Raising money is very hard; almost nobody wants to give you their money. How then does a young, struggling person get funds to start a new business or invest in a promising business?

This article will look at ways and methods I and a few of my colleagues have applied over the past few years to raise money for our various business ventures. Warning! The ideas here are not your usual run of the mill advice; it requires bold action and faith to raise funds.

1. Donation List (Family & Friends)

If you need N100,000 to start a business what do you think is the easiest way to get it fromyour family and friends.

Definitely not by asking one or two persons to cough out N50,000 each. To raise this amount from them you have to come up with a way that makes it easy for them to dash you little sums each and in the end you get what you want or something close to it.

Make a list of all friends and family members you know who can afford to dash you a small amount (eg N5,000 and start going after them one by one. If your persuading skills are good you would soon have your capital.

2. Competitions

Business Plan and idea competitions could help you start your business if you win. Most times a substantial cash prize plus support comes with such competitions. Find as many as you can around and enter.

3. Gamble

This may sound weird but hold on. If the money you have is too little and you are an adept follower of any sports maybe football you can make small bets on any of the numerous sports betting websites to see if you can win and build your capital incrementally.

Of all our tips this is probably the craziest and riskiest so thread with caution. You must be very knowledgeable, do plenty of research and find a reputable bet company that pays winners without stories.

However don’t take our words for it. You could lose all the little money you have. Best to divide it and use only a very small portion. Good thing is you can start small and don’t be greedy

4. Fire Sale

Sell anything you don’t need and you’ll be surprised how much you can raise. Many rich entrepreneurs today started and raised money for their first business by doing a fire sale – selling off anything that should be sold.

5. Apply for Grants

if you do not need too much money to start or invest in your business you may want to look at the option of applying for grants. First start searching and compiling a list of foundations, government and non-governmental organisations etc that give grants to young entrepreneurs. Be sure to check if your business falls within their area of focus. Organisations like the Tony Elumelu Foundation offer grants to small scale enterprises. You can do your research and start applying.

Full list >>> http://nairabrains.com/2015/08/10-unconventional-ways-to-raise-money-to-start-your-business/

Great ideas but if u dey wait make family and friends dash ui money u go wait tire cos instead na u go dash dem wen dem begin to tell u their own problems

Gamble

bjprodint:
Great ideas but if u dey wait make family and friends dash ui money u go wait tire cos instead na u go dash dem wen dem begin to tell u their own problems

LOL. Why so pessimistic? The article actually pointed out that the best way is to try and get as little as possible from each family and friend you can. Though I agree that for some people who are surrounded by majorly cash strapped family and friends it will be easier for camel to pass through the eye of the needle