5 powerful ways you can fund your business (The complete list)

5 powerful ways you can fund your business (The complete list)

In this article we will be discussing about funding your business so it can grow.

They are many ways to fund your business activities because as we clearly know, the more money a business has, the more it can reach its full potential.

When a business is well funded, it can be easily promoted for more sales, brand awareness and will calve out its authoritative status.

When your business is funded, it can go grow to heights you can never imagined, and that is what all business owners need.

We will be discussing on applying of grants, loans, fundraising, etc, just seat back and digest every bit of this information.

So, without mincing words we are going to dive into the topic at hand and discuss further on the 5 powerful ways to fund your business.

Applying for grants

Grants are like donations, contributions, or allowances offered by the government or sometimes individual who which to support small businesses grow.

Most times government bodies do offer public grants to help small businesses progress.

It can be in the technology sector, Insurance, Commerce, etc but Nigerians government do give grants always in the sector of Agriculture.

So, what you will do to get any of these grants is to draft a business plan to explicitly explain what your business is all about.

But your business needs to be in existence and registered with the CAC before you will be considered.

So, get these straight a Business plan and your CAC registration, that is like the highest requires you will have.

And I can add that this is one of the safest ways to fund your business, and you can do that without pressure.

Applying for loans

Banks or Microfinance can give you loan also, but they only give business loan to already established business.

So, like the grant, you must have CAC registration certificate and a well-structured business plan to stand a chance.

Other establishments can also give loans, but we are not advising that, because the best thing you can do is get these loans from a recognized establish like banks and microfinance banks.

Therefore, make sure your business really need that loan, and make sure it is where your business is striving and needs more funding to grow.

Because the downside to this method of funding your business is that, you can lose everything in the blink of an eyes.

From your savings

Another way of funding your business is from your savings and as you have already imagined, it is like the smallest.

Expect if you have enough money set aside, but one thing is for sure, do not take all your savings into a business.

The risk is not worth it, you can lose everything and start from square one again.

So, if you are doing this, make sure you are taking a percentage to fund a project you know will give you something.

Through fundraising

Although this will sound like the first option, it is a different thing entirely.

In these settings, things are formal, you don’t just invite your friends and families, you can also invite well doing people.

You will have to host a party, get a MC to host the event and try to explain what your business is and how it can help them generally.

Now note that, if VIP are being called to high tables, they will be obliged to support you with a reasonable amount of money.

You can even set a standard for them, e.g “The chairman of this occasion will have to support us with 100,000 naira or 200,000 naira” as the case may be.

Through local contributions

When you join a local community within your state or local government, members can contribute to fund businesses ideas.

Every once in a while, members contribute money to help sustain members needs, or when emergency arises.

So, if you can get a business plan and a community you join can help contribute towards it this will also be very good.

One good thing about this local communities are everyone will contribute to each other ideas.

But depending on yours, yours can be different anyways, so you can bring this up as an idea.

Drawing the curtains

So that being said, you can try out all these steps here, or pick one and work your way to others.

So if you have any contributions about how to fund your business we will be happy to get them on the comment sections.

Also if you have questions or feedback on this article please feel free to drop them also.

Thanks for reading through, lookout for more interesting business update.

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