Trying to start a business without having capital has stopped many people, both young and old from realizing their dreams of being entrepreneurs.
But there are other ways to raise the necessary funds for the start of your small business without getting a loan.
With the massive rise of unemployment in the country, owning your own business would go a long way in saving you from idleness, make you your own boss, and with time an employer of labor.
In the event that you do not have collateral to get a loan, these 5 tips will help you get started just as it has helped thousands of others.
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1. Personal savings
It is always advisable to invest in yourself. Saving your own money is highly advisable, that way you get funds from yourself before looking at other sources. People are way happier to help those who at least make an effort on their own first.
2. Friends and Family
This is another great way to raise funds for your business. Your friends and relatives can help raise money for that little business you want to start. Forget about your pride and always ask for help when you need it and you might just save yourself a lot of stress.
Asides from getting financial assistance from friends and close relatives, a crowdfunding account like the popular GoFundMe is basically a good place to ask for support. If your project is both good and convincing enough, there are still kindhearted people who will be willing to part with their money to help you.
4. Angel Investors
There are many investors out there that will be willing to invest in your business just to have a little equity in your business. Draw a clear proposal stating clearly what you want to do, how you plan on going about to do it, and what you will need to do it. These investors could even be family friends or people whom you relate with through different organizations.
5. Small business grants
This is a type of fund given by the government or some other privately owned organizations to individuals who want to start businesses but do not have sufficient capital. Organizations like these in Nigeria that gives business grants include the Tony Elumelu Entrepreneurship Program, Africa’s Young Entrepreneurs Empowerment Nigeria (AYEEN), and the Dangote Foundation.
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