Are You Looking For Money to Start Your Business? Do these!
Having a business idea is one thing, getting the capital to start is something else. A lot of people today have amazing business ideas, but are faced with the challenge of raising fund to execute that idea. If you are reading this post, then you are one of them. Let your mind be at rest. This post will guide you through some easy steps which you could take, that will fetch you money to start that business.
Getting money however is not like magic. Money won’t fall from the skies like rain. Action triggers results. The tips I will be giving out to you on how to raise money for your business are no magic and won’t work as such. These tips are however action driven. Simple actions. Let’s see what the tips are and how they work.
- Family: yes! you heard me right. Family. The role of your family can never be neglected in the success of your business. If you have a business idea in you and need fund to pursue it, then you need to involve your family. Meet them, talk to them and tell them about your idea and the financial challenge you have in executing it. They would be willing to help. Bill Skees started his business with loan acquired from his siblings. You could do the same. Ask your siblings for help, ask your parents.
- Personal savings: if you are so serious about executing your idea, then you need to contribute your savings to it. Invest savings from your current job or sales into your idea. This is the greatest sacrifice that could come from you.
- Friends: there is a popular saying that you know your true friends only when you are in need. Ask your friends for financial assistance. If they are really positive minded about you realizing your business dream, they will help.
- Get a job: many young entrepreneurs often believe they do not need a job since they plan on being self-reliant. The truth is, you cannot be a good leader if you have never served. Working for someone will not only earn you money to pursue your goal, it will also earn you experience. Colleagues interaction, boss to staff relationship and so on; these things will help you get enlightened and make you a good manager when you finally realized your dreams.
- Crowd funding: this method is more common in advanced countries. This is when you source for funds from people. Sites like Kickstarter helps in crowd funding. All you have to do is make a video of your business sketch and post on Kickstarter with the targeted amount needed. Then you politely send out an email to friends and families imploring them to help rebroadcast. Payments are made through Amazon via a debit card. Once your target fund is reached, Kickstarter takes five percent and pays about three percent to Amazon.
Read Also: 5 Home Businesses That Can Make You Millions In a Short Term
- 6. Loans: you might want to weigh the possibility of a loan. After all you’ll refund the money once you are established and start making sales. But I must let you know that loans are not that easy to access. There is no disputing that banks generate a greater percentage of their profits through loans, but they are scared of giving out loans to small or upcoming businesses. Since study shows that only ten percent of businesses make it to their twenty-fifth year, so banks are scared of giving out loans. They prefer giving loans instead to old businesses that they are so sure cannot crash or run into bankruptcy.
- Enter a contest: this is an option I implore every entrepreneur to explore . It doesn’t matter if you need money or not. Entering contests help to boost your morale, and in the end, you do not only get to win ( if you won), you also get the privilege to be recognized by sponsors and top brands which would lay a fast growing ground for your business. If eventually you never won the competition, you could still attract brands or sponsors who would be willing to invest into your idea. Taking the risk is all that matters.
- 8. Partnership; if after many attempts, you are still unable to raise the required capital for your business, you might want to consider partnership. Yes partnering is a way you could raise money for your business. All you have to do is walk up to someone who you know is intellectual and has money. Tell him about your business idea and implore him to invest in your business by proposing partnership deals, if he accepts, then you are just on your way to being great. That way you both gain and no one lost.
- Seek loans from smaller banks: ok, I talked about accessing loans from banks and how tedious it could be earlier right?. This is the gist, there is always a way out of every situation, that is why we have microfinance banks. Microfinance banks are created to give out financial assistance in form of loans to business owners. Accessing loans from microfinance banks could be a step into the future. And come to think of it, they request for less documents than banks.
- Access grants: the contribution of both large and small scale businesses to the growth of every country goes a long way in determining the strength of the economy. This is why government always makes grants and loans available especially to small scale business owners, in a bid to encourage them chase their dream and score a goal. You might be fortunate to be part of the beneficiaries of either the grants or loans disbursed by the government. Whichever it is, embrace the opportunity.
It is of great importance to note that getting money to start a business is no magic. You won’t just look into the skies and see a rain of money, you have to take steps instead. Bold steps. If the execution of that idea is so keen to you, then start something today.
Finally, one of the easiest ways to get money quickly for your business is to have a business plan. This is what tells investor and lenders how serious you are and its your opportunity to show how profitable and scalable your business is. The most stupid lender or investor will always want to see your business plan before deciding whether your business is worthy of an investment or a loan. Furthermore, when you have a business plan, the chances of your business failing is drastically reduced by more than 60%. This is simply because business plan foresees most of the problems that makes businesses fail and proffers solutions to these problems before they ever get any chance of showing up!
If you want to write a business plan for your business, or you want to learn how to make money by writing professional business plans for others, I should be able to help you without stress and with no hassles, just reach out. Make hay while the sun is still shinning bright!
I look forward to hearing from you.
Hope you enjoy this article?
Share your thoughts in the comment session.
Contact us today for your business consultancy and business advisory services. We can help you fine tune your idea, structure your business, market your business, train your staff, consult on your retirement plan, coach you for financial success. We also write business plan and help with fund raising strategies and Grant applications. We can help you start, grow and expand your business.
Call or WhatsApp us now on 081 0563 6015, 080 7635 9735, 08113205312 or send email to firstname.lastname@example.org and we will solve any of your business problem.
- Katumu Adasi: How to survive in Nigeria without a job - February 11, 2021
- Top 5 business and services with the highest demands in Nigeria - January 4, 2021
- How to Become a Millionaire doing Rice Farming in Nigeria - January 4, 2021