Entrepreneurs often have amazing business ideas, but they put them on hold for lack of capital. They assume their business will never get far off the ground unless they have major funding backing them.
If your idea and plan of execution are not well thought out from the beginning, no amount of money can turn it into a winner. Have a great idea but very little money? Do not let that stop you.
Here are few tips that can help you get your idea off the ground with limited funds:
- Asset Sales:
Assets are those things that have value and can be sold to bring in cash for you. As an aspiring entrepreneur, you should be aware of your existing assets – ranging from your cell phone to automobiles, landed property, and so on.
2. Crowdfunding:
Websites and crowdfunding platforms such as www.gofundme.com andKickstarter can help you realize your entrepreneurial ambition. Once you join the platforms, your funding need will be attended to as the platform will help you source for fund globally.
3. Leverage on Angel Investors:
If you have a good and convincing business plan and idea, you may approach an angel investor who is willing to provide fund to financially assist your business. Under this option, you should note that every angel investor expects quick response to what he is investing.
4. Lending:
Do not be shy to approach your affluent family members and/or friends, and even well-wishers who are capable financially to help kick start your business.
Africa’s number 1 businessman, Alhaji Aliko Dangote borrowed $3,000 from his uncle to start his business.
