Let me provide you some practical tips for generating money. I’ll discuss my own experiences and advice that may help you.
Some of you may be aware that I’ve been running some businesses recently, including Campus Doctor, Bororboro, and Gokafoods.
I have raised about 200 million shillings in financing for them in the last 3 years. Having invested in the domestic market, I know first-hand that’s been worthwhile.
Grants, online following, and close friends are the three sources of funding I’ve been able to rely on most. For the first time, my family allowed me to make an investment with their money this year. They had to put in years of hard work before they felt comfortable letting me handle their finances.
Some of my friends have given me money that they were able to save in a financial instrument like a money market fund. They have faith that I will hold on to it for them until they are ready to use it. Some grants that I’ve managed to get have really helped drive us forward financially, thanks to crowd sourcing.
Even though I did not get to do this overnight, I was successful in doing so. Every person who has ever given me money has done so after having done so for a substantial period of time.
Anyone who’s had time to develop faith in my skills or witnessed my progression You don’t construct this in a day, month, or year. It is a devotion to a certain purpose that demands patience, a dedicated mind, and laser focus.
People are contacting me to help them with fundraising because they have seen how successful my campaigns have been. People invest in people first, thus being investment-worthy is the key to succeeding.
Have you proved your capacity to successfully complete a project? Are you dependable and trustworthy? To have the investors’ confidence, you will first need to do something on your own.
Invest in yourself and be confident in yourself, rather than others, and let your colleagues to see your vision, as they will be more likely to invest in you if they are more familiar with your work.
Your passion for wealth should have already faded. There are plenty of people who have gotten their money and were excited just to find themselves wasting it.
We received a grant for two years ago with a bunch of new companies. The money arrived in November of 2019, but by the end of December, most of it had been spent on expensive things like vehicles, land, and entertainment for holidays.
The money from that transaction has already been allocated for two years in the future because we only made use of a tiny portion of it. It’s helped us considerably in the process. We are anticipating another award which will give us enough funds to keep us going for the next two years. We expect this will keep us in the red for quite some time.
As you try to raise money, make sure to put it to good use, because doing so will drive you forward, and each step of growth you experience will make it more likely that you’ll be able to secure financing.
An investor’s confidence grows along with your startup’s success. In fact, 70% of the money I used to start and build these start-ups was not money I brought in personally.
Do something constructive and prepare yourself for obtaining financing. You must never misuse money or the trust of investors.
I must repeat, do not ever violate the confidence of your investors. Banks are costly and impatient, so it’s best to seek out grants, friends, and other investors. However, you’ll need to have a strong reputation and be very dependable in order to get your funding.