As an entrepreneur, you might be thinking about creative and unique ways you can fund your startup business this New Year.
There are so many start-ups springing up in Africa; helping to solve problems and being of benefit to the public and different fields of endeavour.
However, when starting a business, one of the things to consider is funding. Funding is important as entrepreneurs need money to do different important things for the growth of their businesses and here are some creative tips for you:
- Can you do those things yourself? Those things that you need to pay someone to do for you, can you do them yourself or can you learn how to do them yourself? For instance, if you want to create a design for your business, can you learn to do that for yourself for now, then later on, you can hire someone to help you do it? This is one of the creative ways you can help your startup.
- Alternatives: you need to also think of other alternatives you can use instead of something that will involve loads of money. For instance, would you rather hire freelancers or hire full-time staff which then will require to get an office and pay for rent. Can you work in co-working spaces where there are other facilities like internet, printers, e tc. in place, before you get your own office?
- Funding contests: every year or month, there are so many funding competitions that come up that people can enter for. You might also want to research on one of them and apply for the ones that you want. Some are international, some are local, while some are continental, etc.
- Crowdfunding: there are also so many websites that you can use as a platform to pitch your business to the public, so they can help you with funds. However, be sure to choose the right crowdfunding website when doing this, you can research on them. In addition, ensure you pitch your business the right way.
Are there other tips you know? Kindly share them with us in the comment section below!