has enjoyed phenomenal growth. Expansion that would not have been possible without us substantially increasing our working capital.
So I really want you to understand here that working capital, that is the amount of money or credit you will have available for your business on a day-to-day basis, will be crucial to your success.
Be prepared to borrow, beg, and go cap-in-hand to relatives, friends, bank managers and just about anybody else who can help you grow your business. Do as I did if you need to by offering shares in your company to those who help you out that are directly in relation to the amount of money they have invested in your business. That way it’s all above board, and provided you’re successful they will see a worthwhile return on their investment that will far out-perform anything on offer from the high street banks or savings plans.
I cannot stress this enough. If you’re opening a shop you will need sufficient cash or credit available to keep it stocked at such a level that it is attractive for customers to buy from you. We’re in a society that thrives on `instant’.
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