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5 effective ways to obtain much-needed capital for your startup business

Recent studies indicate that Ghana may soon be entering into an economic "golden age" thanks to quarterly GDP growth of over three per cent.

Effective ways to obtain much-needed capital for your startup business

Sectors such as the service industry and agriculture are particularly strong and barring unforeseen circumstances, this momentum is slated to continue well into the future.

The good news is that there are plenty of opportunities for Ghanaian businesses to access capital by adopting a more innovative approach to their current investment strategies. Unfortunately, many owners are simply uncertain where to begin. Let us therefore examine five professional recommendations as well as how each approach can provide a host of fiscal benefits to a budding enterprise.

Leverage the Power of Social Media Marketing

Were you aware that there are currently more than 4.8 billion active social media users worldwide? Approximately 384 million of these individuals are located on the African continent.

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It has been a well-known fact for some time that social media is one of the most cost-effective ways to reach a specific audience. Even businesses governed by a limited amount of capital can take advantage of such opportunities and unlike other strategies such as website design, little technical experience is required.

Establish a Strong Online Presence

Ghanaian businesses have already begun to make their presence known throughout the online community. We are not only referring to larger organisations that might need to interact with international clients in this sense. Even small- to medium-sized enterprises can now cement a strong digital "footprint". This enables them to reach a much larger demographic than in the past and it also opens up a plethora of additional networking opportunities. Even the most basic websites can enjoy substantial clickthrough rates and with the help of an SEO expert, there is little doubt that such an approach will provide an additional source of capital.

Recognise Unique Forex Trading Opportunities

There are many ways in which a Ghanaian business can become involved within the world of investing. Some strategies are primarily meant to satisfy long-term goals. Others are instead more focused upon medium-term profits.

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Forex trading online is often preferred by those who wish to obtain additional liquidity without being forced to tie their assets up for months or even years at a time.

These markets are available on a 24/7 basis and they also exhibit some unique qualities that may be ideal for institutional trading models. Some examples include:

● The ability to trade on both rising and falling markets.

● Relatively low transaction costs.

● Access to the latest trading platforms.

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● The potential to partner with reputable trading firms.

● The use of margin trading to increase profit thresholds.

As Ghanian and African businesses continue to enter into the global marketplace, there is little doubt that their presence within the Forex sector will become even more pronounced.

Target a Specific Demographic

In terms of astute marketing, more is not necessarily better. Businesses adhering to a limited budget will therefore need to allocate their resources in the most targeted manner. This often involves choosing a niche market as opposed to continuing to embrace a "one-size-fits-all" approach. Stakeholders will be able to appreciate the results of their efforts, to proactively interact with their audience and to make on-the-fly adjustments when the need arises. Attempting to cater to an extremely large customer base often leads to confusion and in worst-case scenarios, lost capital that might have otherwise been better used elsewhere.

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Consider Crowdsourcing as an Option

Businesses have yet another tool at their disposal. This comes in the form of crowdfunding. Crowdfunding essentially involves raising money with the help of individuals who each contribute a relatively small proportion of their funds.

This capital can then be used for product development, to curate a new marketing campaign or to ensure that client relations sun smoothly. The good news is that crowdfunding knows no geographic borders. This strategy can appeal to a truly global audience; allowing a growing Ghanaian business to secure capital within a relatively short period of time.

Note that this was only a brief description of five ways to obtain extra liquidity for your venture. It is always wise to consult with professionals such as wealth management firms of a financial advisors. These experts will be able to provide even more tips and tricks. Success could very well be much closer than you think!

#FeaturedBy: RachelMiller

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