Can you get a business loan if you don’t have revenue?

can you get a business loan if you don’t

can you get a business loan if you don’t have revenue it’s a question that came

have revenue it’s a question that came

have revenue it’s a question that came in from mo who’s one of my youtube

in from mo who’s one of my youtube

in from mo who’s one of my youtube viewers most amazing has a great smile

viewers most amazing has a great smile

viewers most amazing has a great smile ask the ton of questions is always

ask the ton of questions is always

ask the ton of questions is always active so thank you mo and i love to

active so thank you mo and i love to

active so thank you mo and i love to answer this question for you here’s the

answer this question for you here’s the

answer this question for you here’s the thing banks are typically not the best

thing banks are typically not the best

thing banks are typically not the best place to go to for funding your business

place to go to for funding your business

place to go to for funding your business because banks do not take risk they want

because banks do not take risk they want

because banks do not take risk they want to make sure that they’re going to get

to make sure that they’re going to get

to make sure that they’re going to get their money back so if you’re just

their money back so if you’re just

their money back so if you’re just starting up the bank is not the place to

starting up the bank is not the place to

starting up the bank is not the place to go if you want to get a small business

go if you want to get a small business

go if you want to get a small business loan then absolutely they want to see

loan then absolutely they want to see

loan then absolutely they want to see revenue growth not just revenue they

revenue growth not just revenue they

revenue growth not just revenue they want to see profits if you have revenue

want to see profits if you have revenue

want to see profits if you have revenue but you’re losing money it’s going to be

but you’re losing money it’s going to be

but you’re losing money it’s going to be really hard to get a bank loan they want

really hard to get a bank loan they want

really hard to get a bank loan they want to see three years of traction and

to see three years of traction and

to see three years of traction and growth so you’re gonna have to show the

growth so you’re gonna have to show the

growth so you’re gonna have to show the last three years of your top line

last three years of your top line

last three years of your top line revenue and your bottom line profits and

revenue and your bottom line profits and

revenue and your bottom line profits and it better be growing and it better look

it better be growing and it better look

it better be growing and it better look good or they’re not going to say yes

good or they’re not going to say yes

good or they’re not going to say yes just my business loan because it’s risky

just my business loan because it’s risky

just my business loan because it’s risky because most businesses fail and they

because most businesses fail and they

because most businesses fail and they don’t want to be attached to that they

don’t want to be attached to that they

don’t want to be attached to that they want to get their money back they want

want to get their money back they want

want to get their money back they want to be able to grab on to something in

to be able to grab on to something in

to be able to grab on to something in case it doesn’t work out so typically

case it doesn’t work out so typically

case it doesn’t work out so typically the only way to get a small business

the only way to get a small business

the only way to get a small business loan as a start-up is to have a personal

loan as a start-up is to have a personal

loan as a start-up is to have a personal guarantee so that means if you can’t pay

guarantee so that means if you can’t pay

guarantee so that means if you can’t pay the loan back from your business you are

the loan back from your business you are

the loan back from your business you are on the hook personally they can take

on the hook personally they can take

on the hook personally they can take your car they could take your house they

your car they could take your house they

your car they could take your house they could take any investments that you have

could take any investments that you have

could take any investments that you have you are personally on the hook for

you are personally on the hook for

you are personally on the hook for repaying that loan if you really need to

repaying that loan if you really need to

repaying that loan if you really need to get money then as a start-up the best

get money then as a start-up the best

get money then as a start-up the best places to get it first of all is

places to get it first of all is

places to get it first of all is bootstrap don’t spend money I hate

bootstrap don’t spend money I hate

bootstrap don’t spend money I hate spending money till I’m making money try

spending money till I’m making money try

spending money till I’m making money try to find a way to get it from your

to find a way to get it from your

to find a way to get it from your customers put that money back into your

customers put that money back into your

customers put that money back into your business it’s slower growth but you’re

business it’s slower growth but you’re

business it’s slower growth but you’re going to be able to make and build a

going to be able to make and build a

going to be able to make and build a more successful business because you

more successful business because you

more successful business because you know what you’re doing you’re building

know what you’re doing you’re building

know what you’re doing you’re building and you’re learning the process as you

and you’re learning the process as you

and you’re learning the process as you go through if that’s not working out

go through if that’s not working out

go through if that’s not working out fast enough for you then your next best

fast enough for you then your next best

fast enough for you then your next best bet is to look at friends and family

bet is to look at friends and family

bet is to look at friends and family look at people who you know who might be

look at people who you know who might be

look at people who you know who might be able to invest in your business and

able to invest in your business and

able to invest in your business and often the people who do it aren’t the

often the people who do it aren’t the

often the people who do it aren’t the people who are closest to you they’re

people who are closest to you they’re

people who are closest to you they’re not your uncle or your aunt or your

not your uncle or your aunt or your

not your uncle or your aunt or your parents or your brothers and sisters

parents or your brothers and sisters

parents or your brothers and sisters it’s the people who are in a much wider

it’s the people who are in a much wider

it’s the people who are in a much wider network maybe

network maybe

network maybe somebody went to high school with so you

somebody went to high school with so you

somebody went to high school with so you got to spread the word beyond your

got to spread the word beyond your

got to spread the word beyond your immediate network if you need to go get

immediate network if you need to go get

immediate network if you need to go get that loan be prepared to give that

that loan be prepared to give that

that loan be prepared to give that personal guarantee or they’re not going

personal guarantee or they’re not going

personal guarantee or they’re not going to say yes to you but again I hate

to say yes to you but again I hate

to say yes to you but again I hate spending money until I’m making money so

spending money until I’m making money so

spending money until I’m making money so go find a way to hustle bootstrap get

go find a way to hustle bootstrap get

go find a way to hustle bootstrap get something of value that you can sell to

something of value that you can sell to

something of value that you can sell to your customers get money in the door

your customers get money in the door

your customers get money in the door start building that business up and then

start building that business up and then

start building that business up and then when you’re ready to expand then it’s

when you’re ready to expand then it’s

when you’re ready to expand then it’s easy to go after a banker or an angel

easy to go after a banker or an angel

easy to go after a banker or an angel investor or even a venture capitalist if

investor or even a venture capitalist if

investor or even a venture capitalist if you have bigger dreams because you’ve

you have bigger dreams because you’ve

you have bigger dreams because you’ve shown that it can work on a small scale

shown that it can work on a small scale

shown that it can work on a small scale I know you’re really ready to ramp up

I know you’re really ready to ramp up

I know you’re really ready to ramp up thanks for the question mo believe for

thanks for the question mo believe for

thanks for the question mo believe for those of you watching you like the video

those of you watching you like the video

those of you watching you like the video please give it a thumbs up below makes

please give it a thumbs up below makes

please give it a thumbs up below makes me want to do more for you and I’d love

me want to do more for you and I’d love

me want to do more for you and I’d love to hear your questions and your comments

to hear your questions and your comments

to hear your questions and your comments below i’ll make a video reply for people

below i’ll make a video reply for people

below i’ll make a video reply for people who write in thank you guys i’ll see you

who write in thank you guys i’ll see you

who write in thank you guys i’ll see you soon