Funding your business; options available

Money is the live wire of every business unit. Every entrepreneur seeks to primarily maximize returns on investments in a business.

Sourcing for funding for your business has currently become a nightmare for various businesses due to the risk factors involved.

In this issue, we would share ideas on various sources of funding for businesses, whether startups or already established entities.

READ ALSO: Top tips for starting your own business

One major source of funding that usually comes to mind is a loan from your bank. A primary prerequisite for successful business operations is to open a bank account.

You can always rely on your bankers for fast loans, as your account, as well as other details can adequately serve as collateral.

The risk here is the interest rate charged on the loan. Banks are profit-making entities that source monies from various areas, including other clients like you.

The difference between the principal you receive from them and the final amount you pay represents the interest charged on the loan as per the terms of the agreement.

Bank loans are not usually good options for startups as the interest rate as well as other factors could cripple such a business.

Again, one can also request for overdrafts from banks, which are simply the difference between your present bank balance and the amount you request for, that is, if the requested amount is in excess of what you have in your account.

If approved, overdrafts leave you with debit balances on your bank account.

Another source of funding is venture capitalism with angel investors.

The principle here is simple; you would as per pre-arranged terms of the agreement give a portion of your business to the investor in exchange for immediate funding.

Angel investors are usually entrepreneurs with monies to spare, and their prime aim is to carefully invest in seemingly profitable ventures so that they can reap returns.

Again businesses can source funding from grants. Grants are free funds released to assist a business to execute its tasks.

Grants are usually from organizations that are inclined towards social work, so if your line of business falls in the category those that are helping to provide a need or assist in community development, you may qualify for a grant.

A business can fuse its operations with a similar business unit, and the two can attract more revenue, than when they operate as single units.

The practice of mergers and acquisitions has been a smart strategy for funding for so long.

The disadvantage here relates to the fact that either one of the businesses is “swallowed up” by the other or there is a mechanism for parity in sharing that may not go down well either one or both parties.

A smart way to have enough more to spare is to re-invest your returns into the business.

Ploughed–back profits or retained earnings assists you to consistently pile up resources for future use.

This is a gradual process, and it usually brings in bits at a time.

Certainly, it’s a preserve for businesses already in operation, because, you need to earn before you can reinvest.

Projects or programmes like launchings and promotions could also boost your business finances.

In fact, this mechanism kills two birds with one stone for you; it generates enough publicity for you, as well as bringing in some monies as a result of improved sales.

Some business ideas are shaped up in business incubators, and the organization putting up this mechanism usually provides seed capital for the idea.

It’s a great way for start – ups to jumpstart their ideas, but then the only catch is a correlation in idea between the new idea being formulated and the core goals of the organization putting up this mechanism.

In a bid to generate more capital, individuals and firms buy stocks and shares from companies; owning a number of these gives you a right in the decision – making process of the business in question.

It also ensures that you are eligible to receive dividends in the event of the company making profits and declaring their dividends at the end of an operational year.

By far, the smartest way to start, maintain and build a successful business is to fall on the safest strategy to fund your business.

Personal and family resources are a long-cherished means that guarantee the best outcome for the financial health of your business, as all income and expenditure “stay inside” the business.

There is a personal bond with the task, and it provides a stress-free scheme to raise money, as you are not really required to broadcast to any external source, the financial health of your business idea.

It’s also the most difficult form of access to funds as startups with ideas usually have little to jumpstart the business.

But at the end of the day, the choice falls on you the entrepreneur to determine which of these and more mechanisms you could fall on to kick – start the entire process.

READ ALSO: 10 businesses you can start in Ghana right now


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BilthMoment: Choosing A Business Name And Logo, With Edwin Dela

Bilth Moments resumes after a short break to address the challenges startups face when deciding on their brand identity; choosing a business name and a logo.

We had the honor to host Mr Edwin Dela, the founder and CEO of BrandNerds Ltd, a creative agency based in Accra, Ghana.

Mr Dela is also a creative designer, photographer, digital marketer, brand strategist and a youth empowerment advocate.

READ ALSO: SHS graduate launches new business; flaunts rings anklets and more

He started by saying that choosing a business name isn’t about what you think or what you want; it is about who you are going to serve and how you want them to accept you.

And we have different formats for picking up names; you can decide on combining two names, coming up abstract names, picking a familiar name that resonates or wordplay names. 

READ ALSO: Africa: Yesterday, today and tomorrow

In choosing a business name:

1. Be descriptive but not too general or vague.

2. Creatively use related words.

3. Keep it simple

4. Don’t copy your competitors

5. Choose a scalable name.

6. Avoid hard-to-spell names

7. Conduct a thorough Internet search.

8. Use a name that conveys some meaning.

9. Get feedback on the name

10. Make sure the name sounds good when said aloud.

These basic steps should guide you when coming up with your business name.

Choosing a logo:

“A brand logo can be described as the identity of a company, and quite often, it is the first thing that a potential customer will notice about your business and its overall operations” he says.

And in that light you have to keep your business logo as simple as possible, and keep your colors as attractive and not conflictive.

Importance of a brand logo:

1. Grabs attention

2. Makes a strong first impression (color, design, simplicity and communication).

3. It is the foundation of your brand identity

4. Keeps it visual and memorable

5. Separates you from competition

6. Fosters brand loyalty

7. Evokes emotional responses

These pointers should guide you the next time you are designing a logo for your brand.

A good logo is memorable and makes a great first impression in the minds of the customers. It should be effective at any size whether it is on a billboard or on a simple pen.

A good logo makes an impact both in color as well as in black and white monochromatic shades.

With the brand logos, details are absolutely important. Particular attention must be paid to every element of the logo such as its colors, shapes, and fonts.

All of these elements help to convey a message about your brand to the target audience.

A gym may choose to use thick and bold fonts, while a wedding planner may use fanciful, cursive fonts for its logo.

The visuals and imagery should be appropriate in nature for your company to avoid any sort of discrepancies or confusion.

All colors, shapes, images, and fonts used must be consistent with the idea that is to be communicated to the customers.

It is very important that your logo delivers the correct message about your company including its core values and objectives.

READ ALSO: Office automation in the 21st Century


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SHS graduate launches new business; flaunts rings, anklets and more

Eugenia Enyonam Datsomor is my name and I am 18 years of age. I am an SHS graduate from Aburi Girls’ Senior High School.

I reside in Tema. I have interest in writing, debating, reading and acting

I have started a business which is focused on the sale of necklaces, rings, anklets, bracelets, footwear and many more.

READ ALSO: Will the customer keep in mind?

I deliver items mainly used for dressing in order to make customers look good and feel confident at very affordable wholesale prices.

Acquiring gifts for a loved one is also made very simple and products are well-packaged in boxes.

I was inspired by my family and classmates who felt I was very good at selecting the appropriate accessories and footwear for programmes.

My target market is mainly young working ladies; I also deal in some products for men as well.

READ ALSO: A burning desire – the case of the African entrepreneur

My business fits in the African market perfectly as Africans currently like to look good whenever they are going out.

I also promote African products by selling personally handmade accessories, slippers and bags made from beads.

I had my capital from savings I had made as well as a top-up from my parents; I continue to plough back the money earned from all sales 

I have a little challenge concerning how to reach out to more people and advertise. I hope in time, it’ll be resolved.

In the next five years, I foresee my business having a wide range of products and delivering to as many people as 50 people in a day all over the country and possibly outside the country.

If I could send a message to President Akufo-Addo, I would want him to create opportunities for the youth to go into entrepreneurship in order to reduce the unemployment rate in the country.

READ ALSO: Meet Novat Karol. founder of Elimu Living Lab


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Ronald Biko Blay: Rising Ghanaian musician drops hit single; shares photos and videos

Born on the 11th May 1995 at Esiama in the Ellembelle District of the Nzema Municipality, his full name is Ronald Biko Blay, a musician and entrepreneur.

He simply goes by Ronald Blay as a stage name in the showbiz.

Other names he responds to are Mr. Blay and Still Kicking.

READ ALSO: Jimbolee drops hit song ‘Change’; fan describes him as amazing

Blay is the only male child and the last of 3 children born by his parents.

He was raised in Takoradi, where he completed his upper primary and Junior High  Education at Nazareth School in Apowa.

He studied Mechanical Engineering at Kikam Technical Institute but has an immense interest in music and reading.

Blay is constantly inspired by people who have brought positive changes into their lives as well those who focus on their God-given talent; he feels he can do the same to be an inspiration to others as well.

The funding for his music business has been quite unstable due to the fact that there is no major label or management team supporting him.

Currently, contributions from the team members and some loyal fans help to support his career.

He admits he mostly faces financial challenges and this complicates plans to get his songs played on radio and being recognized by the masses.

Blay is hopeful that in the next 5 years his music will be played and enjoyed all over the globe.

If given an opportunity to send a message to President Akufo-Addo, Blay intends to request for support for the creative art industry in Ghana.


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BilthMoment: Life After High School; Career Choices With Hannah Zoroaster Edwin

High school is the fun stage of our youthful life’s but real life sets in soon after.

What do I do now that am out of high school?

Where do I see myself in the next 1,2,3…years?; sometimes these questions become difficult to answer.

READ ALSO: Generating amazing business ideas; steps to take

When choosing a career, there are several steps one can take in realising the desired dream.

These steps or procedures differs from one person to the other and affect the end results.

Notwithstanding, there are a few strategies that help shape the ideas and thoughts in the minds of Senior High School (SHS) leavers.

There a number of creative steps one could take in order to shape the career path and attain satisfaction in life.

READ ALSO: How to find a suitable co-founder for your business

These, steps can be known as your unique ‘WIFI’.

W.I.F.I as an acronym which stands for:

W – Watch Your Interests

I – Investigate Your Options

F – Follow Your Dreams

I-I’m Interested in………. & I’ll see where it leads me

W – Watch Your Interest:

In watching your interests, you will need to make a list of things you easily do in your spare time, as well as the things you think about when your mind wanders around. 

For instance, if in your leisure time, you are someone who does not find it stressful to draw or write, then you should be looking into fields of work or career paths that make use of creative abilities.

This, in effect, will make you find satisfaction in that which you want to pursue.

I – Investigate Your Options:

There are numerous options you can choose from when you career selection path comes into play.

Therefore, as an individual, write down 5 things you would want to do after school.

Also, research and write down on 5 things you previously never considered.

This process can help you streamline your options to focus on a selected few and then helps you make final decisions on them.

F – Follow your Dreams

This part of the process is that point where everyone gets to or will come across one way or the other as you journey through life. 

Your dreams speak volumes about you as a person and this, in effect, allows you to make decisions that best suit the actualization of your career you choose to follow.

No matter how huge your dreams may seem, don’t be discouraged.

With determination and consistent work on your dreams, desired results will manifest for all to see.

I – I’m Interested in…… and  I’ll see where it leads me

In choosing career paths, venturing into new territories is one risk most people struggle with; they tend to worry more about the uncertainties of life.

This feeling is true and also cautions us in making right decisions for our future.

Focusing on your fears has a greater probability of causing you from turn your attention from areas that will, in the end, open you up to many possibilities.

The strengths and weakness of someone looking at a new career path would have to be carefully considered so that the energy of the person can be channeled appropriately.

Your dreams and aspirations cannot be sidelined as they help determine the rate of speed you will run in life and with your career.

READ ALSO: Profit or wages? choices for the young entrepreneur


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Money Transfer Abroad: 12 questions you ever wanted to have answered

By: Jens Ischebeck

Money transfer abroad is so easy today. And so difficult.

According to the World Bank, $445 billion worth of remittances is available for transfer; this amount is higher than we can imagine.

In order to make the life easier for you, this in-depth article look at 13 frequently asked questions about money transfer aborad.

Let’s dive in!

Background of international money transfer:

People living in the USA / Canada and Europe / UK whose origin is Africa will want to transfer money abroad to their people back at home.

Supporting your family is the most important thing, and hence, you need to have the best money transfer service that can guarantee safety for a smooth transaction.
You will likely want to send money to your family regularly irrespective of which part of Africa your family is.

Therefore, knowing the best way to transfer money overseas will help you eliminate the uncertainties that arise anytime a person may want to transfer money abroad.
In the past, transferring money abroad was hectic due to the lack of a well-laid procedure for sending money.

It was faced with a lot of challenges due to congestion and hence delayed in transfers.

You could take a long period to get your transaction processed by the union or the banks you chose.

Technology has taken root in almost every sector in the world today, and money transfer is not left behind.

It has led to the rising of different international money transfer companies that give flexibility like no other.

You can choose the company you want to deal with according to your needs.

With the rise of the internet, fast International money transfer has been possible.

You will not be worried any longer about the long queues in the bank, and also your family will not have to wait for days to receive the sent money. The use of the internet allows for the best way to transfer money overseas.

Emergencies are daily occurrences and can make you sick and worried whenever they happen.

You can be devastated by such happenings, mainly when they occur to your family during the period you are not around.

The ability to transfer money abroad fast allows you to support them during such times.
The internet has also given rise to instant international money transfer methods that provide you with an opportunity to send money to your family instantly.

Instant international money transfer comes in handy when you want to seek pressing issues and emergencies back at home in your absence.

Too cut it short, let’s answer 13 questions and find the best money transfer app for you!

#1:The Best Way For A Money Transfer Abroad

You cannot point the best money transfer service in the world full of multiple international money transfer companies.

It is because the firm that one prefers best for them may not seem so for the other. It depends on what needs you have at that particular time and your degree of flexibility.
If your family has instant money needs, the best way to transfer money abroad for you at that particular time is by use of methods that will deliver the amount instantly.

Therefore, the situation you are in dictates the best way to transfer money oversea according to how well it works for that situation.

Your bank and Western Union are some of those methods used to transfer money abroad by individuals who are not working on a fixed time.

They take quite a long time and also have high transfer rates. However, they provide an opportunity for a person to send any amount of money.

PayPal and TransferWise are the fast, International money transfer applications that are in use today.

They are essential in helping you meet the emergency needs of your family.

They allow you to carry out instant international money transfer with your phone and in your home.

Therefore, before you determine the best way to transfer money abroad, you need first to resolve the situation you are facing.

Then from there, you can effectively choose the best method to transfer money oversea that will help you meet the demands of the condition your family is facing.

#2: Determining A Safe International Money Transfer Method

With the multiple ways of transferring money abroad, it is difficult to determine the safest way to transfer money abroad fully.

The variety of these methods are available with different terms and conditions, delivery time, and also different charge rates. Some are reliable, while others are not.

Different possibilities for a money transfer abroad are:

  • Bank transfer (wire transfer)
  • Peer-to-peer (P2P) transfer
  • Online money transfer

To help determine the best fit, ensure you check the reputation of each one of them before you can settle for any.

Ensure proper certification with the necessary authorities. They also must provide transparency and credibility.

Their exchange rates and delivery time must be well displayed and guaranteed.

However, money experts advise using your bank to make such transactions as they are the safest compared to the rest.

The only problem with them is high rates and also delayed delivery time. Although the security of your money is guaranteed, and you can be able to transfer large amounts of money.

The bottom line is, whichever method you choose to transfer money abroad, make sure you calculate the risks well.

Be wary of cheap deals and international money transfer companies that promise cool deals.

The cheapest way to transfer money overseas may become the drain for all your hard-earned money.
Make sure you carry out proper research before you choose the method to transfer money abroad.

By doing so, you will avoid falling into the temptation of chasing the cheap deals, which may jeopardize the security of your money.

Have time to weigh what a good deal is before considering it best for your money transfer needs.

Doing this will ensure you are adequately protected while sending money abroad to your family.

Let me present you again the three major possibilities for a money transfer abroad in this infographic:

#3: Tracking An International Money Transfer Abroad

You need to know that there is no automatic method to track your money.

There are only two ways to know; the first one is, you can contact the recipient directly and inquire if the money reached their account.
The other way of tracking your transaction is through the bank you used to make the transfer.

It demands the Federal Reference number, which is a 26 to 18 digits number.

The bank uses it to track the transaction and determine whether the money sent was deposited in the account of your recipient.

Money transfer providers such as WorldRemit offer a money tracking system by sending emails or text messages to the sender. This way, the sender always knows how the order proceeds.

#4: Requirements For An International Transfer

If you want to send money from a bank account to a bank account, there are several things that the sender requires to provide for a successful international money transfer.

They include:

  • The address and the full name of the person intended to receive the money
  • The recipient’s bank full name and its address
  • Account number and account type of the recipient
  • Routine number of the person to receive the money
  • If applicable, the sender is required to give the BIC or SWIFT code of the recipient’s bank
  • IBAN of the recipient’s bank
  • The amount to be transferred
  • The reason why the transfer is necessary

Sending money to the mobile money account of the recipient is much easier. You just need to detail:

  • First name and surname of the recipient
  • His address (can also be just the city)
  • His mobile phone number
  • The amount to be transferred
  • The reason why the transfer is necessary

That’s it.

#5: How Can International Money Apps Be Evaluated?

With the recent advancement in technology, it is now possible for people to transfer money abroad and receive cash in Africa.

Money can directly be sent instantly with minimal human contact.

It only requires a smartphone with reliable internet access to access fast international money transfer applications.
Several international money transfer companies have come up with online applications that allow one to send money directly from one bank account to another in a different location at any given time.

Before selecting a specific app to use to transfer money abroad, one should consider the following factors:

User friendliness for a money transfer abroad

A good app should be user friendly. It should have an easy to use homepage with all features you need. You should be able to access your account quickly and transfer money abroad easily. The interface should be clear and straightforward.

Security of a money transfer abroad

Security is the most vital aspect when transferring money. It would be best if there is an assurance that both your details and funds are secure.
The app should have a strongly protected server that is not easily accessible without authorization to protect it from hackers. Even when you lose your phone, your information should still be secured.

transfer money overseas with lowest transfer charges
Transfer charges

It is also essential to consider how much you will pay for sending a certain amount of money. The fees should be at least cheaper than what the banks are charging. You should also be aware that some apps with low rates may not be secure, and you may end up losing all your money.
Some even take advantage of the foreign exchange rates, and therefore you should double-check before doing any transaction with them.

Transfer money overseas: the availability of money transfer applications is viable
Availability of the Money Transfer Applications

Not all money transfer apps are available all over the world. Check whether the application you are using will allow you to transfer money to your target country.

money transfer abroad: availability of extra features is important
Availability of Extra Features

A good money app should have added extra features that allow one to make payments through bank transfers. It increases customer satisfaction since it reduces the number of transfers and will enable you to pay directly for goods and services.

money transfer abroad: reputation is essential

Always use apps with a good history. Go for apps that have been in the market long enough, and you will be sure that their reputation is good. Check their online reviews to be able to gauge them.

#6: Internationally Recognized Companies Used for Instant International Money Transfer

It is the United States-based application.

When using Zelle, the sender and the recipient should have bank accounts based in the United States. It means that money cannot be transferred internationally to other countries.

Sending money to African friends: not supported

Google Pay

Google Pay is one of the cheapest ways to transfer money internationally. It can only be put in use when paying for items online.

Not all countries have embraced Google Pay; therefore, when traveling overseas, contact your bank for further clarification.
Some countries in Africa have adopted Google Pay to make payments for mobile and computer programs: Algeria, Egypt, Kenya, South Africa,

Google Pay is usable for sending money to your family and friends just in USA and India.

Sending money to African friends: not supported


Paytm is an Indian based company. Paytm was only available to Indian residents who have attained the age of 18.

Foreign currency is not applicable to transact using Paytm. Currently, money can be transferred from Kenya to India using Paytm.

Sending money to African friends: not supported


WorldRemmit is a known fast international money transfer app. It allows users to transfer money abroad with great convenience. Money is transferrable from one bank account to another, or you can choose if the money is delivered physically to a specific location.
It also allows for money to be sent through a mobile phone. It is among the best money transfer services since it is secure as it provides a tracking service that will keep you updated on the progress.

Sending money to African friends: supported! WorldRemit is the best money transfer service to Africa.


It is the cheapest way to transfer money overseas. The international money transfer app uses peer to peer payments making the rates much less expensive.

It allows you to directly sell your currency to your target country, who will buy at competitive prices.
It also has a live currency tracker that enables you to see how your cash exchanges. It is among the best money transfer service because you can send multiple currencies depending on the deals offered.

Sending money to African friends: supported by CurrencyFair!


Payoneer is the best way to transfer money abroad if your country does not support other money transfer apps, e.g. for sending money out of African countries. It supports several countries and currencies.

Despite the size of the country you are in, you will transfer money abroad.
It is also the best way to receive money from abroad.

Money transfers using Payoneer are free, so if you are looking for how to transfer money overseas without fees, you should consider the app.

Sending money to African friends: supported by Payoneer!


It is known to be the cheapest way to transfer money overseas due to its low fees. It uses interbank rates to transfer money. Therefore, it makes the cost come down to a charge of only 1% of the transfer.
The only disadvantage is that it only operates within a few countries in Africa. Before making any transaction, you should consult to know whether your target country is among those that are legible.

Sending money to African friends: supported by TransferWise!


It is one of the most secure apps to transfer money overseas. The information you provide is safe hence protecting you from any malicious practices when you want to share money abroad.
They have also installed SSL certificates in their programs to increase the security of the app.

It is easy to use the app, making it the best and the cheapest way to receive money from abroad.

It also provides for ten different languages hence can be used in several countries.

Sending money to African friends: supported by Azimo!


PayPal is known worldwide, and it beats all the other peer to peer money transfer apps because of its convenience. It is accessible in many countries and offers different payment methods.
Funds are received instantly into the recipient’s PayPal account. You can transfer money abroad with PayPal since it only requires one to sign in to receive the payment.
Sending money to African friends: supported by Xoom!

Get your personal money transfer app recommendation

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#7: How Can I Send Money To Someone Instantly?

You can use the apps mentioned above to transfer money instantly to someone.

Not all the apps can be used for international money transfers: United States residents only use the Zelle app.

In the past, PayPal was known to be the most convenient and fastest way to transfer money abroad instantly.

Currently, especially in regards of recipients in African countries, WorldRemitAzimo and Xoom are the recommended money transfer apps for instant transfers.

In my country reports, I describe how it works for each country:

#8: How To Avoid A Wire Transfer Fee
use foreign currency for the cheapest way to send money
Use foreign currency

Before you transfer money abroad, you can change your currency to lower the charges. It may allow you to save due to different conversion rates. You can secure high bonds and only pay expenses for the conversion.

cheapest way to send money: register for repetitive wire transfers
Register for repetitive wire transfers

You can sign up for several wire transfers so that the bank can reduce your transfer fees. You will spend little money when transferring repeatedly. This process will also decrease the chances of error.

cheapest way to send money: use email transfers
Use email money transfers

Email money is one of the cheapest and convenient ways to transfer money. It is affordable and much faster compared to the use of banks. PayPal is the established provider for the services.

cheapest way to send money: send money to a student account
Send money to a student account

The majority of banks do not charge for money transferred to student accounts. You should always check for these waivers, especially for those who send or receive payments from students who are paying their education loans.

#9: Will My Bank Charge Me For Using Transferwise Or Currencyfair?

Yes. When using a P2P marketplace such as Transferwise or Currencyfair, the bank will charge you a small fee to add to your balance to convert between currencies in your account.

It will also charge you a small fee for transfer money from your account to a bank account.

#10: Is It Possible To Get Scammed On A Wire Transfer?

Wire transfer is fast, reliable, and safe for sending money overseas. Many people have used it successfully, making it more trusted.

However, it does not mean that you will not get conned. Con artists are everywhere, waiting for that bad press of a button to steal your hard-earned money.

It would be best if you exercised a lot of caution when trying to wire money to anyone because once you send, you can never reverse the transaction. That is how you easily part with your money.

Below are ways to help you avoid losing money through a wire transfer:

  • Use an excellently reputed money transfer service
  • Mostly, the service you use to transfer the money is not the cause for the con but, it is always advisable that you deal with a reputed international money transfer company.
  • If you want to send money to a stranger, avoid sending large amounts of money at a go
  • Do not send money to strangers
  • Pay late. Scammers give you money transfer deadlines in terms of date. If those dates exceed and they call you to remind you then, you might be dealing with a con.

In this context I recommend you as well my article about money laundering measures in Africa.

#11: How Much Can You Transfer Internationally?

There is no actual limit to the amount of money you can transfer.

When you want to move more than $10,000 abroad or receive the same amount from abroad, you will need to abide by the Laws to protect your money and the interests of the authority.

#12: Best Ways To Transfer A Large Amount Of Money
transfer money abroad: use correspondant banks

Use correspondent banks

It is easier to transfer money abroad using correspondent banks. Some banks are international and have locations in most countries worldwide, making the transfer of large amounts of money accessible and cheaper.

transfer money overseas

Wire transfers

It requires both the sender and receiver to provide proof before sending or receiving the money. These proofs undergo thorough scrutiny before approval. There are no fixed charges; hence can be high depending on the country.

transfer money overseas: use online money transfers

Use online transfers

Online transfers will help you maximize the amount of money you are transferring by checking different exchange rates. Online platforms will allow you to send money to several countries all over the world. Such media include Venstar-Exchange or OFX.

money transfer abroad: international currency check

International currency check

Few money transfer services only offer it. The processing time is slow and, therefore, not a good option for instant sending. It takes at least 20 days for the destination country to credit the amount deposited into the account.


Exposure to how to transfer money internationally is crucial for African origin people who live abroad and especially those that are breadwinners for their families.

Providing for the needs of their loved ones is the main reason why they are struggling to work in the first place.

Knowing that their money will be safe is just equal to knowing that their family members are fully taken care of.

One hence requires having enough knowledge on the best way to receive money from abroad that their recipients can use and the best way to transfer money abroad to their people at home.


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He is an amazing artiste – fan declares as Jimbolee goes global with hit song ‘Change’

The premier video for Jimbolee’s international single titled “Change” was released on January 9, 2019.

The debut song from his long-awaited EP was well-received by his fan base, which made several mainstream and internet radio playlists in the Caribbean, Europe, Asia, Africa and North America. 

This youthful energy boosted his street team’s moral and placed Jimbolee’s uncontested efforts to an unparalleled level as a millennial breed of artist that cannot be deterred.  

READ ALSO: Meet Ayeesha Tsotsoo Antiaye, founder of Forever Diva Beauty Spa

Change EP was later released and distributed by Hapilos 21 which is consists of the tracks; Make a Change, Change, Protect Your Life and Worship U Lord.  

We are receiving very positive feedback from our listenership and the dj fraternity.

The hit single “Change” was reportedly the number one audio and video on in Ghana for over 200 weeks.

IrieFM radio station granted Jimbolee a display of his talent on November 25, 2016, assisted in the development of his confidence relative to his music.

Simultaneously, Jimbolee released his much awaited single “Change,” on Big Star Entertainment.

READ ALSO: Funding your business; options available

Additionally, Jimbolee was interviewed on Hype TV on March 7 and Hitz fm Jenny Jenny on March 8th 2019…

“He is an amazing artiste with potent metaphors that creates a strong interpersonal which is evident during his performances,” a fan in Europe exclaimed.

Jimbolee orchestrated a show at his new headquarters in Ocho Rios Jamaica, known as “Country We Seh!” it rocked the local scene and showed signs of longevity.

There is an album called “Love Exposure” that will become available on Hapilos 21 and other affiliate retail distribution music site later on in the year which will set the tone for 2020.

Jimbolee has teamed up with artistes such as Jimmy Riley, Kreative Kendrene, Little Hero and many more.

READ ALSO: You know you are an entrepreneur when…


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BilthMoment: Business Model, With Peter Tonka

Peter Tonka is a young gentleman who holds a degree in Business Administration Marketing from the University of Education Winneba Business School.

He is a marketer by profession and a singer by calling.

Tonka is a self-taught graphic designer, MC, Events Consultant and a ghost(anonymous) counselor.

Peter Tonka

READ ALSO: Media Literacy, with Emmanuel Appiah Gyasi

This is why he is the CEO of three fast-rising companies: Goglo, Hilltop Publication and Petals Gas.
He has achieved a lot of amazing successes, which is kind of mind-boggling because of his young age at every accomplishment.

As a teacher in one of the renowned basic private schools (Happy Child Learning, Centre) in the Northern Region, he rose to become a headmaster in 5 months only with an SHS certificate.

He has held and still holds several leadership positions in some associations.
He is not married and has no child.

READ ALSO: Conducting market research, with Enoch Kabange

He has been serving as the deputy procurement officer at Baptist Medical Centre, Nalerigu even before he completed his university education.
This gentleman is a good listener and always wants to try new things out.

He loves YouTube, LinkedIn, Tedx and Adobe Creative Cloud; he is a lovely person.
Mr. Tonka set the ball rolling by first acknowledging Bilth Studio for the opportunity and wondered how he was going to squeeze a topic that took him years of experience into an hours presentation and asked for God’s help.
He also admonished the members when he said, “I want to believe that due to the numerous presentations deliver, a good number of us in this group are now business owners or probably starting a business. If you haven’t done any of these yet, then I plead that you join a startup.”

READ ALSO: Writing a Business Plan, with Frank B. Yeboah
He continued by saying that understanding the problem you are solving for your customers is undoubtedly the biggest challenge we’ll face when starting a business. Customers need to want what we are selling and our products need to solve a real problem.

But ensuring that our products fit the market is only one part of the coin, the other side is figuring out how you’re going to make money and this is where the business model comes in. 
What is a business model?
“At its core, your business model is a description of how your business makes money.

It’s an explanation of how you deliver value to your customers at an appropriate cost.

Simply put; the business model refers to a company’s plan for making a profit.

It identifies the products or services the business plans to sell, its identified target market, and any anticipated expenses.”
According to Mr. Tonka, business models are important for both new and established businesses.

It helps new businesses to attract investment, recruit talent and motivate management and staff.

READ ALSO: Finding a co-founder, with Joseph Yaw Mawunyo

Established businesses should regularly update their business models or they’ll fail to anticipate trends and challenges ahead.

The business model also helps investors to evaluate companies that interest them.
“A business model is a high-level plan for profitably operating a business in a specific marketplace” he added. 
According to Joan Magretta in “Why Business Models Matter,” the term ‘Business Model’ came into wide use with the advent of the personal computer and the spreadsheet.

These tools let entrepreneurs experiment, test, and, well, model different ways that they could structure their costs and revenue streams.

Spreadsheets let entrepreneurs make quick, hypothetical changes to their business model and immediately see how the change might impact their business now and in the future.
In their simplest forms, business models can be broken into three parts:
1. Everything it takes to make something: design, raw materials, manufacturing, labor, and so on.
2. Everything it takes to sell that thing: marketing, distribution, delivering a service, and processing the sale.
3. How and what the customer pays: pricing strategy, payment methods, payment timing, and so on.

“As you can see, a business model is simply an exploration of what costs and expenses you have and how much you can charge for your product or service.

A successful business model just needs to collect more money from customers than it costs to make the product.

What most of us are so much interested in. This is your profit—simple as that” he continued. 

READ ALSO: Profit or Wages, with Phillip Mensah
New business models can refine and improve any of these three components. Maybe you can lower costs during design and manufacturing.

Or, perhaps you can find more effective methods If marketing and sales. Or, maybe you can figure out an innovative way for customers to pay.
“Keep in mind, though, that you don’t have to come up with a new business model to have an effective strategy.

Instead, you could take an existing business model and offer it to different customers. For example, restaurants mostly operate on a standard business model but focus their strategy by targeting different kinds of customers” he added. 
*The different kinds of business models*
You don’t have to invent an entirely new business model to start a business. In fact, the vast majority of businesses use existing business models and refine them to find a competitive edge.

READ ALSO: Business Idea generation, with Nii Ayitey Hammond

Here’s a list of few business models I think you can use to start your own business. Or maybe grow an already existing business. 
1. Advertising:

The advertising business model has been around a long time and has become more sophisticated as the world has transitioned from print to online.

The fundamentals of the model revolve around creating content that people want to read or watch and then displaying advertising to your readers or viewers.

In an advertising business model, you have to satisfy two customer groups: your readers or viewers, and your advertisers.

Your readers may or may not be paying you, but your advertisers certainly are. This is why I can’t afford to miss a post from Bilth Studio, they get me what I want to see; especially contents about movies.

They’re the reason I watched Money Heist.

An advertising business model is sometimes combined with a crowdsourcing model where you get your content for free from users instead of paying content creators to develop content.
The talk of CBS, The New York Times, YouTube are good examples.

READ ALSO: You know you are an entrepreneur when…
2. Affiliate:

The affiliate business model is related to the advertising business model but has some specific differences.

Most frequently found online, the affiliate model uses links embedded in content instead of visual advertisements that are easily identifiable.

For example, if you run a book review website, or an inspirational website like WordInspired by Enock Kabange you could embed affiliate links to Amazon within your reviews that allow people to buy the book you are reviewing.

Amazon will pay you a small commission for every sale that you refer to them.
3. Market place:

Market places allow sellers to list items for sale and provide customers with easy tools for connecting to sellers.
The marketplace business model can generate revenue from a variety of sources including fees to the buyer or the seller for a successful transaction, additional services for helping advertise seller’s products, and insurance so buyers have peace of mind. 

The marketplace model has been used for both products and services. Examples: eBay, Tonaton and OLX.

READ ALSO: Will the customer keep you in mind?
4. Franchise:

Franchising is common in the restaurant industry, but you’ll also find it in all sorts of service industries from cleaning businesses to staffing agencies.

In a franchise business model, you are selling the recipe for starting and running a successful business to someone else.

You’re often also selling access to a national brand and support services that help the new franchise owner get up and running.

In effect, you’re selling access to a successful business model that you’ve developed.Examples: KFC, McDonald’s.
“Successful businesses have business models that allow them to fulfill client needs at a competitive price and a sustainable cost.

Over time, many businesses revise their business models from time to time to reflect changing business environments and market demands” he added. 
“When evaluating a company as a possible investment, the investor should find out exactly how it makes its money.

READ ALSO: Your business idea

This means looking through the company’s business model. Admittedly, the business model may not tell you everything about a company’s prospects.

But the investor who understands the business model can make better sense of the financial data” he continued. 
“A common mistake many companies make when they create their business models is to underestimate the costs of funding the business until it becomes profitable.

Counting costs to the introduction of a product is not enough. A company has to keep the business running until it’s revenues exceed its expenses” he explained.
 Criticism of Business Models
Joan Magretta, a former editor of the Harvard Business Review, suggests there are two critical factors in sizing up business models.

When business models don’t work, she states, it’s because the story doesn’t make sense and or the numbers just don’t add up to profits.It’s like carrying a dead goat for sale. 
Consider a comparison of two competing business plans where two companies rent and sell movies.

READ ALSO: Africa: Yesterday, today and tomorrow

Bilth Studio in my mind though, I think I am seeing far. 
Both businesses made Ghs 5 million in revenues after spending Ghs 4 million on their inventories of movies.

This means that each company makes a gross profit calculated as Ghs 5 million minus Ghs 4 million, or Ghs 1 million.

They also have the same gross profit margin, calculated as 20% of gross profit divided by revenues.
But things change with the arrival of the internet and subsequently COVID-19. Company B decides to stream movies online instead of renting or selling physical copies.

This change disrupts the business model in a positive way.

The licensing fees don’t change, but the cost of holding inventory goes down considerably.

READ ALSO: The journey of an entrepreneur

In fact, the change reduces storage and distribution costs by Ghs 2 million. The new gross profit for the company is Ghs 5 million minus Ghs 2 million, or Ghs 3 million. The new gross profit margin is 60%.

Meanwhile, Company A fails to update its business plan and is stuck with a lower gross profit margin.

As a result, its sales begin to slide downwards. Company B isn’t even making more in sales, but it has revolutionized its business model, and that has greatly reduced its costs.
On this note, he concluded his presentation and answered members’ questions. 
Join us every Saturday and Sunday, 7pm for our live sessions. WhatsApp us on +233595863409.


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BilthMoment: Media Literacy, With Emmanuel Appiah Gyasi

Emmanuel Appiah Gyasi has accumulated four years of experience in teaching and about six years of experience in community work and volunteerism.

Emmanuel is currently an administrative assistant at the Department of Applied Linguistics, University of Education, Winneba, where he assists in the day-to-day office administration.

He is also a language and communication strategist, language teacher,  presenter, event production manager, actor, voice-over artist, a volunteer news reporter at Radio WindyBay and a budding linguist.

Emmanuel Appiah Gyasi

READ ALSO: How to conduct market research, with Enock Kabange
Emmanuel is a graduate of the University of Education, Winneba with a Bachelor of Arts degree in English Language Education and Applied linguistics focusing on English Language teaching and application of general language concepts.

Emmanuel Appiah Gyasi is very passionate about youth skill development, education and mentorship, gender equity and reduced inequalities, hence driven by the desire to achieve higher knowledge and advanced skills in interpersonal relations.

Emmanuel plans to impart further his acquired skills and knowledge in his immediate community, country, Africa and the world at large.
Mr. Appiah started his presentation by stating the form of his presentation and the three parts it will take; introduction, main presentation and conclusion.
“So Jerry John Rawlings is the best president in the world and of course Banku and okro stew is the best meal in the world,” he said, and set the room on fire. 

READ ALSO: Writing a Business Plan, with Frank Yeboah
He continued by saying that in an ever-growing world where information flies in from left right and center, it’s important for one to know how to handle information and handle it better. 
The term ‘media’ as used in this context involves news, information, articles and all other things we read, listen to or watch, as well as the things we read on social media.

“I will be taking us through some three key things one can do to a piece of information once you receive it from wherever or whoever” he added. 
We all get them; messages containing the latest news, opinions and gossip. Either from friends, family, or co-workers.

From official and unofficial sources. Often times, depending on the information and who or where it’s it’s coming from, the urge to pass it on can be hard to resist.

But should you?

In this series, we’re going to talk about why, when it comes to information sharing, we should all stop, reflect and verify”  he continued.

READ ALSO: Finding a co-founder, with Joseph Yaw Mawunyo
The first thing to do when you receive a message is to STOP and ask why the message was shared, who it is coming from, what the content is and what it is meant for, all in the context of what is happening around you.

So first you have to stop when you receive the message. STOP and question the content, examine the timing of the content and what it seeks to benefit” he added. 
The next step is to REFLECT on the content or message you have received. 
To reflect means looking beyond where the message was sent from and look beyond the headline, font and designs that the story comes with.

“So in reflecting, what we do is take our time to actually read what we have received. Read to identify either what you’ve received is a fact or just an opinion before sharing” he added. 
He continued to say that our ability to distinguish between a fact and an option helps us to determine whether the content we have received is good content or not.

READ ALSO: Profit or Wages? with Philip Mensah

“To reflect means to read the entire content and look out for facts, opinions, viewpoints, voices, etc” he added. 
The third key thing to do is to verify. Having stopped and reflected on the shared information, you must now verify what has been shared with you.

“To verify means to authenticate, have a second look and make sure what you are reading is credible” he continued.
Verification can be done by looking at the creator of the content, the date and the institution or organisation the content relates to.

‘”Again, in verifying, you can visit the popular news portals or outlets to see if they are reporting the same thing” he added. 
So verification is important as it climaxes the entire activity. As information consumers, it’s important to take a critical look at the things we share especially because we cannot do without information.

If nothing at all we get informed on what’s happening around us. Information sharing has become an integral part of our lives and our knowledge of media literacy is something that will enable us to survive in this new world.

READ ALSO: Generating business ideas, with Nii Ayitey Hammond


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BilthMoment: Conducting Market Research, With Enoch W. Kabange

Enoch W. Kabange is a young ambitious man who is the CEO & founder of two companies, WordInspired Media and Alien Media. 

Alien Media helps businesses and brands create digital assets which can deliver them higher visibility and enable them to grow like never before.

Enoch Kabange is a dream chaser who has gained a wealth of knowledge in entrepreneurship and personal development over the past years through self-education. 

Enoch Kabange

READ ALSO: Writing a good business plan; steps to follow

Enoch Kabange is a website designer, Brand Strategist/Consultant, Digital Marketer and A Writer. 

His mission is to inspire millions of people to become entrepreneurs by motivating them to their greatness that resides within them.

Mr Kabange started by outlining the objectives for the session; 

  • What is Market research?
  • Why you should do Market research 
  • 6 steps to doing your own Market research right now.

“Doing business without advertising is like winking at a girl in the dark. You know what you are doing but nobody else does.”

– Steuart Henderson Britt

READ ALSO: How to settle on the perfect co-founder

“I’d like to start by asking if this quote rings any bell?

Maybe you’ve winked at your crush before or did something crazy in the past. The quote has two sentences.  The first emphasizes the importance of advertising. But I’d like to focus on the second part” he said.

You know what you are doing but nobody else does – Steuart Henderson Britt

According to Mr. Kabange, most businesses are operating in this manner.

They know what they’re doing but nobody else knows.

Their products and services are developed in a vacuum and offered in a vacuum.

But the market doesn’t operate in a vacuum; It is made up of  markets. 

“The markets determine what’s valuable and worth paying for” he added. 

“So why would you spend months and even years developing something without seeking the views of the people you are making it for?” He quizzed. 

READ ALSO: Profit or wages? Strategies to shape your financial future

We hope entrepreneurs don’t act in this manner, especially those on the Bilth Centre WhatsApp Group. This is why we bring our members these sessions.

 How do you determine the language to use in your advertising?

How do you decide on a pricing structure or strategy?

How do you even tell if the millions you are investing in a new product will sell?

Market research helps you Answer all this and even more. 

What Then Is Marketing Research?

According to Hubspot, market research is the process of gathering information about your business’s buyers personas, target audience, and customers to determine how viable and successful your product or service would be among these people.  

“Market research can be as complex as you need spanning months or even years or simple spanning a few weeks whatsoever” Mr Kabange added.

According to him, it could be expensive or not. “My point is, you don’t need to spend lots of money to gain information from your customers. You could simply ask for feedback after service” he added. 

READ ALSO: Strategies to generate the perfect business idea

There are two main types of market research 

1. Primary Research 

2. Secondary Research 

Depending on your budget, goals and objectives one may be better than the other.

Mr Kabange continued by saying Primary Research is used when you need first-hand information.

Secondary Research is when you need a rough idea of what’s the state of your market.

So you basically obtain data and insights from already done research such as checking for consumer data etc.

You may have already gleaned some benefits of market research from the session so far but I’d like to bring up a few good ones.

You may be able to get analytical data from your social media,  ads, and even your websites 

But data can’t explain it can only tell you what’s happening.

READ ALSO: You know you are an entrepreneur when…

For instance, if you have an e-commerce business, you can get data on a drop in sales but you can’t get the exact pinpoint reason why so

You can do a research and observe that it’s because you changed your website colors. The psychology of the color wasn’t great for your niche hence you have to change.

 But until you do such research, you won’t know why.

Therefore you’d keep winking in the dark hoping to get noticed.

Another reason to do research is that you don’t want to run your business based on best guesses

Sometimes even working with best practices can detail your business especially when customer needs are changing and you are acting based on old customs.

So you want to be up to date on every change in the market

The last point I want to bring up on benefits is that

How do you determine whether your crush likes a food wink or she prefers a flower? How do you even know anything up until you do some research?

Until you do any research, you won’t know anything for sure.

READ ALSO: Will the customer keep you in mind?

Therefore research helps you plan and create strategies based on facts collected from your target market. 

So how do you get started in your own small way? 

As i said, market research doesn’t have to be complex, expensive or take years. This is mostly the case of big multinational conglomerates. 

The internet and research methods now even allow the most sophisticated research to be done under budget.

 I’ll take you though 6 steps to getting started

 How To Do Market Research

1. Define your buyer persona.

2. Identify a portion of that persona to engage.

3. Engage your market research participants.

4. Prepare your research questions.

5. List your primary competitors.

6. Summarize your findings.

READ ALSO: A burning desire; the case of the African entrepreneur

One thing about research is that you must speak or interact with the right person, else all that you’ve done is futile.  

So you need to spend some time interacting with your customers, finding out their individual characteristics as well as their collective characteristics. 

Their names, their locations, their interests, occupation and estimated income, because they need to spend from it to buy your products or services.

Depending on your objectives or your sampling techniques, you then select a portion of that base to engage

Thirdly, you engage them.

You can do it through polls

A simple Twitter, Facebook etc poll will help you understand some of the things you need.

READ ALSO: Funding your business; options available

You can also create a survey through Google docs, survey monkey, etc 

There are lots of free survey design platforms to play with

 You can also create focus group discussions where you have a moderator controlling the discussion in a group of your target audience

 You can use several other ways to reach them.

For ecommerce guys, you can add short questions on your pages

You’d like to check out HotJar

For determining which parts of your website gets the most attention through the computer mouse movements etc.

But of course, you need to design some questions before engaging them.

Keep it simple and short. Ask direct questions and avoid ambiguity. Ask one question at a time. A few tips to designing the questionnaire

Depending on the audience, you may need to give them some incentive like a discount etc.

So basically this is the structure of the Market Research process.


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Find out what works and what doesn’t when it comes to Market Research.

BilthMoment: Writing A Business Plan, With Frank Yeboah

Mr Frank Yeboah is a young sales and marketing professional with experience in E-commerce, Insurance, Ride-hailing and Tangible Miscellaneous.

He currently works with Bolt as an Operations Specialist. He is passionate about sales, skills and talent education.

He loves football, Chinese movies, Hindi Movies and Comic Movies. He started his presentation by saying we all have ideas we want to materialise.

“However, not all of us are able to make meaningful progress. This is large because of the fact that most of us do not put our ideas on paper.

Frank Yeboah

READ ALSO: BilthMoment: Finding a co-founder, with Joseph Yaw Mawunyo

The difference between the winners and losers in this regard is the Business Plan” he added. 

What Is A Business Plan:

A business plan is a written narrative that describes what a new business intends to accomplish and how it intends to accomplish it.

“A business plan reveals the business’ ability to solve a significant problem, or meet a significant want or need for which someone will pay a premium” Mr Yeboah continued. 

“Honestly, without a plan, we’re only existing and not living.

So a plan is very important in every dimension” he added.

Content of the business plan should be clear and should give important information on all aspects of the venture.

READ ALSO: BilthMoment: Business Idea Generation. with Nii Ayitey Hammond

Format Of A Business Plan:

1. The Executive Summary

Compress the whole idea and everything relating to it into the executive summary.

“In the executive summary, describe the business concept, the opportunity and the strategy.

Thus, what you want to do, the need to do it (opportunity) and how you intend to do it” he added.

If you want to start school;

Your business concept is about parents enrolling their wards to acquire knowledge at a fee.

The opportunity/problem is that children must mature at a certain level of intelligence to solve personal and societal problems as and when they arise, which probably from your research hasn’t been the case over a period; hence, the opportunity to start school.

Then you continue with how you intend to fix the problem or how to explore the opportunity. Are you using an online strategy or face-to-face interaction? 

Also talk about your target, the advantages you have over your competitors if any. Touch on the costs and mention the team.

READ ALSO: You know you are an entrepreneur when…

2. The Industry, The Company And Its Product(s) Or Service(s)

Here, he asked that we give an insight into the industry our business falls within.

And talk about the key variables in the industry. “If it is education, you can talk about quality, duration, etc. If it is Telcom, you can talk about speed, access etc” he added.

“Then you move on to talk about your company properly. The products and services you are offering.

At this level, you also make clear your entry and growth strategy. If it is a school, are you entering the market with only nursery, primary or both? And how do you plan to expand and grow?

Will you venture into collaborations with other schools so your students graduate to those schools, or you will embark on an internal growth campaign and expand your reach to factor in JHS and SHS” he continued. 

3. Market Research And Analysis

He said it is a fact that even with the best idea, we need to do research in order to justify our stand scientifically and we can’t avoid this as entrepreneurs. 

So at this level in the plan, we do the following;

Clearly give information about our market research. 

What did potential customers say about our idea?

What is the size of the market and what are the trends in the market?

Who are our competitors and what makes us better than them?

Our estimated share of the market based on our offerings.

READ ALSO: Will the customer keep you in mind?

4. The Economics Of The Business

“Over here you explain the profit potential of the business. Is it likely for the business to make profits in the long run? Will you break even in the short run?” he quizzed. 

He continued to ask what our fixed costs and variable costs are. (Cost of Land, electricity, rent, water etc)

“Also which months are your peak periods?” he added. 

Clearly making this information available in the plan actually makes it very simple for investors to make financial commitments.

5. The Marketing Plan

What is your overall marketing strategy?

Full visual strategy, full hearing strategy or both?

Visual means marketing strategies appealing to the eyes. Hearing means marketing strategies appealing to the ears.

Which pricing strategy will you use?

Low to high or high to low? What are your key sales tactics?

6. Design And Development Plan

 No one wants to remain the same. It’s the same with a business. 

“Here, you talk about how you intend to develop as a company.

Make mention of product improvements or replacements as well as the potential to introduce new products.

Also, the costs involved in such development projects” he said. 

READ ALSO: A burning desire; the case of the African entrepreneur

7. Manufacturing Or Operations Plan

Talk about your manufacturing process if you’re into manufacturing; talk about the operational process if otherwise.

“This should cover the source of production materials till they are transformed into the finished product or the start to finish of your operations, he added.

Example: If it is a school, talk about the beginning class, transitions and completion.

Also under the operational, you should talk about your geographical location, facilities, regulations and legal issues. (Indicate if you’re regulated by special bodies, eg, FDA, GES, BoG, DVLA, etc)” Mr. Yeboah continued. 

8. Management Team

  • Show your organizational structure
  • Identify key management personnel.

9. Overall Schedule

Basically, schedules to show major events to be undertaken to launch the venture. They are normally referred to as the critical deadlines

 10. Critical Risks, Problems And Assumptions

“There are risks associated with running a business. I will define a few that should be included here” he said.

  1. Management Risk: This is basically the risk that managers will make faulty decisions which will negatively affect the business.
  • Marketing Risk: The risk of potential losses and failures of marketing.
  • Operating Risk: The level of uncertainty associated with the core operations of the business.
  • Financial Risk:  Possibility of losing money on an investment or business venture.

These are the key risk areas that are normally included in the plan.

READ ALSO: Funding your business; options available

11. The Financial Plan

Have a projected income statement or profit and loss account as well as a balance sheet.

“Put all the costs and expenses in a unified financial structure and present under this section. Not forgetting cash inflows as well” he added.

12. Proposed Company Offering

Normally, the Business Plan is to secure funding from investors. So we have to offer value to investors in return for their investment.

The value here means an attractive deal to investors. 

Here we make our investors a deal they can’t refuse. Our proposal should state the amount of money we want and a brief description of how we plan on using the capital available.

13. Appendices

Show important documents

Supporting Documents

CVs of the founder(s), Picture of products or prototypes etc. 

Machines to be procured if necessary, etc.

READ ALSO: BilthMoment: Profit or Wages? With Philip Mensah


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