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12 Things To Consider Before Borrowing Money From Your Family For Your Business

When you need cash for your business it’s tempting to look for it from your family members.

That might be a good idea or it could be a nightmare.

Tread carefully if you decide to go that route.

If you do, then check out this article called “Borrowing Startup Money from Family Members” by The Young Entrepreneur Council and discover what to consider if you are thinking of borrowing money from a family member to fund your business…

 

“Starting up with just the next big idea is just that: an idea. In reality, new businesses need money, usually more than that amount initially calculated alongside that very first draft of the business plan. And sometimes, those funds can come from family.

“However, borrowing capital from family members is risky business. Sure, you can always cut bonds with an external investor when a deal goes sour, but you can’t exactly burn bridges with relatives, especially just before seeing them at family gatherings. Even more so, these well-meaning lenders don’t always know what they’re getting into — and what they may not be getting out it in the end.”

Click here to continue reading and learn the 12 things to consider when borrowing money from family on SmallBizTrends.com

 

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About Scott Aughtmon (1824 Articles)
I’m author of the book 51 Content Marketing Hacks. I am also a regular contributor to ContentMarketingInstitute.com and I am the person behind the popular infographic 21 Types of Content We Crave. I’m a business strategist, consultant, content creation specialist, and speaker. I’ve been studying effective marketing and business methods (both online and offline) since 1999. ===> If you would like to see ways that we could work together, then please click here to learn more.