A fantastic business remains an idea if pragmatic steps are not taken to bring it to fruition. A huge complaint, drawback or excuse many give is that there is no money to fund the startup or business idea. Unfortunately, many of these million naira ideas have died because of lack of funding. Jumia Travel, the leading online travel agency, agrees that funding is a major factor in business. However, it should not prevent you from going ahead. As a Nigerian, there are ways you can raise capital for your business. Read on to discover these ways.

Savings

Saving is one of the best ways to get money to start a business no matter the number of zeroes in front of your salary. If you have figured out the workability of your idea, you should save a certain percentage of your salary monthly.

Sell some of your valuables

You have to make the sacrifice if you really want to do business. Your valuables are important. But establishing something that will get you more of these luxuries in the future is the ultimate. So, you can sell your car, your iPhone and other valuables you think you can do without.

Family and close relatives

You can also seek support from your parents, brothers, sisters and close relatives. Before they release their money, make sure they believe in your idea. You don't want them to pour money into a basket.

Your rich friends

If you have friends who are wealthy, you can also sell your idea to them. They may otherwise not be interested in everything you have to say. However, as far as you bring returns on investment, they are willing to give you their money.

Search for investors

All the aforementioned are personal efforts. Now you have to widen your tentacles. You have to get the big money investors to buy into your business idea. This is where your business plan will come to your rescue. Send it out to possible investors. Not just anyone who may steal your idea. You can ask friends for contacts.

Pitch your idea

There are some many events where you can pitch your idea to skimming investors. If your idea is good, you are in luck. Remember in this case, others will have to be involved in the operations of your business.

Apply for startup funds

We are in the Internet age and there are thousands of startup funds out there for Nigerians and Africans. Search for these funds and apply. If your idea is selected, you will be invited for an accelerator program where you will be trained by experts and given cash rewards. But at least, you must have some structure in place for you to apply.

http://www.metronaija.com/2017/05/7-ways-to-fund-your-startup-idea-as.html

1, 2, 3 ain't as easy as you think OP! Believe me if you have a job that pays you less than 20k a month you'll understand! Na only transport go finish the money!

Talking about family support isn't easy, as most family members with huge responsibilities to carter for!

Hmmm! As for rich friends, they prefer to spend the money on beer and oloshos rather than helping you, give too much excuses just because they don't want to help out!

Anyways, wetin consign me; I've learnt not to depend on friends & family anymore!

Inspiring. will look into it

E

Good one

AM NOT UNDERSTANDIN, COULD YOU PLEASE EXPLAIN?

H

Be an OBO...
Tarty billion for the accant

Ok

Work and save then start up

kayjee101:
AM NOT UNDERSTANDIN, COULD YOU PLEASE EXPLAIN?

it's always easy on paper until your friends and family starts telling you stories. e go come be like say dem no want your progress. but the truth be say contry hard and everybody dey package

Need serious fund for my Startup

Mehnn it ain't easy to save with the present state of our economy...
The price of production equipments has soar so high that u need a longer duration to save... In 2015 when I finally settled for a particular biz idea the equipment needed was to cost me around 300k then but now it's almost 700k, and do I save for it? Considering other personal and family expenses I cater for.

How did this get to front page Tell us what we don't knw from Adam

... Ok.

Please does anyone have an idea if the constitution now upholds independent candidates for elections.

op is there any way you can help me secure some funds for my idea, this business is a revelation.

smartty68:
1, 2, 3 ain't as easy as you think OP! Believe if you have a job that pays you less than 20k a month you'll understand! Na only transport go finish the money!

Talking about family support isn't easy either as most family members with huge responsibilities to carter for!

Hmmm! As for rich friends, the prefer to spend the money on beer and oloshos rather than helping you, give too much excuses just because they don't want to help out!

Anyways, wetin consign me; I've learnt not to depend of friends & family anymore!

nice info

Have your Pitch and Business Plans professionally designed.
Contact me if you need assistance.

1 has work for me

Nice

I am a startup expert and from my experience, funding a business through savings, friends and Family theoretically is the easiest and cheapest but unfortunately is mostly not working in Nigeria cos of our peculiar issues. However selling your valuables can just be the best option, knowing fully well that mostly only less that 20% of grant applicants succeed at it. I advise that if you can sell your valuables to start a biz, pls don't do it a minute latter.

I even think say na new thing you wan yarn sef,we know all this before baba

Be careful with the way you share your ideas . Your idea could be stolen and the person who stole the idea would fund it and take the credit when it blooms .

Saving is not easy.

Selling valuables?



What if I don't have anything valuable?

The only and sure way is to get connection to the "big men in power" they control almost everything in the Nigerian business environment. The influence of government and politics in Nigerian business environment makes it very hard for viable ideas and products to scale. On average, start ups will require thousands of dollars in funding. The only sure way I see up there is angel investment.

Hav got idea based on system engineering

OK. Let my share a little experience.

I started about a million naira project with less than 50,000NGN recently.
I just informed people that I'm going into so so project and the expected profit. showed them pics of the project site and convinced them to do same but I will supervise it for them. Though it was difficult carrying out my own project and supervising theirs, I was able to get the needed cash to carry out my own project along with theirs and it has been a thrilling experience so far.

Lesson: Sometimes, you just need to do a little thinking and the problem of capital will be solved.

KingEbukasBlog:
Be careful with the way you share your ideas . Your idea could be stolen and the person who stole the idea would fund it and take the credit when it blooms .

Crap, your Idea is almost as useless if there is no one you are sharing it with. This is 2017, someone is thinking of your idea somewhere. If you don't share, how will you get funding??. Your idea can be brilliant, with good funding too if you are not a good entrepreneur it will end in failure. A business is successfull because of the individuals managing the business not because the Idea is brilliant!

micgray100:
E

For Egg