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CHAPTER 8 MASTERING YOUR MONEY

There are basically five ways you can take a loan.
They include:

1. Borrowing money from friends or relatives (make sure none
of them are loan sharks) – or cannot afford to lose the
money (Many tragic stories of how aged parents use their
nest-egg to finance their son/daughter’s venture – and
when the business failed…they lost everything.)

2. Taking a term loan from the bank

3. Applying for overdraft facilities

4. Refinancing your property and using the cash

Using your credit card (I strongly advise against this as the
interest rate is extremely high)

The Three Report Cards of Your Business

Now that we have covered the financial basics of starting up
your business, let’s now focus on how to manage your money
once you start your business operations.

Just as a student is given a report card at the end of the year,
our business has three report cards that constantly tell us

SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES 243