Thursday, July 6, 2017

Where Can I Obtain Money For Starting A Business In Nigeria?

                                                              
a businesswoman in black official suit standing with a paper which say, A Question In her hands

Do you want to know where and how you can find money for starting a business? Do you need money to float or expand your business? Then in this lesson, I will show you about where and how to obtain money for starting a business. There are two lessons you need to learn from. The two following lessons are here:



                     · 7 Requirements To Be Expected To Meet

                     · 10 Ways To Obtain Money To Set up Or Expand Business


                           7 Requirements To Be Expected To Meet

One of the major challenges for many people with brilliant business ideas wanting to go into venture and those who are ready in business want to expand their business is FUND. Are you not one of them? Good. Every businessman or every businesswoman needs not only just money, but enough money to keep the business going, particularly beginners. The fund to start and run business prosperously sometimes is not easy to get.

Read More: The 12 Best Sources Of Business Financing  

Though, if you meet those requirements, then obtaining money to fund your project is so easy. What are those requirements you are hoped to meet? Here are seven requirements you need to apply:

1. Good Business Idea

2. Sound and Bankable Business Plan

3. Good Marketable Strategy

4. Skillfully Proposed Business

5. Excellent Cash Flow Management

6. Cheap and Relievable raw materials

7. Management Team

If you want to get soft loans from loan officers or bankers or venture capitalists for starting or expanding business or more products, you need to follow those requirements religiously. Most loan institutions, investors or capitalists hesitate lending money to those who lack knowledge of management, business plan, etc.

                10 Ways To Obtain Money To Set up Or Expand Business


Don't Miss: 10 Excellent Tips On Starting A Business And Building A Successful Empire 

Way 1: Cooperative Societies

Cooperative society has many advantages over other schemes because you can borrow up to 300% of your savings without collateral for starting or expanding business. For cooperative society as a member, you can learn a trade, access information regarding your line of business, access to incentives and support from government agencies as well as easily access to bank loan. Open a saving account with this society and deposit any percent of your income each month for a few months before you can borrow to fund your business.

Way 2: Personal Savings

The simplest way to stay clear of owing some one you borrowed to fund your business is your own personal savings you can use for starting a small business and growing within time. Most people want to do business, but lack the mindset to save for future business. Saving could be painful and difficult to do, but in the long run, it can pay off. Determine how much and how many years you want to save daily or weekly or monthly.

Way 3: Investors/ Venture Capitalists

If you can not wait long when you save a part of your income daily, then you can look to get investors or venture capitalists to invest in your business idea if you show them good business plan outline. They need to see how far you can pay off, how you use to spend, how they and you benefit both from investment, etc.

Way 4: One Religious Association


Some of religious associations such as church, mosque, etc might have welfare schemes that can help you to raise some capitals when you are in need for business if you belong to one and be an active member of this religion.

Way 5: Daily Savings Contribution Association

This association, also known as Esusu or thrift collection can help you to uplift or boost your business by providing you loan if you join this association by contributing a certain fixed sum monthly or weekly, depending on your business or trade or salary. Or you can join a group in the same business or same work like barbershop group, fashion group, food business group, staff, etc where you can contribute a real fixed amount monthly and give it to a member in shift every month. For staff in the same work, be careful.

Way 6: Micro Savings Institution

This micro-finance institution is good for small business owners because it can help you with a loan at lowest interest like 2% or 3% if you register with this company by opening a micro saving account with any amount you have and regularly depositing till it is old 6 months. With this institution, you can access from ngn50, 000 to 500,000.

Way 7: Online Loans Global Network Services

I do not know much about this opportunity, but if you know about this loan global service, you can sign up in this online loan service such as Crownd Funding Association, Kiva Global Networking Association, Global Giving, Kickstarter, etc because they can help you by looking to get any person in the world for you.

Way 8: Family And Friends

You can get funds from your friends, relatives and family for your business if you can convince them about your new start-up business. That is your homework that you should show them. If they like your homework or product, they will support you financially. That is so simple. That is what happened to a former male graduate who called one man and show him with his sampled motivated printed copy.

Way 9: Getting Supplies From Contractors Without Money 


Whether you are a distributor, or small/medium business owner, you can get suppliers to provide you their products or materials like Shoprite, Mall, etc to sell for them at your own premium online or offline and expect you to pay them back in due time. Most Asian companies do it. Once you place advert in any newspaper or advert online, you will let suppliers know that you will pay them back for the products or materials after selling.

Way 10: Integrity In The Marketplace

One of the most important things suppliers, investors or venture capitalists, family and friends can trust you and they are ready to work with you is your INTEGRITY. If you lack integrity, no body can work with you by supporting financially or supplying materials or investing in your business because they already know you once they recognize you as a glib talker or businessman.

Conclusion

There are 10 different ways you can obtain loan for your small business. If you fail to get one or can not get one, look for one to get funds for your floating or expanding business. I hope this lesson about choosing money for starting a business helps you? Help me to spread this lesson to others on social media sites, forum or blogs by linking this link any where. Thank you for your time

Happy View!

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