One of the biggest challenges faced by many is determining where to invest their money or which businesses to go into. This is common when the person in question has many options but lacks enough funds to sponsor them all. At a time like this, what such a person needs is meeting with the right persons, who will give him insight on which of the options to go for or, in some cases, better ones that he might need to consider. Of course, in this case, talking to the wrong people could lead to the loss of funds. Hence, the investor should be mindful of whom he receives advice from.
Four Persons to Consult before Taking a Business/Investment Decision
A Lawyer: Some businesses require legal procedures and knowledge. Some might need lawyers to help you to set up. Before you invest in that business, consider talking to a lawyer to understand what and what is involved, legally. You might also wish to find out the legality of the business in your country or state. If you go ahead without seeking legal advice and end up infringing or investing in another person’s business that has infringed or is about to commit one, you may wish you had done the needful beforehand. So, find a competent lawyer that will help you to avoid those mistakes.
An Entrepreneur: Whether you are about to start a business or invest in an already running one, you need some pieces of advice from a neutral entrepreneur that is into that same business. The essence of this is that the entrepreneur will tell you the ups and downs of the business. He can forecast the profitability of the business within the period of investment and help you decide whether you should go in for it or stall for some time. Remember to go for an entrepreneur that will not treat you as a competitor. Of course, you won’t think of speaking to the person you are about to invest your money with.
A Banker: There is something about bankers many people haven’t noticed: they have information on the types of entrepreneurs that are favoured by the economy. If you are looking for a business idea, go to a banker friend and he will tell you the customers that pay in millions of naira daily from their sales. Apart from that, some of the bank marketers visit customers in their offices and take time to survey how their businesses are run. Many bankers are walking business consultants that have a lot of information on business types in the country, how they thrive, how to set them up, and, above all, how risky they are. So, speak to that banker you know and see what information he has on your business and investment interests.
A Law Enforcer: This is one person people overlook while investigating their business and/or investment options. You will only understand the importance of people in this field if you consider the number of business-related cases reported to police stations every day. Some businesses always take the business owners and customers to the police station (e.g. estate agents) while some don’t. Some maintain close collaborations with law enforcers as a way of checking crimes and abuses. For instance, a man that wanted to establish a car dealership shop casually announced his intention to his friend, a police officer, and realised he needs to collaborate with some enforcement agencies, including EFCC. According to this policeman, car dealers provide details of buyers to law enforcers as a way of checking internet scams and other frauds. This was about three years ago, anyway, it may no longer be obtainable today. However, a person needs to know if the business or investment of his interest is the one that will cause him ceaseless police cases or not.
Note that talking to these people does not mean you should not consult with other experts. These are actually the people you should meet by the side, informally. They will help you with the basic information you need to make a decision. However, when you decide what you wanted, reach out to consultants to continue from there.