Although not everyone is made to become a successful investor or a celebrity entrepreneur, many couples like to try their hands in business and commercial investments. Some excel and yet others struggle. But both success and failure are important ingredients for business. Success means you are doing things right while failure means you are laying a strong foundation towards doing things right. The secret is in not giving up too soon. The thoughts shared here are honest views to help couples who’d want to try their hands in business and investments.
Before you commit your money to any business or investment, it’s important to sit together as a couple and develop a plan. Some businesses require huge capital. Others can do with little savings. Whatever sum of money you plan to spend, it all depends on the size of your intended enterprise. To succeed in business requires that you work smart, though a hard working entrepreneur lacks no dividends.
Then you need to be patient. Many businesses and investments take time before they can pay the owners back. If you are faint hearted or a get-rich-quick oriented investor, you are likely to hang your business ‘gloves’ or investment ‘boots’ during your company’s ‘teething time’. You need to have a strong heart, to witness the ‘birth’, ‘crawling’ and ‘teething’ of your company before you can expect it to stand on its own.
Don’t fear to spend. Just as an old adage that, “iron sharpens iron”, you must be prepared to spend money to make money. Depending on your market targets, you may want to approach your local bank to get some loans to boost your business or investments. You need to be careful though, not to borrow too much before your business has gained strong fundamentals to repay the bank’s money. Be balanced to avoid your property being auctioned by the bank for failing to pay up their money in time. All said, many bank managers are well trained and reasonable. You don’t have to panic. Just make sure you appraise your credit manager about your financial status for re-negotiated terms of payment.