By Badero Olusola
Continued...
In continuation of this series from yesterday, I will emphasize more on how you can raise money through "Crowd Funding" for your business, legally.
Recap
This article is on 'how you can break the jinx' of economic stagnation as a young man or woman in thei present day Nigeria or wherever you may be.
The concept of raising money for your business ideas by collaborating with other people of like minds in establishing a viable business venture.
"Crowd funding", is the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet."
What you need to set up a solid business group via crowd funding;
• Get a pen and paper to put your business idea in writing
• Get a budget
• Find market for your business around your area and beyond. Spread your tentacles and dream big
• Discuss your plan with the people who can invest in the idea and explain their status in the investment. Be specific and imaginative if you have to.
• You will need a good business or investment lawyer, from a reputable law firm/chamber that can set up a partnership legal framework for your group
• Use the Internet for more opportunities for your business. You must have your targeted consumers -- possibly around the world. Agricultural business will earn you more forex in this area.
There are friends who are planning to start small businesses, albeit independently. For example; if your friend is planning to invest his money in Telecommunication business - recharge cards so to say. And you plan opening a phone shop, in a small way. Maybe another friend is planning to buy a bike for commercial purpose; the three of you can come together with your money and invest in a bigger, well organized recharge cards business. 'Your return will be determined by your investment.'
'It is better to work with two heads than one.'
That is why you need a good lawyer that can work out the best partnership deal, supported by law, and beneficial to all party in the long run.
"Pay your bills, yes. But don't invest in them. Invest in your dreams. What you invest in grows." - Suzette Hinton
The next series, which is the conclusion will be on what sorts of business you can raise money to fund.
...to be concluded
Stay tuned!
Maiyegun General
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