Once upon a time it used to be apparent that if your request for a loan from any big bank was denied, you had no other alternative source of funds; meaning luck went against you. Today the growing technology has enabled many tech-savvy companies to fill this gap by offering various lending options to individuals and SMEs. It’s a completely new lending space that does not follow the traditional borrowing procedures by banks and other credit institutions.
A number of entrepreneurs experience anxiety when they are raising outside capital for the first time. This is not something meek individuals can accomplish because the experienced investors tend to be skeptical, smart and diligent in reviewing opportunities. There are a variety of startups they can invest in, but the fact is that these investors prefer to check several boxes before they put in time or money in any venture in Singapore. What are these boxes? What things to startup investors look for? Here are some of the top ones:
Every entrepreneur dreams of transforming their business into the next Uber or Airbnb. It is true that a successful startup relies on delivering a needed service or product and top notch marketing. But, it is also a fact that this doesn’t necessarily make a big difference in the bank accounts of wealthy entrepreneurs in the world. The simple reality is that acquiring and maintaining wealth in a country such as Singapore stems from following smart personal-finance habits. Just because you wish to achieve your wealth goals doesn’t mean that you have to transform your startup into a billion-dollar business. You can use the personal-finance habits of the most successful entrepreneurs to improve your financial situation dramatically.
There was a time when businesses had the tradition of saving the very first dollar they made from their first sale. It is the symbol of all the tears and efforts that go into building a business. When you have made your first profits, what do you do with them? Listed below are some of the top ways to invest your company’s first profits in Singapore.
A growing company is measured by increasing resources, customers and profits. When a company starts growing, it is vital to establish good business habits in its workflow to continue it. Financial planning is one of these vital business habits. Your company’s resources, sales and strategies will be put at risk if you mismanage your finances. If you want to achieve maximum profitability in your line of business in Singapore, here are some essential steps that you need to follow to manage the finances of a growing company:
Bankruptcy is often a scary word to many people because of its negative impact on one’s credit score. It’s a state where you’re not able to pay your debts or service your loans and so you’re forced to make the declaration in writing. Though it may sound scary, on the other hand it enables you clear your old debts and gives you a chance to have a fresh start. Therefore it’s not all doom and gloom because many people have gotten out it better than they were before and have applied the lessons learnt to build their credit scores to over 640.
There have been increasing rumors in Singapore about a burgeoning recession, whether it is due to the reports of an inverted yield curve that traditionally indicates a downturn or because of a decade-long expansion, which is very rare. Any recession can be hard on people, but entrepreneurs find it particularly devastating because they have a lot more on the line. Economic ebb only increases the uncertainty of running and owning a business. The opportunities become scarce because the number of potential partners who are willing to invest or enter into deals goes down. It can be difficult to predict a recession, but when there is increasing evidence of a crisis, you cannot anticipate how it will affect your industry. Hence, there are some simple ways for entrepreneurs surviving during recession.
Credit cards, issued by most banks, simply allow you to borrow a certain amount of money, spend then pay later. The cost of borrowing works in two ways; it can attract some fees in form of interest or it can earn you rewards and enable you build your credit rating.
You can make any kind of purchase using a credit card, but only ensure to pay-up the debt within the grace period of between 25-30 days. Failure to which, you’ll be forced to pay interest on top of what you owe.
Perhaps you’ve reached a point where making your credit card monthly repayments is such a hustle. This is a sign you’re in real debt and you urgently need a way out.
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There are plenty of ways you can enjoy your getaways; be it a cruise, a road trip or taking a flight to that dream holiday destination for some days or even weeks with friends, family or just by yourself. Vacations or holiday trips are necessary for any human because they allow time to reflect, unwind and have some fun. However, this may not be a reality if at all you’re constantly in deep though and stressed about how you’re going to pay for it.
Well you don’t have to spread yourself thin to make this a reality why, because there’re plenty of ways you can financially plan for as many vacations as you want within a year without going into debt or ‘robbing a bank’.