Business Archives - ICVP Finance Network

You know that the world is your oyster if you’re a millennial. You have more opportunities than any other generation before starting your own business and achieving success. But starting a business isn’t easy – it takes hard work, commitment, resilience, and lastly, money. The good news is that funding for businesses is here, and you can take full advantage of it!

We will discuss five tips for millennial entrepreneurs who want to start their own businesses. Follow these tips, and you’ll be well on your way to entrepreneurial success!

Get a Government-Backed Loan

Loans like the SBA loan are a great way to get your business off the ground. The SBA is a government-backed loan program that offers low-interest rates and easy repayment terms.

This makes it a perfect option for millennial entrepreneurs who may not have the credit history or collateral to secure a traditional loan from a bank.

Start with an Idea

Many millennials choose to start their own businesses because they have a great idea and want to see it through. This can be a risky proposition, but if you’re passionate about your vision and have done your research, it’s definitely worth considering.

Plan, Plan, Plan

One of the biggest mistakes that new entrepreneurs make is not planning properly without a solid rate plan and relaxed eligibility requirements. This makes it a great option for millennial entrepreneurs who may not have the best credit score or collateral.

Conduct Surveys and Experiments

Movie studios would screen-test their movies to a select group of people to get feedback before releasing a film to the public. You can do the same thing with your product or service. By conducting surveys and experiments, you can validate your business idea and ensure that there is a market for what you’re selling.

Find a Mentor

A mentor is someone who has been through the entrepreneurial journey before and can offer advice and guidance. If you know someone who owns their own business, reach out to them and see if they’re willing to be your mentor.

Alternatively, there are many mentorship programs available online and in-person.

The Bottom Line

The SBA loan program is also a great way to build your credit history. By taking out a small business loan and repaying it on time, you’ll be able to improve your credit score and access better financing options in the future.

Starting a business can be daunting, but it’s definitely worth considering if you have a great idea and are willing to work hard. Follow these five tips, and you’ll be well on your way to entrepreneurial success!…

Business

24/04/201928/01/2020 Catherine Reding

Advantages of Digital Money Transfer

Payment methods have been evolving for some time. Most of these developments are aimed at streamlining the money transfer process by making it more secure and reducing the wait times. Digital money transfer solutions have been at the forefront of enhancing money transfer solution. They are not only used in the corporate world, but they also tend to be quite popular in the informal sector.

As digital payments take root, global economies have greatly benefited. That said, here are some benefits offered by digital money transfer solutions.

Cost Savings

Individuals, business, and governments spend a considerable amount of resources on traditional payment methods. This means that they have to cope with the high costs of payments and time wastages. The costs involved tend to limit their growth and ability to do business. Thus, adopting a digital money transfer solution is vital in making payments quickly and efficiently, while at the same time reducing the overall costs.

Transparency

Another advantage offered by digital money transfer platforms is transparency. Unlike cash payments and other traditional payments methods, which can be difficult to trace, digital payments can be traced. Thus, the adoption of digital payments in key areas of the economy encourages accountability, and at the same time reduces the risk of theft and corruption.

Security

Another reason to take up digital payment method is security. Websites or apps used to access online money transfer platforms use the most advanced encryption methods. This implies that incidences of theft and loss of money are almost unheard of. If you are worried about losing money or having things like having your financial transaction intercepted, it is imperative to choose a platform that is accredited using high-security standards.

Easy to Use

Another reason to go digital is ease of use. You can make or process your payments with a single click of a button. If you are transacting using a considerable amount, online money transfer makes financial transactions less cumbersome. Another attraction towards online money transfer is fast approval or processing times.

Digital money transfer is not a new concept. It has been in use for some time, only that the number of options available today has increased significantly. If you are yet to use these new technologies, the benefits highlighted above you should convince you to do so soon.…