How a business loan helped me set up a beauty salon

At the young age of 19, I landed a job at a leading hair salon in Mumbai. Naturally, I was beyond overjoyed. My boss told me I really had an eye for it, and that I excellent at the job.
Over the next few years I worked with different stylists, soaking up as much knowledge and skill as possible. Not long after, I started working with celebrities. Feeling the need to push myself some more, I charted my next move?taking a business loan to set up my own salon.
Taking a business loan
The decision to quit my job and start a venture was not easy. But I always felt that I had good business acumen, and I even managed day-to-day operations occasionally. Additionally, I researched everything I needed to know about business loans.
Soon, I found out about various kinds of business loans available. After careful analysis, I decided to opt for a term loan of Rs 10 lakh to be repaid over a span of six years.
I did not want to take too much of a risk. After all, was not sure how well my salon would do in the beginning. So, I did not want to burden myself with very high EMIs.
Making a good business plan
I knew I had to be organised. So, I made a solid business plan, including a detailed budget. I allocated funds to the different areas of owning and running a salon. These included advance rent, buying equipment, hiring staff, basic interior decoration, and the likes. This put me on the right track. It ensured that I used every penny I borrowed wisely. It was all used only for my new business, and not for anything personal.
Two years later, I realised that it was my well-thought out business plan that made it possible to get the business loan. The lender approved my application in no time, and that got the ball rolling. Soon after that everything was put into place, and I opened a small beauty salon that has been successfully running for the last few years.
Repaying the loan
I hate owing anyone money. So, I wanted to repay the loan on time. Fortunately, my beauty salon took off at once, making it easier for me to repay the loan on time. I made it a point to never default on the EMIs. Moreover, this boosted my credit score.
Choosing the right lender
I attribute a large part of my success to my business loan provider. The lender guided me throughout and was always available for support. Plus, it helped me get the loan at an affordable interest rate. Choosing a good lender, naturally, works wonders.
Your business loan
If my story inspires you to start a venture, consider taking a business loan to achieve your dream too. But remember, to succeed you must be systematic. You must complete each part of the loan process carefully. Start by applying for the right business loan from a suitable lender, and ensure you repay the loan on time. These factors are vital to having a good loan experience.
The bottom line
So, what are you waiting for? If you, too, have a brilliant idea and have the drive to bring it to life, get to work. Getting a business loan today is much simpler than what it used to be a few years ago. Just go online and check the available options, and opt for one that is best for you. Then, it is all about hard work and business acumen. Work hard to make your dream of successful entrepreneurship come true.