Change Your Debt Mindset: Borrowing to Grow Your Business Shouldn’t Be Scary

Oct 3, 2023

Some of the best things in life come from taking chances. When we step outside our comfort zones, we step into opportunities for growth.

This is no different when it comes to running a small business. Deciding to open a business is a big leap, and business owners have to be brave in their decision making to keep their businesses afloat.  
Borrowing for your small business and acquiring debt can seem intimidating, but much of the fear of debt stems from its negative connotations. People assume that debt is always the result of something unfortunate like irresponsible spending choices or unexpected financial disasters. But many people fail to consider that debt can be the result of strategic financial decisions

When you come into it responsibly, debt is a powerful tool. With it, you can grow your business and achieve your goals much faster than if you relied only on revenue. Good debt could make it possible to upgrade equipment, hire staff, open a new commercial space, or whatever form of growth your small business may need.  
No matter what you’re borrowing for, debt is part of getting to your big dreams for your small business. It doesn’t have to be scary if you reframe your thinking about debt to reflect what it means for you.  

The key is to remember that you’re doing what’s right for your business and be prepared with debt management strategies
Start by deciding when your business can handle debt, and then find a lender you trust to start a borrowing relationship. Know how to spot predatory lenders and choose a lender that will have you and your business’s best interests in mind. With the right people behind you, debt can feel like another part of everyday operations rather than a heavy burden.  

And when the application process brings up that fear, remind yourself of the dream those funds will support. 
You were brave enough to start your own small business, so why should debt scare you?