It is very possible to start a business with little or no capital in Nigeria but for you to achieve this, you need to be focused, dedicated and disciplined.
Starting a business with no capital is doable but it is not for lazy people. It is doable for those that are hardworking and are willing to try.
I will be discussing some strategies that you can use to start a business if you have little or no capital at all
Start a Business with Your Skills
One of the best ways to start a business with little capital is by building the business around your skills. You can easily use your skills to help others and you get paid for doing that.
Imagine that you have good cooking skills, you can actually use it to start a food restaurant business, thereby helping people who don’t know how to cook or don’t have the time cook.
Let’s say you play the guitar, you can start playing bands and clubs of which you get paid for it.
Use the Resources You Have
At every point in your life you will always have resources at your disposal but what you don’t know is that those resources can serve as a source of income to you.
Some people make money just by renting their resources to other people. For example, let’s say you have a video game you can allow others play it and then they pay you for playing it or Let’s say you have a car, you can actually use it as a taxi and make money doing so.
Start Your Business as a Marketing Consultant
You can start a business as a marketing consultant whereby all you do is help companies sell their product and you get paid commission for each business transaction.
This type of business doesn’t need investment in product creation, all you need to do is help the company sell their product and you get paid.
For instance you can meet with a real estate firm agreeing to sell their lands and houses then you can meet with your friends that are interested in buying houses or lands and you sell the properties to them. By so doing you would have made money without spending much.
Collect Upfront Payment for Your Service
One way you can do business with little capital is by receiving upfront payment from clients for services you offer to them.
You don’t have to collect all the money upfront, you can demand for half payment upfront or negotiate on the percentage you want to collect from your clients.
This method of running business will allow you have the needed funds to execute a job given to you by your clients run your business smoothly.
Get a Business Partner
When you have a business idea and you don’t have the funds to start the business, it might be a wise idea that you look for a partner to fund the business.
The way it’s going to work is that you are going to be the brain behind the business; you will come up with a business plan and also execute the business plan. Your partner’s main function is to supply the funds needed to run the business and you can share the profit made from the business.
Get a Job
When you want to start a business and there’s no money to start with then you should get a job. Make sure you save part of your salary and when you have saved enough then you can use the funds you saved to start a business.
It is a rare thing to do business without spending money but you can start with little capital or use some of the strategies discussed above and as you start making profit you can reinvest part of the profit back into the business.
The mistake a lot of people make is spending all their profit on something else without reinvesting it, you should avoid.