Starting a business have never been a stroll in the park. Every now
and then it has proven to be a herculean task, thereby making new
businesses to be dead on arrival or making a potential business to never materialize.
Perhaps, this is because the business owner(s) didn’t place their priorities right, they make the mistake of thinking that to start a business, the first thing they need is capital before the business idea but practically, you need to have a business idea first and a deep understanding of the business before talking about looking for capital to finance the idea.
Now, that you have the business idea, the next question that needs answer is: how do I get the capital? Right? Keep reading to find out how!
We are in the 21st century and so, new and smarter ways of carrying out tasks emerges daily. Gone are those days when you need to beg, in tears, to your uncles, aunties, parents, neighborhood friends and financial institutions to lend you funds to finance your business with the promise of repayment at an agreed later date.
There are smarter and simpler ways to ask for capital or loan instead of begging the aforementioned persons tirelessly (which in most cases they won’t give it to you by citing their personal financial problems as an excuse), you can get creative by giving them a sense of ownership of the business for a nice sharing ratio and for a particular agreed duration.
This is what it entails: for instance, if I want to start a mini-importation business and I need a capital of N500,000 naira, I will present a detailed lecture on what the business is all about to my potential financier(The potential financier have to be someone that is well-to-do and have an insatiable hunger for improvement on his financial life), not leaving out the lucrative nature of the business.
I will tell him that I will run the business and he is going to get the lion share of the profits, while I get the rest. It is noteworthy that by getting the rest of the profits for running the business, I am skillfully raising the capital (N500,000) so as to go into the business full time on my own terms. The financier, on the other hand, is going to get more than his input, say around N700,000 naira. This is a win-win situation for both parties.
Remember that before going into this venture, I must have understood completely the entirety of the business. You will get capital easily by using the method described above instead of asking for capital from someone without giving them some sort of benefits in the long run but just a mere promise of repayment. Truth is people rarely finance start-ups.
There you have it, go out now and get that required capital to finance that big business idea in your head waiting to materialize. Start it before someone else does and beat you off of the competition. Impossible is nothing! You will succeed!
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