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How to fund your startup.

How to fund your startup

Startups are spring up everywhere because of the difficult economic condition in our country.

In our society, today, financial stability is one subject that pops up in every discourse we engage in. We thrive daily to beat the tides and stay afloat of every financial storm we come against. And to beat this storm, every expert would tell you the answer is being self-sufficient, building and working on your own ideas and dreams, being your own boss…an entrepreneur!

The essence of being an entrepreneur is providing solution to a problem in the society in exchange for making wealth from that problem. Many of us want to change the world with those great ideas we have got.

 

Many people grapple with how to raise fund to start their business. Like every other venture, there are rules around entrepreneurship. For a startup entrepreneur, it is highly advisable not to START UP A BUSINESS ON A LOAN.

 

Why you should not start up your business on a loan:

  • It is a start up and so it is an unproven business. You have not put that idea of yours to a test, you have not proven your approach if it will work or not so doing that on a loan, supposing it fails? Hence you have not ‘tasted the waters’ with that business, it is bad idea to start on a loan
  • At the level of startup, a loan may seem like an easy money and so may not get the desired commitment a startup requires and you may pack up sooner than later.
  • You would be testing your ideas to make wealth for another individual (entrepreneur) and if it fails, you may never recover

 

Alternatively:

  • Start out with the barest minimum. Your idea is great? It needs work and time to grow it so start small on your own without having to be in debt
  • Roll out on a low budget. For a startup, cut of those baggages you do not need. Do not take up bills you cannot afford but can avoid.
  • Seek alternative funding, preferably from loved ones or friends or even from your savings. You might even need to sell that your valuable possession to fund your passion.
  • It is not wrong to start up on an investment or idea that requires low funding to set u. understand that you do not start from the top, you start from the bottom so for a startup entrepreneur a low investment idea would do you no foul

 

The society waits to see that great business idea birthed and sustained, do not take your first step wrongly! Our aim in Bizintelng is to provide you with advisory services to enable you start and run your business successfully. Feel free to contact us for further support. We also provide funding to early stage business to further de-risk their model.