You might already have experience with financial institutions as a customer, but stepping into the micro-financing world as another party might be troublesome. The 21st century thrives on entrepreneurs, solopreneurs, and startups that come from a single brainchild and live up to becoming large corporations.
So what’s your brainchild? Are you planning on creating a loan agency, micro-financing agency or want to become an individual lender? Newbies often come across obstacles like risky clients, no collateral cases, inefficient data management, non-reliable customers and others.
You can avoid all these by planning your steps by milestones.
First Milestone – First $1000
Like every long-term goal, creating a lending business also needs time, patience and step-by-step instructions. Have you ever been on a weight loss journey? Every dietician will tell you to keep your goals clear, small and by milestones. The same principle works on creating and growing your business. Let’s set your first milestone to lending your first $1000.
How do you think large banks and international financial institutions did it? They also started with their first $1000.
Prepare yourself for the obstacles:
- Large competition (small and large banks and micro-financial institutions)
- Unfamiliar customers (this business is based on you, collaborating with unfamiliar people, based on your trust)
- Risk of being unpaid (There’s always a risk that a dishonest client will never return the funds)
- Hard-to-find lending platforms (As an individual lender, who doesn’t have a physical office, you might face some troubles by not having a platform to communicate with the customers.
Don’t let these obstacles scare you. There’s always a way out, especially when micro-financing is experimenting with blockchain technologies. Projects like AssetStream are on their way to help you lend your first $1000.
How can lenders achieve their first milestone with AssetStream
AssetStream is a platform that brings together lenders and borrowers (businesses and customers – or however you’d like to call them). With the help of blockchain technologies, AssetStream is able to create a comfortable atmosphere for lenders who work individually or as agencies, for borrowers who are looking for a trustworthy and transparent lender.
What can AssetStream offer your lending business to make sure you’re safe:
- Ability to observe borrower’s profiles (AssetStream has a ranking system that will help you determine if the client is trustworthy and if it’s safe to lend them money)
- Ability to reach even the unbanked (This platform will connect people from around the world. No need to visit offices, banks, etc. Even the people with no credit history will be able to see that you have your first $1000 to offer for them).
- AST tokens (AST tokens will represent a value of 0.01 USD and be highly beneficial for all AssetStream platform users).
Prepare to lend your first $1000
- Focus on a specific type of customers (for starters)
- Be transparent for everyone
- Plan your first milestone carefully
- Plan your next milestone with more enthusiasm
What’s your next milestone?
What are you planning to do once you lend your first $1000? Have you thought about how you would use Blockchain technologies to help you achieve your goals? Learn more about how micro-financing is changing and how you can help in developing AssetStream platform.