Getting out of business debt

“I’m desperately seeking a way to turn around my business. I’ve run up a lot of debt in trying to promote a new product, but sales are not coming in fast enough to cover my repayments. I am confident that I’m about to make a breakthrough as more customers are accepting my product, but I don’t know how I’m going to survive until that happens.

I can’t give up now, as generating income from the business is the only way I can hope to get out of my debt. What can I do?”

Years ago, I received this impassioned plea from a determined entrepreneur, who despite all her financial challenges wanted to continue following her business dream. She had a vision to revolutionize her industry with new technology, but like many young business owners, had underestimated what it would take to succeed.

Faced with escalating debt, she was anxious about her future and desperate to find solutions.

Operating a small business in Jamaica can oftentimes be difficult for entrepreneurs. One of the biggest problems is finding affordable financing to meet working capital needs. If you’re fortunate enough to get a loan, it can be even more challenging to generate enough income to meet recurrent expenses plus cover the repayments.

If you want to find out the debt reduction strategies that I recommended to this financially challenged entrepreneur, click on THIS LINK.

(c) Cherryl Hanson Simpson

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