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Wednesday, July 19, 2017


Continued from part 1

2. FAMILY AND FRIENDS:This group comprises of your Family members, friends,
neighbors, colleagues, business associates, club members, etc. 
Note: These people are part of our happiness and so should be dealt with, with utmost care. 
Some of these people will give you money as a gift, others will ask you to payback, while others will ask you to pay with interest, yet others will tell you to your face that they don’t have money for your business. Don’t get angry with any of these groups; that’s the beauty of life.
Getting angry will prolong issues; you’re stirring up negative emotions, which causes setback. Everybody will not say yes to you and at the same time everybody will not say no, just keep at it.
This applies even outside of business. The people you think that will support you financially might be the ones to turn you down. Make sure you don’t take it to heart, keep moving until you get a yes.  
While dealing with them, bear in mind that they are not banks. You must do the following:

a. Do your research

b. Present your business plan properly and be prepared to answer questions.

c.  Be serious.

d.  Never present your business as a get rich quick opportunity.

e.  Give them good reasons to invest in you.

f.   Know how and when you will pay back.

g.  Build a reputation

h. Be understanding.

The best way of dealing with this group is to show them a list of what you want for your business, and plead with each one of them to pick any item and make it available to you.
Action plan: Have a list of at least 2o persons you think can assist you with finance for your business. Make plans to approach them one after the other. Remember you must be well prepared.  

3. BARTER TRADE: You don’t need money to get all you need for your business. If someone can address a need in your business with his skill and you can do same to him, then you are good to go.

For instance, if you have marketing skills and you need a website, you can render your marketing services to a website designer to get a website in return.

Getting a good number of businesses/individuals to do barter trade with you will really do you good as a startup.

 4. PARTNERSHIP: The idea you have, there’re people out there waiting to be convinced to partner with you to bring the idea to limelight.

You can agree with a business, someone or a group of people with same business concept to establish a business. “One will put a thousand to flight; two will chase ten thousand.”

Another aspect is when you bring in other businesses to finance your business while you render some services to them in return.  Using this blog as an example, I can partner with a business or other businesses, in the meantime, to finance the cost of maintaining the blog while their businesses will be promoted on the blog, social media platforms and other platforms we operate.

In partnering with others, from the onset, everything about the business must be spelt out alongside responsibilities and profit sharing. No matter who you’re partnering with, don’t attach emotions to the deal. Be wise!

More on partnership will be discussed as we progress with this blog. 

5. JOINT VENTURE: Liaise with other businesses in certain areas to increase your market share, profit, loyal customer base, and the like. In joint Venture, businesses pull their resources together to achieve a common worthwhile goal.  

A very popular example I can cite in this instance is one in the oil & gas industry – NNPC/Shell/Agip/Total/ Chevron/ExxonMobil Joint Venture.
This Joint Venture has been around for some decades and it has done a lot in doing business and philanthropic gestures. There are other businesses that do same in other sectors.

You too can do the same; Joint Ventures are at all levels in the business world. You can use this method when you want to take your business to the next level. 

6. CREDIT PURCHASE: In using this method, it’s best to have a ready market, that is, customers waiting to receive the products. Go for areas where the demand for the product is high.

This method is more suitable for suppliers.

 7.    RELIGIOUS BODIES: Examine yourself with the following questions: 

a. How long (number of years) do you worship in a place?

b. How committed are you in your place of worship?

c. Which group do you belong in your place of worship?

d. Do you have integrity in your place of worship?

A group or individual in your place of worship can finance your business.
Your leader (Pastor, Imam, Priest, etc) can talk to someone on your behalf. 

8.   COMMUNITY GROUPS: These groups can be found in our various communities and in the cities. In cities, people identify with others that come from the same communities/villages with them and they form groups which meet weekly, bi-weekly or monthly, as the case may be.

 Members of such groups borrow money from the group to finance their businesses and sometimes borrow to finance businesses of their friends and relatives.

 9. CLUBS AND ASSOCIATIONS: Clubs and Associations lending money to individuals and organizations has been around for decades. An example of such is The Paris club. They operate at the international level, lending monies to government, organizations, super-rich individuals, religious bodies, and the like.
At this level, we are talking about local clubs and Associations that can provide funding for small businesses. There are some that lend money to members and non-members. The difference is that non-members pay interest while members pay minute or no interest.

How do you get them? Search for clubs around you by networking with people. Some of these bodies would prefer a member introducing you for finance, while other will finance your business if you can meet up with their conditions no matter who you are.

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