To succeed in Business is like passing through a hurricane. All these financial fluctuation, currency devaluation, and market uncertainties have made me learn to keep an ace up my sleeves for survival. Hence, I have taken this strategic decision to invest in cryptocurrency as a backup to my physical business.
I am a business owner situated in a developing country, and inflation is high. I am faced with difficult conditions that may not have been encountered by many other business owners from other countries. It seems that the foreign currency value is continuously dropping. The more we look, the less we see, and then making even simple decisions is complicated. And international transactions? That is a headache altogether. These are not abstract things; these are issues hitting my bottom line every single day.
Well, once you see your hard-earned income losing value faster than you may reinvest them, you start searching for alternatives. That's how crypto came in for me as a backup for my business.
I have not rushed into it due to Bitcoin breaking new grounds or the chance of a quick get-rich scheme. I come with a different angle. From some angles, cryptocurrency as a backup plan for my business makes a lot of sense. One, while the crypto markets are volatile, they render a way of storing value that is not directly linked to the performances of our local currency. Two, crypto gives me access to an international monetary system without going through all the traditional hurdles that we have been subjected to in our country. Thirdly, with the digitalization of everything in the present world, having cryptocurrency in place seems like preparing for an impending future.
One thing for sure; this is not about instant riches. Just like I know creating a solid crypto backup will take time and require patience, I have learned that to build a business takes years. All these are time-based, and so is building a solid financial bedrock.
I'm treating the building of my crypto backup with respect. In other words, I invest only what I can afford to lose on a small scale and for the long term, rather than taking big single shots. I have this backup in mind for the long run, not the fast buck. I have always kept on top of the game with everything crypto and business.
The beauty of this backup plan is that it complements my current business venture. I am not drifting far from my core business but adding another layer of financial protection. I have started investing a fixed percentage of the business proceeds into crypto; the use of profits from crypto to settle certain international transactions where necessary keeps all crypto activities recorded for proper accounting in the business. As far as growth is concerned, I have separate plans on running the business and investments.
Investment in crypto entails some risks, like any other business decision. I hedge those risks; I would never invest more than I can afford to lose. One percent of the profits I make from doing business goes into investing in crypto, thereby retaining the bulk of my profit in my core business.
Good things take time to grow. Just as my business did not become successful overnight, I also do not expect my crypto investment to give returns overnight. Consistency and stamina are the key things. I strongly believe that I'm on the right track and look forward to the long-term option rather than short-term gains. I know that the market can be very volatile. Hence, I keep realistic expectations.
As I've said, being a business-minded person, I think the crypto backup plan will be essential for the survival of my business. Fortunately, while the financial woes afflicting our country may not just disappear overnight, the gradual building up of this crypto backup indeed affords my business some extra protection into the future.
Anyone can do this if you want. It is not a get-rich-quick journey nor is it leaving behind anything for traditional business practice. It is about adapting to the difficult economic environment and growing more protection with the destiny of your business. Like looking at an egg hatch or a caterpillar's metamorphosis, the system requires patience, endurance, and consistency and self-belief in the process.
From the point one is starting, with what one has, a gradual development is realized. That is how monetary stability is created, step by step, irrespective of the state of the economy. Remember this is not entirely about the need to change your business model but about coming into power with a current backup plan that makes all the difference in our economic environment.
You see, every thousand mile journey is taken one step at a time, and we' ll get there
Posted Using INLEO