For many, the decision about whether or not now is the right time to start a business comes down to funding. You may have a wonderful business idea that you have perfected, but it won’t mean much if you don’t have the funding in place to not only make your business happen but allow it to succeed.
It’s important to analyze all angles of your business and your future goals make sure you’re starting your business off on the right foot. One wrong move when it comes to finances and you could be back to square one.
Follow me in will be giving you proven and tested ways to fund your Start-ups and businesses
1. Fund your startup yourself
If you are unwilling to invest your money or resources into your venture, regardless of whether you actually do it, don’t expect investors to put their money either. Because they won’t. One of the advantages of funding your business yourself, you retain power, control, and the profits it yields
2. Pitch your needs to friends and family
As a general rule, professional investors will expect that you have already had commitments from this source to show your credibility. If your friends and family don’t believe in you, don’t expect outsiders to jump in. This is the primary source of non-personal funds for very early-stage startups and businesses.
3. Request a small-business grant.
These are government funds allocated to support new technologies and important causes, such as education, medicine, and social needs. A good place to start looking is Grants. You can check bank of industry Nigerian BOI or keep a tab on opportunities for Africa they constantly post opens for business grants with Nigeria and Africa…
4. Join a startup incubator or accelerator.
These organizations, such as venture platforms venturesplatform very popular these days and are often associated with major universities, community development organizations, or even large companies. Most provide free resources to startups, including office facilities and consulting, but many provide seed funding as well
5. Apply to local angel investor group
Find and try to gain access and audience to business moguls who have acquired wealth and are willing to invest in projected profitable business ideas or Start-ups like yours and importantly have passion in line with your Start-ups or business. They call them Angel Investors.
6. Look for Co-founders
Looking for Co-founders is one of the easiest ways to cut initial expenses in starting up. These two are types of Co-founders technical and non-technical ones.
Technical or active Co-founder
These are founders who will control and be present in the day to day running of the startups. They contribute their skills and expertise so you won’t need to pay for it.
Non-technical or passive Co-founders
These are founders who will not be around for the day to day running of the business they just contribute by investing their funds and let you run it.
7. Bank loan
However, this works best when you have a proven business model and validated ways on how to pay back the loan it is not advisable to budding startups without proven and validated the business model.