In Africa, accessing funds and capital to fund your idea, startup or business is a big struggle. The narrative has started changing as many innovative and disruptive startups have started finding creative ways to wooing investors to Africa.
Likewise, hundred of foreign investors, venture capitalists, Angel investors and incubators are trooping into Africa to meetup and fund innovators and inventors.
This has become delightful news to many entrepreneurs and aspiring startups founders. Don’t be left out of the game. Join the likes of www.agromerchant.com, www.farmcrowdy.com, and many more to receive either of grants, seed capital, additional funding or refinancing to get your business started or scaled.
What works do you need to do to stop struggling to fund your business? In this article, let me show you how you can strategically position your startup for funding.
There are many ways to help you stop struggling to fund your business. You can get the free guide here. I will just quickly give you a tip of the iceberg that will spur you to action fast.
5 ways that you will need to quickly position your startup for funding like grants or seed capital
1. Your startup must be disruptive and innovative
2. Your startup must socioeconomic driven
3. Your startup must have the right team from onset. Don’t start a business without first building the right team. In your team you must have people with the right skills and expertise. Technical, financial and marketing skills among others are essential.
4. You must have a product design instinct.
5. Your startup must address a massive and global need.
While there are many source of funding, many Entrepreneur still labour in difficulties to fund their business/startup. With all efforts proved abortive, you have tried and struggled for people or friends to borrow you.
As there are lots of expenses/bills in both your personal and business life that you need to solve and therefore you will accept that at some point you’ll need funding whether you’re just starting a business or you seek to expand.
You can use one of these sources I’m about to list and your idea will be birthed, your startups will blossom, your project will flourish and your financial status will experience a swift paradigm shift.
Different Sources of Funding
1. Crowdfunding: This is a way you use to raise funds. There are sites like Kickstarter that allows you to raise money to fund your business or project.
2. Bank Loan/BOI: Other way to fund your startup or project is to apply for Bank Loan. In other view, you can also receive loan from Bank of Industry (BOI) if you meet up their requirements.
3. Family and Friends: Your family and friends are great channels to get fund for your idea/business. You can raise funds from them by borrowing or giving then the reasons and opportunities to invest in your idea.
4. Angel Investors: There are organizations such as ChanZuckerberg Initiative, Omidyar Network, that appreciate tangible ideas and are ready to fund your startup. All you have to do at your end is to attract them to your idea/startup.
5. Business Partner: if you have some capital for your business but not enough then finding a Business Partner will be a good option for you. Business Partners are people who have interest in your idea or business nature and are willing to support it with money.
With many more other sources and options you can go for. You should also know that each sources surely has its own advantages and disadvantages. But they are the best ways to stop struggling to fund your business idea/startup.