A fantastic business remains an idea if pragmatic steps are not
taken to bring it to fruition. A huge complaint, drawback or excuse many give
is that there is no money to fund the startup or business idea. Unfortunately,
many of these million naira ideas have died because of lack of funding. We agree that funding is a major factor in
business. However, it should not prevent you from going ahead. As a Nigerian,
there are ways you can raise capital for your business. Read on to discover
these ways.
Savings
Saving is one of the best ways to get money to start a business
no matter the number of zeroes in front of your salary. If you have figured out
the workability of your idea, you should save a certain percentage of your
salary monthly.
Sell some of your valuables
You have to make the sacrifice if you really want to do
business. Your valuables are important. But establishing something that will
get you more of these luxuries in the future is the ultimate. So, you can sell
your car, your iPhone and other valuables you think you can do without.
Family and close relatives
You can also seek support from your parents, brothers, sisters
and close relatives. Before they release their money, make sure they believe in
your idea. You don't want them to pour money into a basket.
Your rich friends
If you have friends who are wealthy, you can also sell your idea
to them. They may otherwise not be interested in everything you have to say.
However, as far as you bring returns on investment, they are willing to give
you their money.
Search for investors
All the aforementioned are personal efforts. Now you have to
widen your tentacles. You have to get the big money investors to buy into your
business idea. This is where your business plan will come to your rescue. Send
it out to possible investors. Not just anyone who may steal your idea. You can
ask friends for contacts.
Pitch your idea
There are some many events where you can pitch your idea to
skimming investors. If your idea is good, you are in luck. Remember in this
case, others will have to be involved in the operations of your business.
Apply for startup funds
We
are in the Internet age and there are thousands of startup funds out there for
Nigerians and Africans. Search for these funds and apply. If your idea is
selected, you will be invited for an accelerator program where you will be
trained by experts and given cash rewards. But at least, you must have some
structure in place for you to apply.
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