Ndidi Olabamiji asked:May 10th, 2017 16:23:39
1. How do you take your business to the next level without borrowing from banks? 2. Can the panelists create another forum for women who have come here today, to support them financially no matter how small? Somehow you should find a way to select the genuine entrepreneurs to support. This will serve as a follow up project.
1. How do you take your business to the next level without borrowing from banks?
Seek alternative sources of income, other than the banks. There are basically 4 main sources of financing:
More Equity: Can you get other like-minded people to invest? Can you showcase your business and get people to believe in you and invest in it? For this you need to show the viability of the business and demonstrate that it now needs to grow to the next level. Prepare a business plan with cash-flows. All the information you need to do this, is on the internet. Even if they potential investors don’t have cash to invest, would they be willing to invest resources, assets, supplies, goods etc., which would help you grow??
Supplier Finance: Who are you supplying to? If you have developed a good reputation for your product and service quality with your customer(s), would the Buyer of your products be willing to order upfront and pay in advance for them?
Your own Supplier: If you have a good reputation for paying, with your main product supplier – would he be willing to supply you in advance, and so help you grow the business?
Non-Bank Financing: Such as crowd-sourcing, micro-finance, etc. If God is taking you to move your business to the next level, - prayerfully research how HE intends to help you fund this. Let us not walk outside God’s ability to also grant us wisdom and guidance.
2. Can the panelists create another forum for women who have come here today, to support them financially no matter how small? Somehow you should find a way to select the genuine entrepreneurs to support. This will serve as a follow up project.
Will leave this to WiLS to follow-up on this. It might be a crowd-funding type of scheme where the burden is not too great on any one person, but designed to help women get their visions off the ground…. I am sure several women would be happy to give back and support this.