By Prince Akpah The 2017 Premium Bank Ghana Startup Awards,…
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. Jumia Travel, the leading online travel agency, agrees 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.
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.