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Want to buy a business – don’t make these mistakes!

Want to buy a business – don’t make these mistakes!

Are you looking to buy or start a business and thinking of heading to your local bank?
Don’t make these mistakes

First you need to decide whether or not you want to use your house as security for the business loan. For many banks, this is mandatory. However, there are some banks where this is not – if you know what to say!

Secondly, and particularly if you don’t want to use your house as security – or even if you do! The structure of the business will affect whether you will be approved or not. This is also the case where relatives such as your parents are wishing to help you by using their property as security for your business loan.

Your business plan – this could potentially be one of the most important factors as to whether your loan will be approved or not – it’s important to know how to present this and what key points need to be included – BEFORE the bank officer sees your application.

Your income and expenses – not always as straight forward as you may think. Are you intending on keeping your current job, or will you be leaving to spend 100% of your working life in your new business. Again, the answer to this is not always clear cut and your response will affect your business loan application.

To ensure you are better prepared for your business loan application, contact us at Bee Finance Savvy on 1300 140 554 or email enquiries@beefinancesavvy.com.au

Don’t jump in to your loan application head first, without knowing the key answers to the important points above.

You can also see what some of our happy customers have had to say about us at https://www.womo.com.au/reviews/Bee-Finance-Savvy-Miranda


You may also enjoy further reading here – Do you need equipment for your new restaurant, cafe or take away business?

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