As a well-known photographer, Abu sought to expand his business by purchasing a new photocopy machine. However, the latest model was priced at $60,000, which was beyond his financial means. Instead, he settled for a second-hand machine that still cost a hefty $30,000. Abu secured a loan from a bank to finance the purchase but unfortunately, the machine was unreliable and eventually broke down. He struggled for five years to pay off the loan, putting immense pressure on himself.
This serves as a cautionary tale to others looking to expand their business. It’s important not to take on a large loan that you cannot afford to pay back. Starting small and gradually building up is a more sustainable approach to growth. By doing so, you avoid the risks associated with being overburdened with debt and the stress of paying it off.
“The plans of the diligent lead to profit as surely as haste leads to poverty.”
— Proverbs 21:5
