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Money Problem..
sumit.dpfoc
#1 Posted : Monday, April 25, 2011 11:14:26 AM
Rank: New-farer


Joined: 3/31/2011
Posts: 6
Hi All,

I am Dare. I am starting a new business but I have some problems regarding money. I don't have sufficient money to start it. My friend recommended me to take an asset finance loan. He told me lots of benefits of having asset finance loan but still I am not sure. Actually the problem is that I don't have any property or thing to submit to finance company. Any suggestion will be appreciated. Sad
seeker*
#2 Posted : Monday, April 25, 2011 4:18:02 PM
Rank: Member


Joined: 9/11/2009
Posts: 132
Location: nairobi
banks don't give asset finance unless someone is in business or employment, they need to know you have a way to pay off the installments.
how badly do you want to start a business? a loan is never the best way to start off, unless you will not repay with interest and the terms are very friendly,(read money from friends and family) you need to factor in the 3-6month period before your business gets off the ground.
i advise you to get other sources of income or reduce your original business plan to accomodate what you already have, you dont need alot of money to start a business, you just need alot of preserverance.
good luck!
Don't fight a battle if you gain nothing by winning.” Erwin Rommel
When I was a child, I spoke like a child, thought like a child, and reasoned like a child. When I became an adult, I no longer used childish ways.
sumit.dpfoc
#3 Posted : Tuesday, April 26, 2011 7:08:58 AM
Rank: New-farer


Joined: 3/31/2011
Posts: 6
Hi seeker,

Thanks for the suggestion. I have consulted with an asset finance company and they have suggested me to start the business and thereafter they will help me.
Genghis Khan
#4 Posted : Tuesday, April 26, 2011 8:58:51 AM
Rank: Member


Joined: 8/5/2010
Posts: 335
Location: Nairobi
sumit.dpfoc wrote:
Hi All,

I am Dare. I am starting a new business but I have some problems regarding money. I don't have sufficient money to start it. My friend recommended me to take an asset finance loan. He told me lots of benefits of having asset finance loan but still I am not sure. Actually the problem is that I don't have any property or thing to submit to finance company. Any suggestion will be appreciated. Sad


Your problem is not collateral.

You don't need collateral for asset financing... the financed asset is the collateral... one problem solved.
"I'd rather be lucky than clever... every time!" - ME
"The problem is not what we don't know... it's what we know for sure that just ain't!" - MARK TWAIN
"Space we can recover... time never!" - NAPOLEON BONAPARTE
mukiha
#5 Posted : Monday, May 02, 2011 2:28:04 PM
Rank: Elder


Joined: 6/27/2008
Posts: 4,114
What business do you want to start?

Many people think that you need a lot of money to start a business...you don't.

Think again about how you can start the business without buying the asset in the beginning...

PN Mashru was already a major transporter by the time he bought his first lorry. he used to get transport orders and then hire other people's trucks to make the deliveries.

Heck! You don't even need to own a building to become a landlord... ask Muigai commercial Agencies... they have been renting large office spaces and subdividing and sub-letting the smaller units...

So; what kind of business do you want to start? Think about starting it without buying expensive assets...
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
KenyanLyrics
#6 Posted : Monday, May 02, 2011 2:42:40 PM
Rank: Veteran


Joined: 4/16/2010
Posts: 906
Location: Nairobi
@Sumit build an MVP(Minimum Viable Product) using F&F Funds(Friends and Family)
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