No business can kickoff without money (capital) unless it is a service that requires acquired skills (non capital intensive service). To get a startup capital, you can sauces if from the following ways: 1. Borrowing from friends or family members (this requires trust and credibility) 2. Saving money from non capital intensive service. i.e. money generated from acquired skill.(that would be our next topic). 3. From lottery/pools if you are the type that gets lucky predicting soccer scores and wining at bet 360 or winners bet (I can see lots of football fan smiling). I know of a people who have won of thousands of Naira from it but still squander it and bet again. 4. Partnerships. Here u have the idea and you partner with an investor who has the funds to startup the business. All you need to do is to go into an agreement and sign a deal but keep in mind that the agreement must be plain and straight to the point before u sign it. High level of trust is also required here. 5. Sell your liability to fund your asset. By this i mean. If all you have is a fancy liability(some mistake it for assets) at home that takes so much money from you, then sell them to gather money for capital. They could be cars, house(yes it is a liability. Rent it out or sell it if u have two) your club memberships stand or an undervalued property that is loosing its value with time. Notice that from the above, I never mentioned a bank loan, thats because when you are paying back, it is with interest (your supposed profit) knowing you dont always make much gain when u startup. Bank loan is only suitable when your business is able to generate high turnover rate that can exceed the bank interest rate in one month. I hope I have been able to help. Please feel free to ask questions, add more ideas or criticise. Its all for our good as we learn. Good morning
Posted on: Wed, 19 Mar 2014 08:24:20 +0000
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