Micro lending has caught on even with banks and other financial institutions that previously thought it was not feasible. It turned out that most of the small time borrowers were also good payers, and since the interest rates were higher than the usual mark-up of banks or financing companies, the practice became attractive to the large lenders.
Home micro finance is a very
simple, yet lucrative business model anyone in PNG can use to grow their
personal wealth. Someone will say, “Yeh I know that’. Cool. I say. But let me
ask you “Did your Home Micro Business survive? Maybe a possible reason why it didn’t
survive was because you didn’t thought of it as a business. If so, now is the
time to think of it as a business. AND I MEAN SERIOUS BUSINESS.
Listen to this: NO WILL BE SERIOUS
WITH YOU UNLESS YOU ARE SERIOUS WITH YOURSELF.
Let suggest few things;·
- Register a business name, e.i. John Home Micro
- Open a business account using John Home Micro as your account name
- Keep good records of your cash inflow and outflow
- Create a simple website
Hey, don’t be fancy. Keep it
simple. Start small and build up.
Keep good record of your cash inflow and our flow. Your financial statements will help you obtain more money from banks and other lenders to grow your business so make it you serious business to keep good financial records.
Good luck.
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