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One of the easiest ways to unlock the secret of
financial freedom and build solid streams of income is to start your own business.
The major issue which is militating against the success of starting any
business is how to get capital to commence the business.
This has been the major stumbling block for any
would-be entrepreneurs who aspire to stop looking for white collar job and join
the league of self-made millionaire by starting a business of their choice with
the intention of creating employment opportunities for teeming youths and
provide ultimate value to the entire people of their community.
In this article, I’m going to share with you top 5
ways to raise business capital without going to the bank to beg for loan.
Let’s keep the ball rolling and unleash the secrets
of raising capital to start any small scale business of your choice which you
can later grow to your desired level in future.
1.
Sell
Unused Assets – As I’m typing this article inside the
car on my way to my hometown for festive celebration and to say hi to my
parent, friends and other family members, if I want to start a new business
which require business capital, I thought of few unused items of my own
possession which I can easily convert into cash to kick off any small scale
business and become a boss while doing it successfully.
You can see that I’m not talking about approaching a
commercial or microfinance banks all in the name of raising start up for your
new venture.
Though I’m not saying you can’t borrow from banks
but I discovered they found it so difficult to extend their loans to new
entrepreneurs except if you can meet up with their conditions surrounding
getting loans from them.
Most times, the condition required to get loans from
banks involved provision of collateral securities, guarantors, viability of the
business you are getting into and so on.
Even if you manage to meet up with their tight
conditions, another thing that will discourage you is the issue of high
interest rates that will be charged on the loan.
Bank interest rate will sweep away your business
profits just like the waste manager sweep the highway.
I’m sure you now understand all the difficulties
surrounding lending money from the bank especially if you need the loan to
start a new business which needed some time to flourish before reasonable
profits can be realized.
So, if you can’t meet up with those tedious bank
condition or you have no assets you can present as your collateral to get the
loan, just think of some of the unused items in your house right now which you
can sell and use the money to commence your own business.
As a matter of fact, you can raise N50,000 to
N100,000 using this method without facing any lending difficulties from banks.
You may be asking yourself within your mind that did you have any unused items
which you can convert into cash.
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The answer is YES. If you vividly look round with
the mindset of raising the capital and turning that business into a reality,
you will definitely find one or two things that will help you raise the quick
capital without worrying yourself about bank problems.
2.
Personal
Saving - It is no doubt that everyone believes
saving is never easy especially when what you are earning on a monthly basis is
so small. If you consider some expenses like transportation cost, utility
bills, feeding, house rents if you never build your own house, daily
miscellaneous expenses, one may find it so difficult to set aside any amount
for saving.
But it is not wise to spend
everything you earn no matter how small your salary or your income. You need to
cultivate a saving habit and save at least 15% of your income every month.
Doing that will help you actualise some of your goals.
If you rely on a popular statement
that “ I will start my own business when I have enough money” you may not be
able to start anything till you grow grey hairs or till you retired from that
job you are doing. You need to start saving today, and do everything possible
to make sure you cut down all those unnecessary expenses and find additional
legal means of increasing your income so that you can use your savings to
commence a business of your choice and start growing it to a big empire.
3. Serve
Under a trade master- This is mostly common in the east but it happens in every
part of Nigeria. If you have any particular trade in mind to learn and start
doing the business on your thereafter, you can just find a master who is
successful in doing that business and enrol under him to serve and learn the
trade with a written agreement that after some agreed years, Your master will
open up your own business for you so that you can also become a boss like him
in the future.
Lot of people became successful entrepreneurs using
this method and the method still work till today, if you know what you are
doing and there is no one to raise you the money, why don’t you serve under a
master with a concrete agreement for some years so that she/he can set you up
your business and become a boss forever. It’s a matter of sacrifice but it pays
4. Family
and friends – this is one of the primitive method of raising money to start a
business, I’m happy to inform you that this method still work up till today.
Your Dad or Mum can sponsor your career, your rich Uncle or Sister can raise
money for you to start a business.
A friend of mine got N150,000 from
his immediate brother to start a business with the agreement that they will be
sharing the profit with a particular agreed ratio. You can also try this, just
approach any of your family member or friends with viable business idea, and
you will be surprised how the money will come out to start the business.
5. Sell
stocks and shares – Want to start a profitable business of your choice and you
have some money lying down somewhere in the form of shares or stock, why don’t
you sell part of the shares or stocks to add additional source of income which
is capable of bringing you future financial freedom.
The money is in starting
and building up multiple streams of income not in heavily reliance on a single
lean business/source of income which is
not bringing you enough money to cater for you and your family let alone
building financial independence in the future.
I have been able to share with you 5 Top ways To
Raise Business Capital Without Going To bank. If you find this article helpful
and you enjoy every advice in it, you can help other to benefit from this
powerful advice by sharing this article via the social network buttons.
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If you have any comment or you would like to add
your own useful tips to the article, please click the comment button to share
your reasonable views and I also welcome your questions and suggestions