Trying to start a business without having capital has stopped many from realizing their dreams of being entrepreneurs. Unknown to such people, there are other ways of raising funds to start your small business without even seeking to get a loan.
With the state of the economy and the constant menace of unemployment, starting your own business would save you from idleness, make you your own boss and with time an employer of labour.
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In the event that your personal savings are not enough and you do not have collateral to get a loan, these 5 tips will help you get started just has it has helped thousands of others
1. Personal saving
Nobody will invest in you if you are not willing to invest in yourself. No matter how little it may be, save up some cash on your own before seeking other sources. People tend to be more willing to help those who make an effort on their own first.
2. Friends and Family
This is the second best way to raise funds for your business. You might never know how much your friends and family can help you achieve your business dreams till you approach them. Cast your pride aside and ask for help when you need it and you might just save yourself a lot of stress.
3. Crowdfunding
Outside of getting financial assistance from your friends and family members. A crowd funding account such as GoFundMe is a good place to solicit for support. If your project is convincing enough, there are still kindhearted people who will be willing to part with their money to help you.
4. Angel Investors
There are lots of business-minded people who are ready to fund start-ups as long as you are willing to part with some equity. Draw up a proposal that clearly states what you want to do, how you want to do it and what you will need to do it. These investors could even be family friends or people who you relate with through different organisations.
5. Small business grants
This is a type of fund given by the government or some other privately owned organisations to individuals who want to start businesses but do not have sufficient capital. For most of these organisations, you only require a strong passion to succeed, willingness to help others and a good plan. Organisations like these in Nigeria include the Tony Elumelu Entrepreneurship Program, Africa’s Young Entrepreneurs Empowerment Nigeria (AYEEN) and the Dangote Foundation.
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