HOW TO RAISE CAPITAL FOR YOUR BUSINESS (II)
Capital is the engine of any business. Without capital, there is no business.
Here are some of the major ways to raise capital for your business:
Bank loans are a great source for raising money for your business venture; but please ask questions and understand the terms involved in getting the loans from your bank.
These are philanthropists who are interests in financing your business.
No philanthropist wants to throw away his business; therefore, having integrity is very important and you must make sure you have a good business plan.
Grants and loans are accessible online.
Grow your finance level by level, and that is possible by financial prudence and knowledge.
FRIENDS AND FAMILY MEMBERS
- Be trustworthy – People are unfaithful when it comes to money;
- Refunds as promised
- Stay official and business minded
- What you cannot give, do not borrow.
COOPERATIVE SOCIETIES AND INVESTMENT CLUBS
These are group of people pulling funds together to help lift their lives and businesses.
- Check the credibility of such societies and investment clubs.
- Be spiritually sensitive as to the kind of people in those societies and their characters.
An entrepreneur must have a savings culture. It is foolishness to spend it all!
You must have a budget for everything, including a budget for saving. One of the reasons why the rich are rich and remain rich is because they plan their money.
SALES OF ASSETS
This is turning your personal assets into capital for the running of your business; e.g. cars, buildings, machineries etc.
If you do not invest in yourself, others might not!
SUPPLIERS AND CUSTOMERS
This is raising goods from suppliers and funds from potential customers.
- Negotiate well with the suppliers and manufacturers, to get products at a discount rate or to pay later. Here, the factor of integrity comes into play again.
- Know the terms of the funds from the potential customers.
IMPORTANT NOTE: DEDICATION IS IMPORTANT
No business can grow without dedication. Dedication is deadly commitment to a course.
3 LEVELS OF CHRISTIAN DEDICATION
- TO GOD: We need to love, serve and tell others
- TO HIS CHURCH: We need love and partner with the gospel
- TO ONE ANOTHER: We need to love help and pray for one another
Read HOW TO RAISE FUNDS FOR YOUR BUSINESS (I) here.
God bless you for reading!
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