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    I strongly suggest if it is your first time doing this to save closer to 80-20. You have to face the realistic perspective that your business may fail. It will be much easier to move on if you don't have massive loans to pay off.


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    If your intention is to start a small business, maybe a market stall selling home made/produced products, then using your own cash is the way to go. Should anything go wrong at least you are not saddled with outstanding bank debts.
    If the plan is to start a small business with a relatively high start-up cost you will need to do both. Banks in this day and age will not just lend ex-amount of thousands of dollars/pounds. Most will require at least a fifty-fifty split. Fifty percent from you and the remaining fifty percent from them. Even then the bank will require an additional guarantee to safeguard their percentage of the loan and expect the application to be backed up by projected turnover and profit and loss sheets.


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    If you don't have all the money, make sure to save some. Also, don't invest all of them, since you might end up on the streets.


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    I personally debated this issue as well, I wanted to grow my business really fast and I actually
    went through the process of getting the loan but at the last minute I got cold feet. I decided that
    I would rather save, work freelance jobs and add that to my savings because if my business failed
    at least I didnt have a big loan payment over my head.


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    Yeah it's tough to give you a clear answer to this one because it depends on so many factors. Taking a loan can be risky and if you are going to do it you need to ensure you can pay it back in the agreed amount of time. I think your best option would be to save up for a while, and once you hit a certain amount then take the loan. If you save, at least you will have some back up cash to help pay off the loan in case things go bad.


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    Quote Originally Posted by wandering wildman View Post
    I strongly suggest if it is your first time doing this to save closer to 80-20. You have to face the realistic perspective that your business may fail. It will be much easier to move on if you don't have massive loans to pay off.
    I think that you cannot define a particular ratio for the amount of savings to debt, with which you should start off your business. In my opinion, this ratio is dependent on a number of factors which vary from business to business. All I would recommend you is to make calculations for every possible scenario, and choose the one which works out best for you.


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    Quote Originally Posted by wandering wildman View Post
    I strongly suggest if it is your first time doing this to save closer to 80-20. You have to face the realistic perspective that your business may fail. It will be much easier to move on if you don't have massive loans to pay off.
    Good post and a good balance, always pick saving first if you can!


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    I agree with was said above. If you can save it then do it if not use should do both.


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    Save and start a business is definitely better. As much as possible avoid loans as it would make your life complicated and disastrous, you might be paying loans for the rest of your life specially with loansharks and banks.


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    Is this the first time you're starting a business? Then don't take out a loan. You only take out a loan if you know what you're doing and what to expect. If you have a specific plan and a backup of that plan, and also know the most likely outcomes of each plan, then yes you can take out a loan. If you're a first-time entrepreneur, then you really shouldn't be risking your financial future by taking out loans.


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