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Raising Capital For Your Fashion Business

Agbagba Bukola
  Capital is an important aspect in starting your fashion business. It is encompassing, because it affects your fashion business choices and decisions.
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The methods of raising are:
  1. Savings
You can save up money to start your fashion business. You can save by keeping your money in the bank, physically in your house or on saving apps. Savings can be done daily, weekly or monthly, depending on your financial capacity and income flow. Saving money in some banks and apps attracts interest over time. You can also save with your friends and loved ones. Saving determines discipline, commitment and persistency. When saving, be focused on the business you have the intention of starting. When you save, you can easily start your business.
  1. Loan
Loan is another way of raising capital for your fashion business. Loan is borrowing a particular amount of money with the agreement of paying within a stipulated period of time. You can get loan in Nigeria with or without collateral. For banks, you have to meet up with certain criterion before you will be granted loan. The loan might be stressful to get, depending on the amount. Also, you can get loan from loan apps. Currently in Nigeria, loan apps are one of the fastest and easiest channels of collecting loan. All you need is your BVN and phone number. In fact, you don’t need to be physically present before getting the loan. You can do it on your mobile phone. Loans however, have interest, you may want to consider the interest on the loan you are getting.
  1. Borrowing from family and friends
Another way to raise capital for your fashion business is asking family and friends to lend you a certain amount of money until you are ready to pay back.
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When you borrow from family and friends, it is easier. Most times, they give you the liberty to pay for an extended period of time and they don’t collect any interest.
  1. Ask people for help
Sometimes, you can ask well-to-do family and friends to give you money to start your business. In this case, they don’t collect the money back. When asking people for help, make sure you show them your business plan. It shows that you can be trusted with the money you will be given. Be reasonable when asking, don’t ask for a ridiculous amount of money. Remember that it is a gift. Don’t pressure them too. Let them give what they can afford.
  1. Grants
From time to time, there are numerous grants opportunities. You can search for them and apply to get grants for your business. When applying for a grant, make sure you fill out your application properly. Most of the grants applications one can apply to in Nigeria are done online, and if you are picked, you might be asked to come physically to pitch your ideas. Make sure you write your ideas well and they are well organized. With the methods outlined, you can raise capital for your fashion business.  Featured image source: Fit Small Business
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