21/11/2016
Why is it so difficult to raise the Funds for business? Here is a 5-step guide...
1. Define your product clearly... It should not be vague, ambiguous and incomparable.
2. Define the Market... On e-Platform or in physical presence, you must know what area, age group, income group and type of customer you wish to service.
3. Define prospective Pricing... A lot can be said about pricing. Here is a simple test, Do YOU wish to buy your own product at that price?
4. Work out the cost... Leave no Cost, Office, Accountant, Marketing, Electricity, Think of everything. But remember two crucial things... PROPORTION TO TARGETED SALES & TIMING OF PAYMENTS
5. Finally, Check what funds do you have? Remember, its most unwise to put all your funds in a one basket, too fast...! At the same time, becoming rich on someone else's money is not a practical idea, either. Have a good balance of both...!!
Armed with these 5 crucial tools, we can now set out to design a viable business plan.
REMEMBER, Every figure that you determine in the Five steps above need to be justified with solid third party data...!
