The question on how to start a business without money is now becoming alarming. So, I decided that I will be dwelling on it in this post. As economic conditions have gotten tough, many people are looking at ways to either create additional income or break free from the uncertainties of the job market altogether. Is it really possible to start a business without money in Nigeria? The answer is a resounding yes!
In one breathe, analysts will point at the high cost of doing business, inadequate infrastructure, fluctuating government policies as disincentives to investing or starting a business in Nigeria.
On the other hand, the reasons that are advanced for setting up a business in Nigeria include abundance of human and natural resources, huge markets as well as other favorable factors.
Consider that an individual desire to start an importation business, but does not have the capital. Does the potential business owner give up and throw in the towel? Or does s/he seek for innovative and pragmatic ways to kick-start the business?
Do you have a business idea in your mind that you would like to venture into but you don’t have the money? The following ways can help you start a business in Nigeria with no capital:
Have a Change of Heart
The first to starting a business with no money at hand is for you to first believe that it is possible. Because if you don’t, no matter what any business guru tells you, you will not believe him or her. Even after reading this post, some people won’t still believe it is possible. Not my fault though!
This path can also be referred to as re-orienting one’s mindset, in order to create room that is indeed possible to start a business in Nigeria with no capital. While many are of the opinion that money is an essential criterion in establishing a business, many real life examples exist of people who began their entrepreneurial journeys without cash.
A major plank on which this mindset of re-orientation is built on is that the idea of the individual desirous of starting a business is more important than the cash required.
Perfect the Idea
Following from a re-orientation of the mind, the individual must adequately shore up the idea that the business will be built on. The idea of the individual is the most important factor in the entrepreneurial journey. The idea, once chiseled and passed through the furnace, can begin to attract the means and resources needed for the business to begin operations without the input of cash/money.
Do you really need much money to launch the business? Have you bother to think about the possibility of starting the business with little or no fund?
Commence the Business Immediately
This action step derives its importance from the scientific fact that a body will continue in its state of rest or uniform motion unless it is acted upon by an external force. It is important for the individual wanting to set-up a business, to immediately kick start operations and penetrate the market.
Once the idea has been finely tuned, the owner can start off with what is at hand, even without financing. Later on, on the momentum derived from taking first important steps, other required resources will be attracted to the business.
Start from Home
Starting a business in Nigeria with little or no capital may involve the business operating from one’s residential quarters. Also called a home-based business, this arrangement will ensure that huge rental costs associated with business premises are avoided.
With a home based business, the business owner in Nigeria can begin to process orders and service customers, while gradually building up capital; in order grow the business, which may include acquiring office space in the future.
Put off Hiring Employees
Even if the business requires the engagement of members of staff, one can begin a business in Nigeria without capital, and without hiring employees. Salaries, commissions and wages turn out to be a burden for fledging businesses especially at the uncertain stages of inception.
The business owner can play multiple roles of being the business director, accountant, secretary as well as other designations until such a time that the financial state of the business stabilizes.
Start a Service Based Business
Starting a business in Nigeria with no capital can also involve the entrepreneur setting up a service based business. This kind of venture does not necessarily need capital. A barbing salon, a laundry, home teaching services can be embarked upon and as the service grows, the business will begin to amass earnings and revenues in the long run.
Seek Partnerships with Trusted Suppliers
Starting a business in Nigeria without no money will entail the savvy entrepreneur thinking outside the box, in this business climate. A pragmatic step that can be taken is seeking partnerships with suppliers of the goods and products that the business will be selling.
Suppliers are usually open to listening to requests for advancements in stock but the receiving business must show that is trustworthy and will pay up for goods received as at when due.
Engage in Entrepreneurship Competitions
Another veritable means of starting a business in Nigeria without your own capital will be to enter for various competitions that reward entrepreneurial endeavor. The winners of these competitions are usually granted interest-free capital and financial facilities as well as other resources that include business club memberships, mentoring contacts as well as marketing resources.
The savvy business investor in Nigeria can take advantage of these business opportunities by presenting a viable business plan based on a sound business idea, as well factoring on the SWOT analysis (strength, weaknesses, opportunities and threats.) of the business.