The economic down turn in the country Nigeria have in no doubt left many individuals and families in bad financial state.
On daily basis you hear even both the employed and the unemployed Nigerians complain bitterly of their inability to meet up with their basic financial obligations due to lack of money.
To reduce the effect of the economic hardship some people have come up with brilliant ideas that will enable them set a profitable business, but one thing has always stood as a hindrance to their desire and that is lack of capital to start a business.
Therefore, if you are one of those planning to set up a business and have done all you can to get bank loan but no success then this article will help you look inward to discover some alternative sources of getting capital to start a business. Just take a critical look at yourself now and you will definitely discover one or more abilities you can easily convert to startup capital for business.
Below are the things you have within you that assist you in getting startup capital for business.
SKILLS AND IDEAS:
Do you know skills and ideas are a major factor in business? You remember the four factors of production (Land, labor, capital and entrepreneurship). Yes, if you have one or more of these factors you can simply exchange it for money or for any of the factors you don’t have.
For example, if you are highly knowledgeable and skillful in a particular trade or profession you can raise the required startup capital for business by partnering with some body else who has capital and does not have skills like you.
STOCKS AND BANK SAVINGS:
Those companies stocks you bought some time ago at the stock exchange are assets, you can use it as security to obtain SME loans from micro finance bank in Nigeria. Also, the little savings you have in your bank account is that thing in your hands you can use to start a small scale business which will later grow to become a large scale business.
HOUSES,MECHINERIES AND LAND :
The houses, machineries and other landed property you have are assets, you can sell it to raise needed capital or use it as security to obtain loan bank loan.
Also, if you live in a house with have enough space at the backyard you can simply use that space and the little amount money in your hand to start businesses like.
Cat fish farming business.
Poultry farming business.
Soap making business.
Laundry and dry cleaning business. Etc.
PEOPLE YOUR ARE CONNECTED TO:
Some times I hear people say “it’s not what you know that matters but the people you know” yes it is correct to some extent, but what you know and who you know makes a perfect combination as far as success and achievement is concerned.
The gifts of a man they say provides him opportunities to deal on almost equal terms with the powerful and highly placed individuals in the society. A man who only knows a lot of people but does not have economic value (usefulness) will only be a qualified errand boy for life, but an individual that well connected and also has something to offer will command not only respect but will definitely attract a much higher level of financial recourses to him/herself.
I’m sure that through reading these articles you have discovered that you actually posses enough abilities and resources you can convert to the capital needed to start your own business without stress.
They say “No condition is permanent” All conditions are subject to change even with just little effort you can change your financial condition for good, just be proactive. Get more information on business and money making opportunities at ...
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