5 Strategies for Financing Your Small Business Idea

Financing that small business idea is a major hurdle many face when the opportunity comes to kick start the vision. As it is true that, having passion for the business is essential, one needs to answer the funding question.

In our TSH Facebook Community, members attempted to answer the financing question of a startup owner. The following are the solutions provided. Note: Some of the solutions are overlapping.

1. Readiness for opportunity

“Funding can be tricky. Either you save money to pursue a dream later, or you fine tune your plan to present to family members or friends or contacts you meet at networking events. There are people with money who are open to the idea of being part of a great idea. So just make sure you’ve worked out the amount you need and how much you’ll make after a period of time. There’s no science to getting it. Just readiness and opportunity and chance.” – Augustine Gyimah Osei, Co-founder of G.Force.

2. Friends and families

“If he pitches the idea to friends & family, he would be amazed by the amount of capital he can raise. It’s easy that way because there are no strings attached.” – Dilly Gordon Churchill, Founder of Startup GH.

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3. Form partnerships

“In mobilizing for capital to start a business, you need to know how much is required for that business. Once that is done, you then look at the opportunities available for you. You may start with your own savings, donation from friends and families. You can also partner with someone who has the money. You may have the idea but somebody also has the money, you need to partner that person to start that business.” – Desmond Hortor, Student Entrepreneur.

4. Start with the little you have

“Most importantly, we always advise that startups understand that the corn is just a product of a seed. You can always start with a mite that has the potency of growing to be mighty for example, as a startup. Why do you borrow to publish 5000 books in stock while you can work on a few, sell them quickly and reprint. So while you hop around telling your vision and story to almost everybody in the name of sourcing for startup funds, start something with the little, and all other funds shall chase you.” – Sam Rhema, CEO of Sam Rhema House.

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5. Personal Saving

“I think the best way to raise capital for startup businesses in Ghana (Africa) is by saving for sometime or requesting some money from family or friends. Then re-invest your profit into the business, talk of SMEs and also cut down on expenses.” – Gamel Adam, Founder of Gamel Clodin.

You can join the conversation by providing your own solutions to the funding question for small businesses.

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