3 Tips for Dealing With Debt as an Entrepreneur (60-Second Video)

Here's how to extricate yourself from a sticky financial situation.

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
Special Projects Director
1 min read
  • Know the difference between good debt and bad debt. Good debt comes in the form of loans, a mortgage, or lines of credit that can be used to benefit the company. Bad debt is money that isn’t working for you in any productive way.
  • Get bad debt out of your life as quickly as possible. Determine how much of your monthly income you can commit, then focus on small debts first. This will provide you with money to pay off the next debt, and so on.
  • Now, stay out of debt. Minimize your expenses, only hire new employees when you can afford to, avoid wasteful spending and always have ample cash reserves.

These great tips and more can be found in The Business Owner's Guide to Financial Freedom.

More from Entrepreneur

We created the Start Your Own Business (SYOB) course to help you get started on your entrepreneurial journey. You will learn everything you need to know about testing the viability of your idea, writing a business plan, raising funds, and opening for business.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Let us help you take the NEXT step. Whether you have one-time projects, recurring work, or part-time contractors, we can assemble the experts you need to grow your company.

Latest on Entrepreneur