Do you have a great business idea but no capital (Money) to start it up? Are you student with no collateral for loan, no generous uncle nor any credit source? or Just a friend who have been finding it difficult to get that little cash to start-up that idea that worth millions? Here is a little tip on how to start-up your business with no kobo.

While it's true that a source of capital like a close relative with deep pocket, generous credit line or investors make starting a business easier, not having money is no excuse. If you have trust in your idea and you are confident of a product or service people will queue up for, then don't allow capital to be a obstacle from reaching your business goals.

Heard about the word BOOTSTRAP? not that use in computing! It simply means to help yourself without the aid of others, to advance yourself to accomplishing your business goals with aid. How do you go about it? Keep reading

Use service-oriented business to generate revenue for you product-oriented business

Service-oriented business is easy to start, the major capital being your skill. You can start from providing a free service to someone whom when impressed would refer you to to friends who will be willing to pay for your service. Product-based service often require significant capital for start-up and running. So consider starting with a service oriented business to generate capital for your product-based business.

I remember during SIWES days, I wanted to start-up a poultry farming, but had no money. Knowing I needed money to buy the chicks, construct a cage and buy feeds and other miscellaneous. I approached my IT supervisor and asked if i could be of help in analyzing his PhD project data, even though, I only had theoretical knowledge of analysis, but have a statistician as a friend who is a guru at analyzing data. I assured him I could get it done in a week and at a relatively cheap price to him travelling from Ibadan to Ilorin to meet someone his friends referred him to.

That person you have helped will surely refer you to others, ones the service is good and may earn you your fist income. Though you shouldn't expect high payment. Your first customer if well impressed, will be your advertiser: referring new customers to you. That's how i learnt to analysis and also gain a loyal customer who referred me to many of his colleagues from whom I raised enough capital to start my poultry farming. Yes! it's determination and persistent to convince my first customer that transform my no capital to a capital.

Be Desperate in the pursuit of your goals

It's said that desperate times call for desperate measures. If you are having trouble finding access to funds, there are a number of creative things you can do. If you believe you have a solid idea and a workable business plan, you may want to consider a submitting a proposal to the Bank of Industry (BOI) or other state economic development organizations or institutions. They could help fund your idea and monitor/supervise your progress. There are several loan opportunities set up by both state and federal government for corp members, graduates, farmers and business women you could take advantage of.

Add some uniqueness to what the you provide, either service or product.

Differentiate yourself from your counterparts by adding value to yourself. Learn new skills to help bring your business up the ladder: small things makes the difference. I know you must have heard the word packaging, you can introduce that to your business. If you have some revenue coming in but need an extra boost to get to the million turn-over mark, make sure to consider every possible way that your business can differentiate itself.

The only real way to start generating revenue for your business is to roll up your sleeves and get to work. Despite what others may tell you, there is no easy shortcut to profit. But if you are confident you have a product or service that people want, you can propel your way to the top by pivoting, grinding it out, getting creative, and differentiating yourself...



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