Debt is a scary word, but business owners could be risking more than financial security by letting fear stop them from seizing opportunities to invest and expand their business. In this episode, Danielle Hayden dives into the strategic use of debt to fuel business growth, giving a detailed look at how to approach debt responsibly and decide if it's the right strategy for your business. She also offers a comprehensive guide for funding investment into your business, sharing helpful resources and insights on balancing financial risk with growth opportunities.
Tune in to discover how to effectively leverage debt for achieving your business goals!
Key Takeaways:
Don't be afraid of debt! When strategically used, it's a powerful tool for business growth.
Identifying and understanding the influence of your Money Mindset Personality Type is crucial for making informed financial decisions. With this knowledge, you can more effectively tailor your financial strategies to align with your inherent attitudes towards spending and saving.
There are various funding options available to business owners, including credit cards, SBA loans, and underutilized resources like grants. It's important to research these options and choose the right one for your business's financial health.
Topics Discussed:
Considering debt as a growth strategy (0:00)
Case study: A client's strategic investment (1:57)
Money Mindset Personality Types and their impact on financial decisions (3:01)
Funding options and resources (10:10)
Steps to create an investment plan for your business (14:10)
This week's homework: assessing your business's need for debt (18:36)
How to monitor debt as a business owner (19:28)
Resources:
Take the Money Mindset Personality Type Quiz: https://kickstartaccountinginc.com/quiz
Connect with Kickstart Accounting Inc.:
Instagram | https://www.instagram.com/Kickstartaccounting
