Lawrence Umukoro's Blogs

Here are 5 easy ways to get that money you need.

1- Search Yourself: How much are you worth? A lot of people have not weighed their abilities and have no idea as to how they can monetize their skills and passions. Are you a graphics designer? Can you teach music? Can you act as a business consultant? Do you love photography? Can you tutor kids? Do you love fashion and can consult as a stylist? There are tons of ways you can monetize your natural skills. There are many things you can do with just a laptop or a phone from home. Speak to a personal coach like lawUMK (lawumk@lawumk.com) and have him reveal to you those critical skills that occur naturally to you. Monetizing these skills can be the first step in raising much needed funds for your future plans.

2- Search Your Home: Most people have up to R50k worth of stuff just sitting around in their homes. Some have stuff they do not need. 2 phones, 2 laptops, a tv in the lounge and another in the room, hundreds of shoes, clothes and fancy equipment in the kitchen they do not know how to operate. Have a yard sale or speak to olx. Getting rid of these items might give you the much needed floats to start running your business.

3- Search Your Family: Not everyone has a rich dad, but most people know of a friend who has a rich uncle. You may need to share your business idea and release some ownership to a family member or friend who is in a position to link you up with the money. The theory of ’6 degrees of separation’ is very much real. Don’t be stingy in the early stages of your business. If you are not good in convincing people to do things for ‘free’, pull in a partner that is connected to the money, weigh the cost of doing business with him versus your expected outcomes then make him an offer.

4- Search Your Cities: Know your city. Almost every major city has an economic development ecosystem. Find the relevant people within those systems and learn how the cash flows. Knowing the people who run tech councils, incubator programs, and government-funded seed stage programs is key to getting an upper hand on gaining these investments. Remember to attend industry events within your cities and network, network, network.

5- Search Online: There are tons of online competitions for virtually anything you can think of. Search online for these opportunities and if your idea is strong enough, you will go far. Remember looking for funding is like looking for a job. Your business plan is your resume and your potential investor must be able to understand your idea at first glance. Also look for grants and speak to established companies within your industry for ways in which they spend their CSI cash.

As with all things business, there are no guarantees however a great idea and an even greater execution plan will give you the greatest head start possible.

Follow @lawUMK (Lawrence Umukoro)
Vongai Mudzamba
1y
where is the rest of this article?
Vongai Mudzamba
1y
Thanks Lawrence!
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