During our training across the communities women were trained on how to access grant and loan for their business, while interviewing the women on why they are yet to start their business, most of the response we got from the survey was I don’t have money, or I don’t have who will support my business.
Now the question is can you start a business without raw cash?
According to a recent study, over 94% of new businesses fail during first year of operation. Lack of funding turns to be one of the common reasons. Money is the bloodline of any business. The long painstaking yet exciting journey from the idea to revenue generating business needs a fuel named capital. That’s why, at almost every stage of the business, entrepreneurs find themselves asking –How do I finance my startup?
Apart from using money to fund a business, I believe there are other means of funding a business some of which are highlighted below;
- Ask yourself what you can do and get for free.
- Build up six months’ worth of savings for expenses.
- Ask your friends and family for extra funds.
- Apply for a small business loan when you need extra cash.
- Look to small business grants and local funding opportunities.
- Find out about and woo potential angel investors.
- Collaborate and leverage on relationship
Do you want to scale up your business and you are stocked with funding options? Startup capital for your business can come from a variety of means. The best way to acquire funding for your business depends on several factors, including creditworthiness, the amount needed and available options.