Funding Your Startup at Its Early Stage

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F unding can be quite tedious when launching out, especially for startups in third world countries like Nigeria or technical founders who have little or no idea how this things work. Over the years though, it has gotten a whole lot easier and at the same time difficult to fund startups because of the numerous innovations that are introduced day by day, therefore, the increasing number of startups compared to the available funds. In this piece, we are going to explore practical ways to source funds at the early stage of your startup so that you can get that idea of yours rolling.

Fund yourself

You have to be ready to invest your money and resources before any investor will do. Although the money might be in its smallest amount, it would go a long way in showing how serious you are till the “almighty” investor comes. Often times, the question remains, how do I get money to fund my startup from my pocket? The answer usually is to get a side job that will at the moment pay the bills.

Family and Friends

The early stage of your startups is when you need to market the idea the most to attract well-wishers, family and friends. These are the category of people who knows you in and out, and will be giving you some money not because of the prospects of your startup but mostly because you have always exhibited a good character and they want to see you do something meaningful with your life. Most times, you only get one shot. So use it wisely.

Get an Investor

There’s a low chance of getting an investor at the early stage of your startup except your idea is a really good one and your business plan just seem irresistible. Most people will rather invest in a startup that has grown past the early stages and has begun to have a certain proportion of the market share, no matter how small it is.

Extra Point: Consider Incubator Funding

There are numerous incubator programs like Idea HUb, Leadpath and their likes. If you can successfully get your startup into any of these programs, it’s becomes a win situation for you. Also, incubator programs give you the option to network with other people and forge business alliances that could turn out to be very lucrative in the long run.

Author: Yemi Olutoye