Social Items




Most individuals have business ideas but the problem they have is getting enough capital to start up. Getting the capital to start up your business is one of the most important things in starting up your business.

 Capital is simply wealth in form of money or property owned by the proprietor of a business. There are a number of ways you can seek funding for your business. Most times finding finance for your business is a challenge, but everyday new businesses start up so we’ve compiled ways to fund your business, take your time to read carefully.


      1)    Loans

Once a loan is mentioned, the first thing that comes to mind is a bank but funny enough not only banks offer loans, insurance companies, NBFC’S/NBFI’S (non-bank financial companies/ non-bank financial) also offer loans. 

A loan is simply a grant given to someone to be paid in future. There are several sources of loan and sourcing from any of them depends on how big your business idea is. One of the sources of loans is the bank. 

Every bank provides this service to its customers but before being granted you would have to satisfy some form of requirement such as providing befitting collateral, being a customer e.t.c. Bank loans are usually paid within a period of time and most times with a form of interest, it is very reliable.

Another source of loan is the insurance companies. Most insurance companies give loans to individuals from the premiums they collect. One thing with insurance companies is that they give loans to both customers and non-customers but these loans are paid usually with interest. NBFC’S/NBFI’S are non-bank organizations who offer loans to the public but this individuals charge higher than the bank.


      2)    Grants from government

The main purpose of installing every government is to aid in the growth and development of its people. The government of any nation provides some form of loan and grants to its citizens for business use to be repaid at some point.

 In Nigeria, the government has also engaged in these activities to help its citizens a very good example of such grant is the YOUWIN program organized by the former president of Nigeria Goodluck Jonathan.

 It simply stands for youth enterprise with innovation in Nigeria; the main purpose of this program is to help finance 3600 young entrepreneurs in the country. Every year there is usually a new set of individuals who are empowered, just Google YOUWIN to get registered. 

The government of president Mohammed Buhari recently introduced a new funding source TRADER MONEY. Here traders are given a sum of 10,000 naira to start up their business and as time goes on if there is progress they increase the grant also to be repaid.


   3)   Borrowing from friends and family

This is also a part of loan but I decided to write on it separately for easy comprehension. Sometimes the best way to get capital is to source from friends, families and loved ones this is because in case of bankruptcy or a situation in which you can’t be able to pay at the agreed time they would give you time. 

One very good example of a successful entrepreneur who borrowed from a family member is Aliko Dangote, he borrowed from his uncle.

 We all have an uncle or aunty who is really rich and can afford to loan us the amount we want or may be a group of friends you can run to for a loan. Your true friends and family won’t deny you the loan you want provided they can afford it. You can even collect from several friends and family members, one thing here is keeping a very intimate relationship with these well-wishers.


     4)    Savings

Saving is a very good source of capital. Saving little sums of money every day is a very important means of sourcing capital. Most individuals early in life come across money they don’t need urgently but instead of saving it they squander it on irrelevant things. 

As a student a particular amount of money is sent to you by your parents monthly it is advisable to save a little from such stipends this helps a lot especially when something unexpected comes up. If you have not been saving start it from today.


     5)    Attract an investor

Investors are individuals willing to invest in a business, someone who commits capital In order to gain financial returns. 

When looking for investors look for people who are interested in what you do or are interested in your ideas. Every business man whether big or small wants to make profit so while looking for an investor make sure to convince him or her about thethe orit potential of your business. 

These investors would want to know how their money would be doubled when they invest in your business, they want to know how long it would take to achieve this. Write a very attractive proposal to these individuals stating in details the profit procedures and how they would be duly reimbursed.



Wish you all the best in your business career.

THANKS FOR READING
Enter your email address to subscribe to this blog and receive notifications of new post by email.









How to get capital to start up your business




Most individuals have business ideas but the problem they have is getting enough capital to start up. Getting the capital to start up your business is one of the most important things in starting up your business.

 Capital is simply wealth in form of money or property owned by the proprietor of a business. There are a number of ways you can seek funding for your business. Most times finding finance for your business is a challenge, but everyday new businesses start up so we’ve compiled ways to fund your business, take your time to read carefully.


      1)    Loans

Once a loan is mentioned, the first thing that comes to mind is a bank but funny enough not only banks offer loans, insurance companies, NBFC’S/NBFI’S (non-bank financial companies/ non-bank financial) also offer loans. 

A loan is simply a grant given to someone to be paid in future. There are several sources of loan and sourcing from any of them depends on how big your business idea is. One of the sources of loans is the bank. 

Every bank provides this service to its customers but before being granted you would have to satisfy some form of requirement such as providing befitting collateral, being a customer e.t.c. Bank loans are usually paid within a period of time and most times with a form of interest, it is very reliable.

Another source of loan is the insurance companies. Most insurance companies give loans to individuals from the premiums they collect. One thing with insurance companies is that they give loans to both customers and non-customers but these loans are paid usually with interest. NBFC’S/NBFI’S are non-bank organizations who offer loans to the public but this individuals charge higher than the bank.


      2)    Grants from government

The main purpose of installing every government is to aid in the growth and development of its people. The government of any nation provides some form of loan and grants to its citizens for business use to be repaid at some point.

 In Nigeria, the government has also engaged in these activities to help its citizens a very good example of such grant is the YOUWIN program organized by the former president of Nigeria Goodluck Jonathan.

 It simply stands for youth enterprise with innovation in Nigeria; the main purpose of this program is to help finance 3600 young entrepreneurs in the country. Every year there is usually a new set of individuals who are empowered, just Google YOUWIN to get registered. 

The government of president Mohammed Buhari recently introduced a new funding source TRADER MONEY. Here traders are given a sum of 10,000 naira to start up their business and as time goes on if there is progress they increase the grant also to be repaid.


   3)   Borrowing from friends and family

This is also a part of loan but I decided to write on it separately for easy comprehension. Sometimes the best way to get capital is to source from friends, families and loved ones this is because in case of bankruptcy or a situation in which you can’t be able to pay at the agreed time they would give you time. 

One very good example of a successful entrepreneur who borrowed from a family member is Aliko Dangote, he borrowed from his uncle.

 We all have an uncle or aunty who is really rich and can afford to loan us the amount we want or may be a group of friends you can run to for a loan. Your true friends and family won’t deny you the loan you want provided they can afford it. You can even collect from several friends and family members, one thing here is keeping a very intimate relationship with these well-wishers.


     4)    Savings

Saving is a very good source of capital. Saving little sums of money every day is a very important means of sourcing capital. Most individuals early in life come across money they don’t need urgently but instead of saving it they squander it on irrelevant things. 

As a student a particular amount of money is sent to you by your parents monthly it is advisable to save a little from such stipends this helps a lot especially when something unexpected comes up. If you have not been saving start it from today.


     5)    Attract an investor

Investors are individuals willing to invest in a business, someone who commits capital In order to gain financial returns. 

When looking for investors look for people who are interested in what you do or are interested in your ideas. Every business man whether big or small wants to make profit so while looking for an investor make sure to convince him or her about thethe orit potential of your business. 

These investors would want to know how their money would be doubled when they invest in your business, they want to know how long it would take to achieve this. Write a very attractive proposal to these individuals stating in details the profit procedures and how they would be duly reimbursed.



Wish you all the best in your business career.

THANKS FOR READING
Enter your email address to subscribe to this blog and receive notifications of new post by email.









No comments

Please write your comments in accordance with the topic of this page post. Comments that contain links will not show up before they are approved