3 Tips to help you Secure Your Financial Future as an Entrepreneur
As an entrepreneur, you may not have a set date to retire from managing your business, but you still need a financial plan that caters to you, into your far away future. This becomes more important when you consider that the inflow of revenue may not be steady and you bear all the financial risk, as the business owner.
On today’s episode, we share with you 3 tips to help secure your financial future as an entrepreneur.
1. Tap into More Benefits for your Business
As an entrepreneur, you can get more for your business by taking advantage of opportunities that give you value at little cost to you.
For instance, consider plans that offer you solid discounts on recurring charges like shipping fees, insurance cover for shipments etc. or convenient plans where you get free bulk pick-up for Interstate deliveries and pay cash on delivery without any extra charges.
You could opt to subscribe to the GIGL Class plan as an e-commerce merchant to enjoy these and other benefits. Imagine all the savings you could make from these offers and plow back into your business.
2. Apply The principle of Compound Interest
This simply means re-investing interest over and over, for a long period of time. For instance, imagine that in your first year of savings, you began with N1,000 and earned 5% interest on it, amounting to N50. In the second year, it would become compound interest when you re-invest the initial N1,000 plus the N50 interest.
Generally, growing money in this manner is faster and adds more value. The sooner you begin, the more the worth of your money “compounds”.
3. Seek Investment Advice From The Experts
The internet is awash with investment tips and advice. However, it is important to ensure that you get advice from reputable sources. You can gain insight into suitable long term or short-term investment opportunities for your type of business and income generated.
Your bank is a good place to start. Some other reputable investment houses to connect with for investment insights are Rise vest, Cowrie Wise and PiggyVest.
Additionally, economic factors also affect the value of money which could make it worth more or less. Try to get familiar with economic climes in order to better predict strategic times to invest. Practice they say makes perfect.
As an entrepreneur, your dream of a secure financial future is valid and you can make them happen with proper planning. The next best time to begin is now!