SEC-S20W1 | My Business Ideas | (Loan business idea)

Greetings dear friends,
It's another day of the week and I'm delighted to share my participation in the contest organised here which talks about My business ideas. Indeed everyone has a business idea he or she will always like to share with others or implement when he or she has the resources.

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In today's contest, I would like us to look at a business idea that I have and would like to share with you all. I hope some of you who are financially buoyant can go ahead to implement this business as it is a nice-paying business that will go a long to help the masses as well.

Just like the Steemit platform helps to give incentives to its users so do my loan business ideas tend to help people make use of the money collected to become better people or boost their businesses.

Question 1- Are you planning to start a business or already in business?

I'm planning to start a business. Over the months I have been looking for a good business that will yield returns and also assist in creating job employment for people around me cause of how difficult the economic situation of the country has become.

Just like Steemit, the idea is to have a business where I will provide people services and also earn something little thereby employing workers to reduce the rate of unemployment in the land. Steemit though not a profit-making platform my case will be for-profit though very little because I must pay all those employed.

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Based on the said model, I intend to start a loan-giving business to assist those within my community. I plan to give money to small-scale business owners to help them boost their businesses and thereafter they will also pay back with very little interest in a given period so that others also can benefit from the package.

It is a model that I have been thinking about for a while and I'm working towards starting that in no distance time. The goal is to have all the needed money and also use it to assist others and pay those who are employed to work with me thereby creating employment and reducing the many atrocities going on in the land.

Question 2- Keeping in mind that you can start your business alone or on a partnership basis, what is your idea of your business model? Describe in 200- 250 words.

Truly, this loan business can be done alone or in partnership. I could have preferred doing it alone if I had all the resources because I would dictate how it would run in my favor but since the finances won't be easy to get by just an individual then it is best I do it in partnership with people of like mind.

The model of the business is that I look for like-minded people and we come together and then create an account where we contribute at least $10,000 each. These groups shouldn't be more than 5 people so that the decision-making won't be too difficult.

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When we contribute this money to the given account we can go ahead to look for other workers who will have direct contact with those who need the loan. Since the target was to reduce unemployment and also give jobs to many youths then we could have workers who would do the job for us.

They will be paid based on their performance in the field. When they go out they will educate people about the loan business and the people will register. This registration will be done once with a certain amount of money also the interest rate of the loan will be 10% of the loan amount.

With that, we will get money to pay workers and the stakeholders who have also contributed their money will also see it growing since part of the registration and interest will be given to them for investing in the business.

So based on the above explanation, you will agree with me that the model of the business is going to yield interest to the stakeholders and also will provide jobs to the youth finally, it will help people access loans and boost their businesses making it a win-win situation for everyone who got himself or herself involved in the business.

Question 3- Keeping in mind partnership businesses have both advantages and disadvantages, what is your idea of your business model? Describe in up to 200-250 words.

I said earlier that if I had the resources I could have preferred doing this business alone but because of lack of capital one must go into partnership to enable him or her to be able to raise the capital needed to have the business fully functional.

One of the major advantages of going into a partnership is that everyone contributes their quota toward the success of the business which means that anything that is needed for the business will be provided by all those in partnership.

Also, another thing is that the profit and the risk are shared among the partners and not just one person taking it all. In partnership also, those involved may be well-connected, and based on that the business will flourish without a waste of time.

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Also, there are some disadvantages associated with partnership business and one major one is decision making. You will agree with me that once you are in partnership with others you can't decide without others saying their thoughts.

It may be a model or plan that would have moved the business but it may not be possible because your partner refuses to accept the proposal. If it is one of many businesses you could have taken action immediately without interference but you are restricted today because you are not alone.

So in summary, a partnership business is always not easy to run because of the disagreement between the parties but it is very beautiful because the needed resources and ideas are made available at all times. After all, everyone will want the business to grow as they have a share in its growth.

Question 4- You are in a business now and doing well; let's know what your plans are and what efforts you are making to expand your business for the long term. Will you do it on your own or hire professionals?

To expand my business I need to have more clients and also more workers. Since I can't cover the entire place around my zone and beyond all I need is to get more workers and then they go out for mobilization where they will get more customers who will collect this money from them by registering and also paying an interest.

Since I have it in mind to create employment opportunities, hiring more workers will do the magic because they will help me to go to places where ordinarily I couldn't have reached. So when the business keeps expanding I will keep recruiting more people and assisting many with the loan.

So that is how I intend to expand my business. I'm certain that with such an approach my business can spread wider and more of the audience will come to know about the business.

I want to finally invite @josepha, @solaymann, and @suboohi to join the contest and share their entry if they haven't done so yet.