How to Start a Business With No Money In Nigeria in 2021

How to Start a Business If You Are Poor (With No Money or Credit) In 2021

Who says you need millions of dollars to bring your business ideas to life? Many aspiring entrepreneurs out there put their ideas and plans on hold just because they lack cash or good credit. It is all too easy to think that your business will only get off the ground if you are loaded or get some significant funding. However, this is not always the case. The good news is that there are several ways to start a business with no money in Nigeria in 2021, a few of which are the following:

Evaluate Your Business Idea

There are times when you might think that you have the best idea, but the moment you start pitching or explaining it to other people, you end up realizing how hard it is to sell the concept. Even if you have little to no startup costs, it is crucial to ensure that your idea is solid enough to make it worthy of your time and effort. You are not too poor to start a business.

Look for Free Resources

There are now many free resources to learn all the things you need to know when it comes to starting a business. Start by searching online and going to the local library to find quality business advice for free. You can also try using online platforms, so you won’t need to spend your hard-earned money on those fancy trappings you don’t need just yet. Again, you are not too poor to start a business.

Reach Out to Support Communities

Diving into entrepreneurship isn’t something that you should do on your own. The truth is that joining both digital and in-person communities of like-minded people can work wonders when it comes to helping you move forward. You can try attending trade shows and events where you may find potential investors. You can also use the different social networking platforms to access various communities online, where you can get helpful support and advice to turn your dream business into reality. It is very much possible to tap into that vast resource of advice, knowledge, and funding that other people offer with no need to spend a dime. Once again, you are not too poor to start a business.


Search for Alternative Options for Funding 

If you lack the money needed to start your business, there are several options you can consider aside from traditional business loans. 

  • Family and Friends

Is there someone in your family who might be generous enough to invest in your business? Do you have a friend who also wants to embark on a venture? Try reaching out to them for help. Now, remember that for this option, things can become a bit prickly. Always be careful and ensure that there is a clear written agreement. 

  • Accelerators and Incubators

Accelerators help grow established companies in their early stages, while incubators are meant for new companies. These programs are often intense, with participants giving away some chunk of their company’s equity in exchange for mentoring and guidance. 

  • Grants

There are thousands of grants out there for business ventures. You can search for these from state and federal government entities and different corporations for community development. Though it may seem scary to start your own business with no money, things will work as long as you have a genuine passion for what you are doing. 

Final words 

You are not too poor to start a business.

Segun Alabi

Segun Alabi is a news reporter at HotNaija. He covers a wide range of topics including news and celebrity showbiz

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