How to Find Funding for a Tourism Business
Securing funding for a tourism business might look hectic for any starting entrepreneur but here are the simplest five ways that will help you raise the required funds or capital. Well, the suggested ways are based on Uganda, Rwanda, and the wider East Africa. However, it is also important to know how much funding is required for your tourism business, this will guide you on the best option.
1. Find & get an Investor.
An investor in this case is a person that is willing to join hands together and with similar interests in the tourism business. Ensure that you get enough research about the values and the ability of the investor in nurturing startups. It is also important to understand the terms of references while bringing an investor on board. Do not forget that a good tourism business plan will attract many potential investors to your tourism business and thus more funds.
2. Secure a business loan.
You apply for a business loan from commercial banks and other lending intuitions. Be careful while applying for a business loan to fund your tourism business and look into the terms of the loan including the interest rate percentage among other terms. Know how much is sufficient for your tourism business startup, you can use the loan to facilitate your startup activities including going online, and secure company assets including a safari vehicle in case you are running a tour agency or training your tourism staff.
3. Apply for a business grant.
A tourism business grant is the best way of getting funding for tourism business. If you need a grant make sure you prepare your tourism business concept note or a business plan plus your project income-expenditure sheet. Have all documents about your business registrations and licensing for seamless grant approval whenever required by the grant provider. Tourism business grants can be obtained from Private Sector Foundation Uganda and MasterCard Foundation including other intuitions.
4. Family & Friends.
Funding for the tourism business is so easy for friends and family members. Make sure you prepare time to acquaint them with what you want to start and show them how lucrative the business is. Know how much you require for you to start or inject into your tourism business. It is important to draw action plan programs that highlight steps of activities to undertake while nurturing your business. They will definitely assist you in starting up and getting funds to start your dream business.
5. Self Funding
As you prepare to start a tourism business, think of gathering your saving from other works and businesses to help set a good foundation. If you have assets that you can sell off and get funding for your tourism business, this could be ideal as opposed to securing a business loan.
Well, a number of options are available that you can take as ways how you can obtain funding for the tourism business. Talk to us for more tips and guidelines at +256 774 950 238
