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How Can I Raise 100,000 naira To Start A Micro Business

QuestionsCategory: QuestionsHow Can I Raise 100,000 naira To Start A Micro Business
Ibrahim Ajayi asked 6 years ago

I lost my job not too long ago, and I have no money to create a job of my own.  So, I am asking how I can raise money to start something of my own.  I need about 100,000 naira.

2 Answers
EMMA ONWUKA Staff answered 6 years ago

How to Raise 100,000 Naira to Start a Micro Business in Nigeria
It’s pity you lost your Job. Though you lost your job, you should know that all hope is not lost. There are so many ways to raise money  to start a business but before I begin to talk about them, let me advice you.

  • think of a business you can start with zero naira. There are some businesses you can start with zero naira depending on your skill. Typical example is Outdoor Catering service, online jobs like Freelance service, online survey etc.
  • think of acquiring an entrepreneur skill first if you don’t have any.

So let’s get started,
Way Raise 100,000 Naira to Start a Micro Business in Nigeria

  1. Personal savings – the best source of capital for a new business is personal savings. If you have a business idea and there is no capital, cutting down you expenses to save for the business is a good strategy of raising at least the initial capital. Unfortunately, it seems you didn’t save when you were employed.
  2. Relatives and families – You relatives and family members are second best source of capital for new business. Reach out to them with your business proposal. They can help you out.
  3. Friends and well-wishers – it is said that a friend in need is a friend indeed. outside your family members, the nearest persons you can meet that can help you raise startup capital for your business are your friends and well-wishers. They need to trust and believe in your ability before you get money out from them.
  4. Partnership – though you don’t have money but you can partner with someone that has the money. Partnership works very well when you meet someone that has similar business idea and core values with you.
  5. Sponsorship – getting interested individual, organizations or companies sponsor your business project a good way to get started; may be in exchange to promote the organization or individual.
  6. Bank of Industry – Bank of industry provide Small, medium and large enterprises, excluding cottage industries with funds for starting their business; new or existing companies, seeking expansion, modernization or diversification
  7. Work for us – if the above method of raising capital for business did not work for you then work with us. we are seeking for good content writers.

See more on Ways to Raise Funds/Capital for Business in Nigeria
I wish you all the best!

'Seun FALOLA answered 6 years ago

You’re close to your success! A problem share is half solved.
I will suggest you write a winning business plan of this business you want to start; take it to a philanthropist or philanthropic organization in your locality and see if they can be of help.