STEP BY STEP GUIDE ON HOW TO RAISE MONEY FOR THE BUSINESS YOU WANT TO DO?
By Francis OKOYE.
It sounds strange,but the first thing you have to do after identifying the type of business you want to start is to do the following
1. Find someone who is doing the business already and who will accept to allow you work for him for at least 3 months as they teach you the business.You will also learn practically day by day.
2. You may find out that the person may demand for money to teach you and allow you work or do the business with him.You may have to pay for this.
3. If you don’t have the money to pay for this training on the type of business you want to start.There is another way in which you can apply and seek for employment in any business doing the same type of business you want to do.In this case you may work for one year or six months, depending on how smart you are to learn the business. The disadvantages in this ,is that the business owner may not teach you much about the business,like how to charrge customers,the business secrets,were and how to deal with suppliers or market the product.You have to secretly discover all these from him or her.
4. Start the business on a very small scale.
5. Research the business online by reading about those already doing the business,visiting their website.
6. Do one or two free or paid courses on book keeping and business accounting.You can buy an ebook or books about it.
If you don’t do all of the above,even if you raise N50 million dollars to start your business,you will fold up and fail within one year.You will be blaming those who gave you the money as belonging to secret societies and using your destiny to shine.Without knowing book keeping and accounts,you will never know how much you make in a day or week or month and your profits or what you will charge people.
Inside main market ONITSHA and wherever Igbo people are doing trading business and have apprentice.Book keeping and accounts is what they first teach the apprentice.If you think those traders did not attend University or college,hence are illetrates- think again.Were you taught book keeping and accounts in University or College?NO!
After learning the business,you can then talk about how to raise money to start your own.If you are already doing or have done the business before,you don’t need to do above training again.
The importance of learning the business or doing a business will help you when you are seeking for funding for the business you want to do.
After learning or doing a business,you will be able to answer these questions when you want to raise funds!
1. How much money you need to start?
2. Where to locate your business.
3. How lucrative is the market?
4. Why should people buy from you.?
5. How much profit are you targeting in a year?
6. How many part time or full time workers you need?
7. Who are your potential customers?
8. Where will you get the cheapest and high quality suppliers?
9. What new thing will you add to the business to make people buy from you?
10. Who are your competition?
This are the things anybody who wants to fund or give you money will first ask you .They will want you to convince them. That is the reason why I said you should learn the business first. Without learning or having done the business before,you can’t answer these questions.?
To cheat on starting a business,that is to ensure success very well,hire a consultant like me.Big men like Alhaji Dangote,when they want to raise money for a huge project,simply hire a consultant and give him an idea of what Business they want to do.The consultant will find out and answer all of the above questions and prepare a business plan ,a business case etc and help raise the money.
Do you know if you pay a consultant N5 Million or N10 Million,he can help you raise enough money to build a oil refinery like Dangote own or a 5 star hotel or hospital.Or a factory manufacturing anything you can think of including cars. This is for the big boys and am telling you this is the secrets of Big guys you see owning big projects in Nigeria and the world.
For very small projects a consultant might charge you as little as N60,000 to N200,000 .It is worth every Kobo you spent.Infact,you will confirm it when they finish the work for you and the business is booming.
Consultants for big projects fund raising may take most of his fees by taking 10% or more share in the business as his or her payment.
Now here are the ways to raise funds for your new or existing business,if you don’t have any money of your own.I will only treat the simplest and easy ones
1. Share your dreams of starting or funding your business with your relatives and friends.Ask them to contribute something to help you start off.
2. Borrow from your friends and relatives.
3. These days ,some relatives and friends are very mean or maybe poor like you.You can approach complete strangers or people you know have the money to either give you money or borrow you money.This had been known to work more than hoping on your relatives and friends.
4. Go to those already in the business,to ask them to supply you the goods on credit .Start with little to test the market.
5. Sell your property,be it land,house or electronics.Even expensive phones or furniture.This is also one of the fastest and easy ways to raise funds for your business.
6. Work and save money.This is often hard but need financial discipline.
7. Get orders ,then collect 75% of your fee and use it to supply or produce the goods or build the job.Example you learnt welding and got a job to build a gate.meanwhile you presented samples of the iron gates you built while learning the business.You charge N300,000 and ask for N240,000 advance.You hire tools and workshop space from the money and do the job.
8. Hire a consultant.

Am being realistic and would not tell you to try the following ways of raising funds as they are next to impossible to get except in some cases if you use a consultant.
1. Bank loans.
2. Micro finance bank loans.
3. Online money loans
4. Venture capitalist
5. Business incubators
6. Angel investors
7. Project financiers.
They are mostly not for people who want to start up a business.
Please avoid money lenders.
The only hope left for you if you want a bank loan for a new business or business start up is the CBN/AGMEIS NIRSAL LOAN of up to N10 Million naira no collateral or gurantoors.Just two referees.
The official fees for the training is N10,000
Training is done by CBN license Entrepreneur development centers EDI and they give you a certificate and number.
Then N5000 for business plan template.
You will have to write your business plan ,fill forms and upload online to the scheme’s website.
You will also do interview assessment and upload.
You can get a consultant to do all these for you or the EDI center from a fee ranging from N15,000 to N30,000.This is cheating the system but is best for you.
You will spend around N3000 for internet connection.
Thanks to the President Mohammed Buhari administration for this wonderful opportunity and although COVID 19 affected it’s implementation in the past,it is hoped than over 100,000 Nigerians would benefit.Around N25 billion has been mapped out to be given to beneficiaries per region in Nigeria each year.That is N25 billion for Niger Delta. N25 billion for South East etc.CBN has Aly given out as at Jan 27,2021 around N106 billion naira as AGMEIS NIRSAL LOAN to 27,000 beneficiaries or Business,mostly youths.
We hope NIRSAL WILL DO THE NEEDFUL.
Happy hunting for funding for your business.
Francis Obinna Okoye ,FIMC, FIMS. Can be reached via francisookoye@yahoo.com or at https://fokoye-associates-business-site



I must add joining isusu collections,not in town and cities but the village one.You contribute monthly or daily and when is your turn ,you collect.You can also get loan there.Ask all those market women in your village to direct you to join the one they belong to .

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