Tips for Starting a Business by Ajdin Sejdiu

Starting a new business can be a challenging task and the task for arranging finances for the business is even more challenging. It is very important to plan and arrange your finances intelligently and wisely so that you do not pose a problem in future. Here Mr. Ajdin Sejdiu, a well-known businessman from Albania, shares with you 5 important advices to follow for starting a business. Finding the right place to organize finance for the first step is vital. So here are some advices from one of the places that can help you whith up the initial investment that will allow you to take the first plunge:

1.     Bank Loan: This seems to the easiest thing to do but it’s the trickiest part. Do not presume that the banks will lend you instantly. You need to be very sure about your business and need to convince the bank that your business will churn out profits at a later stage. As profits mean that you would be able to repay the loan you took. The business idea needs to be good and well planned out. Make sure when you approach the banks you have all your documents in place and most importantly you have the answers to all the questions.

2.     Credit Cards: They can be an option too if your business is small in nature and you can operate from home itself. The disadvantage they bring along is that the interest rate they charge is much higher that charged by the bank. Also, you would need to indulge in a series of transactions with the bank.

3.     Venture Capitalist: A very common and acceptable source of funding in the recent times. When banks shy away from lending the venture capitalists come into picture and provide the much needed initial finances. A venture capitalist is an individual or a group on individuals who pool in money in a business when they feel that the business has potential to grow and make profits. They take a risk by investing in the risky venture and in return enjoy partial ownership of the business which includes the managerial decisions.

4.     Angel Investors: Unlike the Venture Capitalist they are individuals who are affluent enough to invest in the start up business. The advantage with them is that they are experienced and can offer good advice for the business too. In return for the capital invested they look for convertible debts or ownership equity.

5.     Friends or family: Although this should be avoided in business but the last resort can be this if all the means fail. A substantial amount can be raised by borrowing from friends and family.

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