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.
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.
