Sometimes individuals are quick to give up on ideas with great potentials capable of unveiling great results and innovation, on the back of little or no fund to see through its development stages. While scholars have argued back and forth on which is most should be considered with utmost priority – the idea or the fund – this write stands on the fact that starting/growing your business with little or no funding is very much possible.
Day to day conversation with friends and acquaintances, the chorus of “no fund/money” to undertake that business is rampant despite fecund imaginations which is abundant in the minds of Nigerians. Nigerians are very entrepreneurial and the fact that we are faced with many challenges bothering on better living standards and governance is a big opportunity to be creative and impactful. Yes, of course, it can be exasperating being inspired but lacking the funds to implement such inspiration.
In growing your idea with little or no funding, you may need to consider these steps and strategies.
Most importantly, you must understand that identifying a need within a society affecting the people is key. People are always willing to pay for things that they perceive will make life easier for them. There lies the first step to growing your business even without fund. Over the years, it has been recorded of persons who got sponsorship from organisations who perceive their ideas will go a long way to solving the plethora of challenges faced by Nigerians.
Gain traction
Whosoever you may be, you are either identified with one organisation, group, gathering, church, mosque etc or the other. After identifying a solution to the needs of the people, it is wisdom to start gaining traction from those groups that you belong to. You could start by innovatively marketing your products either at a low cost or no cost to this group, obtain feedback and get referrals to expand further. This speaks also to the need to maintain a good relationship with people around you as many a time lack of fund isn’t just the major hindrance to idea/business growth but character flaws.
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Leverage on exiting technology
The world has gone digital and through technology, it is easier to reach larger audience that those around you when marketing your products or your business. With over 200 million internet users, over 3 million active websites, over 50 million active Nigerians on Instagram to mention but a few, then you can imagine how endless the opportunities are for you to explore. One major advantage to this is the little or no cost technology brings to the table. Just with your mobile phone and at least a 1gig subscription on any of the available networks in Nigeria – which is just about N1,000 to N1,500 – you are connected to the world.
Partnership
Who said that a business must be run by just a person? A conceiver of an idea doesn’t necessarily need to be the funder of the business. There are people looking for a promising opportunity to invest their idle funds in. Also, if you have an idea or product you want to offer, you can think through the value chain. Referencing Udoka Ozurumba, “you are good with digital marketing and search engine optimisation; you can collaborate with a website developer to offer better services to clients by adding more value to their online presence.”
Sell services first
If it is product you want to create, it may first pay you sell services first which is easier to start in order to generate cash flow needed to fund your product.
These are just few points but important and basic ways amongst several options you could use develop your idea with little or no cash.
