Advice on taking a loan

Peppul

Well-known member
For some time now have been working very hard to start a business of my own, my job is not really paying much and am planning to start up a pig farming business, I have some little start up money that can get me like 10 pigs but it's kinda small, so I was hoping to get a loan from a bank to use in starting up my business, should I go for the loan or should I use the little capital that can get me 10pigs and just start like that.
 

rightminds

New member
My candid advice for you brother is to start little especially with what you are. It's not always advisable to start a business with borrowed money except you're 100% sure that the business will survive which is not realistic. If you start with that 10 pigs honestly it's something big because 10pigs ain't small. Let's you have at least seven females and each of them gives birth to an average of 2piglets. That's 14 and there is tendency that you will have another 8 females in the new breed. Before you know it in a short while you will have a big swine. My additional advice for you is to to and learn more about the business, know how it's done in terms of feeding, cleaning their houses, pen construction and the likes. It is most advisable to run it by yourself.
 

Jonaville

Well-known member
Like the person that commented before me, the advice I will give you is to start with the little you have. Looking at it deeply, 10 pigs may not be that small to start pig rearing business. Please try as much as possible to avoid taking a loan, trust me it won't be easy when it comes to repaying it. As an alternative, you can try to source for more capital by approach your family or close friends for help in getting the business to a start. They might probably be able to help with something. If they don't, just go ahead with the 10 pigs, is just a matter of time before your business start expanding.
 

Olajidey

Valued Contributor
well, what you need first is a business plan. I already have a thread I create about the business plan go and read it. You should carry out research on how to raise, money to spend and how to market successfully because something market is a major problem of production business. And if you will collect loan runaway from the bank because their interest will be the one to send you back to stay with grandma in the village. Have a nice reading suggestion.
 

Abigael

Well-known member
I think you should just start with the amount you have then let your income grow before you can increase the number of pigs. Alternatively, you can let the business wait till you earn the amount you need to start it. You can then save up your income from offline or online work for that purpose. You can also ask for donations from family and friends to add to your amount. You should avoid taking a loan for a startup because you don't know if it is successful and it will take time for it to breakeven.
 

Lekhraj19

Valued Contributor
That's very true. People often take loans in their life keeping a mindset that they will be in a situation to pay that money later. But, sometimes this judgement goes wrong due to insufficient planning. Debt traps are the worst thing in the world. It not only affects an individual but can ruin the nation too. Some nations fall into these situations too because of their bad planning for the future.

So, as an individual we should never take it for granted because the future can be planned, but you know that sometimes how much you plan the things do not go according to you.
 

Kennysplash

Well-known member
For some time now have been working very hard to start a business of my own, my job is not really paying much and am planning to start up a pig farming business, I have some little start up money that can get me like 10 pigs but it's kinda small, so I was hoping to get a loan from a bank to use in starting up my business, should I go for the loan or should I use the little capital that can get me 10pigs and just start like that.
First of all it is great that you want to go into pig farming. Pigs have a high mortals rate, they can give birth to 20 piglets at a time, twice in a year. So it is only a matter of small time before the 10 becomes 100. Taking loans to start animal farming is not a good idea, you will have to repay the loan in less than a year, that is not yet time you will start realizing profit. But if you still feel that number is too small you can solicit for help from close families and friends, those that will understand if you are not able to pay back yet. Private loans don't care about understanding.
 
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