Turning your passion project into a reality can be overwhelming, especially when you’re unsure where funding will come from. To be fair, it’s definitely harder as a young Nigerian. Whether you want to launch a business, host a solo exhibition of your artworks, or fund your final year research, fundraising is your friend.
Are you still struggling to fund your personal project? That’s where crowdfunding comes in. Crowdfunding is a great way to raise money and bring your vision to life. With the rise of platforms like Kickstarter, Indiegogo, and GoFundMe, crowdfunding has become a popular option for creatives, entrepreneurs, and innovators. In this article, we’ll show you how to crowdfund for your personal projects, from setting a realistic goal to promoting your campaign.
How to get money for your projects
- Personal saving
Once you have an idea, one of the ways you can get funding is to use your existing savings or start saving from scratch. You can build your savings from your other sources of income and monetary gifts you receive. Personal savings can help you fund your personal project in several ways, and they include;
1. Initial funding: You can use your personal savings to cover initial costs, such as research, planning, and setup expenses.
2. Emergency fund: Savings can serve as an emergency fund to cover unexpected expenses or financial shortfalls during the project.
3. Supplemental funding: Personal savings can supplement crowdfunding efforts, ensuring you have enough funds to complete the project.
An added advantage with personal savings is that you may not need to rely entirely on crowdfunding. It gives you more control and flexibility. Moreover, using personal savings shows commitment to your project, which can be attractive to potential crowdfunders or investors.
Crowdfunding
Crowdfunding can help you fund your personal project through donations from people on the internet. The practice allows you to raise small amounts of money from a large number of people, rather than waiting on a single investor forever.
It is quite common and more people are opting for it as a reliable source of fundraising. There are numerous platforms that assist people trying to raise their money in Nigeria, including Helpa and GoFundMe.
Here are a few reasons why crowdfunding with Helpa is a viable choice for you,:
1. Access to a large audience: Helpa connects you with a vast number of potential backers, which increase your project’s visibility.
2. Easy campaign creation: Helpa’s platform makes it simple to create and manage your crowdfunding campaign.
4. Low fees: Helpa charges minimal fees, ensuring you keep a larger portion of the funds raised.
5. Support and guidance: We provide promotional and technical support throughout the crowdfunding process.
6. Opportunity for marketing and promotion: Crowdfunding on Helpa can help you promote your project and build a community around it.
As a Nigerian, your best shot at crowdfunding for your project is by using Helpa. It is built to make crowdfunding easy and seamless for you. All you have to do is launch a campaign with engaging storytelling and start promoting it on social media.
Loans
This could be either loans from banks or from friends and family.
Bank Loans
Bank loans provide a secured source of funding that ensures you have the necessary funds to complete your project. In addition, they can offer larger amounts compared to personal savings or crowdfunding, suitable for more extensive projects. Another upside to loans is that they demonstrate your project’s credibility and viability to potential partners or investors.
On the flip side, banks have fixed and high interest rates with strict repayment plans which might be too expensive and overwhelming for you.
Loan from your family and friends
This form of loan enables quick access to funds without excess paperwork. It can have flexible repayment terms, such as little to no interest or delayed repayment. Your loved ones may be more understanding if you encounter project delays or challenges. Seeking or accepting loans from them can offer emotional support and encouragement to keep you motivated throughout the project.
However, you must consider a potential strain on relationships if repayment is delayed or not fulfilled. To minimise risks, you can formalise the loan with a simple written agreement and communicate regularly about your project progress and challenges
Carefully evaluate the pros and cons before choosing a bank loan or a loan from friends and family to fund your personal project.
Grants
Grants are a non-repayable source of funding which are often awarded for specific purposes or goals that align with the individual or organisation’s vision or objectives.
They are typically won through a competitive process that makes sure that only the most deserving projects receive funding. Like bank loans, receiving a grant can lend credibility and validation to your project, helping you attract additional funding.
Examples of grants available to Nigerians are Federal Government Grants and Loans Scheme, Presidential Conditional Grant Scheme, Tony Elumelu Foundation, and so on.
Be prepared to invest time and effort into researching and applying for grants. The process can be stressful, but if your idea wins, it will be worth the sweat.
Takeaway
In conclusion, funding your personal project doesn’t have to be a difficult task. With the right combination of personal savings, crowdfunding, loans, and grants, you can turn your vision into a reality. Don’t be afraid to mix and match to find the best fit for your project. By exploring platforms like Helpa for crowdfunding, you can access the funds you need to shine.
