Getting money or capital to start up a business can be very daunting for Nigerian business enthusiasts. It is one of the most difficult processes of business. In this post, we’ll be guiding you on 10 best places and sources to raise money or get money to start your business in Nigeria.
There are several ways you can easily raise capital or funds for your business. In this post, you’ll get to learn how and that.
10 Best Places and Sources to Raise Money or Get Money to Start your Business in Nigeria
1. Saving Money through Employment/Work
This is the easiest way to source or get money for capital for your business. It’s is a situation where you find employment, you work, and you save money through your work. While you are saving, you are planning and setting up your business, until you are fully ready.
You can start up the business while still working, and then only leave your work to focus on the business when the business is fully profitable. If you want to raise capital for your business? Consider going through this process.
2. Family and Friends
The second option is to source for money from your family and friends, especially if they are well-to-do. Of course, this money is not loan, and you won’t be under pressure to repay them. However, you’ll have to work hard in the business, and ensure you deliver what’s needed to make the business profitable so as not to disappoint your magnanimous family members and friends.
3. Co-operative Society
In case you are doing something, working somewhere, and earning some income, no matter how small, you can join a co-operative society to raise money for yourself. How can this be done? You contribute a certain amount that will be given to another person, and once it gets to your turn, the members all contribute to give it to you.
This is good to enable you use this process to save, and ensure your money comes to you in bulk. Once it gets to your turn, you can use it to set up the business you need.
4. Communal Effort and Help
You can also seek help from your community, depending on how close your community is. Some Nigerian communities act like family. You can raise funds by meeting those in your community who can lend a helping hand, you’ll see people who would be willing to help, especially if your business idea is great and your contribution to the community is immeasurable.
Seeking for partnership in that business is also another great way to raise funds for your business. This is a situation where you look for a partner who has the funds and expertise to contribute to the business you want to do. Instead of looking for the whole capital of that business, you look for half or a little more than half, to start the business.
Partnership can be helpful because the expertise, energy, and resources of two people are involved. However, the person you seek as a partner should have the same interest, energy, and transparency as you do.
6. Rendering Cheap everyday Services
You can also look at the either of rendering cheap everyday services to people to raise money for your business. These services can include being a house agent, running errands for people, writing jobs, driving services, and so on. You only need to tell your family and friends what you do, and advertise yourself and what you do shamelessly.
Crowdfunding is also another way to get money for your business. Although this is not popular in Nigeria, however it is coming up. You should know that the business you want to do, and your story, has to be impactful before people would crowdfund for you. Your story or call for crowdfund should be heart-wrenching as it is impactful.
There are hundreds of business grants you can apply for especially in the agricultural and food industry. As an aspiring entrepreneur, you should have your business plan ready, and apply to as many grants as possible. You don’t know which one might work for you.
9. Business and Investors Contest
You can also take part in business and investor contests to be able to raise funds for yourself and your business. In case you win, business contests are usually worth the stress because the funds are much. Before engaging in business contests, you need to have your business plan, ideas, and all, ready.
10. Angel Investors
Angel investors are also another good option of sourcing for money for your business capital. This one is the rarest of all the options we mentioned here but you might just be lucky. Search out for angel investors, be where they are, and apply where you should apply. Your ideas and business plans should be ready as well.
This is it on 10 best places and sources to raise money or get money to start your business in Nigeria. You can get money or funds for your business through any of these funding options.