"how do I get money to fund my business ideas?". 8 out of 10 people who desire to start a business will tell you that what is still stopping them is finance, one out of the remaining two will tell you that they know where to get the finance but how to get it has always been a difficult thing. It can be said then that one of the greatest obstacles entrepreneurs encounter on their journey to putting their ideas into life and creating an outstanding products that will serve both their needs and have a huge impact in the world is "money to start up".
As an entrepreneur, funding shouldn't stop you from starting up. Mr Anayo Agu, the special adviser to the Enugu State Governor on SME once said, "your business idea isn't complete if it doesn't have a plan of how to secure or generate funding for your business idea".Among the various ways one can generate the initial start up capital include and not limited to
1. PERSONAL SAVINGS. The easiest way to get funds for your business ideas is through your PERSONAL SAVINGS. To achieve this, one has to have a strong financial budget and discipline. Saving up some percentage of your income/salary for your dream business is not an easy thing, because it entails you to cut down on your spending and put you in the position to deny yourself and your loved ones lots of things. Your savings might not be adequate to cover the full amount needed for your business idea, but it is sure to kick your business idea off from the ground and running.
2. CROWDFUNDS. Another option one have to generate funds for his/her business ideas is through CROWDFUNDING. This has to do with one getting financial assistance from family members, friends, colleagues and other related sources. One has to discuss and share his business ideas with these group of people and convince them to invest in him. This could be another easy way to raise fund for your business ideas if these group of people trust you enough.
3. PARTNERSHIP. Partnership has a way of combining resources for a business success and mutual benefits. Getting a partner(s) who shares your business ideas or have interest in your business future is one of the ways to put your business ideas into life. Your business partner could be a dormant one, like an ANGEL INVESTOR, or an active one who brings both money and efforts into the business.
4. INVESTORS. Scouting for investors for your business idea could be the best thing that can happen to your business. If your business idea is well presented and is profitable, investors will flood you with the funds to take your business idea to the next level.
5. SPONSORSHIP. Sponsorship for your business comes in various forms, it could be from private investors, who are interested in the business profitability, or the impact of your ideas to the society, it could be from the government or from organizations. For this to happen, your business ideas must have been proven to be realistic and also stand the test of time. There are so many organizations who are committed to sponsoring entrepreneurs with viable business ideas. All you need do is to prepare your business proposal and send it to them, if it scores a point, you will be contacted to come defend your ideas, all things being equal, and you are selected, the total money for your business idea will be granted to you. Total Oil and Gas is one of the organizations, the entry for their 2015 business challenge is still ongoing and is likely to end by 31st January 2016. To participate in the challenge if you are an entrepreneur with a marketable business idea, CLICK HERE TO REGISTER. It is free.
Let finance not be your excuse for not starting the business of your dream and having the life you desire.
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