OVERVIEW OF BUSINESS FINANCING: SOURCING
TO EXECUTION -KEMI ALLA
Moderator: Our guest tonight is Mrs Olukemi Alla, the Project Manager and founder of Okemscube Multiventures. She is also the author of Job Or Business:What Next?
She has also been a beneficiary
of funding support and has since her NYSC (National Youths Service Corps) days
promoted entrepreneurship especially among young people through the trainings
and other forms of services provided by her organization. Mrs Alla you're
welcome to EARnpreneurs.
Kemi Alla: Thank you for having
me.
AN OVERVIEW OF BUSINESS
FINANCING: SOURCING TO EXECUTION
Good evening everyone.
When we talk of business financing:
it means how to raise money for your business
How do you raise money for your
business? You can do it through the following ways
1. Personal savings
2. Family and friends
3. Investors
4. Sponsors
5. Loans
6. Grants
I will dwell more on grants.
Grants are money given to your business without expecting a payback. It
has criteria for qualification, and it's always goverened by a body.
The grant giving body sets
their criteria such as the type of business, no of years in business, location
etc. Grants are the best recommended way of financing a business as it requires
no payback or collateral.
The requirement for grants is a
well prepared business plan.
Example of grants available in Nigeria for
Entrepreneurs are:
1. Diamond bank BET(Building
Entrepreneurs Today)
2. Shell Live Wire Program
3. USADF grant for agricultural
businesses
4. Commonwealth Grant Award
5. NDDC grant (e.t.c, and so
many others)
To source for fund for your
business, you need to have handy a business plan.
Moderator:
http://www.joborbusiness.com.ng
Moderator: 👍
Kemi Alla:
What is a business plan?
A business plan is a written
document that shows how a business intends to operate. It documents the
products or services, to the marketing plan, to the financial plan
It also shows the business
direction in 3-5 years period. A forecast of expectations of the business
To apply for grants, it has a
time frame. Most grants application opens towards the last quarter of the year
and extends to the first quarter of the new year. That is from October to
March.
Most application timelines is
usually between 6weeks and 2 months
Therefore it is essential that
as Entrepreneurs, we should have our business plans handy before the
application opens online.
Moderator: Thank you so much
Mrs Alla
Kemi Alla:
Business plan format
Cover page
Executive summary
Company summary
Description of the business
Products and services
Market analysis
Competitor analysis
Marketing plan
Operational plan
Financial plan
Conclusion
Appendix
Moderator: Wow! Thank you
Taiwo: Good! By God grace, I
want to do business
Kemi Alla: Once the business
plan is well written and you meet the other criteria, the grant givers
will approve.
On this note, I hope I've been
able to wet our appetite on how to raise money for our businesses. Thank you.
Moderator: You did a thorough
justice to the topic.
Kemi Alla: Thank you ma
Moderator: Thank you so much
once again madam. You shared a lot within the short period.
Kemi Alla: OK. Have a wonderful
night everyone.
