Do you need start up capital? Are you among the thousands of prospective
investors that let their dreams and idea die because of lack of start up capital
to establishing a personal business, this shouldn’t discourage you rather you
should first catch the vision and then trust God who is the greatest provider.
Here are tips of where you can get start up. In using them you must have courage
and determination
PERSONAL
SAVINGS: it always better to
have savings no matter how small. Savings is keeping something not use or
wasted. This might not necessarily mean you must have extra money or excess
money before you save, it only takes discipline. By cutting down worthless and
unnecessary spending and start laying aside specific percentage of your
earnings, you will have a good amount in a short time if you can discipline
yourself enough to do it on a consistence basis.
You
don’t need to have much to save all you need to do is have a specific amount you
can save consistently, if you do this correctly, you will not have problems
starting on a low scale. Even as you
start little don’t let it discourage you even the BIBLE says “do not despise your little beginning”
COMMERCIAL BANK
LOAN: a sound business proposal of a promising and growing business
establishment can attract a short term loan from any commercial bank; the only
task here is that the investor applying for the loan would have to provide the
bank with collateral in form of an asset. The collateral can be landed property (house, land etc), cars, or
share certificate belonging to the
loan applicant.
PURCHASING ON
CREDIT: a diligent investor that is highly committed in active delivery
with good turn over can win the trust of the supplier and can have access to
purchase the goods on credit and to pay at a later date or after the sale of
the product. But before you go with this method you must consider the supplier,
create a very good relationship with the supplier and make sure to buy what you
can pay for in a short time. So as your sales increase you can pay for more goods
and also order for more goods on credit.
Note: Always try
to pay your dept as quickly as possible. And be smart in knowing when to buy
many goods and when to buy few good so you don’t run into a lose and into more
dept.
GOOD FRIENDS AND
FAMILY: this is the most convenient way of obtaining startup capital,
make your business plans, commit your
plan into GOD’S hands then make your plans known to your family and
friends. This method can be very convenient but I will advise you to treat it
like the other methods mentioned above, so you will be serious about your
business.
PARTNERSHIP FUND:
another way of tackling the problem of little or no capital is to enter into
partnership with another investor of like objective as yours, ensure you
formalize everything into a document by having a partnership deeds with
him/her. Choose your partners wisely some partners will ruin your dreams so be
very careful. Look for a very hard working person to partner with.
However, there are some deadly
destroyers in business every serious minded person starting out should and must
avoid:
Lack
of proper planning.
Poor
attitude (laziness).
Uncontrolled
expansion. Poor management.
Poor accounting (use of fund).
Inexperience
personnel (workers).
Bad
business location.
Now that you know how you can
generate start up capital and also what to avoid in sustaining your business, go get started immediately don’t let
procrastination still you dream of having your own business…
“Conditions
are never perfect. Someday is a disease that will take your dreams to the grave
with you. If it’s important and you want to
do it eventually, just do it and correct course along the way” (Tim Ferris)
CONCLUSION: you
can combine two or more of these methods in getting a start up capital for your
business. And for the partnership always try to get the better control power of
the business and to do this you will have to generate more of the capital. And above all always commit your business
to GOD.
Good luck in your new business.
Do you feel these are not all? Then let
us know how you have managed to get your startup capital it will be of help.
Thanks you
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