You got that mind-blowing idea on what to do and create the biggest empire in the world. Everyone is impressed and waiting for you to put those ideas to work, launch and grow that business into an empire but you are tied up because of financial involvement.
There are so many people in this condition, who end up abandoning earth-shaking business ideas into the bin because of money.
The fact that you do not have money to start your business should not be stumbling block from chasing your dreams. Interestingly, it is possible that you can start your business with little financial investment.
The first thing to do is to look at why your business needs money. You should estimate what it would cost to start your business in the first place when you consider the following factors;
1. Licenses and permits- The amount of getting this may differ from one state to the other. Of course, those in charge of this unit may not forgive you if you do not pay your yearly dues.
2. Supplies- What do you want to invest upon? The supplies are things that would require some money from you.
3. Equipment- This depends on what you are dealing on. It can be hardware or software.
4. Office space- It cost money to have an office space expect you already have a space before thinking of the business.
5. Operating expenses- You surely need some money to run the business before it can start yielding profit.
6. Employees- This may not be important if it is starting small and you are the only one running it.
How Do You Start Your Business with Little Money
There are three options for you to lower your costs, start with less money and increase your capital from sources outside:
Reduce Your Needs
Your business should start with fewer needs and demands. You may have to cut some of the above listed factors like employees, finding cheaper sources of your supplies, bringing down some unnecessary expenditure at the onset. If it is possible you can start your business from home if it is conducive or share office space before going big later.
Start With the Basics
You must no necessary have to start with the full-fledged business mode, you can start with the basics and move gradually. Your publicity can also go a long way in ensuring that your business gets to the targeted audience. The use of the social media can be exceptional for some of those businesses that are online-oriented to help you break even in the shortest time. When you start realizing revenue from the business, you can build thee business and invest in yourself.
Outsource
The idea of getting funding from others may be a great idea. There are many ways of raising your business capital from few potential sources like;
a. Friends and family- Your family and friends can be the best shot for you when you are trying to get a business started. You must not get the whole money from one person, but from different persons and it is a great way of outsourcing.
b. Angel investors- We have a lot of angel investors who are willing to invest in other people’s businesses. They are only looking for a partial ownership of the business which is not a bad idea.
c. Government grants and loans- There are numerous government grants and loans for businesses You can check out these grants and loans from your local business organizations in your city.
d. Bank loans- Bank loans are the smartest way of getting your business started without stress especially if you have a great business idea.
You can now see why it is easier to build a business empire in Nigeria with little or no money.
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