In the previous article we discussed how the African woman can benefit from being a creditor of the tourism arrangements. We looked at low cost tourism businesses that the African woman can operate from the home like livestock production, crafts, crop production, and food processing as well as designing African attire. We also suggested that high cost venture like guest houses, lodges, hotels, eating houses, restaurants, bars, car rentals should be undertaken with caution and might require her to form a partnership with large companies in order to be safe.
In this article we shall look at how the African woman can avoid herself from getting broke after investing in tourism.
Financial discipline
A lot of businesses have gone broke not because they were not viable but because the owner lacked financial discipline at one stage or another. Money sourced for the purchase of raw materials should be invested in the business and should not be taken for other purposes, especially personal use.
Another form of financial discipline is to keep savings of her money. A woman should introduce and keep an accounting system where she can trace her income and expenses. Common savings refer to a bank account but the current trend might mean that the African women can buy assets like properties, cattle, vehicles as part of her saving.
Also, the African woman can invest her money in the blockchain business where she keeps her money in form of cryptocurrencies like Bitcoin, Ethereum, Litecoin, DCNT and others. For such an investment, the woman has to acquire enough knowledge on how blockchain operates so that she knows what scheme might be safe for her.
Maintain a good reputation
Most entrepreneurs fail because they don’t fulfill promises leaving them with a dented image and reputation. Consumers don’t want to do business with people who cheat or supply sub standard products. It is always vital to be genuine in all negotiations.
If a investor decides to get her raw materials on credit, she has to be sure that she pays her suppliers within the agreed period. In case of emergency, she should be honest in her dealings. If she manages to keep such a reputation, business will keep flowing to her.
Networking
Networking is very important in the tourism industry. A woman can subscribe or affiliate to tourism networks so that tourists from one region may be networked with her if they happen to visit her region.
Marketing
Marketing is very important for an investor. One can decide to use traditional means of targeting clients or use the decentralised marketing where her products can be promoted in various countries by decentralised marketing agencies. One such agency is YellA which market clients’ products in most of the world’s languages.