Money is not your big­gest chal­lenge

Daily Trust - - BUSINESS -

Money is of­ten cited as the main hin­drance to start­ing a busi­ness. Many have been held back from start­ing with what they have, wait­ing un­til they raise a cer­tain amount of money be­fore start­ing. Quite a num­ber of peo­ple get their wish, bor­rowed money from friends and fam­ily and lost all.

If you don’t know what you are do­ing, money will not help you much. Open­ing a shop does not mean that you will have enough cus­tomers to break even. Many have found this out the hard way. You have to de­velop a prod­uct or ser­vice that peo­ple re­ally need, not what you think they need. You need to de­velop a way to meet that need in a profitable and scal­able way. One way of do­ing this is de­vel­op­ing and test­ing a pro­to­type. Put a sam­ple of your prod­uct out there and ob­tain feed­back from cus­tomers. Test your as­sump­tions and prove your con­cept. You don’t need a lot of money to do this. You can use your sav­ings at this stage.

When you have a suc­cess­ful prod­uct, get­ting in­vestors be­comes much eas­ier. You have ac­tual data to prove your point, not mere pro­jec­tions. The more profitable your idea, the more at­trac­tive it is to in­vestors, in­clud­ing banks.

Rather than wait end­lessly for money to start your busi­ness, why not put your idea to the test? If you have a win­ner in your hands, the money you are look­ing for may start look­ing for you.

UsiereUko is au­thor of Prac­ti­cal Steps to Fi­nan­cial Free­dom & In­de­pen­dence and can be reached at usiere@gmail.com, www. fi­nan­cial­free­domin­spi­ra­tion. com

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