Having a great business idea is not enough to generate income if that idea is not put into action. For most aspiring entrepreneurs, getting hold of much-needed capital is usually the biggest challenge. However, lack of funds should not deter you from pursuing your entrepreneurial dreams. All you need is confidence in your idea and a clear vision of how you are going to execute it. Once you have that covered, getting funds may not be as difficult as you think.
When we get a business idea either as a side gig or the main gig, there is a joy that comes with that. You may have copied the idea from someone, learn a trade or gone to school to learn about it. Now your business idea is ready.
How do you get it in motion?
Below are ways to start your own business with no fund and make huge income.
1. Selling Other People’s Products
We need to understand that capital is not limited to funds held in deposit accounts only but also include tangible machinery like production equipment, machinery, storage buildings, and more. We all possess one thing or the order that can help us generate money. You could make huge sum of money using your mobile phone to take pictures of other people's products, posting in online and selling it.
A friend of mine has a business where she brings clothes and shoes from Turkey, Dubai and China. She puts a price tag on them and I would take pictures of her stock, post them online and sell. Once I have buyers, I collect the goods from her, remove my mark up and deliver to the buyer. I was able to make #50,000 from this in a month.
Most of us are on Facebook wishing people happy birthday 365 days of the year. That same data that you’re using to monitor your old school mate’s life, you need to start using it to generate income for your business.
2. Secure Business Loan
I know we have a fear of debt. It is important to understand that for any business to grow, you will need some sort of borrowing. Debt is a loan or financial obligation that must be paid back in the future.
One of my brothers sells computer accessories in Ikeja. He told me he started the business by borrowing #80,000 or so from one of these lending apps. I'm sure we know one or two. He collected #80,000, agreed to pay back over three months and repayment was like #104,000.
He said he was able to make a turnover of #500,000 with that #80,000. He paid back and started running his store from there. He is not selling on the road again; he has a shop now.
When a debt is well utilized, it can make the difference between a business that remains an idea or one that becomes a success.
3. Crowdfunding Platforms
Cowdfunding Platforms are set up for individuals to pitch their business ideas or challenges to a community of investors or people willing to support the idea. Crowdfunding Platforms such as Kickstarter have changed the way entrepreneurs are raising money to fund their new businesses.
4. Government and Some Non-Government Programs Offer Start-Up Capital.
One of such is the Tony Elumelu Foundation. If you get it, you are offered a grant and also business support.
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