Getting access to funding for Nigerian entrepreneurs can be really tough especially for women. But this doesn’t mean it is impossible.
Here are 5 obvious and not so obvious ways to raise capital for your business.
1. Save: If you currently work White or blue (whatever color, lol) collar, your best bet is to start saving even if you don’t have an entrepreneurial idea yet. That way, you already have a pool of funds to dip into for your equity contribution to your business.
2. Serve: If you don’t have a structured job and you’d like to start your own business but lack cspital, how about approaching someone who has a business similar to your goals and offering to work on commission basis till you can pull in enough to go your own way. However, I must add here that you should make your intentions known from the start so that you wouldn’t be seen as a betrayer when its time to part ways.
3. Friends and family: I know this might be difficult, but like I earlier pointed out, its not impossible. When you want to approach that parent, friend, uncle, aunt… For working capital loan, don’t go like a needy person. Go as someone with a solution. It also pays to find an investor who is mist likely to be interested in your solution. Make sure you have a tight business pitch, model and plan.
4. Investors, grants and venture capitalists: This is one of the main areas we focus on here at She learns here. Because we realised that there are many opportunities out there but many women ate not accessing them because we don’t know they exist. Be sure to stay glued to this space to learn more about such opportunities.
5. Peer to peer investment clubs, money contributions: Join or start a peer to peer investment club where you pull funds (and other respurces) together to invest in each others’ businesses’ or join a thrift society and save towards your goal capital.
If you would like to know more about funding opportunities available for your startup, stay glued here especially on Thursdays.
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