....Inspired beyond boundaries

Tag: investment

small

Start small, but don’t end small

The business world may appear lucrative and eye-catching, but building a small scale business into a giant conglomerate is never an easy task. It involves a whole lot of processes and principles, which many find so tough to implement. 

One of the many advice entrepreneurs are given while venturing into the business world is to start with whatever resources one has. So many business owners who have chains of businesses never started big. 

The first step is to birth that profitable idea into life. Not all ideas may eventually become profitable when implemented. Test run the idea on a small scale using different business tools and confirm if the feedback is positive or not. 

Secondly, draw up a watertight business plan, outlining every aspect of the business and the model to be implemented. If you not too good in the technical areas of the business plan, that can be outsourced. 

The next step is one of the most crucial steps in your journey towards starting that small business of yours. You got to draw up various sources of funding for your business. Personal savings, family and friends, local thrift/cooperative society, money lenders, banks, and donor agencies are some of the options available. In making your choice of where to draw your funding from, wisdom must be applied. 

Finally, having secured funding for your business, ensure you already have all the contacts, tools, and other logistics in place before attempting to kick start the business. A small scale business is like a small car about to undertake a long journey. The car needs enough fuel (finance) to get to the desired destination. A  Good engine with the needed lubrication, proper valve checks. 

Note however that the beginning of every business venture is usually tough and filled with lots of hurdles. It’s not smooth sailing like most entrepreneurs usually find out at the middle of the journey. The most crucial aspect of starting a small business venture is to aim high and avoid staying at the same level each year.

There is always room for expansion as the business starts picking up. Financial institutions are always keen to support a thriving business as long as they’re a mutual relationship when it comes to funding repayments. As we approach the end of the year, let your goal of setting up that small or medium scale investment become a reality.

Accessing Funds for small scale business

Accessing Funds for small scale business

Accessing funds for your business remains one of the biggest hurdles to cross when planning to launch your small or medium scale business. Some do say it takes courage to make your dreams come through. I agree to an extent, but let’s be honest. Without money, your courage will be stranded! Some dreams need not just courage, but money to become a reality! 

That’s why entrepreneurs lookout for initial start-up capital to kick start their dream business. To be honest, there are millions of people out there whose dreams of achieving financial freedom have become stagnant due to the lack of start-up capital. We all need the courage to pursue our dreams, but money is like a fuel to take our dreams to its place of destination!

One of the most difficult stages in turning your idea into a tangible business is that of funding. There are however several sources of funding one can explore and possibly utilize when starting up a business.

Your funds

It makes logical sense to start from home. If you are serious about starting up that business of yours, then you must have worked out a plan about saving up for the business. You can never rely on other sources of funding when you don’t have a dime saved up for the business.

The best bet is to open a savings account and start saving before launching your business. It takes a lot of guts and self-discipline to save up. Try to maintain a certain standard which will require you to save a minimum amount monthly.

Friends and Family

Friends and family are the nearest sources for funding your business. You must have saved a tangible amount of cash before approaching them with the proposal for funding. More than 80% of family and friends would want to know the type of business you plan to start and also how much you’ve been able to save up for the business.

Be ready to answer these and more of their questions. One major drawback with this option is the fact that family and friends may want to interfere with your running of the business when they eventually lend you some funds.

Angel Investors

Angel investors are more like business-minded individuals who look out for potential businesses they can plow their funds into. In return, they get a percentage of share in the business. They are usually involved in more than one business, so if you are looking for a huge capital to start up your business, angel investors may not be the best option for you.

Banks

Banks should be your last port of call. They are generally willing to give out loans as long as they can confirm your business has potential. Be ready to check up on the different banks to compare their loan conditions and the interest rate on the loan.

All banks have their conditions and rate when it comes to granting loan facilities to entrepreneurs. Remember, having a good idea is not enough. You must be able to come up with a workable business idea. These are the things that would be required from you when you approach any bank.

Print out a copy of your business plan and if possible have a slide ready for presentation. The business plan must be practicable because no bank will be willing to invest in any business that may not yield any return on investment.

entrepreneurs

Business tips for entrepreneurs

Entrepreneurs are always in search of innovations and new solutions to help them achieve success in their business. In this article, I will be highlighting some useful tips that entrepreneurs will find very valuable.

Tips #1

If you’re an entrepreneur, Make sure whatever you’re selling is relevant, useful, and be consistent. People don’t buy just the products but they look out for benefits. You don’t start something one day and disappear the very next day.

Tips #2

The formula for a successful business is: do what you love and love what you do. Turn your talent into a business, not just a hobby. For instance, if you can easily motivate others. You turn your passion for motivational speaking into a business. It is something that can create multiple income streams for you if properly channeled! 

Tips #3

Impressing people isn’t worth it. The more you impress, the poorer you become. The poorer you get, the less they respect you. Stop impressing people by using your little money to buy things you can’t afford and start impressing your future by investing the money instead. Entrepreneurs need capital for investment, not to impress people who don’t even care if you exist.

Tips #4

If you want to double your income and create a new stream of income as an entrepreneur, it may not work the first time. I have tried several ideas in the past and the never worked, but it doesn’t mean those ideas were wrong. You cannot lose by taking action, you only lose when you refuse to work on your dreams.

Tips #5

Building a system around your business is one sure way of ensuring uninterrupted income streams. You can start the process by automating as many parts of your business as possible. Having an online presence, for example, allows you to keep your business open 24/7 without further effort on your part. Modern entrepreneurs have leveraged the awesome power of the internet to increase their business spread.

Tips #6

Building a successful business requires focus. Why? Because that’s how you build momentum. As an entrepreneur, you must remain focused on a particular niche. Don’t get easily distracted by what others are doing. So don’t do multiple things at once. Instead, focus on just one thing, and do it in the best possible way.

As the author puts it: “A scattered focus leads to scattered results.” Business is all about patience. 8 years ago, crude oil was the real deal. Today, lots of investment in that sector has diminished. Those who started web-based businesses 8 years ago are more relevant than ever before. It’s all about focus.

Tips #7

There’s nothing wrong in being a salary earner, but there’s a lot of wrongs if you cant create a plan B from your salary.  Think and make the right choice, because as a salary earner, you can get fired tomorrow or your company can be liquidated. Make your plan B source of income a top priority this year!  A plan B that will grow into another huge income source. Most entrepreneurs started as salary earners and diversified into a business of their own.

Powered by WordPress & Theme by Anders Norén