I'm going to tell you two truths and one lie:
The only way to scale your business is to get a loan from the bank.
I created a mentorship called "Credit Stacking."
There are seven wonders in the world.
OK, it should be pretty obvious but if you picked the first option as the lie, you'd be right.
But, if there are so many other options for funding your business, why are there so many entrepreneurs taking out a loan from the bank to get their business funded?
From what I've seen from the entrepreneurs in my network and my personal experience, some of the top reasons people get a loan from the bank are:
Not knowing there are other options available to fund a business.
Taking advantage of a short-term solution without weighing the long-term consequences.
After exhausting all other options – such as borrowing money from family and friends – they get desperate.
I first want to start by saying these reasons are completely valid. As I mentioned before, I fell into the same pitfalls and it ended up costing me. Thankfully, I was able to understand the benefits of business credit, and a little more than a year later, I got approved for $50,000 in 0% interest business credit.
Once I learned it could be done, I wanted to share my knowledge with other entrepreneurs, so I created my Credit Stacking mentorship.
In my mentorship, you can learn how to scale or start a business without a loan from the bank. Let's go ahead and break down the reasons why this is so important.
Why you don't want to get a loan from the bank
Getting a loan from the bank can be problematic for many reasons.
In my opinion, the biggest reason is that you are obligated to pay that money back as soon as you can at a high-interest rate.
This is one of the biggest reasons why entrepreneurs can't get their businesses off the ground. All of their efforts are then focused on paying off their debts rather than scaling their business and making money. Which is the whole reason they became an entrepreneur in the first place.
Another reason you don't want to get a loan from the bank won't always approve your request for a loan. The bank has hidden rules established that prevent people from getting approved for funding and they won't explain why.
This can be incredibly frustrating and discouraging, I know this because I've been there.
Why you want to use Credit Stacking
What would you do with $50,000 at 0% interest at your disposal?
When you use a business credit card, you're able to have money at your disposal to fund your business. The great thing about business credit is, it can't hurt your credit score. So, if you max out your $50K business credit card, that's OK.
Credit Stacking gives you true financial freedom because you're not tied down by interest rates or other pressures from the bank.
Even when your 0% interest expires, I can teach you how to transfer debt from one card to another. The great thing about this is you also rack up points to be redeemed to pay for trips.
But I must say, my favorite part of Credit Stacking is the community. I get to work with and rub shoulders with some of the most inspirational entrepreneurs. Take my friend Loren for example.
Loren is just one of the thousands of entrepreneurs who have learned the benefits of business credit. If you're interested in learning more about how Credit Stacking can help you and your business, reach out to my team to see how we can help you get started.