1. Don’t Rent An Expensive Accommodation

Do not rent a house in an area or a location beyond your financial capacity to show off to people. If you are not married yet, or  you just got your first job, why do you need a 3 bedroom apartments. Is the president is coming to visit you?

Don’t rent a house in the most expensive areas if you can’t afford it yet. Remember, 20% of your income. [Read more…]

One of the greatest challenges we have in this age is lack of Power. I do not mean electricity here. I am talking about power to generate the kind of capital for your God given Idea and achieving your ultimate goal.

There are many unrealized dreams and businesses that are yet to see the light of the day because it is practically impossible to get the resources needed to make it happen. What many of us consider as one of the means to handle this challenge is to approach the finance houses for help; but the truth is  it does not turn out to be the best option when critically considered.

The interest rate is killing let alone the unfriendly environment that is created for many businesses that are just emerging. Sometimes you will be asked to pay 30% interest on the money you need to borrow within a stipulated time frame, most times six months. When all necessary addition and subtractions are made, it becomes so obvious that the business has nothing to lean on again because all the money would have gone to the banks.

In most cases, loan around here is never designed for new businesses. So many people went in to this world of business and struggled out with bruises and marks because they could not survive the terrible atmosphere. Asking for collateral or something to stand to cover up for the money if you will ever be considered is a different issue altogether. Sometimes banks and some of these finance houses request for your ‘death certificate ‘to securethe money they want to give. The point I am making here is the environment is not too beneficial yet to access easy facility to start your new business ideas.

However, there are few things I like you to consider to handle this challenge. It may not be so easy but it works better than putting yourselves in a constricted bend to pay back borrowed money.

I was in a tough situation some years ago. I needed to fix some things. I had a good idea just like many of us but had no financial Power to implement my good concept. There was no help for me. I could not raise the money I needed from any one or anywhere. The only option I had was to sell some things.  I had to sell my properties. I remember how I sold my Photo Camera, My Video camera and afutjisu laptop just for me to meet up with my target for that period.

I got the money I needed and used for the business I had to execute. My case was like the case of the man who found an asset on a farm land and went to sell his properties so as to buy the piece of land and take full possession of everything on the land.

The money you are looking for is always with you; sometimes. I could have been stranded if I had bought clothes and not-needed expensive phones when I had the opportunity of buying the cameras and the laptop. They were my asset at that time.

When God gives you cash please consider what will give you Value first before anything. Cash is a convertible resource I believe. Don’t buy what you won’t derive value from against valuable things. There is a big difference between Seeds and bread. Don’t eat your seed when it has not become bread.

I was able to raise money for my idea. It was painful but helpful eventually. You can sell your personal effects to raise the money that you need if you are very sure it won’t backfire.

What are you doing with the car you are struggling to fuel? Please turn it to a seed. What is there in your head that you are cooling with the Air Conditioner in your house? Go and Sell it. Anything that you cannot directly generate income from should be secondary to other important things.

Do you really need to call Party for your next birthday? You have many more years to spend; don’t cut short your life with troubles that you can avoid.

This is my story:

I bought everything I sold back after some time. When they came back, they came back better and bigger. I did not loose anything ultimately.

Raise money for your idea first within before you go outside. There are things you can do without to raise the capital you need for the new business idea on ground. I have had to sell my car before so as to meet up with a target.

Remember; buy only what you need per time. Buy what will give you value first.