Wednesday, March 4, 2009
I have heard a lot of friends lately who are thinking of getting some unsecured loans to start their own business. They think that availing of unsecured personal loans is a necessity for them to do this because money is definitely necessary for a business endeavor to take off. Simply put, any business necessitates money to make money.
I advised them that before a business takes off, there are also some important things to remember. First, a business needs to have a good concept. From that concept, whether it's to sell a product or promote a specific skill or service, you need to have a very good lay-out or business plan. In my business management course, we learned to make the SWOT, which stands for analyzing the strengths, weaknesses, opportunities and threats that surround a certain business idea. After doing that and making sure that you have a solid legal set-up, one needs to build the capital. This is either derived from investors or from getting signature loans. After that, with a good marketing plan, you can now start your own business.