279 Views

5 Smart Ways to Start Business as a Debtor in 2018

by Adeyeye Ayobami

You and I know that planning to start business as a debtor could be the most stressful experience for any startup entrepreneur. As someone with entrepreneurial spirit, several small business opportunities often comes our way, but the huge debt hanging on our necks and which must be repaid even at the occurrence of life altering experiences like job loss or accident often dampens our spirit and makes us neglect those viable opportunities. I’ve once been in this situation. Ask me how it feels, and I’ll tell you… it sucks!

But you don’t have to miss those wonderful business opportunities because you are in debt. In fact, you can start business as a debtor, any time you feel like. You just need to know “how to”. That is why I have written this article to show you some smart and legitimate ways through which you can start business as a debtor, grow your business into worthy venture and earn yourself the financial freedom that you dreamed of. So, if you are prepared to do away with your current financial mess and start new business, then it is important to follow these smart ways.

Use your skills
Let’s face it, to start business as a debtor isn’t going to be an easy task. As you would agree with me, the oil for the wheel of any business is money, right? Now since money seems to be a remote possibility at the moment, the next best thing to leverage on would be your skills. Everyone has one specific thing he or she is good at. That thing could be your experience, access to information or technical expertise. This is exactly what experts call the skill-set. These skills could be leveraged on to start viable small business as there are lots of people out there who are willing to pay for them. Starting business this way, your debt status will not affect you, since your skills will be your initial capital.

Explore partnership options
I have already advised that leveraging your skills to start business is a smart way to lift the barrier placed on your business dream by your huge debt; but there are times when skill-set alone is never enough to get your business off the launch pad.

When you need more funds to start your business and you are already facing a huge debt such that you can’t raise any, the best way to go is partnership form. Partnership form of business allows you to share the ownership risk of a business. All it takes is you agreeing to share the expected proceeds of your profitable business idea with your partner, in exchange for his money. This kind of synergy will even strengthen your small business against competition. Besides, isn’t it comforting to have someone bear the burden of funding, while you focus on using your expertise to drive the business to success? It is one of the sure ways to start business as a debtor.

Take advantage of economic opportunity funding
Different governments at different times have always setup some sort of economic intervention funding program. These funds, especially in Nigeria, are often available at interest free rates. For example, agricultural loan in Nigeria has always been a sure source of business funding for any agricultural related business opportunities irrespective of the applicant’s debt status. (A note of warning, your debt profile must not include Bank of Agric itself, otherwise, that will indicate that you are someone who couldn’t honour his financial obligation). To start a business as a debtor, I’d advise you to leverage on this kind of economic opportunity loan. With discipline and determination, your small business will thrive. Remember, to have access to this kind of fund, you will need a wining business plan.

ALSO READ  7 Ways To Start A Business Online

Network with business angels
The need for establishing a viable business network cannot be over emphasised. Your business network can help you start new business even as a debtor and yet you will still succeed in that venture because they have already done what you are planning to do. Most important is the fact that, they have that thing that you are currently lacking as a debtor… “Money!” . They are also willing to help you, only if you can honestly address their concerns and answer their ‘what if’ questions.

Recreate existing business ideas
Entrepreneurs with huge capital can afford starting new business that has never been beta tested, but that is not an option for you as someone who plans to start business as a debtor. Your priority is to ensure that any business opportunity you decide to explore, must succeed.  The surest way for you to go is to improve on existing ideas. Take for instance the likes of modern comedians like Basket Mouth, AY and host of others. They all improve on the existing idea of standup comedy of the living legend, Baba Sala and they have carved out names for themselves. I’m not saying these brilliant comedians started their careers as financially broke guys. No. What I am saying is that, they go down the route of “I’ve got one of the most viable business opportunity in Nigeria that even investors will die for“, rather they improve on an existing and already tested idea and today they are smiling to the bank.

Wrapping it up
Now, I believe you have been convinced that despite that huge debt figure staring back at you in the face, you can still bounce back and become a successful business owner. Remember, meeting the need of the society in term of products, services or skills is the only way to earn money legitimately. So, why don’t you put an end to your waiting period caused by your financial mess and prepare to launch into the world of endless possibilities.

If you find this article helpful, please share to help someone earn their financial freedom.

About Adeyeye Ayobami

I’m a business and personal development consultant. My goal is to see Nigeria become a self-reliant and productive society and i do this through value added seminars, conferences and workshops.

BIIN is business e-zine published by Dovespring Consulting to help startup entrepreneurs with sound business ideas and insights in Nigeria. To learn more about BIIN, visit www.businessideasinnigeria.com

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Ubi Franklin Throws Welcome Party For Daughter As She Arrives Nigeria
Entertainment
11 views
Entertainment
11 views

Ubi Franklin Throws Welcome Party For Daughter As She Arrives Nigeria

MT - December 14, 2017

Back in November 2017, Music executive turned entrepreneur Ubi Franklin revealed in an Instagram post that he’s a father-of-two and not one as people assume. He and his ex-wife, Lilian Esoro share…

Adesua Etomi, Late Moji Olaiya, Others Top List Of Nigeria’s Google Searches For 2017
Entertainment
13 views
Entertainment
13 views

Adesua Etomi, Late Moji Olaiya, Others Top List Of Nigeria’s Google Searches For 2017

MT - December 14, 2017

So much has happened in 2017 that it’s almost impossible to believe they all happened in one year. Today, Google announced the results of its 2017 Year…

Lepacious Bose Recounts How She Hated Herself Due To Her Weight, Yet Still Made People Laugh
Entertainment
16 views
Entertainment
16 views

Lepacious Bose Recounts How She Hated Herself Due To Her Weight, Yet Still Made People Laugh

MT - December 14, 2017

Comedian Lepacious Bose is celebrating 5 years of her weight loss journey with this inspiring post. According to her, the devil stole 25 years of her life…

Daddy Freeze Challenges Davido To Use A Tithe Of His Income To Help Someone And Here’s His Reply
Entertainment
19 views
Entertainment
19 views

Daddy Freeze Challenges Davido To Use A Tithe Of His Income To Help Someone And Here’s His Reply

MT - December 14, 2017

Top Nigerian singer, Davido, has accepted the challenge to use ten percent of his income to bring someone out of poverty. Recall that controversial Nigerian OAP Daddy…

How To Reduce The Risk Of Having Cancer – Oncologist Gives Important Tips In Ibadan  
Food and Health
14 views
Food and Health
14 views

How To Reduce The Risk Of Having Cancer – Oncologist Gives Important Tips In Ibadan  

MT - December 14, 2017

Dr Adebayo Oladeji, a Consultant with the University College Hospital, Ibadan, on Wednesday said youths could reduce their cancer risk by 90 per cent  through  healthy living,…

REVEALED: How EFCC Boss Ibrahim Magu Escaped Assassination
Politics
23 views
Politics
23 views

REVEALED: How EFCC Boss Ibrahim Magu Escaped Assassination

PH - December 14, 2017

The Acting Chairman of the Economic and Financial Crimes Commission (EFCC) Mr. Ibrahim Magu on Tuesday night escaped death by the whiskers as some gunmen stormed his…

Channels Television Emerges TV Station Of The Year For 12th Time
Best of Nigeria
25 views
Best of Nigeria
25 views

Channels Television Emerges TV Station Of The Year For 12th Time

PH - December 14, 2017

Channels Television has won the Nigerian Media Merit Award for Best Television Station Of The Year for a record 12th time. The award-winning station was presented with the coveted…

Davido In A Relationship With A New “Girlfriend”? (See Photos)
Entertainment
67 views
Entertainment
67 views

Davido In A Relationship With A New “Girlfriend”? (See Photos)

MT - December 13, 2017

Since the news of the birth of her 2nd child, whose mother is an American, the music star, Davido, has been reassured to keep his relationships hidden. Earlier…

5 Nigerian Politicians PDP Should Consider As ‘Presidential Candidate’ To Defeat Buhari In 2019
Politics
76 views
Politics
76 views

5 Nigerian Politicians PDP Should Consider As ‘Presidential Candidate’ To Defeat Buhari In 2019

MT - December 13, 2017

Nigeria’s major opposition party, Peoples Democratic Party (PDP), has hinted that it has begun the search for a ‘sellable candidate’ who can match President Muhammadu Buhari in…

Why I Did Not Choose Jos As Nigeria’s Capital – Yakubu Gowon
Politics
56 views
Politics
56 views

Why I Did Not Choose Jos As Nigeria’s Capital – Yakubu Gowon

PH - December 13, 2017

Yakubu Gowon, former head of state, says he would have made Jos Nigeria’s capital, but for the fear of being accused of “parochialism and favouritism”. He said…

New Study: Women More Attracted To Strong Men With Broad Shoulders
Romance and Love
58 views
Romance and Love
58 views

New Study: Women More Attracted To Strong Men With Broad Shoulders

PH - December 13, 2017

Women are more attracted to strong looking men with broad shoulders and big muscles, researchers have said. According to the study, men’s upper body strength accounts for…

Young Female Barber Who Works At A Saloon In Lagos Trends Online. Here Is Why…..
Inspiring
64 views
Inspiring
64 views

Young Female Barber Who Works At A Saloon In Lagos Trends Online. Here Is Why…..

MT - December 13, 2017

A young lady has decided to fend for herself in a very uncommon way. According to reports, the lady identified as Adeola, a female barber and hair…

Meet The First Set Of Army Pilots Who Are Set To Fly War Planes. [Photos]
Best of Nigeria
85 views
Best of Nigeria
85 views

Meet The First Set Of Army Pilots Who Are Set To Fly War Planes. [Photos]

MT - December 13, 2017

The Chief of Army Staff, Lieutenant General TY commissioned the first set of Nigerian Army Pilots trained by the Nigerian Army Aviation School to fly war planes.…

Bobrisky, MMM, Nnamdi Kanu…Top Google Searches in Nigeria in 2017
Technology
48 views
Technology
48 views

Bobrisky, MMM, Nnamdi Kanu…Top Google Searches in Nigeria in 2017

PH - December 13, 2017

So much has happened in 2017 that it’s almost impossible to believe they all happened in one year. Today, Google announced the results of its 2017 Year…

How Obiano Humiliated Us – Edochie on Anambra Poll
Politics
70 views
Politics
70 views

How Obiano Humiliated Us – Edochie on Anambra Poll

PH - December 13, 2017

Yul Edochie has said Willie Obiano “really humiliated” other candidates in the recently held Anambra governorship poll. Edochie was the Democratic Peoples Congress (DPC) candidate in the election.…

Four Brilliant And Cute Nigerian Ladies Celebrate After Bagging First Class Degrees. Photos
Inspiring
58 views
Inspiring
58 views

Four Brilliant And Cute Nigerian Ladies Celebrate After Bagging First Class Degrees. Photos

MT - December 13, 2017

Congratulations are in order for these Nigerian ladies and good friends; Kristine Ekanem, Mobolaji Olorisade, Louisa Michael and one other who bagged First Class degrees from a…

2018 World Cup; What Super Eagles Coach Is Set To Do About Nigerian Players With Lack Of Playing Time
Sports
97 views
Sports
97 views

2018 World Cup; What Super Eagles Coach Is Set To Do About Nigerian Players With Lack Of Playing Time

MT - December 13, 2017

Ahead of the 2018 World Cup in Russia, the Super Eagles coach Gernot Rohr is st to meet with managers of club sides of Nigerian players. According…

Anambra Governor, Obiano Rocks Police Bullet Proof Vest Ahead Of Xmas Celebration
Politics
56 views
Politics
56 views

Anambra Governor, Obiano Rocks Police Bullet Proof Vest Ahead Of Xmas Celebration

MT - December 13, 2017

Governor Willie Obiano of Anambra – rocked a police bullet-proof vest, an helmet and a service boot as he posed at the State House in Awka, the…

Loading...