You probably have had this amazing brilliant business idea that you’ve been turning over in your mind for quite a long time now. You are very much certain that it is solid and if actualized would be of immense benefit to not only your financial status, but to the society at large too.
But there is a huge wall standing between your idea and it’s actualization- Finance, Funds. You currently do not have a dime to your name.
Well worry not, we have found Five totally legit ways to help you out of your plight.
Grants are funds or even products that are given or gifted by one party which is usually the government or a corporation or a foundation or a trust to a recipient who could be an entity or educational institution or business or even an individual. Grants are non-repayable which means they are not loans and taking them does not put you in debt.
However the process of getting a grant may sometimes be a tad cumbersome. Because most grants are made to fund a specific project it most often requires due process which involves making a proposal or submitting an application. But if your idea is worth it, you’ll pass.
A loan is a debt provided by an entity (Individual or Organisation) to another entity, which must be paid back at an agreed interest rate and space of time.
You can get loans from friends, relatives and the Bank. Dangote was said to have obtained a loan from his uncle. So, loans can be a perfect idea. However, depending on who is issuing you a loan, loans have different terms and conditions, even at that, be careful to thoroughly scrutinize the terms and conditions before obtaining a loan. So yes, a loan is totally legit way to fund that dream of yours.
Yes, you could throw your business idea out there and make it an open market for investors. An investor is anyone who commits capital or certain percentage of funds to a business with the expectation of financial returns. And the amazing thing about investors is that they reduce the financial burden of the business to a significant minimum.
So yes, if you are certain that this idea of yours is worth it, then go ahead and look for people to invest in it while you do the actual legwork and building.
And don’t be scared because you think an investor has to be a big fancy corporate body, it could be an uncle or aunt or even friend or colleague. Or of course….a company or bank.
Like investors, partners also reduce your financial burden/responsibilities. A partnership is simply an arrangement where parties agree to cooperate to advance their mutual interests. The partners in a business could be individuals, businesses, interests-based organizations, schools or governments.
So partner up with that friend or relative that has the money that you don’t and make your dream business idea become a reality.
It is however prudent to always sign a partnership agreement stating clearly all the terms and conditions attached to the partnership before you both start it up.
There are dozens of competitions out there with significant amounts of money as the winning prize. Join one, stay committed and win yourself the prize and put it in your business.
One example of such competitions is the YouWin registration 2017.
Competitions are perfect ways to generate funds for your business too.