𝐇𝐨𝐰 𝐝𝐨 𝐲𝐨𝐮 𝐫𝐚𝐢𝐬𝐞 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 𝐟𝐨𝐫 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐝𝐞𝐚?
What happens after you have conceived a great business idea but you don’t have the capital required to start it?
Here are 5 ways to raise capital for that your business idea.
1. ACCESS YOUR SAVINGS.
If you believe in your business idea so much, put your money where your mouth is. If your idea is right, you won’t have to go broke before your idea starts yielding fruit.
2. BREAK AND SOURCE.
This refers to breaking the required capital into small bits, making it easier for friends and family to support. Example: If you need 100,000 break it down into 20 and ask 20 people to help you with 5k each. It becomes easier to raise, as against getting the bulk from one source.
3. EQUITY INVESTMENT
In this scenario, you can speak to one person to give you the 100k in exchange for maybe 50% equity or less of the business. The idea of co-ownership and prospect of future earnings/returns makes it easier for the investor to invest.
4. START A CROWDFUNDING CAMPAIGN
This allows you to reach out to a wide audience who believe in your idea to be part of it and help you start it. Some crowdfund platforms include: KICKSTARTER, GOFUNDME, FUNDABLE, WEFUNDER, IFUNDWOMEN, etc.
5. ACCESS SMALL BUSINESS GRANTS.
There are many platforms for grants looking for people like you to help your business idea. These platforms are easy to access, and some of them give you both financial support, as well as mentorship. Some of them include: Tony Elumelu Entrepreneurship Foundation, Bank of Industry, GROFIN Fund, Diamond Bank BET Programme, AYEEN Financial Grants, African Women Development Fund, Lagos State Entrepreneurs Trust Fund, CBN Creative Industry Financing Initiative etc.