How Self Help Groups Will Take You To Another Level
Self help groups and micro-savings are widely known for women and youth in Africa. Some other people look at them as old school and they do not show any interest whatsoever in them. However, it is important to indicate that modern generations can use the strategy in improving their money savings skills and investment as well. I have indicated some of the ways that youth and women use.
Getting members that are willing to put in their trust and funds is very important. You can create a social media group and invite members. In most cases, many people start with members they personally know. They could include family or close friends. Start with a group of about 10 members and the number will increase with time.
Come up with clear objectives of what the group intends to achieve at certain milestones. This is a good thing because it helps the members know the direction that te group is taking. It also instills in them the idea that they are not members of a group that has no direction.
It is important for all members to know their status in terms of savings and loans. This information should be made available all the time. There is software that can be used for tracking all the information meaning that you do not need to do the paperwork manually. Select a team of officials that will be responsible for various tasks within the group.
Set a particular threshold in terms of savings. This is important when it comes to raising money. It helps the group propel. The main aim of these groups is not to save money as such. The main aim is to help raise capital that will in turn be used to invest in projects that can help the group further.
Sought the services of a financial advisor that will advise you on the best investments to put money in. I would advise investing in real estate if the market is good. Other advisors have their own advise that when implemented can play to your advantage.
It is also important to make sure that there is a strategy for the group to increase its membership. A good way of ensuring that this happens is by encouraging members to invite more members. Referral is one of the easiest ways. Other ways can be starting a website and advertising your group’s activities. There is no doubt that with time, your membership shall increase and with interest on loans the group can expand exponentially.
In Africa, these activities have helped many startups, youth and women achieve dreams that are unheard of. What is important is strategy, objectives and dedication. If it has happened in Africa, there is no doubt that it can happen anywhere. In case the software you intend to use is expensive, there are a tone of individuals that are willing to create such software of mobile apps that can perform the same job. Just go to www.guru.com or www.freelancer.com and post your requirements.