The first question I ask aspiring entrepreneurs I come across is: What is holding you from launching your idea? And most times, the response or perhaps excuse I get is: Lack of capital.
I understand that capital is a determining factor in launching and running a venture, but if you are not so lucky to get a windfall or you believe that fortune smiles only on those who work hard, then you have to find a way to raise capital to start your enterprise.
One of my mentors would say: 10% of something is better than 100% of nothing. In this view, it is better to grab the opportunity of raising some percentage of capital needed for your startup, instead of waiting for opportunity than may never come.
In this post, I am sharing business ideas that can create opportunities for you to raise capital for your startup ideas. I will classify the businesses under 3 sectors below:
(1) SERVICE: Design(Online) and Advertisement.
(2) PRODUCTION: Handcraft.
(3) MARKET: Retail.
(i) Design: Web design, Graphic design and 3D. Website is a resourceful tool that helps in presenting stories of business, brand, organization, country etc. Graphic design on the other hand captures the attention of people through combination of text and images. 3D changes the view of computer graphic to look like
What is needed?
Basic design skills, creativity and positive mindset.
Tools needed: A computer, internet, software/app (some are free, some are paid) a desk and phone.
Office: I presume you have a place to lay your head; that is your office. You do not need to incur unnecessary expenses when you are on a mission to raise huge capital.
How to get client: I would recommend you build a portfolio by making a demo or prototype of your work and share it with your circle online and offline. Share the demo on social media and online fora, where you can get most of your clients.
You can also join association and groups consisting of people who would likely need your services, then take the advantage to tell them about your work.
Offer some free services to potential customers. I call it bait. But make sure the free services you are worthwhile projects that will present your image in high profile. Bait should be enticing, so as to hook big
(ii) Advertisement. (Online and Offline)
A flourishing business or brand needs advertisement likewise a dying one. A company that just opened its door for business needs to reach out to people to announce its emergence and to introduce its services or product to the public; even a winding up firm makes some awareness about its situation.
Imagine a company that needs to offset its assets to settle debt, it still needs to communicate the sale of the assets to some people; doing this is a sort of advertisement.
Advertising strategy may differ, but the goal is to call the attention and persuade the public patronize a business or brand.
You can earn money from advertising for brand (individual or business), company, organization or community. The marketing world have several models for advertising services and products, which could be online or offline.
What do you need?
Excellent communication skills.
As someone who is trying to raise fund to launch a startup idea, you do not need a big office or sophisticated tools to deliver effective service.
However, some tools are necessary. Below are some of the tools needed:
Photo camera ( not necessarily professional ).
Social media accounts.
Magazines and books ( Inspiration and ideas hide inside book)
Handicraft: Handcrafting of household items may help you in raising some fund for your startup. It may not be necessary to go through industrial manufacturing before production of some goods and items are achieved.
Some household items like furniture, clothing, accessories, beauty kits, cosmetics and novelty gifts cost less to produce, especially if you are producing in larger quantity. People tend to trust product they know its production history and background, and if the price is not too high, they will patronize such product.
Production of handicraft can also help you in raising capital through relatives and friends, who would buy your handcrafted goods to encourage you.
What do you need?
You need skills in the production of some of the items I mentioned earlier.
handcraft an item, then apply or use it to the notice of people. If they ask you about it, seize the moment to market your item or raise topics relating to the item and take it is an opportunity to tell them about
your handcrafted good.
Have you come across a word like: Retailers are king? Yes, it is a true assertion. Retailers help manufacturers distribute their products, even
to the remotest neighbourhood of any city.
By retailing some items that are scarce in a small community or city, you can raise capital to launch your startup. I have practical experience in retailing and I raised decent capital from it to fund part of my real estate enterprise.
What do you need?
Identify goods that are scarce, costly or not easily accessible in your community, town or city; find a link to manufacturers or wholesalers of such item in other region of the country or abroad, then make a deal to purchase such item as a retailer.
If you buy in bulk, you stand a chance of getting huge discount price on the goods, which will help your markup price.
Tip: Buy some high quality items, create a social media page ( I recommend Facebook and Instagram ), promote the social media page and start selling your goods.
I would advise you to start doing something to raise capital for your startup idea, instead of waiting for investor’s capital that may never come. It is easier for people to invest in you, if you are already doing
something than to put their money on someone who has idea only.
This platform is created to share knowledge and learn from people’s experiences. You can write your opinion, comment, tips or even criticism in the comment box below the author’s bio.
He is an entrepreneur, writer, barber and interior designer. Abiodun discusses and writes about entrepreneurship, leadership, business and economy.
He has interest in luxury, art, fashion, travel and technology.
Abiodun is passionate about sport, particularly football (soccer) and boxing.