By: MJ Gonzales │ExecutiveChronicles.com |
Whether it is mere joke or blunt declaration, common folks would tell that they are just not good in Math so they do not like to compute. It also makes sense in putting up a business, where thorough calculation of money is essential and raising funds can make or break one’s great ideas. Do not hoist the white flag as you have several formulas for your business’ fund also known as capital.
Create a business savings account
Let us say you have already a personal savings which you can easily withdraw to establish your business. The thing is you are also worried that what if you lost all your savings because of your risky venture. You can counter that woe by dividing your personal savings into two or three types of fund. Apart of saving for emergencies and expenses, it is sensible if you will have an account solely for your dream business. Thus every time you get your salary, you can just separate certain amount and drop on your piggy bank or better, open another bank account.
To set your mind in saving for your capital; instead of having ATM personal account, make it a passbook personal account so it is not easy for you to withdraw your money. Furthermore, try to save money in less risk but moneymaking investments such Treasury bond, mutual fund or stock market.
Get Salary Loans from SSS and Pag-IBIG
Majority of Filipino workers are religiously contributing in Social Security System (SSS) and Pag-IBIG fund or Home Development Mutual Fund. Why not take advantage of their salary loan programs that can be your initial capital. As long as you do not fail to pay your loan and monthly contribution your pension in the future will not be affected.
Sell your old valuables that you don’t need
Surprisingly there are articles in our home that still have value and yet treated as fripperies like functional audio players, hard bound books, fancy clothes, jewelry, music instruments, or antique furniture. Instead of making your house a crowded haven, make it spacious by selling those items through garage sale, online selling or trading.
If you like big bucks, maybe you can sell half of your lot in the province, vintage cars or investment portfolios like mutual funds and shares in the stock market.[Photo credit: tweakyourbiz.com]