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|10 Things You Can Do If You Have A Business Idea, But No Capital by FrankTalk1: 6:30am On Sep 22, 2018|
What if you have a great business idea, but you don't have the funds needed to make the idea a reality? This can be very depressing. This is the situation where many young entrepreneurs find themselves today.
However, there is a solution to this problem and I will be sharing with you the solution in this article. There are a number of things you can do if you've got a business idea and you don't have the capital yet :
1. Look for someone who has the capital you need and partner with the person. However, ensure that the person has a good attitude and love the business idea. Also, you both should decide , agree on and document the terms of partnership to avoid having issues later in the future.
2. Look for a job in the meantime, work and save some money for your dream business. This can take months or even years, but it's a process and a sacrifice you can undergo to achieve your dream business goals.
3. Approach family and friends for a soft loan to start the business. Most friends and family members will be willing to give you sponsor your business instead of giving you money to buy groceries.
4. Apply for a grant or a business loan from a Micro Finance bank. You may need a good business plan to be able to ask for the loan from a bank. In Nigeria, LAPO micro finance bank is popular for giving low interest loans to small and medium scale enterprises.
5. Use upfront payment from potential buyers. That's in a situation that the business idea is to sell some products. You can look for potential buyers and ask them to pay upfront for the products. Then, with the money they pay you, you can then buy the goods to supply them.
6. You can look for venture capitalists who might be interested in your business ideas and willing to sponsor it. Venture Capitalists are usually investment companies that are on the look-out for promising small businesses or business ideas whose owners doesn’t have as much money required to fund the business and make it big.
7. You can look for Angel investors who might be interested in your business ideas.They may sponsor your idea, if they buy the idea. Angel investors are people who have the money and are interested in your business idea or small business and willing to invest their money into your business with a view to getting a percentage of the interest or return from the business or equity.
8.You can join a corporative society. This is basically a group where members take turns to finance each other's projects, by pooling resources together to support the member. I bought my first real estate property from money given to me by a cooperative society I belonged to at that time.
9.You can sell your property to raise funds. Some great entrepreneurs you know today, at some point had to sell a property to support their business idea. At the early stage of Apple Computers, Steve Jobs had to sell his Volkswagen car for $1500 to support the business. However, today Apple is the world's most valuable company.
10. Write a business proposal and send the proposal to firms and companies that would need your services or might be willing to buy your products. When you've secured the contract and the company has issued you a purchase order, P.O. Then you can use the purchase order to seek for a purchase order financing from lenders, investors or even the bank. Most people or organisations will be very willing to support or finance a contract that you secured when they see that you have a purchase order in hand.
From my years of experience in the world of business consulting and entrepreneurship, I know that it is very possible to get money to finance a good business idea. Granted, it might not be easy initially, but it is achievable if you can work at it and apply some of the ideas I have laid out above for you.
See source for more.
|Re: 10 Things You Can Do If You Have A Business Idea, But No Capital by Mostfavoured010(m): 6:31am On Sep 22, 2018|
|Re: 10 Things You Can Do If You Have A Business Idea, But No Capital by SokoDobo: 8:18am On Sep 22, 2018|
nice one op
|Re: 10 Things You Can Do If You Have A Business Idea, But No Capital by FrankTalk1: 9:13am On Sep 22, 2018|
I feel very bad when I see many people especially our youth who can not achieve their great business ideas ( that can create more jobs for our people and better our economy ) just because they don't have the start-up funds/capital.
|Re: 10 Things You Can Do If You Have A Business Idea, But No Capital by FrankTalk1: 1:58am On Sep 23, 2018|
Happy sunday all.
|Re: 10 Things You Can Do If You Have A Business Idea, But No Capital by FrankTalk1: 11:13am On Sep 24, 2018|
Business ideas without capital can be very disheartening.
But there is solution.
|Re: 10 Things You Can Do If You Have A Business Idea, But No Capital by wisdom4today: 2:59am On Sep 28, 2018|
Nice one OP.
|Re: 10 Things You Can Do If You Have A Business Idea, But No Capital by FrankTalk1: 2:58am On Oct 21, 2018|
Happy sunday all.
|Re: 10 Things You Can Do If You Have A Business Idea, But No Capital by FrankTalk1: 8:32am On Nov 08, 2018|
Don't allow lack of capital to hinder your business idea from becoming a success.
There is always a way out.
|Re: 10 Things You Can Do If You Have A Business Idea, But No Capital by FrankTalk1: 8:39am On Nov 18, 2018|
Happy sunday everyone.
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