SEC: S20W2 | My Business Ideas | Capital Management

daprado1999 (69)in #dtt-sc20w2 • 2 months ago (edited)

^{edited with canva}

Hello friends and welcome to this edition of the SEC: S20/W2 in this great community. I would most definitely be participating and I hope we enjoy every detail of my article.

^{Q1. Please tell us about your initial investment value in terms of Steem as well as in US$ and how you manage it?}

Initial investment is crucial in business growth, it acts as a yardstick to measure your profits margin or loss shortcomings, tracking your vital wins and spotting your eluding shortcomings losses too. The business model I picked up at the begining of the year was the POS [Point Of Sales] business. I had about 150,000 naira which is 564.9 steem and $91. I had to act carefully to avoid much expenses while incurring marginal profits.

Moreso, my daily gross income is about 10,000 naira which is about $6 and also 37steem beautiful month. I save up to about 120,000 which is about 300 steem and about $75 asides gross expenses as feeding, shop rent . I manage it wisely by endeavoring to cut down expenses and reinvest profit into the business, for growth of the business.

^{Q2. A profit and loss statement is commonly known as a statement that shows details of your business's revenue and expenses over a period that we calculate on a monthly basis, quarterly or annual basis. How do you determine whether your business made a profit or loss during a stipulated period.}

My business is growing on a daily basis, I do make profit from the business. From my daily profit I save about half or more of my earnings if expenses are made which is inevitable as we all know. The business model is profitable because I am positioned strategically in the market, this people come to withdraw money, a it is a necessity of life today. The more traffick generated in the market due to the quest fo cash and subsequently cash flow, I close deals in the market. Therefore I would say profit is more for me.

Moreso, I plan on expanding, my advertisement manner is visible in the market, so I intend opening various other branches and putting sales represemtatives at least about 2 people. The brand name would definitely attract customers to these various spots thus growing the business in the process.

Importantly, I reinvest my profit into the business and intend on being one of the biggest salesman in the market as regarding dispensing cash in the market. I have bought a bigger savings box, to contain more money than usual, changed my money bag to a bigger one and put a big protector in my shop to avoid people from entering, just an outlet to dispense the cash. The business grows as I reinvest my profit into it.

Furthermore, I presently do not have staff but make plans on owning staff in the nearest future. I make expenses on various important things like feeding which is crucial in everyday life. Data services which is necessary in running the business. I subscribe my phone with airtime and data to call customers when they ask for direction to my location of business. I buy paper for the printer in the POS machine to give receipts to everyone, I pay shop rents amidst other major expenses which I assume in the business.

^{sourceI make profits from cash vending business}

^{Q3. Loans and working capital}

I make bold to say that I never took loans from any financial institution, I reasonably saved off steemit and used the profit to start my business after college. If you check my records you would see I powered down about few months back to start up the business.

^{Q3. Collateral Securities and Understanding}

As mentioned earlier I used my proceeds from steemit which I saved up during college, when parents always gave me money to ope this business. Today I'm proud to say I didn't get support from any financial institution for loans or any form of it whatsoever. I'm glad I picked up myself early and can proudly share it.

Collateral Securities are basically properties assets which could be submitted in form of paper works, say, in scenarios of placing your land during cases of picking loans in financial institution. It is a worthy asset which could equate your loan or be of substantial value in cases of default in loans collected.

Collateral Securities are good mechanism to cushion the effect of losses in these financial institutions or firms. They are the saving factor which prevents the firms from going bankrupt, it stabilizes the system as a proper approach to be insured in business, as it makes the firm recover in cases of backlogs or defaulters failing to meet up with agreements.

Teaching Team;
@dove11
@aviral123