The idea will remain an idea until you execute it. The question is, how do I finance an idea if I don’t have access to resources? However, time has proven that most businesses and startupsdon’t have access to a stash of money in their bank accounts to keep them going.
‘I don’t have capital’ is a popular anthem in the lips of young people seeking to turn on the knob of a business idea they have. What is the solution to the finance issue? In this article, we will illustrate how to source for funds that you need to execute that plausible idea of yours.
Funding your business transcends raising funds alone; it encompasses cutting cost. By enacting strategic partnerships with your payment gateway provider, wholesaler or supplier, you stand a better chance to cut the operational cost of your business hence, redirect your remnant resources elsewhere.
For example, FinRik provides entrepreneurs with facilities poised at simplifying their business operations. Some of the facilities include; ‘FinRik shop’ a zero-code e-commerce website infrastructure built to help entrepreneurs sell their products easily with minimal seller-buyer interference. By partnering with FinRik shop, you can save those hundreds of thousands budgeted for some developer to build your e-commerce website and perhaps, channel the money into marketing or staffing.
If you raise money for your business from LAPO, you may be able to successfully execute that great idea of yours. Of course, LAPO is generally known for the strict measures that it employs to punish defaulters who are unable to settle their debt. You can access good loan services from financial institutions by providing collateral.
For instance, FinRik solves this loan problem by providing uncollateralized loans for entrepreneurs to finance their business at all times. So instead of looking for a loan shark that will wreck your business and reputation, you can enjoy hundreds of thousands and a few millions in unsecure loan services from FinRik Line of Credit.
Governmental initiatives are great sources of funding. In Nigeria, we get to witness local government executives financing the ideas of people in the locality. Students are currently writing exams in Abuja seeking for scholarship funding.
Based on reports obtained from sources, some of the students who wrote the examination few months ago got paid #250,000 to foster their education. So it is for businesses. Although the processes are slow due to governmental protocol, but they provide substantial funding towering hundreds of thousands.
Starting a business in itself is difficult but, even building a business in Nigeria where the economic terrain is rough is difficult. Lately, we have witnesses the erection of accelerator programs for Startups in choice locations in Nigeria such as Lagos.
These programs are poised to expose startup founders and business owners to some benefits such as funding, access to investors, media coverage, top executive bodies etc. If you live in locations where these programs aren’t available, you can access some of them virtually. You will be surprised at how much good you stand to benefit by partaking in these programs.
If you are conversant with the startup ecosystem, ‘Angel investors’ should not be a strange phrase to you. These are individuals who have some money to spare hence, they invest your business as capital. Your senior colleague or friend may be willing to invest a few millions into your business, having acknowledge the fledging risks involved if they foresee significant profit.
This is a beautiful source of funds because Angel investors are usually more interested in tracking and promoting your business rather than aiming to be only profitable like venture capitalists do.
Not sure of the accurate financing option to use for your business? Get in touch with us for private consultation sessions.