Loans in banks in Africa tend to have high interests rates.So not that easy to access
2006-07-06 21:45:27 · 6 answers · asked by abitex 1 in Business & Finance ➔ Investing
what you need to do is make sure there is a market for your product or business, make sure it is a really good idea that can be successfully marketed.
You will need to do alot of research into your business idea such as market trends etc, you will then need to put a business plan together to present to your bank manager for a loan, make sure you start your business as a ltd company so in the event of the business failing you can not be held responsible for the debt, when you make the presentaion to your bank manager you will need to show them real figures like profit and loss forecasts etc......hope this helps
2006-07-06 21:51:24 · answer #1 · answered by andylegendoneill 2 · 0⤊ 0⤋
In my experience it is hardest to get any funding at all when you are a start up. You have no history, no business contacts, no customers.
In the past when I have taught business I have always started by asking the question "What do you really need to start a business" I always get loads of answers from, an office to a computer to 6 salesmen each with cars, mobiles and laptops.
ITS ALL RUBBISH
If you want to start a business you only need one thing
"something to sell" It can be a product or a service.
Keep that in mind, sell a few of your somethings first regardless of the hardship of seling it, then you will have history, an idea and a customer and you will see that finding funding gets a lot easier
2006-07-07 14:31:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
She can invite her friends to contribute and join.But high interest rate should not be a concern,what you have to ensure that the business should earn more than interest and other costs.Choose some activities which requires no capital or low capital,service industry.News paper distribution/tailoring/catering /electronic repair/real estate broker/investment consultant/day care centre etc are some activites ahich require little capital.
I think co operative societies are permitted in African countries ,by forming society you can pool resources.
2006-07-07 04:56:27 · answer #3 · answered by leowin1948 7 · 0⤊ 0⤋
You need an investor. But note, we're talking a lot of work. Remember Colonol Sanders from the Kentucky Fried Chicken franchise? Well he went to a thousand possible investors before he got one to take him on. Now he's a massive success, but it didn't just fall in his lap.
2006-07-07 04:55:50 · answer #4 · answered by welcome_to_how_things_will_be 3 · 0⤊ 0⤋
Try to use a website like prosper.com to obtain the financing you need!
2006-07-07 06:54:32 · answer #5 · answered by jtr8178 2 · 0⤊ 0⤋
go into the underground economy
2006-07-09 09:50:37 · answer #6 · answered by spike 3 · 0⤊ 0⤋