If the truth must be told, it is challenging to establish business in Nigeria. One of the major factors making business establishment rather difficult is the issue of finance. Many Nigerians find it difficult to raise funds for their businesses and this tends to hamper business progress.
Those among them already operating one business or the other are forced to remain perpetually on small scale level due to lack of funds to expand such businesses. In this write-up anyway, you will get to learn one or two things you can do to raise funds for your business right here in Nigeria.
You can save up some money to run your business instead of relying on anyone for help. You do not need to save much each time. Just saving a little at a time can amount to much at the end of the day. The best way to get fund via this way is to start saving early.
Start saving from the very first day you conceive the idea and it would have amounted to so much after some times. Some are of the opinion that starting with your own savings will prompt you to manage the money very carefully and this can help build up your business within a very short period of time.
This is yet another way to raise funds for your business in Nigeria. All you have to do is to go into partnership with someone ready to foot the bills to establish the business, while you bring the business idea to the table. The two of your will work based on agreed business formula.
This method had been known to work quite fine over the years. You do not need to depend on the partner alone for the fund. The two of you can team together to raise the funds based on percentage sharing.
Many people are now into crowd funding as a means to raise funds for business. Truth is crowd funding is not so popular yet in Nigeria as there is yet to be a website set up for that purpose. Be that as it may, it is already being used by many offline. There is however possibility that it will grow more popular online as the years go by.
Crowd funding can come in form of cooperative societies. Another form of crowd funding is via family members and friends. You can equally raise funds through religious groups. . All you have to do is exploit your membership of such a religious group and you will be able to raise funds for the business before long.
You can equally enroll in many of the entrepreneurship programs in Nigeria to raise funds for your business. There are many of them there in Nigeria and you can easily join any. What these people do is to listen to your business idea and find out how feasible it is. Then they will consider sponsoring the business based on agreed terms.
They assess your business proposal and those of other members in the program. You are sure of getting the desired fund to finance your business if your business proposal is acceptable. Interestingly, these organizations may not even ask you to pay back what you are being given as business fund.
Sales of assets
There is no point in keeping items you do not need urgently. Why not just sell them off to raise funds for the business? When the business begins to prosper and make good profit, you can always buy those items back. If you have landed properties, you can sell them to raise funds.
Also, there are some items, like cars, electronics and other stuffs you can sell off to raise funds. Raising funds this way will give you peace of mind and you will never have to worry about paying back along with interest. You will be able to do your business with peace of mind and grow at your own pace.
If the truth must be told, online business costs far less than many of the brick and mortal businesses people do. For one, you will never have to spend so much money to rent shops. You only need to put together a wonderful website and this puts you in good position to get the desired loan.
A functional business website will only cost just a fraction of the amount you would spend on resting and fitting a brick and mortal shop. Additionally, a website will help take your businesses beyond the limited scope of your environment to far beyond.
You can also raise funds for your brick and mortal business via the internet. There are so many things you can do online to raise funds.
Get an employment
You can also get job to raise funds for your business instead of borrowing or waiting for someone to help you. All you have to do is to do is to simply mange your finances and keep aside particular percentage every month.
You will also have to give yourself a target of how long you want to take to raise the fund needed for the business. You can give yourself a target for 2 years to raise the required fund for the said business.
Visit development bank
Development banks do not charge as much interest rate as other banks. In actual fact, you can also get fund for your business. Many of these development banks have programs in place that can help fund small and medium scale businesses. Examples of such banks are Agricultural Bank and Bank of Industry.
One other thing that makes them helpful is that they do not ask you for collateral in order to give you the required loan for your business. Microfinance banks too are helpful too. Some of them give loans to small scale business and they allow you to make repayment over a given period of time.
Most of the time, they too do not ask for collateral to give you the loan required to establish this business. Bank loan too is yet another means of raising funds for your business. The only problem is that banks always ask for collateral. You can approach these banks if you have collateral you can present for the loan.