While running a business there are always some risks attached to it. Now the risks are sometimes feasible and can be handled at ease, but at times debt goes so high that you are unable to run your business anymore. You will have to manage the situation in order to run your business in the right way.
Manage Your Business
One of the top ways to manage the situation is by taking help from the creditors. It will be better if you can arrange the credit from someone you know. As the gate of the bank will be open to you, however, when you will be providing the banks your three year account book, it will be a matter of time for them to identify that you are in a debt and looking for debt settling company. For that, they might deny to issue the loan to you.
Take A Loan From Someone You Know
While arranging the loan from some of the known fellows of yours, there is one trick which you can do. Divide the amount you decided to take a loan in to three halves. Now, multiply each half with two. Now seek that amount of credit from three individuals. You will be using half the amount of the credit in your business and keeping the rest amount for the support of the business itself.
So, you are using half the amount of credit in your business and you are left with the exact half. Now stop all your credit business in the market and start dealing with cash. Put at least two or three staff members to raise business for you and do the delivery and back end job by yourself.
Support The Staff
Now, the staff will not be bringing the volume of business, as is expected from them. The volume that they will bring for the first three months will not even justify their own salary too. Thus, start working out on that and start developing the market in a fresh style with the help of debt settling company.
Pay The Creditor
You will be able to pay their full salary for the potential staff only. Now get the full volume and support from the staff from the third month onward. You will be soon collecting the credited amount and then the margin above it. Finally, it will not take more than six months to pay full value to the creditors. You will not be paying that full amount to the creditors, but will be paying 50% of that and will seek two more months to pay the full amount with additional 10% interest.
Final Phase Of Trick
Use the left amount again and earn profit from your business. You will be making at least 21% of the amount, if your business runs with the same pace. Your staff are equipped and knowledgeable now. So, make them more efficient with added responsibilities. You will be expanding the business by at least 20%. Your business value is now 41% of the credited amount in market. Then pay the full amount to the creditors. You can again run the same process to make more capital for your business. These are the tricks applicable for you. Run it and get the support!
