You're itching to have your own small business. You already have the business concept in mind. The question is, do you have the capital needed to put it up?
We have previously given the tips on how to put up your capital, but if you don't feel comfortable selling your stuff or borrowing money from a bank or a friend, you have to build up your capital the hard but sure way, SAVINGS!
Saving up is the old fashioned way of putting up money for your much needed capital. This may take a longer time (and a lot of will power!), but the rewards are much more fulfilling. First, you don't owe anything from anyone. The money is all yours. Second, you will avoid the stiff interest rates from cash loans. Third, you will still keep your valuable possessions, although, some of your stuff really must be disposed off, to have more space inside your home.
The catch here is that, you must have the patience to wait for another year, depending on the amount that you can set aside for your business. Suppose you can save up to 20% of your monthly income. For a regular employee who receives roughly ten thousand pesos a month, that means setting aside two thousand pesos monthly. Deposit the amount of one thousand every 15th and 30th of the month, in a passbook account, to minimize the urge of frequent withdrawal. The same goes for your whole 13th month pay. Yes, 100% of your 13th month pay.
After a year, you have saved THIRTY-FOUR THOUSAND PESOS! The amount may go up depending on your income and your control over your finances. If you're getting twenty thousand monthly, you can save more than SIXTY-EIGHT THOUSAND PESOS! Indeed, your future is in your hands!
