How to get the funding you need for your business

  • Home
  • Our Blog
  • How to get the funding you need for your business

How to get the funding you need for your business

Starting a business takes more than just a good idea and hard work. It also takes money, regardless of what type of business you’re planning to start, the question of how you plan to fund your new business is the one that weighs most heavily. It can seem like an impossible task to find the money to fund your new business, it’s not as difficult as it may seem. There are many ways to get funding, but not all of them are right for every business.

Here are some of the most common options to fund your business: 

  • Angel Investors: They are high-net-worth individuals who provide capital for early-stage startups or entrepreneurs in exchange for equity ownership or convertible debt. They are referred to as angels because they typically invest in companies that are in their infancy.
  • Venture Capital: This refers to a type of financing provided to early-stage, high-growth companies that have the potential to become significant players in their respective industries. Venture capital firms invest in these startups in exchange for an ownership stake or equity in the company. The goal is to support and nurture promising startups through their early stages of development and help them grow into successful and profitable businesses.
  • Crowdfunding: This is a process of raising funds for a project or venture by soliciting a small amount of money from a large number of people, typically through an online platform. It offers a way for individuals and organizations to access capital and support that may be difficult to obtain through traditional funding sources.
  • Bank Loans: Bank loans are financial products offered by banks to individuals, businesses, and organizations that need funds for their established businesses or startups.  If you’re finding it difficult to get a bank loan, perhaps due to poor credit history,  it could be time to look at alternatives such as loan companies. 
  • Grants: Grants are financial awards given to individuals, organizations, or institutions by government agencies, foundations corporations, or other entities. Grants are generally non-repayable, meaning they do not have to be paid back like a loan. To obtain grants, individuals usually need to submit a grant proposal or application that outlines the project or initiatives they wish to fund.

Whichever method you choose, make sure you have a solid business plan and understand the terms and conditions of the funding before approaching potential funders, make sure you have done your research. Know what they look for in an investment, and be prepared to answer their questions.

And finally, be realistic about your needs and try not to ask for more funding than you need. 

You can get quick access to business loans of up to N1m at QuickCheck


%d bloggers like this: