Starting a business no matter how small or big needs a startup capital. Many ideas remain in the head or on paper because there is no fund to startup. This post is simply a strategy of how to run for debt, read and practice.
In the quest for startup capital, many startups have run into debt which in turn killed the businesses. In this piece, we have simple and amazing ways to start a business without running into debt.
Start with your own money
The fact is that any business can kick start with any amount available with the person that owns the vision. The money may not be up to 1% of the startup capital but definitely, it can start something. Look into your business idea and what can that 1% start with? It may require you start small. It may require you start from your room. That is your best bet.
So, if you want to start your business and you don’t want to ever think of paying back debt in the first year of starting, the best option is to start with your own money.
Suggested Read: 5 amazing ways to fund your business startups in Nigeria
Get a financial partner or co-founder
Ideas are no respecter of anybody either rich or poor. In as much you can think and put your thinking into writing, business ideas are everywhere. So, you may not have any money but the idea.
How will you now start without running into debt? Get a financial partner or co-founder. In this aspect, the financial partner is majorly coming on board to fund the idea and in return goes with equity or stake as against debt.
Grant has helped many businesses come into limelight. Many ideas would have remained in the brain or on paper without grant. So, there are so many equity and debt free grants flying around.
Get your business plan ready and ready to apply to as many grant giving organisations to fund your idea.
Work and Save
If you truly don’t want to run into debt starting your business, then you need to get some work to do and save to start your business.
The idea is, you provide services relating to that your idea so as to get more insight. While you get paid, you learn on the job as well. Let’s assume your idea is to start a television station that communicates with pidgin English, working with Channels TV for some time won’t be a bad idea. You get paid, save and learn as well.
I have always run for debt as far as possible and I always encourage entrepreneurs to do same. Use the above strategies to startup your business and run for debt.