By Ayo Emakhiomhe.
Please note that all your comments are very welcome.
1. Credit Card
This is a short term funding instrument. It allows for quick cash for quick purchases without having the cash readily available. It can be used online, on Point of sale machines, on ATM’s, on the phone, etc.
It should not be used as a sole source of financing, it should be used only when all other sources have proved absolutely inaccessible or a sure backup in a matter of hours/days is available.
This is usually good for trading and other short gestation business lines.
In Nigeria it is not usually advisable to use the credit card to run a business whose cycle is longer than 2 weeks. This is especially because of the high costs attached to the card.
To acquire a credit card in Nigeria, you have to apply to one of the various agencies selling the card like banks. And we have so many variants available.
You must have already had a bank account with good credit/turnover history to get one.
2. Business Angels.
These are people with considerable capital available to fund your business idea/venture.
They are all around us and are usually interested in investing in your idea/plan if it is in line with a particular business course they want to achieve.
They are termed angels because they do not need to know you or sometimes, they do not even need to meet you, but they will invest all or most of the capital you need to start you business and usually take equity stake in the business.
To assess these angels, you must have a well thought out and outline business plan set out with a clear vision and objectives. This is where business development consultants like Coinbox limited comes to play to assist you in achieving this feat.
You can access them through investment clubs, business development consultants, investment adviser, your bankers, on line, and so many other sources.
To employ any of the methods outline above, you must have already done your research/feasibility study and prepared a business plan. If you have not, please prepare that first before deciding which method or combination of methods will best suit your business plan and needs. If you do not have a business plan, you are like a blind man that wants to run a marathon with lots of dangerous obstacle courses and your competitors are fully sighted while you have not the slightest idea of the track.
Also, always Endeavor to start small; Even if you have all the capital to hit the high market with your product or service. Always start with just a small test first. Do a Test run of your venture before slowly releasing funds to grow it to size. By doing this you will see any small problems that otherwise would have been hidden by large outlays and your mistakes and losses will be small. Also, backing out if necessary will be at minimal loss/damage.
The author can be reached at coinboxlimited@gmail.com or 2348023526682
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