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How can I pay back the loan I took for business

Loan taken to burst up business,

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3 answers

Assuming your business was a success you take the money from the profit (revenue-expenses) and pay it back. If your business did not do so well I recommend finding a job to do so before starting your next venture.

Report Pascal's answer

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I’m sure you know how to pay back a loan... so there’s gotta be more to this question. Can you elaborate on which part is unclear?

Report Dil's answer

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Firstly, it's not advice-able to get a loan to start a business except you have a record of running and managing businesses that are successful. In most cases, when a business newbie gets a loan to start a business, they lose the money due to lack of experience and not being mentored or guided by someone who is doing the same business they are about to start.

Now that you have gotten a loan and needs to pay back, I guess you are asking this question because you are not making enough profit from your business.

My advice is that you learn a high paying skill like website development, digital marking or any skill of your choice. With that, you can make money for yourself since providing a service does not require any investing capital. All you need is to invest in learning the skills and keep improving, clients will always pay you upfront to work for them. With that, you can pay back your loan and have money to invest in your business.

By then, even if your business fails again, you will never go broke because you have a high paying skill to fall back on.

I hope my advice helps.

I wish you all the best.

Report Ajibola's answer

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