What To Do When You Don’t Have Enough Money


In this recession period business is dull and bills are pilling up, people out of desperation often asked, “Where can I get immediate money”? This is certainly a wrong question, particularly for self-employed individuals. There is nobody out there to rescue you, not even your clients or customers. They won’t buy your products or services from sense of sympathy, they buy what they really want.

Banks and investors are not always interested in giving loan to self-employed persons- most especially at early stage when those individuals are struggling to break even. Sourcing funds from investors may be a way to finance expansion of one-man business, but it is not a reliable means of getting the operating expenses you need to keep your business running. In fact it is not even advisable for small business to source for operating expenses.

This is the right time for an entrepreneur to look inward and be creative in providing the right product or service to your clients and customers who will in turn pay you the money you need to support your business and yourself.


Even if you are able to secure any loan, your ability to pay back lies on values added products and services you are offering to your customers.

Simply put, when you are out of money, don’t ask how you are going to get someone to lend you money. Instead, ask how you can make the money you need from increasing your business activities, think of reaching out to more customers or doing more business with existing clients.

If you discover that you are not generating enough income, don’t think of sourcing money outside your business, and don’t take it as a sign that you have to quit or close shop and take another job. What you have to do is be calm, pause, look at what you are doing that is not fetching you enough money. Identify what you can do differently to produce better results.

It’s very easy to come up with many reasons for not having enough cash at hand: may be people don’t value your service any more, your marketing strategy is not working, your sector is highly competitive, business is dull, expenses are too high and so on. The list is endless. Except if you are over spending , these reasons are just excuses.

The only 3 reasons for not having enough money are summarized below:

  1. You are not getting enough business: This is the most common reason for not making enough money. If you are operating at peak capacity and you have many clients patronizing and paying, you will definitely have enough money.
  2. You are not collecting the money you are owed: This is a major cash flow problem experienced by small business owners. It occurs when you are actually selling enough products and services but you are not getting paid as at when due.
  3. You are under pricing: chances are you may have enough clients that are paying as at when due, and still don’t have enough money. Definitely you are not charging enough or you are not making your products or services attractive such that it will allow you to charge what you need.

There are many ways to turn things around and produce better results in your business.

To provide the needed solution to the reasons listed above, you have to ask yourself the following honest questions to determine what you need to do:

  1. Is there really a pressing demand for the products and services you are offering?
  2. Are there too many other people offering your products or services?
  3. Are the people people who need your products or services aware of what you offer?
  4. Is your offer attractive? Customers may need your products or services and they are aware of it, but if they find your prices too high, they will go elsewhere.
  5. Are you doing a good job? If you get patronage but your clients are not coming back and you are not getting any referrals. It’s an indication that you need to do a better job or you need to find different set of customers who will be happy with what you are offering.

If you can provide unbiased answers to the questions above, you will be able to provide solutions to your problem of not having enough money.

A Practical Example: At the peak of recession in Nigeria in 2016, when exchange rate was almost 500 Naira to 1 USD, market prices of imported products such as; computers, electronics, cars, rice and others went up astronomically. Most Consumers can no longer afford the items despite the fact that they still need them.

As a computer consultant I saw an opportunity in providing maintenance and repair services for those clients that could not afford to replace their old computers with new ones. For those that wanted to replace their old computers, they have the option of buying working and well packaged UK/US used computers that serve the same purpose as new ones. Today, business of refurbished Laptop and Desktop Computers are booming while sales of New ones is also picking up.

In food items most especially rice, local production has increased to the extent that importation of foreign one has dropped drastically. Local farmers are making it big time.

The best way to survive though times is to keep your energy and your effort up. Slow times does not need to be disastrous unless you succumb to them. Dull times are an indication for you to double your efforts, approach your situation as a challenge that requires your greatest creativity and ingenuity.

Success comes from responding to possibilities and creating from possibilities when businesses are slow.


Akeem Lawal

Akeem Lawal, an entrepreneur with 20 years experience in Information Communication Technology (ICT) business. He was able to start and grow his business from scratch. He has created this site, Informate.Biz for sharing strategic, practical and live changing information on entrepreneurship.

One thought on “What To Do When You Don’t Have Enough Money

Leave a Reply

Your email address will not be published. Required fields are marked *