₦airaland Forum

jaelz:
Hello Nairalanders, in the spirit of getting to the promise land in terms of business set up and acquisition, I noticed the most common problem faced by most entrepreneurs here is how to raise capital.

I would appreciate it if successful business owners can lecture us on how they were able to raise or come up with the desired capital they needed to fully set up their personal hustles i.e was savings, grants, loans or family?

Please lets all help each other on how to raise money and capital for our personal businesses... Remember we rise by lifting others, no one man is an island of his own...

Awesome Question.

While this question remains a very important question most people should be asking, a whole lot of people especially youths have stalked themselves to the old and archaic non-existent ways of raising capital for businesses.

First and foremost, none of the above mentioned is reliable and easy to utilize anymore especially in this part of the world.

Briefly, let me just tell you my story. If this convinces you, then you can even make N10m before the end of this year as cash in hand, apart from other assets (neccessities or luxuries).
Not to waste time...
I was a branch manager with Diamond Bank, after sojourning from STB, UBA, FIRSTINLAND, BANKPHB before finally ending up in Diamond in 2009.

Joining Diamond Bank was as a result of job loss during the downsizing that caught up with most of us starting a new branch.

The experience after losing that job taught me a lesson. That's for another day.
So, when I got the Diamond Bank job, I decided to start preparing for the next years ahead.

I started a Cement Business, Petty Land Business, I already had a club that wasn't giving me a dime because I left it to be managed by friends & family members.
One of the most annoying investments I did was to start a poultry business with over 3,000 birds.

I never got a dime back from my Nephew who managed both the cement and poultry bizs.

Fastforwarded.

I resigned with over N5m in my account thinking I was rich enough to start a biz. Yes! This is of course a comfortable amount for some people. But not everyone can manage that amount especially considering the level I had risen to in the society plus family responsibilities.

I paid over N1.8m to start up a lights business. Sad experience for another day.

Spent over N1m to fix my house in Abuja. Lost everything.

Tried one or 2 other hustles. Got lost in the middle.

I became broke totally.
I started losing weight.
I lost friends
I lost my apartment.
Just name it.... Everything.

I stayed indoors for months without stepping out.
I smoked like hell.
I fed on just garri and okro.

I'm nit exaggerating.
In fact, my wife now can confirm it, because she was the only one I could talk to.

My whole clothes were faded.

So, one morning I stepped out to my usual Malam's kiosk to buy cigarettes on credit. Lol

On my way back, I saw this Newspaper stand being patronized by FRA - Free Readers Association �

So I joined them.

Before telling you what I did next.

Let me first inform you here that during those periods I stayed indoors.

I read books I had abandoned while as a banker. In fact,most of the books were bought by me just for the titles. Nothing more. I was only building my Library.

So, one of those books I listened to was "The Art of Exceptional Living" by Jim Rohn.
Right in that book, Jim advised listeners to read "Think and Grow Rich".
So I went further to start reading it. In fact, I was still reading it when I discovered what I needed to do.

So attitude Newspaper stand, I read an advert in Punch about a Telecom company seeking for Distributors in the North.
Gbam!
I took that advantage by taking the contact details.

Went home and called the numbers.
Behold it was the MD of Tue company.
They sell Land GSM phones.

I told him I am the best distributor he would ever have. � That gravity was what I learned from Edwin Barnes in Think and Grow Rich.

In the long run, the guy sent me flyers and a few information to help me get started.

I had zero cash.

I went online a d started marketing the product.

To cut the long story short.

I became the major distributor in Abuja. I got contract from an oil firm to supply them. Made N900k + from that one deal.
Went on to supply FIRS, NNPC, NDIC, etc.

I became a partner with Globacom and Etisalat. The members of staff started marketing for me.

Now, I can't continue with all the stories here. I already package that in my new book.

How To Start A Business Without Money.

This is what you should know.

First there are millions of businesses that have so.much capital but they're not making the needed sales to break even.
Secondly, you do not need an office to start as you can operate from home after sealing a deal.
Thirdly, it's not all products you should market. You need to thoroughly research which one has a good margin and how much of interest the audience will have buying it.

As I speak today, there is one of my clients I sealed a 15 years deal with. As small as the cost of his product is, at least I make a margin of between N2 - N4k per product.

I could get request to supply over 500 in just a day.
Sometimes, within a week, I supply between 98 to 150 of the products.

Now, this may be difficult to understand until you get really close.

There are other options if you don't want to get involved directly.
1. Tell the client to pay you upfront. Then you deliver the rest job and make him happy.
2. Get the client to allow you set up the structure for them. He pays you and you live.

You can think of more options.

Well, I'm open to questions here.

Finally, you can check my website - www.timabels.com or Facebook page as Tim Abel.

Chat me up on 08027941987 - WhatsApp

I hope this can get you started.

Please do not mind any error here as I'm doing this while listening to other things. Enjoy