How To Grow Your Business Without External Debt!


Q: Can a business grow without any external funding or bank loans?               K.  Albright         Madison WI. USA

Given this economy and what appears to be on the horizon, I would strongly encourage you NOT to go after external funding. You would be saddling your company with debt and that could have the potential for creating additional stress and hardship. Instead, we have an alternative way to strengthen your business, your financial prosperity, and open the doorway for your business to grow, debt free! Here is how to get started…


Grow Your Business With Multiple Revenue Streams

To successfully grow your business I prefer the multi-revenue stream model. Let me give you an example of what I mean. When I first started my company I had $35.00 and worked from an end table in my living room. In a few years I had built it into a very successful and debt free firm in the Seattle Metro area and netted over $1,000,000 in annual gross revenue. Here is how I did it.

Grow Your Business by Reinvesting Your Profits

For the first two years all profits were immediately reinvested back into building the foundation of my company (and yes, I did pay myself a small salary during that time so I could continue to work on my business). It sounds like you have already done that, which is great.

Once I arrived to the point that it seems you are now I continued to reinvest my profits, but this time instead of building the company foundation I began to build additional supporting revenue streams into my company by offering new services and my own product line.

So, my suggestion to you is to get your staff together (4 heads are better than one) and look carefully at your business model. Ask yourselves a few questions.

  • What is it that we do?
  • Who are our clients?
  • What needs do they have that are not yet being met and how can we serve them better?

Given our current global situation I would suggest that you incorporate a strong online presence with a primary focus on customer experience. In other words, create an online presence that your customers will enjoy and want to return to…often.

Grow Your Business Without Taking on Personal Debt

I want to talk about one more thing that I believe was the pivot point in my company’s success and will go against mainstream business philosophy and that is this. I NEVER took on personal debt. Nor did I leverage or liquidate any personal assets. I still don’t to this day. Remember, the “guru’s”, investors, and so called traditional business insiders make a living out of creating debt.

However, right now and I predict for the next three or four years any type of debt could be a huge liability with devastating effects. If I need or want something I create a new dedicated revenue stream to fund it. when I have accuired the thing I wanted I still have that revenue stream bringing in money that I can then use to fund other things, reinvest in my business, or build a fund of ready cash for something later. If you do just this one thing your opportunity for success grows exponentially.


Though most governments and media aound the world aren’t wanting to talk about it, the pandemic and business debt has destroyed a growing portion of the global economy. If you are among this growing group of entrepreneurs that are becoming financially devestated and on the brink of loosing everything, how do you turn things around and get back to the place where you were making money and things were going well? I am going to try to break it down into several steps for you.


1. From this moment forward DO NOT TAKE ON ANY DEBT. Personal or business. EVER.

As of last year the ways you were taught to grow your business when you were in school are no longer wise choices and most likely won’t be in the near future. The way we do business has changed forever, no matter what country you live in. Understanding that is your first step to success. So, what do you do to repair your business and your personal finances?

2. Use the assets you still have to rebuild, slowly.

If you still have your customer list, you still have the most valuable asset of your business. Contact each of your clients and offer them “personalized” service. You may be the one doing the work for awhile while you get out of debt, but it will allow you to take care of your family while you free yourself from the burdens and stresses that go along with credit card bills and personal or bank loans. It will also offer you the opportunity to create strong personal relationships with your customers and that is vital to your success. I will explain more about that in a moment.

3. Focus on building multiple revenue streams.

Trying to grow your company too quickly and taking on debt to make it “big” is all about ego. Most of us have made that mistake at one time or another. Understanding that trying to grow too quickly with an abundance of finacial risk and obligation may have brought you to the place you are right now and is vital to your recovery.  To successfully grow your business in a post-covid world, you must first create an additional revenue stream in your business to fund that growth, not take on debt or leverage personal assets. So, how do you do that?

4. Listen to the needs of your customers.

If you still have your customer list, you are currently in touch with them, and you are the one actually doing the work, you are in a GOLDEN position to see first hand additional needs of your customers that could be opportunities to create additional revenue streams. DO NOT make an offer to your customer until you and your company are fully prepared to meet that need with exceptional quality of workmanship and customer service. To do so before you were fully prepared would be damaging to your brand and set you up for another failure, and I don’t think your soul could take that right now.

5. Focus on building a strong foundation.

Rather than trying to grow big, focus on growing strong. Over the next several years Covid is still going to be with us and most likely we may also see a global economic downturn. From this moment forward, everything you do should be to build the strongest company you can. If your company is smaller, but strong you will be able to withstand whatever may come without all the stress and overwhelm you may currently find yourself in.

Now, let’s deal with your personal overwhelm and give you a new starting point.

Step one: You need a source of revenue to sustain you and your family. If you can personally start providing your company’s products or services again that would be your first step in rebuilding. If that is not possible, you will need to either create a new business where you are the one doing whatever work you are capable of or you will need to work for someone else while you rebuild your company so that you have a personal income to sustain you until you can work full-time at your own comapny.

Step two: Each morning when you awaken ask yourself just one question and that is “What is my next step”? Just focus on that one thing until you accomplish it. If you allow your mind to idle over all that is in front of you, it will feel impossible and you will feel hopeless and discouraged. We want to get you back on the track to success and that is by accomplishing one tiny goal at a time. And then the next. And the next.

Step three: Acknowledge and create a repayment plan of all your business and personal debt. You did not get into this situation overnight and it is not going to go away overnight. I would seek the counsel of a professional advisor to help you create a strategy. It may be possible that your government may have some Covid relief grants for businesses that could help relieve some of the debt. A professional advisor would be able to guide you. Use any money you can to pay off your debt, NOT TO FUND A NEW BUSINESS. Becoming debt free should be priority one for you after caring for your family. Once you are debt free then you can begin to grow and expand your company, and when that happens we will have a party!

Something to Help You Get Started!


Hopefully this will set you on a path to inspire ideas to develop additional revenue streams. If you are looking for even more practical hands-on help we have two other resources for you. First, we have created an actual Financial Guidebook and Toolkit for small business owners just like you to help you start and grow your own successful business and meet today’s challenges head-on with confidence. You can find yours right here.

The second resource we have for you is a collection of tools we love and use that have helped us build the online portion of our business. Some of them we have been able to partner with to give you a special deal, but all of them are tools we use and highly recommend. Here is the link to get started now:

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If you are looking for more practical hands-on help we have two other resources for you. First, we have created Business Genesis  and our Small Business Toolkit for small business owners just like you to help you start and grow your own successful business and meet today’s challenges head-on with confidence. You can find yours right here.

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