If you’re reading this, I hope you have started investing, if not, it’s not too late to start.
Our savings and investment app is launching soon. Subscribe to our Money Notes newsletter to know when it’s ready, and you can start diversifying your investment portfolio with NGN and USD investment products.
Stop waiting for that uncle or aunty that promised they will help fund your business, use the resources available to you.
There are a number of freelance sites like Fiverr where you can trade skills for money and build up your savings. If you are into writing, video editing, web design and more, the opportunities on this platform are endless.
You can also explore offline side gig options that help you learn more and build complementary skills. For example, if you are good at photography and editing but don’t have a camera, you can get a paying side gig as a photo editor.
Apply one skill to make money and save towards getting the other things you need to spend on for your business to get started.
Put out ads on your social media to let your network know you are available to offer your services and be sure to charge what you are worth!
If you need to create an online store to sell your goods, you can do that on platforms like Flutterwave, Instagram or Whatsapp instead of trying to build a website.
2. Get a Small Business Loan
Before you can start applying for a business loan, you’re going to need to have a well defined business plan. There are a lot of small business loan opportunities out there, you just have to be on the look out and ensure you are a suitable candidate.
If you are working a 9 to 5 or you have clients that pay for your services, it is important to start saving up a portion of your money towards fully starting out your business.
For instance, if your friends and family pay you to do their makeup and there are some kits you can’t afford to buy yet in order to improve your business, then save up money.
This way, you can eventually buy that makeup chair, ring light and other things you are in need of. Focus on the necessities. If you intend to own your own studio eventually, that’s a long-term saving goal you can work towards.
4. Search for Business Grants, Sponsorships and Local Opportunities
Do you have a unique and interesting business proposition that is sure to catch the attention of an investor and generate income in the long run?
Then you should look out for international and local grants and opportunities that will help your business.
With an effective business plan that shows your business is scalable, you’re sure to get a grant. Women can look out for grants, fellowships, and more on AGS Tribe, you can also apply for Tony Elumelu Foundation Entrepreneurship Programme. There are many more grants and programmes you can find online.
Starting a business isn’t exactly a bed of roses, but it shouldn’t terrify you either.
In order to start your business, you need to come to terms with the fact that you might not make a profit immediately, it can be a slow process and you might even make losses at the start.
So, once you have decided to put some money into your business, make sure you are putting a reasonable amount that you are willing to let go of if losses spring up.
Don’t put all your money in the business, instead focus on growing with what you have and cutting losses. Investing in your business is a big step and you need to be ready to take it.
8. Get a Business Partner
It’s never too early for this. You can pitch your business idea to a friend or anyone in your network who is likely to show interest and see the potential for your business growth.
This person should be someone who is able to bring something to the table in terms of either skill, resources, or/and networks.
If you are only good at executing work and you struggle with handling finances, then you need someone who knows their numbers well, maybe an accountant to work with you.
When it comes to marketing, if creating content and relating to people is not your strongest forte, this is something you can learn and get better at till your business is up and running and needs more hands on deck.
Otherwise, you can get a business partner willing to take on this role.
So what are you waiting for? Get your business started today. You can share this article with a friend who is considering starting their own business too.
Do you have a business already and you would like to share how you started making money? Reach out to us on email@example.com, we would love to hear your story.
I have been around since Yakubu Gowon was the President of Nigeria and I have never felt more useless.
Clearly, no one cares about me or even remembers that I exist. You see, back in the days, I used to be a big deal.
Even more recently, like in 2001, you could buy at least 3 cubes of Maggi with me. Now, you’re probably spending around 50 naira to buy 5 cubes.
Before, any child would have been lucky to receive me as a gift. Today, when you see me in your wallet, you wonder how I got there.
You can’t even buy pure water with me.
The biggest mistake the government made was to upgrade me to polymer notes. Abeg, just shred me into pieces, let Tafawa Balewa rest… let me rest.
48 years in circulation
If we are being honest, when last did you see me? When last did you need me?
It’s things like this that make me question my existence.
When you give a vendor 50 naira for an item worth 40 naira, instead of looking for me, they will give you another item worth my price or you will tell them to keep the change.
I am that naira note that is forced into your thoughts sometimes but is rarely ever in your hands.
People only get excited to see me on days when they are gathering change, trying to complete their transport money or buy pure water.
The government really thought they did a thing when they put Alvan Ikoku’s face on me, but LOL. He would be disappointed to find out what I am worth today.
48 years in circulation
All I can say is that even with the state of the economy, this is my time to shine!
In 2001, you could buy a can of sardines with two of me. Today, people spend about 300 naira on that same can of sardines.
I had a pretty good life until people started to forget about me.
But now, as things are becoming more expensive, I’ve taken over 10 naira’s job as spare change.
I’m that note that Nigerians have no choice but to look for, to “balance” their money.
It feels so good to be wanted again and I am honestly grateful to the ones who rely on me for the little things like buying pencils, biro, envelopes, or getting a photocopy done at a cyber cafe.
30 years in circulation
I used to be super popular at some point… The ultimate wallet buddy, always at hand for transportation and snacks.
With me, you knew you were covered. From Gala to Caprisonne, I could make things happen for you.
Now, I hear they have increased the prices of most of these things even though they don’t make them like they used to.
I feel sorry for Nigerians, but I feel neglected too.
Last time, I was in a man’s wallet for over a month without being spent. I felt so intimidated living with ₦500 and ₦1000 notes, watching them go in and out all the time. They were living the life that I wanted.
22 years in circulation
22 years of being spent by Nigerians and nothing to show for it. You can’t even buy a bottle of Coke or Pepsi with me anymore. You need ₦20 naira to balance the seller before you can quench your thirst on sunny days.
Too bad there’s no such thing as a tooth fairy in Nigeria, I would have made major guest appearances under little children’s pillows. At least someone would have looked forward to having me.
In 2002, if you got stopped by a policeman, all you had to do was squeeze me into his hands and he would smile with all his teeth and let you off. But now, you can’t even try it before I worsen the situation and they vex.
At this point, with how expensive things are, Nigerians are running based on vibes.
They weren’t lying when they called me the life of the party. Ask about me at weddings, burials, and other celebratory gatherings. I have never missed an owambe in my life.
I still remember the year the government warned against the spraying of money at parties, I thought that was going to be my end. But that was when I realized you cannot stop the culture, Nigerians will still spray money!
There are women who will wait at the gates of parties waiting for party-goers to bring their wads of ₦500 and ₦1000 notes in exchange for ₦200 mint notes for a small fee. Even the rich big men do this to ensure their money doesn’t finish all at once.
It’s quite impossible to be at a party without me being sprayed. The bride will dance with so much glee as her family and friends spray her money. Then, the bridesmaid will rush to pick up the money and put it into bags to be counted after the wedding.
I always look forward to taking breaks with construction workers when we go to buy bread and a drink or a plate of rice from the nearest ‘mama put’.
I’m also happy about the fact that you can still buy enough Indomie to fill you up with 200 naira or less.
20 years in circulation
Not going to lie, Nigerians have seen me finish.
There are only a few 500 naira notes in the country that aren’t supported by cellotape from people constantly trying to make sure my worn-off parts can still be put together for spending.
This used to be 100 naira’s domain but here we are.
Honestly, I would prefer not to talk about my experience in the hands of Nigerians. It upsets me more knowing that this is my reality.
16 years in circulation
I have the faces of two past CBN Governors on me and while I don’t mind it, that has not helped build my self-confidence in any way.
A Nigerian can feel on top of the world with ₦1000 in his pocket but the moment you spend ₦100 from it, that is the end. The money will finish in a second.
I gave up on trying to compete with the dollar a long time ago, let somebody else take on the job.
I remember one time I got lost in Lagos, I was on the floor of a street in Yaba for hours on a Saturday evening.
The ground was cold and wet from the night’s rain and I felt so alone. The worst part is, people just kept looking at me and walking past without picking me up.
Three people attempted to pick me up but I guess they were afraid of turning into yam.
This kept happening until a young man that dropped his book picked me up as he picked his book.
He took me to the nearest kiosk and bought himself amala and soup with a soft drink. Now, I don’t encourage stealing, but it was better than being wasted for nothing.
All you need is 10 of me in your wallet and you can paint the whole of Lagos red with enjoyment. Sadly, for some Nigerians, that’s how much they earn. I hope things get better for my brothers and me.
If the naira note in your pocket could speak, what would it say?
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