Doing business in Nigeria today is just like passing through a hurricane. All these fluctuations in finance, devaluation of our currency, uncertainties in the market have taught me to keep an ace up my sleeves for survival. This is why I have made this strategic decision of investing in cryptocurrency as a backup for my real-world business.
Let's be honest about ourselves. As an entrepreneur from Nigeria, I am facing challenging circumstances that most other business owners from other countries may never have to encounter. It seems like our foreign currency's value is dropping constantly. The more we look, the less we see, and it becomes more complicated to run even simple business operations. And international transactions are another headache altogether. These are not abstract things, they are issues hitting my business's 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 where crypto came in for me as backup for my business.
I never jumped into crypto because Bitcoin is breaking new frontiers or the promises of getting rich quick. Mine is a different approach. Crypto makes lots of sense as a backup plan for my business for some reasons. First, crypto markets may be volatile, but they hold a means to store value not directly related to the performances of our local currency. Secondly, crypto affords me access to a global monetary system without all the traditional hurdles we have been through in Nigeria. Lastly, as the world increasingly goes more digital, having one foot in cryptocurrency feels like preparing for an inevitable future.
One thing to be clear about is that this isn't always about getting rich overnight. Just like my main business took years to build, I understand that creating a dependable crypto backup takes time and staying power. Think about it like this – an egg does not hatch any quicker simply due to the fact you need it to. A caterpillar would not become a butterfly overnight. All these natural methods have their own timeline, and so does creating a solid financial bedrock.
I'm approaching my crypto backup very carefully. I only invest what I can afford from my business profits in frequent, small investments rather than large moves. I'm building this backup for the future and not for short-term gains. I always stay updated about the crypto developments and also about traditional business practices.
The good thing of this backup plan is in the way it complements my current business venture. I'm not moving far away from my core business, rather I am adding one more layer of financial security. I have started Investing a fixed percentage of the business proceeds into crypto, use profits from crypto to settle certain international transactions where necessary, and maintain special records on all crypto activities for proper business accounting. I have separate plans for business growth and investment in cryptocurrency.
As in any other business decision, investment in crypto carries some risks. I hedge against those risks by never investing more than I can afford to lose, just 1% of the profits from my business goes into crypto investing, thus keeping most of my profits in my core business.
Everything good takes time to grow. As much as my business didn't become successful overnight, I also don't expect my crypto investment to give returns overnight. The important things are consistency and staying power. I have firm conviction that I am on the right path, and I focus on long-term growth rather than short-term gains. Also , I'm aware that the market may fluctuate. That's why I keep realistic expectations.
As a Nigerian entrepreneur, I believe the crypto backup plan is essential for the future of my business. The good news is that even if our country's financial challenges are unlikely to disappear overnight, by building up this crypto backup little by little, I am definitely building an extra layer of protection for the future of my business.
Anyone can do this if you want. It's not about chasing quick riches or leaving behind traditional business practices. It's about adapting to our tough economic environment and growing extra protection in your business enterprise's destiny. Just like looking at an egg hatch or a caterpillar morphosis, the system calls for endurance, consistency, and trust inside the procedure.
Start from where you are, use what you have got, and build continuously. That is the way that real monetary safety is created-step after step, economic conditions notwithstanding. Keep in mind that this is not all about the need to change one's business enterprise model but coming into strength with a current backup plan that makes all the difference in our economic environment.
The journey of a thousand miles start with a single step. One step at a time, we will get there.