5 Interesting Reasons Money Should Not Be An Obstacle To Starting A Business In Nigeria
Money should never be an obstacle to starting a business in Nigeria for multiple reasons. If you ever thought money could stop you from achieving your dreams, you better think again. All you need to do is to research on it and you will find countless opportunities.
It is unfortunate that many people who had great ideas that could have become great businesses in Nigeria, let money become an obstacle to starting a business in Nigeria.
Related: How to market your Product in Nigeria
Am sure you want to be different. Dare to be different and see where you will find yourself.
Many businesses today started with little or no money and you can see what they have achieved. You celebrate them. You too can be celebrated.
It is understandable though. Starting a business is usually a massive project that requires significant time and money. It could be overwhelming. It could be that you are too occupied with your current job or are too preoccupied with your family. It could be anything.
That is beside the point. The point is that many people don’t start their dream businesses because they believe that they cannot afford to start it. They are the focus of this piece. Those people that allow finance be an obstacle to starting a business in Nigeria are the people we want to reach.
We have listed and explained five important solutions to your problem if it is money. You just cannot afford to let money be an obstacle to your starting a business in Nigeria.
Also read: 7 proven marketing tactics in Nigeria
5 Reasons why money should not be an obstacle to starting a business in Nigeria
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Put time into it to save money
The truth is that very many products and especially services you buy for your start-up can be created or done by you if enough time is put to it. You just have to take on these responsibilities and double your efforts.
For instance, instead of paying for marketing and advertising for a starter, you can take up all the free options and in various marketing platforms and market your products and save money.
There are a lot of other things you can do by yourself to save cost. It might not be the most efficient way to get instant results, in fact it is not. You lack the expertise to do some of these things and you spend enormous time trying to learn these things and you risk burning out.
But it is worth trying and who knows, you can become very good at it. It is a better alternative than sitting and letting money be an obstacle to starting a business in Nigeria.
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You don’t have to pay for most things online
The internet presents us with loads of free opportunities and resources. You can access and utilize the opportunity.
For instance, to build your website, you can do that for free or something close to free. You can use network builders such as Wix and WordPress and you will have something presentable and professional looking.
You can create accounts and build customer base in online free sites. You can also use the social media to connect your business. This saves cost. So don’t let money be an obstacle to starting a business in Nigeria.
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There are many sources of getting Initial capital.
In the instance that you don’t have the time to spare and must depend on investing money into the business, the good news is that there are several sources of getting money to invest in your business without necessary taking undue loans.
This can also be explored when the free resources you found are not enough to satisfy your business needs.
You will be required to part with a percentage of your ownership of the company by working with angel investors or venture capitalists so as to get early cash injection into the business,
Friends and family can also assist if they believe in your project. Why not convince them.
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You can reinvest early revenue
You have managed to start a business. We are happy for you. You should also reinvest your early revenue into the business. The implication is that you are working without being paid.
You just have to forgo your salary from the business for the first few months. This helps you channel all the inbound cash flow into developing other aspects of the business.
Your business doesn’t need to be fully ready to get you your first customer; in fact, you may not even need a website or a brand in place. You just need to go with a minimum viable product, and prioritize the establishment of an early line of revenue. The rest will fall into place.
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You can get a loan
Finally you can always get a loan to finance your business. It can help you start a business or help you when you are struggling with an already existing business.
Opening a line of credit can be relatively easy and can provide you with all the money you need to get through rough patches; and in the event that your business doesn’t have enough credit or history to get a loan, you can apply for a secured loan or a personal loan instead.
With the possibility of a loan, you don’t have to let money be an obstacle to starting a business in Nigeria.
Remember, the argument here is not that money is not an obstacle to starting a business in Nigeria, it is. But it is a problem with a solution. All you need to do is exploit the options we have discussed and you will be okay.
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