Peter has a wonderful burger business idea but no capital:
“Sir, I have a burger business idea, will you sponsor me?” Peter asked John, calmly.
“I would have loved to,” replied John; “but the money is not there.”
You probably have great skills and money spinning ideas, but without money, how can you reach your goals, no one seems to support your ideas. What do you do? Give Up? No, you have to try something productive. Don’t let those skills and powerful ideas go to waste.
The reason for this post is to help you raise over $5,000 for your business. So you can reach your goals.
Capital is very essential for your business as it maybe needed to run other factors of production. Try and answer this question: Is it true that, without capital, no business idea will come to reality?
If your business plan and strategies are Capital tied, let’s see how you can raise that capital;
1. Network Investors:
If you have a convincing business plan but no tangible collateral. You can generate a list of 40 persons. Invite them for a meeting, where you can present the business plan. Highlight that you need just 20 persons to invest. Let them understand what their profit would be and the time frame required for them to get their returns on investment. Clearly outline the terms and conditions. At the end of the meeting, invite them to sign the agreement, ensure that you are able to prove to them that their money is secured and it’s a safe investment. Talk to 10, you will most likely get 1.
Recommended: Finding New Business Opportunities through ‘Datrepreneurship‘
2. Use Online Funding:
This is also a great way of generating capital for your business. A lot of entrepreneurs have used this medium and the good part is you don’t have to payback.
You can use gofundme dot Com. With gofundme, no goal penalty and no deadline. Go to gofundme.com, register, login, create a project, invite friends and family to support your project and start getting donations. It is fast and easy if you develop a good project and share it with the right persons. They accept different countries and have a fantastic payment withdrawal option.
3. Friends, Family and Acquaintances:
The fact that you have approached someone and get turned down, does not mean you can’t approach another for help. You never can tell who might help. A trust worthy entrepreneur will most likely get help from relations, sometimes on condition of flexible repayments and other times, without repayment.
4. Loans:
To have access to loan, you must have a convincing business plan and tangible collateral.
5. Personal Savings:
A skilled entrepreneur knows the benefits of savings. Save and Invest. Money is like a visitor. If you give it a warm welcome, it will stay. You don’t keep money by reckless spending. Invest in assets not liabilities. Make productive use with the little money, you have now.
6. Sell off Liabilities:
There are stuffs around you that have increased your spending; sell them off and buy assets you need to generate more money rather than spending more.
7. Source for Contracts:
You can raise capitals from contract jobs. You can present your services to potential clients. Bill them for the services while forecasting correctly the cost of providing the service.
8. Bank of Industry (BOI):
This point was sourced from investhealth.info; kindly read as follows;
Bank of industry provide Small, medium and large enterprises, excluding cottage industries with funds for starting their business; new or existing companies, seeking expansion, modernisation or diversification.
Credit worthy promoters who will be required to prove their commitment to the project by contributing at least 25% of the project cost excluding land, borrowers whose management capability, financial situation (including availability of collateral and guarantee), character and reputation are incontrovertible; clients with demonstrable ability to meet loan repayments, borrowers with no record of unpaid loans to erstwhile development finance institutions and other banks.
You can obtain access to Bank of Industry facilities in 3 easy steps;
Step 1: Write a formal application letter Step 2: Completion of BOI’s Questionnaire Step 3: Submission of Forms and Questionnaire.
So, if you think you’ve meet up with the bank of Industry requirement you can comfortable visit boinigeria.com to download the appraisal form and complete their questionnaire for your business funds startup.
Thanks for Reading…
