1054 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  The Do’s And Don'ts Of Doing Business In Nigeria

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

The Most Sought-After Skills In The Nigerian Job Market
Best of Nigeria
3 views
Best of Nigeria
3 views

The Most Sought-After Skills In The Nigerian Job Market

PH - May 26, 2018

It is unfortunate that the Nigerian education system does not allocate room for talent identification, development and skill acquisition. A peep into any Nigerian job board would…

BBNaija Housemate Alex Joins Talent Firm
Entertainment
3 views
Entertainment
3 views

BBNaija Housemate Alex Joins Talent Firm

MT - May 26, 2018

Alex Asogwa popularly known as Alex Unusual, BBNaija 3rd runner-up, has become the first 2018 housemate to get signed by a talent agency, Naomad Talent Management. The…

Nigeria, Others Renew Pledge To Win Fight Against Corruption
Best of Nigeria
15 views
Best of Nigeria
15 views

Nigeria, Others Renew Pledge To Win Fight Against Corruption

MT - May 26, 2018

Nigeria and other African countries at the Africa Day 2018 in New York renewed their commitment to win the fight against corruption so as to advance sustainable…

APC Will Expose PDP Looters During 2019 Election Campaign, Says Oshiomole
Buzz & Trends
43 views
Buzz & Trends
43 views

APC Will Expose PDP Looters During 2019 Election Campaign, Says Oshiomole

MT - May 25, 2018

Former governor of Edo State, Comrade Adams Oshiomhole has disclosed that campaign for the forthcoming general elections would be an interesting one as his party, the ruling All Progressive…

Fani-Kayode’s Wife Delivered A Set Of Triplets
Entertainment
56 views
Entertainment
56 views

Fani-Kayode’s Wife Delivered A Set Of Triplets

MT - May 25, 2018

The wife of former Aviation Minister, Femi Fani-Kayode, has delivered a set of triplets. Precious gave birth to three boys. She made the announcement on her Instagram…

APC Tells Security Agencies To Hold Okorocha Responsible For Breakdown Of Law And Order In Imo State
Buzz & Trends
42 views
Buzz & Trends
42 views

APC Tells Security Agencies To Hold Okorocha Responsible For Breakdown Of Law And Order In Imo State

MT - May 25, 2018

The All Progressives Congress, APC, in Imo State, has urged security agencies to hold the State Governor, Rochas Okorocha responsible for any breakdown of law and order…

Two Taraba APC Factions Lay Claim To Party Leadership
Politics
57 views
Politics
57 views

Two Taraba APC Factions Lay Claim To Party Leadership

MT - May 25, 2018

Barely a week after the Taraba State chapter of the All Progressive Congress elected two separate executives at different locations in Jalingo, both factions claim that their…

Adekunle Gold Drops New Album “About 30”, Says I Am Overwhelmed
Entertainment
55 views
Entertainment
55 views

Adekunle Gold Drops New Album “About 30”, Says I Am Overwhelmed

MT - May 25, 2018

Nigeria’s alternative sound singer, Adekunle Gold on Friday expressed how overwhelmed he was at the way his fans loved his new album, About 30. The singer took…

We’ll Expose How PDP Looted Treasury, Plunged Nigerians Into Poverty – Oshiomhole Threatens
Politics
45 views
Politics
45 views

We’ll Expose How PDP Looted Treasury, Plunged Nigerians Into Poverty – Oshiomhole Threatens

PH - May 25, 2018

Comrade Adams Oshiomhole has said that campaigns for 2019 general elections will be interesting because his party, the All Progressives Congress (APC), will reveal to Nigerians how…

Martin Luther King’s Daughter Rejects Claim That Her Father Would Be Proud Of Trump
Featured
44 views
Featured
44 views

Martin Luther King’s Daughter Rejects Claim That Her Father Would Be Proud Of Trump

MT - May 25, 2018

The daughter of Martin Luther King has turned down a claim that the major icon of the US civil rights movements would have been “proud of” Donald…

15 Injured As Blast Rock Indian Restaurant
Shocking
46 views
Shocking
46 views

15 Injured As Blast Rock Indian Restaurant

PH - May 25, 2018

Canadian police on Friday launched a hunt for two men who they believe is behind an explosion in an Indian restaurant near Toronto that injured 15 people.…

APC Restructuring Panel Recieve Praises For A Job Well Done
Best of Nigeria
45 views
Best of Nigeria
45 views

APC Restructuring Panel Recieve Praises For A Job Well Done

PH - May 25, 2018

Governor Seriake Dickson of Bayelsa State has praised Governor Nasir El-Rufai of All Peoples Congress panel on restructuring for doing a good job stressing that Nigeria was…

Insecurity: Zamfara Assembly Writes To Minister Over Incessant Killings
Buzz & Trends
56 views
Buzz & Trends
56 views

Insecurity: Zamfara Assembly Writes To Minister Over Incessant Killings

MT - May 25, 2018

Zamfara House of Assembly has directed its secretariat to write a letter to Minister of defence, Mansur Dan’ali, over incessant killings and security challenges in the state.…

Actor Jigan of ‘Sho-Mo-Age-Mi’ Fame, Writes About His ‘Yahoo’ Days and It’s Touching
Best of Nigeria
54 views
Best of Nigeria
54 views

Actor Jigan of ‘Sho-Mo-Age-Mi’ Fame, Writes About His ‘Yahoo’ Days and It’s Touching

MT - May 25, 2018

  According to Jigan, he has lived a flamboyant life but helping people has been his major thing as he can give someone his ‘last kobo’. The…

Victor Moses to Miss Super Eagles Match Against DR Congo as Mikel, Others Arrive in Camp
Sports
56 views
Sports
56 views

Victor Moses to Miss Super Eagles Match Against DR Congo as Mikel, Others Arrive in Camp

MT - May 25, 2018

The Super Eagles official twitter handle on Thursday, revealed that star player, Victor Moses will not be present when the Super Eagles take on DR Congo in…

Nigerian Author, Chimamanda Ngozi Adichie, Adresses Harvard’s Class of 2018
Best of Nigeria
58 views
Best of Nigeria
58 views

Nigerian Author, Chimamanda Ngozi Adichie, Adresses Harvard’s Class of 2018

PH - May 25, 2018

Writer and speaker Chimamanda Ngozi Adichie gave the class day address to the Harvard Class of 2018 on Wednesday. Chimamanda, characteristically, had a lot of jokes, but…

My Neighbour Beats Pregnant Wife Everyday, Man Raises Alarm On Twitter
Buzz & Trends
53 views
Buzz & Trends
53 views

My Neighbour Beats Pregnant Wife Everyday, Man Raises Alarm On Twitter

MT - May 25, 2018

An Abuja resident has raised the alarm about his neighbour, who beats his pregnant wife day and night. The man, who identified himself simply as Biba, raised…

How Former Employee Allegedly Dupe Folorunsho Alakija Foundation Of N3million
General
42 views
General
42 views

How Former Employee Allegedly Dupe Folorunsho Alakija Foundation Of N3million

MT - May 25, 2018

Mrs. Folorunso Alakija, one of the richest women in Africa, on Thursday revealed to an Ikeja High Court how she was duped by Vincent Ayewah, one of…

Loading...