If you are planning to start a business but you are worried about getting cash to implement your business plan, this article highlights ways you can raise capital for your business.

Without mincing word, capital is key to enterprising. It’s one of the biggest things you need to have, to have your hands in so many businesses, even though it is not just everything you need to do well as a business person – others being entrepreneurial attributes like risk-taking ability, good decision-making traits, and of course the personal strengths that align with every business.

There is a motivational thought often used in public spaces, that money is not the first thing to start a business but knowledge and interest. Yes, it is true but still very debatable. Money sometimes defines many things, and he who has capital has one of the greatest tools for business success, hence the general saying in Yoruba that (Olówó ló lòwò) – meaning, “He who has money owns the business world”.

To buttress the above proverb, Let me quickly tell you a real life story I experienced in Lagos. Few years ago, a man who needs money to process his traveling overseas, went to meet a car seller to buy at a cheap price. The car seller with rich car selling skills placed the car in his auto sales shop for days without seeing buyer. The owner needs money badly. He is getting impatient, time isn’t on his side, so he approached a rich guy on his street. “I’m selling my Toyota Camry car that I bought last year at 500k, because I need the money badly. Can you buy it pls?’. The rich guy saw the opportunity. He paid immediately and own possession, Of course he knows the car very well.

The second day, the autoseller said he saw a buyer at 600k and he adds his own 50k. The seller told him someone else already bought it and will come pick it up in days.. The seller contacted the new buyer and they agreed on new selling terms. 600k was transferred to the rich guy without seeing the car he bought. A second buyer paid 650k and took away the ride. The auto seller took his service charge of 50k while the original car owner left the country in days.

The lesson I learnt therein is that with money, you can make more Money and grow quickly in business and without money, a business gets starved of development and growth in time.

Now that we have all seen the essence of capital, how then can we easily get it sourced out? Well, here are five possible ways.

1. Family supports:
Unarguably, from my studies as a business management student back then, sourcing fund from your families is the easiest way to kickstart your business. Families are big supportive pillar upon which we can rely on sometimes, and are one that can rally round you, especially when your success is key to them. From your parents to grown and successful siblings, to relations, you can seek for support if you are sincere with your intentions.

You all must have heard of how the richest black man, Aliko Dangote sourced his first business capital from – a sum of #500,000 equivalent of $3000 then, which became a fruitful seed. At the age of 21, Aliko Dangote borrowed $3,000 from his uncle to import and sell agricultural commodities in Nigeria, his native country. His business venture quickly became a success, and as a result, he managed to repay the entire loan within three months of starting operations.

The business story of Chief Rasaq Okoya, the successful Lagos business magnate is no difference. He saw an opportunity to import some products to Nigeria from Japan for resell, and it will cost him $70. With 20 dollars with him, he decided to seek a loan from his mother to make up for his capital. And the rest of the business story is history.

You know why family support should not be shoved away? Because they know you more than outsiders and will realize an investment in you is like ploughing into their own life as well, which might pay-off someday.

Walk up to your parents, uncles and families, tell them your plan and convince them that they can borrow you to pay back, but be sincere with your promise. And I can assure you assistance will come somehow.

2. Friends:
If you have a very rich network of friends, it is also a good way to raise capital for your business. Some are already well to do, and if they can support just an ordinary person that comes around, then being a friend will be a good advantage.

First – that you are seeking a business support means you are seeking a financial independent and you don’t have to keep coming every time for them to help you with your life’s financial demands.

Please read the full story here: https://nigeriasme.com/5-ways-to-raise-capital-for-your-business-in-nigeria/