Can You Run A Business Debt Free?
“You can’t actually run a business debt free!” That’s a comment I hear all of the time. In fact, when I teach EntreLeadership, it’s the one subject that tends to ruffle the most feathers. Why? It’s the same concept as student loans. People don’t know people who are going through college (or own a business) without debt, so it doesn’t seem possible to them.
I’m here to tell you, YES IT IS! At each EntreLeadership Performance Series event, I take a few minutes to ask how many people are running their businesses debt free. Every single time, it’s at least 30% of the room. Every time. I then have the rest of the attendees look around, and they’re always surprised that someone can run a business without a line of credit. They see that it’s not only being done, it’s being done successfully.
I’m passionate about making business owners realize they don’t need to accumulate a ton of debt. And on today’s EntreLeadership Podcast, we talk about ways to run a business debt free, as well as obstacles to avoid.
During the podcast, I also interviewed one of our in-house champions, Chris Hogan, about the things he’s learned in all of his years of coaching businesses on their finances. In the interview, we cover:
- What small businesses normally borrow for and how they can change
- Cash flow, retained earnings and lines of credit
- How badly debt damages growth
- How to feel safer financially
- The myth of credit cards in business
Basically, we tackle the myths that so many have been convinced are musts in business. It’s a super important podcast you are not going to want to miss. Click the player below to hear the EntreLeadership Podcast on Financial Peace for Business.
If you don’t see the player, click here.
Question: What are your thoughts on running a business debt free?