How to Start Cement Business in Nigeria
Cement supply business is one of the best and easiest building
material business anyone could start right now. People have been looking for
information on How to start cement business in Nigeria without finding any
substantial details. In this article, I want to explain in detail to the extent
of my understand, how anyone could start cement business anywhere in Nigeria
without beating about the bush.
Before we proceed to the detailed step by step how to start, let's first of all look at the merit and profit potential of this business using Dangote cement supply as study case. Like I said before, it's one sure business that everything in it almost seem guaranteed and I can assure you that people who are already doing it are making good money.
A bag of Dangote cement from the factory goes for N1,000 with the minimum buy of one trailer load (600 50kg bags) quantity that cost N600,000 only. If you supply the six hundred bags at the retail price of N1600, you will be making profit of 600 x 600 = N360,000 from the single one trailer trip. When you subtract the cost of transportation, your take home becomes N300,000 per trip
If you decide to sell wholesale at the cost of N1,350 to retailers, your profit would be N350 x 600bags = N210,000 from a single trip. When you subtract the cost of transportation, you will be left withN150,000 per trip.
Now tell me - N150,000 to N300,000 gain per trip from investment of N600,000 without complex logistic and workforce, is it a good or bad deal? Write your answer as comment below and let's know how you feel about this. But in my own opinion, I believe it's a very good business.
If you supply 10 Trailers within any period of time, you are going to be smiling home with N1.5m to N3million depending on the method of supply.
Before we proceed to the detailed step by step how to start, let's first of all look at the merit and profit potential of this business using Dangote cement supply as study case. Like I said before, it's one sure business that everything in it almost seem guaranteed and I can assure you that people who are already doing it are making good money.
A bag of Dangote cement from the factory goes for N1,000 with the minimum buy of one trailer load (600 50kg bags) quantity that cost N600,000 only. If you supply the six hundred bags at the retail price of N1600, you will be making profit of 600 x 600 = N360,000 from the single one trailer trip. When you subtract the cost of transportation, your take home becomes N300,000 per trip
If you decide to sell wholesale at the cost of N1,350 to retailers, your profit would be N350 x 600bags = N210,000 from a single trip. When you subtract the cost of transportation, you will be left withN150,000 per trip.
Now tell me - N150,000 to N300,000 gain per trip from investment of N600,000 without complex logistic and workforce, is it a good or bad deal? Write your answer as comment below and let's know how you feel about this. But in my own opinion, I believe it's a very good business.
If you supply 10 Trailers within any period of time, you are going to be smiling home with N1.5m to N3million depending on the method of supply.
To
Start as a Distributor
1. Distributor - You need to fulfill certain simple requirement to become Dangote Cement Distributor. In effort to ensure distribution of cement all over Nigeria, Dangote Cement is currently seeking credible distributors form any part of Nigeria. In this regard, credible means, individuals who owns a registered company that is, whose business is registered with the Corporate Affairs Commission of Nigeria.
To qualify to apply as Dangote distributor, you need to put the following things in place:
Register your company with Corporate Affairs Commission
Read: How to Register Your Business in Nigeria
Once you have your company registered which is very simple to do and requires just little amount of money. Just about N50,000 plus waka waka will do that for you if you want to do it yourself. When you have that sorted out, the next is to open a corporate account in any Nigerian bank with the company name.
Open Business Account in any of the Nigeria Banks of your choice
To open a business account in Nigeria, you would require a clearance from EFCC's Special Control Unit against Money Laundering (SCUMIL) to ensure that you wouldn't carry money go hide in oversea :D
After that, you go to Federal Inland Revenue to get Tax Identification Number (TIN) which shows that you are willing to pay tax.
These are the two major requirement for opening business account in Nigeria, the bank will tell you other things you need to do. Within moments after you've provided all what is of you required, your account will be open. Then you get reference letter from the bank and proceed to Gangote.
Dangote Registration Requirements
Please ensure that you have the soft copy of the following documents before you begin Application:
1. Certificate of Company Registration from the Corporate Affairs Commission
2. Application Letter to become a distributor
3. Scanned copy of the Bank reference letter
4. Passport Photograph of the company's Proprietor/MD
5. Passport Photograph of the company's Representative
48 hours registration period guaranteed
Minimum purchase of one trailer i.e 600 bags monthly on cash & carry basis
No Application/Registration deposit required
What strikes me here is the "cash and carry" clause after going through all the rigor to register company and get reference latter from the bank! If I am buying to pay you cash, why make me go through these process, or is it the Nigerians usual way of playing gods when the power is in their hands? Please kindly make us understand.
Anyway, this will be for next article but for now, let’s proceed with our business.
Other
Logistics You Need to Put in Place!
Whale House - Except you have standby customers you want to supply, you need a secure place to house your product. Get a whale house or any big shop that can accommodate minimum of 600 bags.
Some but theirs in open place and cover it with tarpaulin for safety but that depends on the quantity you are buying, if you are buying very large quantity, you'd need to get a big whale house.
Arrange for Supply Vehicle - If you can buy yours that would be nice. In fact, it is another business on its own - whenever your customer buys, you'll supply them and make extra money from the transport and load fee. You can use it as marketing tool to sell faster than others by offering free delivery to customers buying certain quantity.
If you can't buy yours, just arrange for regular customer who would be assisting you get the cement to the final destination.
Apart from these two, there is no other much things to worry about. Get down to business and starts making money mula.
2. Retailers - A retailer don't need to go through all these process of application. Once you have your money, you are good to go.
Go to the nearest depot and buy your cement and begin to sell. Each bag of cement you sell, you make profit of N250 - N300 which a good deal considering that you do nothing more than go carry your cement.
You need to have a shop by the roadside or near new site where building projects are ongoing in number.
Many people sell as retailers even without a shop especially those that leave near the road. All you need to do is to raise up the ground a bit with blocks and cement, plaster the ground and put some container woods.
You can build iron protector around it if the place is unsecured to avoid thieves visiting at night.
One thing very good about cement business is that a single customer could buy hundreds of bays sometimes, giving you instant profit without breaking sweat.
Note: We used Dangote as study case in this article. However, there other great cement companies out there. If you think the process of distributorship application is simpler and straight forward in your company, write detailed article about doing business to you and send to us. I'll be glad to publish it here with a bottle of coke.
Have you heard of Haulage business in Nigeria before? Well, it's
one of the best business you can do in Nigeria right now. Transportation of
goods from one location to the other has been a major challenge in Nigeria due
to the very poor state the Railway system in Nigeria. The only means through
which goods can be transported effectively right now is by the road and that's
why haulage business is booming in the country.
Haulage services is the transportation of goods from one part of the country to the other. Haulage services is rendered by using vehicles that is capable of lifting good quantity of goods at a time. Such vehicles are: tankers, trailers, cranes, tippers, other trucks, etc.
Some of the products that can be transported through haulage services are:
Petroleum products such as Kerosene, Liquified natural gas, Premium motor spirit, Engine oil, Diesel, and any other related petroleum products.
Consumer goods from the manufacturing companies. All consumable goods such as foods and drinks from the manufacturing plants to the distribution or retail destination.
Sand and stones from the dredging sites and quarry sites to the construction sites.
Building materials such as cements, woods, irons, ceiling boards, corrugated sheets, and every other construction materials of these kinds.
Containers from the seaport to the final destination or from destination to the seaport. There are thousands of other goods that are transported through haulage services that are not mentioned here.
Haulage services is the transportation of goods from one part of the country to the other. Haulage services is rendered by using vehicles that is capable of lifting good quantity of goods at a time. Such vehicles are: tankers, trailers, cranes, tippers, other trucks, etc.
Some of the products that can be transported through haulage services are:
Petroleum products such as Kerosene, Liquified natural gas, Premium motor spirit, Engine oil, Diesel, and any other related petroleum products.
Consumer goods from the manufacturing companies. All consumable goods such as foods and drinks from the manufacturing plants to the distribution or retail destination.
Sand and stones from the dredging sites and quarry sites to the construction sites.
Building materials such as cements, woods, irons, ceiling boards, corrugated sheets, and every other construction materials of these kinds.
Containers from the seaport to the final destination or from destination to the seaport. There are thousands of other goods that are transported through haulage services that are not mentioned here.
Opportunities
in Haulage Services.
The
opportunities in this sector of the economy are many and mouth watering and
below is just the major ones you can take advantage and invest in right away.
Haulage Company - The first that comes to mind is owning a haulage company with your own fleet of vehicles and using it to transport goods for individuals and companies and getting paid for the services rendered. This is a very profitable aspect of haulage business but also comes with higher risks.
Let us look at the profit first using the 40ft trailer as the study case. The table below show the cost charge to transport goods using 40ft trailer from some of the major cities in Nigeria to the other. It also shows cost of fueling and other costs as well as the take hope profit after expenses.
Haulage Company - The first that comes to mind is owning a haulage company with your own fleet of vehicles and using it to transport goods for individuals and companies and getting paid for the services rendered. This is a very profitable aspect of haulage business but also comes with higher risks.
Let us look at the profit first using the 40ft trailer as the study case. The table below show the cost charge to transport goods using 40ft trailer from some of the major cities in Nigeria to the other. It also shows cost of fueling and other costs as well as the take hope profit after expenses.
Destination |
Charges |
Cost/Fueling |
Take Home Profit |
Lagos - Aba |
N250,000 |
N100,000 |
N150,000 |
Lagos - P/Harcourt |
N270,000 |
N150,000 |
N120,000 |
Lagos - Kano |
N300,000 |
N160,000 |
N140,000 |
Abuja - P/Harcourt |
N250,000 |
N150,000 |
N100,000 |
Lagos - Abuja |
N260,000 |
N140,000 |
N120,000 |
Lagos - Ibadan |
N70,000 |
N30,000 |
N40,000 |
Lagos - Onitsha |
N180,000 |
N80,000 |
N100,000 |
With rough estimation, you will be able to understand what profit possibility that is opened for you if you decide to setup your own haulage company.
Risks and Challenges: Like every serious business, there risks in involved in operating haulage services in Nigeria and understanding these risks will help you plan your investment properly. Below are some of them.
1. Losing your trucks due to bad road - with the state of roads in Nigeria, most people will think twice before delving into haulage business. Hardly can you travel any major roads in Nigeria without seeing tens of truck breakdown on the roads. Some fall and somersault into creeks and rivers due to bad roads.
2. Drivers habits - most drivers have the tendency to cheat by all mean. If this is not properly handled or you don't have the mechanism to take care of this, your drivers have the singular ability to rundown your haulage company to to the ground within short period.
3. High cost fueling and maintenance - from Lagos to Port Harcourt guzzle a whooping N150,000 cost of diesel to and fro. When you subtract that from your amount you charge, you find out that most of the money goes to fueling alone. You run the risk of charging much and earning little.
4. You need minimum of 5 truck to have your haulage company registered. Buying one truck isn't easy let alone five and higher start up cost means higher financial risk.
Other Facts to Consider:
1) You MUST take into consideration the maintenance cost, insurance cost, Niger Delta permit papers, cost of paying salary to drivers etc.
These take up a significant cost of your business and it is not all pure profits.
2) There is no haulage company/agent that I know of in Nigeria that would payout 230,000 Nairas per truck. Considering the best haulage which is consumer goods and edibles, there is no probability of a 500,000 Naira payout even on a 40 foot trailer.
3) We ourselves payout close to 130,000 Nairas for a 20 footer and maybe 200,000 - 230,000 Naira for a 40 footer, depending on the number of runs that we take.
4) Fuel is a significant cost, and also getting pure diesel instead of contaminated diesel is a very high challenge. Contaminated diesel wears down your engine extremely quickly, and you will be faced with high maintenance costs.
Fleet Managers - Fleet Managers or Haulage Agents are owners of registered haulage company who specializes in handling other people’s fleets in addition to their own. While some really does it as addition to their own fleets, others specialize exclusively in handling other people’s trucks.
It is the same as running your own haulage transport company and comes with almost the same level of risks. The major difference is that the cost of acquiring those trucks is passed over to the truck owners while the maintenance most times goes to the agent who manage and maintain the vehicles and pay agreed commission to the truck owners on monthly basis.
Leasing Out - This is the aspect most investors finds more convenient. All you do is to acquire the trucks starting from one to as many as you can afford. Get a reputable haulage company who will manage it and pay you monthly revenue per truck.
No stress of managing the truck, no drivers troubles, no fueling cost; just get your money at the end of the month. Imagine you have 10 40ft truck under good management that pays you N200,000 monthly each, you will be making N200,000 x 10 = N2,000,000 monthly without management stress?
I have a very reputable haulage company in Nigeria owned by a Dubai/Thailand base company. If you are interested in having your trucks managed by us, contact me on info at 07031633709. If you haven't acquired the truck, we can help you buy it and do the shipping and documentation.
So, go ahead and fire up your investment portfolio with this one of a kind investment opportunities in haulage business in Nigeria. Share your opinion, your ideas or ask questions about this business by dropping us a comment below.
This is the first of my series of posts in haulage business in Nigeria. Watch out for more in subsequent posting when I am back to Lagos; for now I am in a remote area handling a project and posting once in a while.
The biggest challenge any would be
Entrepreneur in Nigeria or elsewhere would face is how to raise money for
business. It doesn't matter how profitable you think the proposed business is,
doesn't matter how little the money you needed to start is - once you're not
able to raise money to start the business, the business can never be started.
To raise money for business is the biggest achievement any aspiring Entrepreneur could make. Once you have the startup capital, every other thing falls into place easily and that is only when your business idea begin to make sense.
I've seen great business ideas die from conception due to inability of the Entrepreneur to raise money for the business. How do we then proceed to solve this seemingly biggest challenge facing business start ups in Nigeria and Africa? Here are the top 5 ways to raise money for business -- that any smart Entrepreneur should explore fast.
To raise money for business is the biggest achievement any aspiring Entrepreneur could make. Once you have the startup capital, every other thing falls into place easily and that is only when your business idea begin to make sense.
I've seen great business ideas die from conception due to inability of the Entrepreneur to raise money for the business. How do we then proceed to solve this seemingly biggest challenge facing business start ups in Nigeria and Africa? Here are the top 5 ways to raise money for business -- that any smart Entrepreneur should explore fast.
1.
Personal Savings
The
best person to give you money is yourself... If you plan to start a business
soon, start saving for it now. Open a savings account in any bank and start
saving bit by bit, spread your savings over the period of time you intend to
kick start your business and make it a target to save certain amount
periodically.
To be able to achieve this, you'll need to be resolute and disciplined. Cash demanding Problems may come along the way, look for other means to solve them -- ask yourself 'what if there is no savings what would you have done? Go with whatever answer you get and use it to solve the problems instead of using the saved fund. With this, you will be able to raise money for business through personal savings.
To be able to achieve this, you'll need to be resolute and disciplined. Cash demanding Problems may come along the way, look for other means to solve them -- ask yourself 'what if there is no savings what would you have done? Go with whatever answer you get and use it to solve the problems instead of using the saved fund. With this, you will be able to raise money for business through personal savings.
2.
Family and Friends
The oldest and sometimes, the easiest and most efficient way to raise money for business or any project by Nigerians over the years has been through family and friends. To give out money requires plenty of trust and no one knows and trusts you better than your friends and family members.
Make a list of your rich friends and family members and divide the total needed amount by the number of people in your list to make it smaller and easier for them. The biggest mistake many Entrepreneurs make is go approach only one person with the entire amount of money needed for their business, that can be overwhelming.
If you need N500,000, make a list of about 20 family and friends and divide the N500,000 by 20, that will give you N20,000. Then, approach each of the 20 persons in your list -- demanding for only N20,000. In that way, it would be easier for them to consider your request.
The oldest and sometimes, the easiest and most efficient way to raise money for business or any project by Nigerians over the years has been through family and friends. To give out money requires plenty of trust and no one knows and trusts you better than your friends and family members.
Make a list of your rich friends and family members and divide the total needed amount by the number of people in your list to make it smaller and easier for them. The biggest mistake many Entrepreneurs make is go approach only one person with the entire amount of money needed for their business, that can be overwhelming.
If you need N500,000, make a list of about 20 family and friends and divide the N500,000 by 20, that will give you N20,000. Then, approach each of the 20 persons in your list -- demanding for only N20,000. In that way, it would be easier for them to consider your request.
3.
Co-Operative
The type we normally refers to as "Daily Contribution" It can be daily, weekly or monthly contribution -- look for group of people with common interest and start the contribution with them. This is similar to personal savings, the only thing different is that others are involved.
Each time you contribute, someone among you take it -- do it until it reaches your turn. When you get yours, quickly put it into the business before other expenses carries it off.
Everyone in your co-operative must be people you trust to an extent, if not someone might attempt to disappear after collecting his without fulfilling same obligation to others. It is a bit risky but sure way to raise money for business in Nigeria, especially if you are fortunate to be the number one or two in the collecting order.
The type we normally refers to as "Daily Contribution" It can be daily, weekly or monthly contribution -- look for group of people with common interest and start the contribution with them. This is similar to personal savings, the only thing different is that others are involved.
Each time you contribute, someone among you take it -- do it until it reaches your turn. When you get yours, quickly put it into the business before other expenses carries it off.
Everyone in your co-operative must be people you trust to an extent, if not someone might attempt to disappear after collecting his without fulfilling same obligation to others. It is a bit risky but sure way to raise money for business in Nigeria, especially if you are fortunate to be the number one or two in the collecting order.
4.
Micro Finance Banks
Open Account with any micro finance bank or co-operative bank of your choice and start saving certain amount regularly. Once you've saved up to six months, you'll quality for loan of twice your saved amount. One thing I don't like about micro finance is the fact that you'd have to wait for six months to quality for loan and having to pay interest in the loan even though your money have stayed with them for six months with no interest accruing to you.
However, that is the price you'll have to pay to raise money for your business and many people are finding success using it. So why not give it a trial. Look for any micro finance of your choice and start saving towards raising money for your business. Most of the major banks have their own version of micro finance -- you may go with this ones for they're more reliable.
Open Account with any micro finance bank or co-operative bank of your choice and start saving certain amount regularly. Once you've saved up to six months, you'll quality for loan of twice your saved amount. One thing I don't like about micro finance is the fact that you'd have to wait for six months to quality for loan and having to pay interest in the loan even though your money have stayed with them for six months with no interest accruing to you.
However, that is the price you'll have to pay to raise money for your business and many people are finding success using it. So why not give it a trial. Look for any micro finance of your choice and start saving towards raising money for your business. Most of the major banks have their own version of micro finance -- you may go with this ones for they're more reliable.
5.
Angel Investors
If you are not a control freak, if you are ready to give up some percentage of your company's equity then go for Angel Investors. Angel Investors are business start up incubators and they are not in any particular place -- your rich uncle could as well be your Angel Investor. Prepare a bankable business proposal -- clearly state your business plan and objectives. If the Angel finds your proposal appealing, they will invest in it. But, prepare to give up good part of your company up to 40% in exchange for the needed capital.
If you are not a control freak, if you are ready to give up some percentage of your company's equity then go for Angel Investors. Angel Investors are business start up incubators and they are not in any particular place -- your rich uncle could as well be your Angel Investor. Prepare a bankable business proposal -- clearly state your business plan and objectives. If the Angel finds your proposal appealing, they will invest in it. But, prepare to give up good part of your company up to 40% in exchange for the needed capital.
How to Raise Money for Business in Nigeria
Raising money for business has never been easy for entrepreneurs
in Nigeria. It is one of the greatest challenge and would be business person
could face. It doesn't matter how beautiful your business idea looks like or
how close to your heart it is, once you're not able to raise the money to put your
ideas to motion, such idea is as good as death.
So how can entrepreneurs in Nigeria solve this most important
business problem? Are there easy way to raise money for business in Nigeria,
and how can one go about it? There is no problem without solution and we are
going to proffer solution to this major problem here with this post.
I am not going to suggest banks because I know you may not be comfortable with that idea due to how banks in Nigeria are fond of turning small businesses down. No matter what you do to impress them, they may not be impressed after all. So we want to focus on simple strategies that has worked effectively.
Below are some of the top means of raising money for any small business in Nigeria fast enough to put you on the drivers seat in your new start up. I sincerely believe you can make it with this suggested means of raising money because it has worked for many and will surely work for you if you try it.
1. Personal Savings - This is probably the best means of raising money for any business. I understand what is going on in your mind right now - if you have personal savings will you be looking for how to raise money, right?
Well, the problem is that we don't use to approach this the way it should. We hit business idea and we want to raise the money to get started straight away. No! Give it some time like 8 months or one year. During these period of time, you design special savings scheme and work towards it.
Learn how to deny yourselves of some luxuries at this point in time. If you have been spending N100,000 monthly, starts spending N60,000 and saving N40,000 towards your project. You'll find out that much money can be saved simply by just denying yourselves a bit.
2. Family and Friends - These are the people that trusts you most in life. There is no how you wouldn't get some substantial amount of seed investment from them if you come out openly and sincerely to them. Make them see the viability of your business idea and promise them something if possible.
If you can't get your family and friends to trust your investment idea, trust me you will find it hard to get others to believe you. Personal reputation is very important in this regard; you don't wait till you need money before you work on this. It is an asset you can fall back to in time of need. Therefore, develop good reputation among your family and friends. If you already have it, this is the time to tap into it and get that needed start up fund for your business idea.
3. Co-Operative - This is simple. Join one now and save some amount of money with them on regular basis till some period of time, maybe six months. Whatever amount you're able to save, they will double that for you while you pay gradually and at reasonable pace.
This means of raising money currently enjoys good commendation among entrepreneurs in Nigeria. Many businesses have been known to be resurrected back to life through co operative society's funding. It is a win win game.
4. Partnership - Do you know someone with similar idea like yours? Or someone you can trust to work with? Approach this persons for possible partnership, preferably someone who is more financially buoyant. He may have the money while you have the idea.
Partnership is one of the biggest driver of invention if you seek and finds the right partner. Most of the world's biggest companies today came as a direct result of wise partnership.
5. Angel Investor - Angel investors are not necessarily some invincible money bags hiding somewhere near Silicon Valley. No, they may just be that your uncle in Lagos or that your beautiful Aunty living in Abuja. He may just be that big man in your village or your street where you live. He may even be the MD of the company where you work.
Approach any of these guys and offer them some percentage of your equity in exchange for seed investment. Make sure your business plan is good enough to convince them to invest.
These are my top 5 practical means of raising money for business. YET there is one I haven't mentioned yet. Very quick means of raising money for business, quicker than all of these.
So, if you are in dire need of fund to start your business, just make a comment below. Don't add your contact details because I will not publish your comment if you do. If the interest is high enough based on the number of comments, I will blow it open!!!
I am not going to suggest banks because I know you may not be comfortable with that idea due to how banks in Nigeria are fond of turning small businesses down. No matter what you do to impress them, they may not be impressed after all. So we want to focus on simple strategies that has worked effectively.
Below are some of the top means of raising money for any small business in Nigeria fast enough to put you on the drivers seat in your new start up. I sincerely believe you can make it with this suggested means of raising money because it has worked for many and will surely work for you if you try it.
1. Personal Savings - This is probably the best means of raising money for any business. I understand what is going on in your mind right now - if you have personal savings will you be looking for how to raise money, right?
Well, the problem is that we don't use to approach this the way it should. We hit business idea and we want to raise the money to get started straight away. No! Give it some time like 8 months or one year. During these period of time, you design special savings scheme and work towards it.
Learn how to deny yourselves of some luxuries at this point in time. If you have been spending N100,000 monthly, starts spending N60,000 and saving N40,000 towards your project. You'll find out that much money can be saved simply by just denying yourselves a bit.
2. Family and Friends - These are the people that trusts you most in life. There is no how you wouldn't get some substantial amount of seed investment from them if you come out openly and sincerely to them. Make them see the viability of your business idea and promise them something if possible.
If you can't get your family and friends to trust your investment idea, trust me you will find it hard to get others to believe you. Personal reputation is very important in this regard; you don't wait till you need money before you work on this. It is an asset you can fall back to in time of need. Therefore, develop good reputation among your family and friends. If you already have it, this is the time to tap into it and get that needed start up fund for your business idea.
3. Co-Operative - This is simple. Join one now and save some amount of money with them on regular basis till some period of time, maybe six months. Whatever amount you're able to save, they will double that for you while you pay gradually and at reasonable pace.
This means of raising money currently enjoys good commendation among entrepreneurs in Nigeria. Many businesses have been known to be resurrected back to life through co operative society's funding. It is a win win game.
4. Partnership - Do you know someone with similar idea like yours? Or someone you can trust to work with? Approach this persons for possible partnership, preferably someone who is more financially buoyant. He may have the money while you have the idea.
Partnership is one of the biggest driver of invention if you seek and finds the right partner. Most of the world's biggest companies today came as a direct result of wise partnership.
5. Angel Investor - Angel investors are not necessarily some invincible money bags hiding somewhere near Silicon Valley. No, they may just be that your uncle in Lagos or that your beautiful Aunty living in Abuja. He may just be that big man in your village or your street where you live. He may even be the MD of the company where you work.
Approach any of these guys and offer them some percentage of your equity in exchange for seed investment. Make sure your business plan is good enough to convince them to invest.
These are my top 5 practical means of raising money for business. YET there is one I haven't mentioned yet. Very quick means of raising money for business, quicker than all of these.
So, if you are in dire need of fund to start your business, just make a comment below. Don't add your contact details because I will not publish your comment if you do. If the interest is high enough based on the number of comments, I will blow it open!!!
How to stay ahead of competition in your
business
You've come up (after weeks, months or even
years of research) with a business idea you think should be profitable. You've
struggled to raise the startup capital for the business, putting every other
thing that matters on the line for the business to kick off. After careful planning,
your business in now off the ground and kicking. But the next challenge becomes
'How to win customers and stay ahead of competition in this your new business'.
No matter how lucrative the business seems, no matter how much
you invested in the business or how much planning that goes into it - once
there no customer to patronize you, your business is as good as gone! Even if
your product is in high demand, once your competitors are able to out market
you, your business is gone. So, how do you stay ahead of competition in your
business?
Staying ahead of competitors in business is an ongoing battle
that no serious business man or woman must take lightly because if you do, you
will be out of business sooner than you started. But unfortunately, many
business people are getting this most important aspect of their business very
wrong. Thereby losing customers on daily basis and blaming it on bad market.
To understand how to win customers and stay
ahead of competition, we want to first find out the reason why many people are losing
patronage in their business.
Why are
the customers running...
One thing business people always fail to understand is that
customers are very sensitive, they are human being with minds of their own and
ability to make decisions. There are many reason why your customers many decide
to go elsewhere and the earlier you know these the easier it will be for you to
work on them.
1. Unattractive business environment - No matter how you look
at it, this is the decider between you and your competitors. Everyone likes
good thing including beautiful environment to transact business, a customer
will readily branch to the business that is located in a better environment -
it doesn't matter if he is going to spend just few seconds to transact business
there.
Take for example: You are standing by the roadside waiting for a
commercial bus to take you to your destination and two happens to come by at
the same time; One is old and dirty while the other is new and well maintained,
which one of these two buses would you like to enter?... The same way you look
at those two buses is exactly how every customer perceive business environment.
2. Bad or low quality product - Most business people are in the habit of assuming that
customers are blind, that they know nothing about the product they are looking
for. They believe they can dictate to their customers what they want. But that
is not true, no matter how clever you think you are in deceiving your customers
with bad product, they will surely find out. Every customer wants value
for their money and knows exactly what they want - give them low quality
services or what they don't like and you will never see them again.
3. Over priced goods and services - No one like to buy at
higher prices no matter how rich he is. If your product is over priced,
customers will not think twice to go elsewhere -- even if you managed to sell
once you may not have repeat sales because the customer must surely find out
the real price.
The best and biggest gain comes from volume of sale and not on
the exorbitant price tag. Sadly though, many business people prefer to watch
their goods rot away rather than sell at reasonable price. There is no better
way to lose customers than being unreasonable with your pricing.
4. Lack of good customer care - Bad facial expression alone can send your potential customers
running to your competitors. Even when your goods are of high quality and your
prices is moderate - if the customer support and reassurance isn't there, you
may likely lose your customers to competition. So how do you make amend and
save your business from collapse?
Four
Steps to stay ahead of competition
1. Invest heavily in branding - Gone are the days you think the only thing that matters in
business is goods and services, that once you have stockpile of goods you are
good to go. To stay ahead of your competitors, you must have a distinctive
brand -- make your business stands out through your unique professional logo
design.
A professionally designed logo by expert graphic designers cost
between N20, 000 to N100, 000. Your logo is your biggest asset in business,
invest in it, promote it, protect it, and make sure you secure it as a Domain
Name -- this is very important. I've seen so many businesses in this country
without definable brand logo, yours shouldn't be like that if you truly wish to
stay ahead of your competition.
2. Invest in good business environment - This is also part of
your branding - the first impression a customer will make of your business is
the environment and how respectable, well furnished and presentable it is. It
is the connecting point between you and your potential customer. Your reception
speaks a thousand words more than you can possibly say - make sure it looks
classy.
3. Good Customer care and cautious Staffs - This is where too many
businesses are really getting it wrong! Let me put it this way: Good customer
care is much more valuable than good annual turnover. With good customer care,
your business lasts forever -- with bad customer care, even though you may have
few good annual turnover, it wouldn't take long before your business crumbles.
By all means, create customer care unit now in your business if you don't want
your competitors to out market you.
Certificate is nothing when there is no sense in it, look for
quality staffs that are presentable, knowledgeable, and at the same time sensible.
Employee that have your business interest at head is more valuable than gold.
I've turned back from patronizing some number of businesses because of the
staffs I encountered.
Some staffs are very careless, very annoying,
and very wicked. In fact too many staffs out there seems to be out to destroy
businesses. You could as well be paying someone right now to destroy your
business and call it a staff. If you want to stay ahead of your competitors,
who you employ have a very huge role to play in this regard.
4. Good products and services at the right
prices - There is nothing much to say more than this. If I deliver a
product I felt is not excellent - even when the customer isn't complaining, I
will still not be happy. True satisfaction comes from excellency in service,
make sure your products and services distinguish you from the rest of your
competition.
If you can do all these, you will leave your competitors gasping
for breath in effort to catch up with you in your business.
How to Get Small Loan in Nigeria From
Mocro Finance Without Collateral
Raising startup capital to finance a business idea is not easy
and that is why the question “How do I raise capital to finance my idea?” is
mostly asked by people from all walks of life.
Go to any forum where entrepreneurs are meeting, you will discover that discussions center mainly on how to raise fund for their businesses.
There is no doubt to the fact that it is sometime hard to come by money to launch a new businesses. In fact, one great hurdle you will have to cross if you are to be in business is raising start- up capital.
There are many problems confronting entrepreneurs, but the major one is how to raise capital. If you have a good and tested idea, the only thing that can stop you is how to finance such idea and kick it off ground.
Go to any forum where entrepreneurs are meeting, you will discover that discussions center mainly on how to raise fund for their businesses.
There is no doubt to the fact that it is sometime hard to come by money to launch a new businesses. In fact, one great hurdle you will have to cross if you are to be in business is raising start- up capital.
There are many problems confronting entrepreneurs, but the major one is how to raise capital. If you have a good and tested idea, the only thing that can stop you is how to finance such idea and kick it off ground.
Nearly everyone in business today has one story or the other to tell about how difficult it was for him or her to get capital to fund their businesses. Nevertheless, one way or the other, some people are getting over the hurdle. Several doors may have been knocked, but the fact is that there are tested and easy to follow steps on what to do to get start-up capital to finance fresh idea or expand an existing business.
Why People Finds it
Difficult to Raise Money
Inadequate preparation – many of us find it difficult to raise money to kick start our business because we do not plan ahead. A journey of a thousand miles begins with a simple step taken forward. It is much easier to accomplish the things you want when you have a well thought out, and executed action plan. Be prudent in your spending and start saving a fractional part of your income now.
Be involve in various saving option available. You need not be a victim of the adage that says a starter expends his first earnings on bread and cake. You need to be a prudent spender knowing well that they may not last forever.
Infeasible and non-tested idea- having an idea is not enough, testing the idea’s viability to know if the idea will work is the most important thing. Many have lost large sum of money by putting their life saving on a business idea that careful evaluation would have shown had no prospect.
Testing the ideas to find out their workability and profitability is necessary so as not to pour your hard-earned money into a project or business before you regrettably discover that the idea is a lame duck. You must obtain the right information before you venture into any business.
No wise lender will like to throw his money into Lagoon. Investing in a business that will not yield returns for the investors and the lenders is like throwing many into lagoon. Inability to convince would- be lenders - another pivot reason why many people find it difficult to get start-up capital is their inability to convince would be lenders of their project viability.
Even if you were surrounded by well to do men with financial muscles, none of them would like to commit a kobo into your idea if the idea is not convincing enough. To convince your would be lenders of your idea viability, you need to know what lenders want to see and hear. This will later be discussed.
AB Micro Finance
To most people they believe, getting a loan in Nigeria without presenting a collateral or guarantor is not possible. But I want to say congratulations to everyone in need of such offer or someone that has been suffering to get started in any business, but due to lack of fund, he or she has been stranded.
Inadequate preparation – many of us find it difficult to raise money to kick start our business because we do not plan ahead. A journey of a thousand miles begins with a simple step taken forward. It is much easier to accomplish the things you want when you have a well thought out, and executed action plan. Be prudent in your spending and start saving a fractional part of your income now.
Be involve in various saving option available. You need not be a victim of the adage that says a starter expends his first earnings on bread and cake. You need to be a prudent spender knowing well that they may not last forever.
Infeasible and non-tested idea- having an idea is not enough, testing the idea’s viability to know if the idea will work is the most important thing. Many have lost large sum of money by putting their life saving on a business idea that careful evaluation would have shown had no prospect.
Testing the ideas to find out their workability and profitability is necessary so as not to pour your hard-earned money into a project or business before you regrettably discover that the idea is a lame duck. You must obtain the right information before you venture into any business.
No wise lender will like to throw his money into Lagoon. Investing in a business that will not yield returns for the investors and the lenders is like throwing many into lagoon. Inability to convince would- be lenders - another pivot reason why many people find it difficult to get start-up capital is their inability to convince would be lenders of their project viability.
Even if you were surrounded by well to do men with financial muscles, none of them would like to commit a kobo into your idea if the idea is not convincing enough. To convince your would be lenders of your idea viability, you need to know what lenders want to see and hear. This will later be discussed.
AB Micro Finance
To most people they believe, getting a loan in Nigeria without presenting a collateral or guarantor is not possible. But I want to say congratulations to everyone in need of such offer or someone that has been suffering to get started in any business, but due to lack of fund, he or she has been stranded.
The
Process of Application
The process of getting a loan in AB Micro finance is so simple, because the bank is owned by a group of Germans, which does not believe in protocols.
All that you need is to walk into their office situated in 9, Oba Akran Avenue, Ikeja, Lagos and request for the details of how you can get a loan for your business.
The workers will simply bring out the form for the acquisition of the loan and you will fill it under the assistance of the micro finance worker in charge.
Within the next 24 hours, a loan officer will be assigned to you that will come to your shop or office and information like the type of business you do, your weekly or monthly income and some little questions.
Though the banking network covers mainly the Mainland of Lagos State as regards your line of business. So one has to be smart to get a place around Mainland as a contact place for your business.
And within a week after all the normal processes, your loan will be approved.
Features of The Bank
1. Fast and transparent
2. No hidden costs
3. No previous savings required
4. All you need is a running business
Types of Loan
1. AB Business Flexi
2. AB Business Plus
3. AB Business Max
AB micro finance is part and parcel of international micro finance network with other shareholders as
(1) Access holding (Germany)
(2) African Development Bank
(3) KFW (Germany)
(4) IFC (World bank)
(5) Impulse (Belgium)
The process of getting a loan in AB Micro finance is so simple, because the bank is owned by a group of Germans, which does not believe in protocols.
All that you need is to walk into their office situated in 9, Oba Akran Avenue, Ikeja, Lagos and request for the details of how you can get a loan for your business.
The workers will simply bring out the form for the acquisition of the loan and you will fill it under the assistance of the micro finance worker in charge.
Within the next 24 hours, a loan officer will be assigned to you that will come to your shop or office and information like the type of business you do, your weekly or monthly income and some little questions.
Though the banking network covers mainly the Mainland of Lagos State as regards your line of business. So one has to be smart to get a place around Mainland as a contact place for your business.
And within a week after all the normal processes, your loan will be approved.
Features of The Bank
1. Fast and transparent
2. No hidden costs
3. No previous savings required
4. All you need is a running business
Types of Loan
1. AB Business Flexi
2. AB Business Plus
3. AB Business Max
AB micro finance is part and parcel of international micro finance network with other shareholders as
(1) Access holding (Germany)
(2) African Development Bank
(3) KFW (Germany)
(4) IFC (World bank)
(5) Impulse (Belgium)
How To Face Competition In Any Business
Starting a business is usually very exciting. You got the
business idea, the business plan, the start-up capital, the personnel and the
business site, perfect. Then you kick off and everything seems to be moving
smoothly. Money streams into your pocket and you are like, "Wow! I am
making it!”
Everyone is calling to say Congratulations! Friends, family, acquaintances are all patronizing your business and you see yourself gradually getting on top of the business world. One month, two, three, four, one year and then comes the ugly enemy.
In the beginning, he seems not to be serious, and then you see him showing up with more seriousness after a few months. Before it is another year, the enemy stands right before your face and you cannot help but notice. You start battling with staying in the business or giving up to the enemy. I know you know who I am referring to. You don’t need to be in business too long and you will become familiar with his name. His is called Mr. COMPETITION.
Did you know that while competition has caused many people to pack their bags, shut their doors and go home, it has made many others to rise up from grass to grace? Did you know that while some people are destroyed and defeated in business when stiff competition shows up, it is the right ground for some others to thrive and take over the market? Some business people get excited when they are faced with fierce competition because it makes them to think and do even better. What is your story?
I have watched many people crumble at the face of fierce competition as it meets them unprepared. I am sure if you look well enough around you, you will notice businesses that were thriving just a few years back but are only managing to survive today.
I tell you, competition is no friend to anyone. It favors the prepared and disfavors the unprepared and weak. This is why I have put together this series “How To Face Competition in Any Business”, to prepare you for the competition that lies ahead as you start up with your business.
On this website, you would have found so many business ideas that you can set up and be made. Once you set up a business and people begin to see it flourishing, many will come around to understand how you do your business and in no time, many of such businesses will spring up.
This is what you cannot prevent. However, you can decide to stay as the king, and make sure that others continue to follow you as you lead. If you have a good know how of the business you are doing, the market and the stakeholders, and can strategize well, you will always be on top. In this first piece, I focus on the true owners of any business, those I call the stakeholders. Who are they?
Everyone is calling to say Congratulations! Friends, family, acquaintances are all patronizing your business and you see yourself gradually getting on top of the business world. One month, two, three, four, one year and then comes the ugly enemy.
In the beginning, he seems not to be serious, and then you see him showing up with more seriousness after a few months. Before it is another year, the enemy stands right before your face and you cannot help but notice. You start battling with staying in the business or giving up to the enemy. I know you know who I am referring to. You don’t need to be in business too long and you will become familiar with his name. His is called Mr. COMPETITION.
Did you know that while competition has caused many people to pack their bags, shut their doors and go home, it has made many others to rise up from grass to grace? Did you know that while some people are destroyed and defeated in business when stiff competition shows up, it is the right ground for some others to thrive and take over the market? Some business people get excited when they are faced with fierce competition because it makes them to think and do even better. What is your story?
I have watched many people crumble at the face of fierce competition as it meets them unprepared. I am sure if you look well enough around you, you will notice businesses that were thriving just a few years back but are only managing to survive today.
I tell you, competition is no friend to anyone. It favors the prepared and disfavors the unprepared and weak. This is why I have put together this series “How To Face Competition in Any Business”, to prepare you for the competition that lies ahead as you start up with your business.
On this website, you would have found so many business ideas that you can set up and be made. Once you set up a business and people begin to see it flourishing, many will come around to understand how you do your business and in no time, many of such businesses will spring up.
This is what you cannot prevent. However, you can decide to stay as the king, and make sure that others continue to follow you as you lead. If you have a good know how of the business you are doing, the market and the stakeholders, and can strategize well, you will always be on top. In this first piece, I focus on the true owners of any business, those I call the stakeholders. Who are they?
DISCOVERING
THE MOST IMPORTANT PERSONS IN THE LIFE OF YOUR BUSINESS
This piece introduces you to the most important people of your business-the stakeholders. You need to know that every business has stake holders. These stake holders are the people who affect the business in one way or the other. In order to face stiff competition, you need to know who these stake holders are, and the amount of influence each one has on your business.
I present to you the following five persons that are key to the growth of your business, especially in the face of competition:
This piece introduces you to the most important people of your business-the stakeholders. You need to know that every business has stake holders. These stake holders are the people who affect the business in one way or the other. In order to face stiff competition, you need to know who these stake holders are, and the amount of influence each one has on your business.
I present to you the following five persons that are key to the growth of your business, especially in the face of competition:
1.
Your Competitors’ Customers
I have gone to many places and seen it written: “THE CUSTOMER IS KING”. Well, I hope that is just a strategy to impress the customer, even though in most cases, there is a wide gap between the theory and the practice. When I talk to any business owner, I tell him/her, the customer of your business is not the king. Rather, the customers of your competitor are the true kings.
These are the people you need to spend sleepless nights, thinking about. You need to keep thinking about how to win them by finding out what they need and strategizing to win them over to you. They are more important than the customers you already have. I guess this is what Jesus was saying when he talked about a man who had 100 sheep, lost one and left the rest of the 99 to go in search of the lost one.
Now, do you realize something? It means you may have been focusing all your energies on the wrong people. No doubt that your customers are very important people in your business. You need to understand them and keep them happy, to stay in business. However, your competitors’ customers are more important. They are the reason why your competitor is still able to compete with you.
So: You will never win against competition if you don’t understand your competitor’s customers, what they have, what they want, why they go to your competitor and not come to you, what they think about you and what will win their money. Think about these.
I have gone to many places and seen it written: “THE CUSTOMER IS KING”. Well, I hope that is just a strategy to impress the customer, even though in most cases, there is a wide gap between the theory and the practice. When I talk to any business owner, I tell him/her, the customer of your business is not the king. Rather, the customers of your competitor are the true kings.
These are the people you need to spend sleepless nights, thinking about. You need to keep thinking about how to win them by finding out what they need and strategizing to win them over to you. They are more important than the customers you already have. I guess this is what Jesus was saying when he talked about a man who had 100 sheep, lost one and left the rest of the 99 to go in search of the lost one.
Now, do you realize something? It means you may have been focusing all your energies on the wrong people. No doubt that your customers are very important people in your business. You need to understand them and keep them happy, to stay in business. However, your competitors’ customers are more important. They are the reason why your competitor is still able to compete with you.
So: You will never win against competition if you don’t understand your competitor’s customers, what they have, what they want, why they go to your competitor and not come to you, what they think about you and what will win their money. Think about these.
2.
Your Customers
Your customers are the heart of your business as long as it exists. They are the ones who keep you in the business and without them you would have been knocked off long ago. As long as they are still there, it means they can bear your weaknesses and failures. Some of them have been there with you right from the beginning and you can be more certain that they will always be there.
Some customers are 100% loyal and will stay with you even when tides are low. In fact, some will be the reason for you to always think of how to continue in the business race no matter the odds. These are the men and women behind all you are doing.
It disturbs me when I see how people take customer relationship with levity but want to stay in business. You see the way they treat their customers and you wonder if they understand why they are in business.
There are some customers whose loyalty to any business is hard to get. At the slightest disappointment, they are gone. Hey!, what does losing one customer mean to you?
Have you taken time to study the growth rate of your customer base and see if you are losing or gaining customers? Do you have a means of finding out what your customers think about your business? Do you bother to call and find out from your customers how they are faring? Are you concerned enough about your customers’ problems when they complain to you?
So: Your customers are powerful stake holders in your business and cannot be replaced like you replace workers.
Your customers are the heart of your business as long as it exists. They are the ones who keep you in the business and without them you would have been knocked off long ago. As long as they are still there, it means they can bear your weaknesses and failures. Some of them have been there with you right from the beginning and you can be more certain that they will always be there.
Some customers are 100% loyal and will stay with you even when tides are low. In fact, some will be the reason for you to always think of how to continue in the business race no matter the odds. These are the men and women behind all you are doing.
It disturbs me when I see how people take customer relationship with levity but want to stay in business. You see the way they treat their customers and you wonder if they understand why they are in business.
There are some customers whose loyalty to any business is hard to get. At the slightest disappointment, they are gone. Hey!, what does losing one customer mean to you?
Have you taken time to study the growth rate of your customer base and see if you are losing or gaining customers? Do you have a means of finding out what your customers think about your business? Do you bother to call and find out from your customers how they are faring? Are you concerned enough about your customers’ problems when they complain to you?
So: Your customers are powerful stake holders in your business and cannot be replaced like you replace workers.
3.
Your Co-workers
Did I say co-workers? Yes I did. And by co-workers I mean the people who work with you (not for you). You see, most often the way people build their businesses is dangerous. It is surrounded around them and every other person doesn’t get the sense of ownership that would make him/her own the business and give his/her best. It is about the founder and no other person.
This is a wrong way of building a business and such a business will not easily survive fierce competition because those who work for you will never be affected by the going down of your business, like those who work with you.
Take time to position your business in the minds of your co-workers. Let them understand how the business’ progress will affect them. Let them see where you are going and decide to go with you no matter the odds. Don’t be too busy to be concerned about their wellbeing. Don’t let them feel that you are only interested in using them to make your money.
I know organizations where workers’ salaries are nothing to ride home about but they remain so passionate about the work. I also know organizations where at the end of the month, workers smile to the banks for healthy packages, but don’t feel belonging to the organization.
I once taught in a school where we were always reminded that there are many persons out there looking for job opportunities and so if we were not willing to stay, we could as well leave. And so the staff turnover for that school was so high with workers leaving at every slightest opportunity. What importance do you attach to the people making the money?
So: Never place your business above your workers. Don’t make them feel you can always get someone else to fill their position if they decide to leave. Get involved in their lives, trust them and make them know that you are in the business together with them and you will all share the outcome. Bother about the things that they bother about. Be concerned and they will want to die for your business to succeed no matter what.
Did I say co-workers? Yes I did. And by co-workers I mean the people who work with you (not for you). You see, most often the way people build their businesses is dangerous. It is surrounded around them and every other person doesn’t get the sense of ownership that would make him/her own the business and give his/her best. It is about the founder and no other person.
This is a wrong way of building a business and such a business will not easily survive fierce competition because those who work for you will never be affected by the going down of your business, like those who work with you.
Take time to position your business in the minds of your co-workers. Let them understand how the business’ progress will affect them. Let them see where you are going and decide to go with you no matter the odds. Don’t be too busy to be concerned about their wellbeing. Don’t let them feel that you are only interested in using them to make your money.
I know organizations where workers’ salaries are nothing to ride home about but they remain so passionate about the work. I also know organizations where at the end of the month, workers smile to the banks for healthy packages, but don’t feel belonging to the organization.
I once taught in a school where we were always reminded that there are many persons out there looking for job opportunities and so if we were not willing to stay, we could as well leave. And so the staff turnover for that school was so high with workers leaving at every slightest opportunity. What importance do you attach to the people making the money?
So: Never place your business above your workers. Don’t make them feel you can always get someone else to fill their position if they decide to leave. Get involved in their lives, trust them and make them know that you are in the business together with them and you will all share the outcome. Bother about the things that they bother about. Be concerned and they will want to die for your business to succeed no matter what.
4.
Your Competitors
Amongst all the stakeholders of your business, these are the most unfriendly and difficult to grapple with. Haha! Why shouldn’t they be, when they need something you are also looking for? As much as you are after their customers, they are after yours. You both are in a race and there is no smiling about this; at least not when the race is still on.
I don’t care how related your competitor is to you, they will never wish that you outwit them in the business and so will be foolish to tell you their secrets. You must be intelligent enough to discover their secrets yourself. But if you are so intelligent you will not need to discover their secrets because they will rather be struggling to know yours in order to meet up with you.
Your competitors are the people who give you sleepless nights the most. You want to understand the next thing on their mind, who their partners are, the secrets of their success, theirs strengths and weaknesses and so on. You need to know these so that you can do a good SWOT analysis of your business and put up the best competitive strategy against them.
Unfortunately, the answers to these questions are not written in any book, neither can you see them on your competitor’s fore head. You need to be wise enough to find out. It is the information that will make you always stay ahead.
So: Observe how your competitors do their business. Find out their areas of greatest strengths and areas of weaknesses; the difference in their strategies, their values, their products, their services and why their customers prefer them, and so on. These will help you in strategizing.
Amongst all the stakeholders of your business, these are the most unfriendly and difficult to grapple with. Haha! Why shouldn’t they be, when they need something you are also looking for? As much as you are after their customers, they are after yours. You both are in a race and there is no smiling about this; at least not when the race is still on.
I don’t care how related your competitor is to you, they will never wish that you outwit them in the business and so will be foolish to tell you their secrets. You must be intelligent enough to discover their secrets yourself. But if you are so intelligent you will not need to discover their secrets because they will rather be struggling to know yours in order to meet up with you.
Your competitors are the people who give you sleepless nights the most. You want to understand the next thing on their mind, who their partners are, the secrets of their success, theirs strengths and weaknesses and so on. You need to know these so that you can do a good SWOT analysis of your business and put up the best competitive strategy against them.
Unfortunately, the answers to these questions are not written in any book, neither can you see them on your competitor’s fore head. You need to be wise enough to find out. It is the information that will make you always stay ahead.
So: Observe how your competitors do their business. Find out their areas of greatest strengths and areas of weaknesses; the difference in their strategies, their values, their products, their services and why their customers prefer them, and so on. These will help you in strategizing.
5.
Yourself
you are the most important stakeholder in your business and much of your business’ existence depends on you. Your customers and co-workers will one day leave you, some of your competitor’s customers may never become yours and your competitor may continue to mount fierce competition against you, but you are the only one who will have to decide to keep fighting or to quit.
You can choose to go to sleep and quit in the face of competition or you fold your sleeves and put on a brave eye on things, to face the competition.
You need to keep working on better (more efficient and effective) ways of doing your business and satisfying your customers so as to win more of your competitors’ customers and put off your competitor from the market.
you are the most important stakeholder in your business and much of your business’ existence depends on you. Your customers and co-workers will one day leave you, some of your competitor’s customers may never become yours and your competitor may continue to mount fierce competition against you, but you are the only one who will have to decide to keep fighting or to quit.
You can choose to go to sleep and quit in the face of competition or you fold your sleeves and put on a brave eye on things, to face the competition.
You need to keep working on better (more efficient and effective) ways of doing your business and satisfying your customers so as to win more of your competitors’ customers and put off your competitor from the market.
How To Know If You Have A Great Business
Idea
Every business starts with an idea in the
heart of a person. Very often, listening to someone’s business idea, you could
tell the chances such an idea has, to become a viable and successful business.
This is to say that from merely listening to a business idea, it is possible to
assess the strength of the business it is likely to give birth to.
A good number of entrepreneurs today don’t do more than duplicating the idea of another person. Not many people are thinking and coming up with new things or new ways of solving old problems. Look around and what you see everywhere is just the same. Whereas, there are so many needs no one is meeting. For you to set up a powerful business, begin with a great business idea. The following are some elements of a great business idea.
A good number of entrepreneurs today don’t do more than duplicating the idea of another person. Not many people are thinking and coming up with new things or new ways of solving old problems. Look around and what you see everywhere is just the same. Whereas, there are so many needs no one is meeting. For you to set up a powerful business, begin with a great business idea. The following are some elements of a great business idea.
It Is
Built Around Passion
Most of the successful businesses today, the Microsoft, Facebook, Ford, McDonalds, Dangote, etc. are built around the passion of someone. It was passion that made Bill Gates leave Harvard to work on Microsoft.
People are passionate about different things - education, entertainment, writing, show-biz, good food, fashion, automobile, health care, machines, farming, and so on. Passion is what someone cares so much about. When your business idea falls short of this, you won’t easily hang on when the challenges come and you won’t give it all you got to see it succeed. Look in and out of your deep-seated passions and come up with a business idea.
Most of the successful businesses today, the Microsoft, Facebook, Ford, McDonalds, Dangote, etc. are built around the passion of someone. It was passion that made Bill Gates leave Harvard to work on Microsoft.
People are passionate about different things - education, entertainment, writing, show-biz, good food, fashion, automobile, health care, machines, farming, and so on. Passion is what someone cares so much about. When your business idea falls short of this, you won’t easily hang on when the challenges come and you won’t give it all you got to see it succeed. Look in and out of your deep-seated passions and come up with a business idea.
It
Addresses A Serious Need
When a business idea is conceived to meet a serious need in the market, it is bound to give birth to a viable business. Needs could be goods or services lacking in a market or present but insufficient or in low quality, and so unable to satisfy the market.
In every market there are needs. However, lazy entrepreneurs will hardly see those things that are lacking. They will easily see the things that are present and then try to make them be in abundance. After all, it is always easier to see the things that meet the eyes than the ones that meet the mind. But it makes no sense to keep doing what others are doing, except when you do it with a big difference.
When a business idea is conceived to meet a serious need in the market, it is bound to give birth to a viable business. Needs could be goods or services lacking in a market or present but insufficient or in low quality, and so unable to satisfy the market.
In every market there are needs. However, lazy entrepreneurs will hardly see those things that are lacking. They will easily see the things that are present and then try to make them be in abundance. After all, it is always easier to see the things that meet the eyes than the ones that meet the mind. But it makes no sense to keep doing what others are doing, except when you do it with a big difference.
It Is
Profitable
Business is profit-making. You are not doing business, when you are not making profit. There is a difference between a charity organization and a business. If you want to set up a charity organization, let it be clear from the beginning. But I guess you are in for business, reason why you are reading this post.
Your business idea makes no sense to me when I cannot see how it will bring profit. It is normal that most businesses will not make much profit at the beginning but eve at that, it should have great potentials to bring in much profit not too long from the time the business kicks off.
You can know if your business idea is profitable by deeply studying the potential customers, what they want, what they have, what they will be willing to pay for what you have and how often they will need what you have. Read my post titled “Become The Change World Needs” You can also study the market situation of close substitute goods/services and compare with yours.
Business is profit-making. You are not doing business, when you are not making profit. There is a difference between a charity organization and a business. If you want to set up a charity organization, let it be clear from the beginning. But I guess you are in for business, reason why you are reading this post.
Your business idea makes no sense to me when I cannot see how it will bring profit. It is normal that most businesses will not make much profit at the beginning but eve at that, it should have great potentials to bring in much profit not too long from the time the business kicks off.
You can know if your business idea is profitable by deeply studying the potential customers, what they want, what they have, what they will be willing to pay for what you have and how often they will need what you have. Read my post titled “Become The Change World Needs” You can also study the market situation of close substitute goods/services and compare with yours.
It
Targets A Large And Viable Market
The market size that you will be sharing with your competitors or those of close substitute goods and services, count a lot. Your business idea will not be a good one if the potential customers are a small group of persons. Worst still when you are targeting a market that is large but having so many close substitute goods competing for market share, you will have a lot to do, to make a difference.
Let your business idea target a large market and at the same time be unique in such a way as to easily gain substantial market share. You can only be sure about this when you talk about the idea to potential customers and get to know what they think, while fine-tuning the idea.
The market size that you will be sharing with your competitors or those of close substitute goods and services, count a lot. Your business idea will not be a good one if the potential customers are a small group of persons. Worst still when you are targeting a market that is large but having so many close substitute goods competing for market share, you will have a lot to do, to make a difference.
Let your business idea target a large market and at the same time be unique in such a way as to easily gain substantial market share. You can only be sure about this when you talk about the idea to potential customers and get to know what they think, while fine-tuning the idea.
It Has
A Unique Style
Your business idea needs to have some touches of uniqueness. You need to have your signature on it. It is the uniqueness of your idea that makes it difficult for a competitor to copy what you do.
As you think through your business idea, spice it up with different things that will give your idea so much uniqueness. Your uniqueness could be revealed in the style of your services, the unique feel that the customers get when they come to you, the presentation of the business, the taste of your products, etc. Let people ask you why your own is different.
Your business idea needs to have some touches of uniqueness. You need to have your signature on it. It is the uniqueness of your idea that makes it difficult for a competitor to copy what you do.
As you think through your business idea, spice it up with different things that will give your idea so much uniqueness. Your uniqueness could be revealed in the style of your services, the unique feel that the customers get when they come to you, the presentation of the business, the taste of your products, etc. Let people ask you why your own is different.
It Is
Easy To Reproduce
Right from the conception of your business idea, it is important to look at how easy it will be to reproduce different businesses from the idea when the time comes. Your goods and services will be duplicated on a daily basis and so must be easy to duplicate and maintain the standards while reducing the cost. Normally, if the idea is well conceived, you should gain much expertise repeating the same thing over and over and by so doing, lowering cost of production.
You may also want to open other stations in other places and so you must be able to set up the same thing or at least something similar, so that you don’t confuse your customers about who you are, what you offer and the quality of your services.
Right from the conception of your business idea, it is important to look at how easy it will be to reproduce different businesses from the idea when the time comes. Your goods and services will be duplicated on a daily basis and so must be easy to duplicate and maintain the standards while reducing the cost. Normally, if the idea is well conceived, you should gain much expertise repeating the same thing over and over and by so doing, lowering cost of production.
You may also want to open other stations in other places and so you must be able to set up the same thing or at least something similar, so that you don’t confuse your customers about who you are, what you offer and the quality of your services.
It Is
Clear And Easy To Communicate
Have you tried to share an idea with someone and you realize they never get to understand you? The problem could be with them as well as it could be with you.
The business idea is conceived by you but may soon be owned by many people as you get them involved in the business. For these people (shareholders, staff, investors) to effectively contribute to the business success, they need to fully understand and buy the idea. Their understanding of the idea is largely dependent on whether it is easy to communicate the idea to them in a way that is clear and capable of winning their interest.
Some ideas fail because it is hard for others to connect to it. Is your business idea easy to communicate to even to a business novice? Such an idea will easily thrive.
Think again about your idea in line with the above points and be sure it is a great one. Please make your comments below.
Have you tried to share an idea with someone and you realize they never get to understand you? The problem could be with them as well as it could be with you.
The business idea is conceived by you but may soon be owned by many people as you get them involved in the business. For these people (shareholders, staff, investors) to effectively contribute to the business success, they need to fully understand and buy the idea. Their understanding of the idea is largely dependent on whether it is easy to communicate the idea to them in a way that is clear and capable of winning their interest.
Some ideas fail because it is hard for others to connect to it. Is your business idea easy to communicate to even to a business novice? Such an idea will easily thrive.
Think again about your idea in line with the above points and be sure it is a great one. Please make your comments below.
Profitable
Businesses in Nigeria You Can Start With N50,000 or Less
Some of the business I am going to list here are common
businesses that people tends to neglect still they have all the potential to
make someone rich. Starting a small business in Nigeria has never been easy at
any time considering what you'd have to go through to raise capital towards
setting up any business. Basically, it's all about money money money! No Bank
in Nigeria is willing to help small scale entrepreneurs and Government seems to
have plans only on paper for the large number of jobless citizens in the
country.
Therefore, if you are contemplating any business, you are on your own if you don't have enough money to finance it. The worst part of it is that most potentially profitable small businesses in Nigeria need much amount of money to get it started due government huddles and their bureaucratic bottle necks. Most times, the money required to start small business in Nigeria is far much beyond what average Nigerian entrepreneurs can afford.
Have you ever conceived a business idea so bright that it was just a matter of getting it started and the money starts rolling in, only to see the idea die because no money to kick start the business? That's what 70 percent of Nigeria Entrepreneurs experience on regular basis.
Sometimes, the little money you have can't just be enough to start anything reasonable no matter how hard you tried. Because of these, many people are finding it difficult to figure out any business they can start with small amount of money and make reasonable profit. This post will take the burdens off you as I have taken time to come up with lists of small businesses with good ROI
Below are some of the best small businesses in Nigeria that any aspiring entrepreneur can start with N50,000 or less and make substantial profit in no time.
1. Plantain Chips Making - Move around the street and you will see different brands of Plantain chips on sale and it sells very very fast. People like chewing stuffs like plantain chips and there is no end to it, so if you can engage in the business of producing and supplying it to retailers and hawkers, you will be making good money on daily basis.
All what you needed are: Big Frying Pan (N3,000) Small Sealing Machine (N15,000) The Nylons and Labels (N2,000) Other Utensils (N5,000) The rest N30,000 goes into buying of Plantains and logistics. Supply to the shops and to hawkers and make regular money on regular basis.
2. Tokunbo Shoes - I like quality leather materials and that's why until recently all my shoes and bags are bought from the tokunbo shoes and bag sellers. I used to get some top class shoes for about N3,000 by the roadsides back in those days when I can't really afford high quality designer shoes that cost N50,000 or more.
There are many people out there who are just like me. Instead of patronizing those fake China shoes and bags, they prefer to buy high quality fairly used ones which last longer and confer you with more respect.
Get a nice place where you can be displaying your goods such as in front of shopping malls. Go to any fairly used products market (Katangowa or Aswani in Lagos) you may go to Seme Border or Kotonou. Select quality fairly used shoes, look for designs that are close to the latest fashion. N40,000 can get you up to 40 pairs of shoes. Sometimes you make profit of up to N3,000 from a single sell.
3. Used Books - You usually see them by the roadsides and you're wondering if the sellers are making money from those books on display? Try it and see! You will be surprised at the profit margin, and you will be amazed at the rate at which Nigerians buy different kinds of books.
Follow the same process as with the used shoes but you buy at different markets. Used books are sold mainly in importers warehouses, locate one and go there to select nice used books, Children books, Professional books, Hand craft books, etc. These types of books sells very fast with high profit margin. N50,000 is more than enough for a starter.
4. Office Supply - People who works in the offices finds it difficult to go out to the market to buy certain things like Wrist Watches, Shirts, Ties, and Perfumes. Help them do the shopping and charge moderately, don't be greedy like other suppliers who buys fake things for N1,000 and wants to sell for N10,000 in the name of office supply. Some of them even use to lie that they bought the products from oversea (while in reality they bought it from Idumota) just to sell it at unacceptable price
If you are honest with your business and charge reasonably, you may even get huge supply contract form some of the people you will meet in the offices. N50,000 will do good in this type of small business in Nigeria and you are going to be glad at the brisk business you will be making.
5. Road Side Foods Vending - If you are the hard working type, this small business in Nigeria may be for you. I've seen people buy cars and build houses from this business. It's one of the few businesses that guarantees steady flow of income no matter the weather and no matter the economic situation.
Specialize in cooking Jollof Rice and Beans, Moi moi, Fried Plantain, Custards, and Fried Eggs. You will become the best friend of the people and the people will be your friend! Look for a hot spot, like the bus stop, near Motor and Okada parks or busy shopping malls.
Thirty Thousand Naira (N30,000) will get you all the utensils and small tables and chairs. While N20,000 goes for food items and settlements.
Therefore, if you are contemplating any business, you are on your own if you don't have enough money to finance it. The worst part of it is that most potentially profitable small businesses in Nigeria need much amount of money to get it started due government huddles and their bureaucratic bottle necks. Most times, the money required to start small business in Nigeria is far much beyond what average Nigerian entrepreneurs can afford.
Have you ever conceived a business idea so bright that it was just a matter of getting it started and the money starts rolling in, only to see the idea die because no money to kick start the business? That's what 70 percent of Nigeria Entrepreneurs experience on regular basis.
Sometimes, the little money you have can't just be enough to start anything reasonable no matter how hard you tried. Because of these, many people are finding it difficult to figure out any business they can start with small amount of money and make reasonable profit. This post will take the burdens off you as I have taken time to come up with lists of small businesses with good ROI
Below are some of the best small businesses in Nigeria that any aspiring entrepreneur can start with N50,000 or less and make substantial profit in no time.
1. Plantain Chips Making - Move around the street and you will see different brands of Plantain chips on sale and it sells very very fast. People like chewing stuffs like plantain chips and there is no end to it, so if you can engage in the business of producing and supplying it to retailers and hawkers, you will be making good money on daily basis.
All what you needed are: Big Frying Pan (N3,000) Small Sealing Machine (N15,000) The Nylons and Labels (N2,000) Other Utensils (N5,000) The rest N30,000 goes into buying of Plantains and logistics. Supply to the shops and to hawkers and make regular money on regular basis.
2. Tokunbo Shoes - I like quality leather materials and that's why until recently all my shoes and bags are bought from the tokunbo shoes and bag sellers. I used to get some top class shoes for about N3,000 by the roadsides back in those days when I can't really afford high quality designer shoes that cost N50,000 or more.
There are many people out there who are just like me. Instead of patronizing those fake China shoes and bags, they prefer to buy high quality fairly used ones which last longer and confer you with more respect.
Get a nice place where you can be displaying your goods such as in front of shopping malls. Go to any fairly used products market (Katangowa or Aswani in Lagos) you may go to Seme Border or Kotonou. Select quality fairly used shoes, look for designs that are close to the latest fashion. N40,000 can get you up to 40 pairs of shoes. Sometimes you make profit of up to N3,000 from a single sell.
3. Used Books - You usually see them by the roadsides and you're wondering if the sellers are making money from those books on display? Try it and see! You will be surprised at the profit margin, and you will be amazed at the rate at which Nigerians buy different kinds of books.
Follow the same process as with the used shoes but you buy at different markets. Used books are sold mainly in importers warehouses, locate one and go there to select nice used books, Children books, Professional books, Hand craft books, etc. These types of books sells very fast with high profit margin. N50,000 is more than enough for a starter.
4. Office Supply - People who works in the offices finds it difficult to go out to the market to buy certain things like Wrist Watches, Shirts, Ties, and Perfumes. Help them do the shopping and charge moderately, don't be greedy like other suppliers who buys fake things for N1,000 and wants to sell for N10,000 in the name of office supply. Some of them even use to lie that they bought the products from oversea (while in reality they bought it from Idumota) just to sell it at unacceptable price
If you are honest with your business and charge reasonably, you may even get huge supply contract form some of the people you will meet in the offices. N50,000 will do good in this type of small business in Nigeria and you are going to be glad at the brisk business you will be making.
5. Road Side Foods Vending - If you are the hard working type, this small business in Nigeria may be for you. I've seen people buy cars and build houses from this business. It's one of the few businesses that guarantees steady flow of income no matter the weather and no matter the economic situation.
Specialize in cooking Jollof Rice and Beans, Moi moi, Fried Plantain, Custards, and Fried Eggs. You will become the best friend of the people and the people will be your friend! Look for a hot spot, like the bus stop, near Motor and Okada parks or busy shopping malls.
Thirty Thousand Naira (N30,000) will get you all the utensils and small tables and chairs. While N20,000 goes for food items and settlements.
Please if you know any other profitable small businesses in
Nigeria that one can start with N50,000 or less, write about it in the comment
box below and let's get the business started! Don't just mention the name,
write brief detail about the business for people to have an idea of what it takes
to start it.
It is my humble wish that Nigeria will become a place of enjoyment where everyone is gainfully employed by doing jobs and businesses they loves.
It is my humble wish that Nigeria will become a place of enjoyment where everyone is gainfully employed by doing jobs and businesses they loves.
How to Start Local Furniture Business in
Nigeria
This business I'm writing about tonight is one of the businesses
in Nigeria that is quite close to my heart - Nigeria Furniture Business. I
recently furnished my home and office and I can tell you, the amount of money I
spent on those furniture is enough to turn head. Yes, the furniture we bought
are imported designer furniture but the question is: How many Nigerians can
afford imported furniture?
Another question: How many Nigerians knows the difference between designer furniture and Nigeria furniture? This later question is what lead me into probing deeper to discover the really booming furniture business in Nigeria that I want us to take a look into and see how profitable it is.
Another question: How many Nigerians knows the difference between designer furniture and Nigeria furniture? This later question is what lead me into probing deeper to discover the really booming furniture business in Nigeria that I want us to take a look into and see how profitable it is.
The truth is that everyone wants to have furniture in their home
regardless of the quality or where it comes from. To some, it doesn't matter if
it is imported or Nigeria furniture; while others simply can't tell the
difference between these two. The best part is that the Nigeria furniture are
actually very good looking, especially when it is designed by a good Carpenter.
For the fact that many people can't tell the difference shows that they're nice
too, and some of them last long as well.
Another truth is that they're cheaper, presenting something affordable to everyone - unlike the designer version that after buying, you start checking your pocket to see if there is hole somewhere. So, if you're in the furniture business, you're 100% guaranteed of good sales because average Nigerians (greater in number) who could not afford the superior type are always going to buy.
However, the greatest truth is that you don't even have to be a Carpenter to sell this Nigeria Furniture. Anyone can do the business, no matter who you're as long as you have the needed capital to start which is not much. N200,000 is just enough to get you started, then as the business starts yielding profit, you may add more, expand, and add imported furniture or even begin to manufacture the superior type.
Many great Nigerian have made it big through the sales of household and office furniture. One good example is Mrs. Ibukun Awosika - she is the founder of Quebees Ltd, and Chair Centre Ltd which manufacture and sell office furniture that runs into several hundreds of millions of naira here in Nigeria. You too can start small and grow big in the furniture business like her!
A complete four set of imported SOFA costs from N1.5 m while the same complete set of chair, made with good materials (the Nigerian way) cost about N70,000 from the local carpenter. With good negotiation, you are sure to get it cheaper, sell for N100,000 in your showroom, and make N30,000pure profit from that single sell! Is that a good business or not?
Now that I've tickled you a bit, let me take you through the 2 easy steps you need to take to get your business started as soon as this week.
Another truth is that they're cheaper, presenting something affordable to everyone - unlike the designer version that after buying, you start checking your pocket to see if there is hole somewhere. So, if you're in the furniture business, you're 100% guaranteed of good sales because average Nigerians (greater in number) who could not afford the superior type are always going to buy.
However, the greatest truth is that you don't even have to be a Carpenter to sell this Nigeria Furniture. Anyone can do the business, no matter who you're as long as you have the needed capital to start which is not much. N200,000 is just enough to get you started, then as the business starts yielding profit, you may add more, expand, and add imported furniture or even begin to manufacture the superior type.
Many great Nigerian have made it big through the sales of household and office furniture. One good example is Mrs. Ibukun Awosika - she is the founder of Quebees Ltd, and Chair Centre Ltd which manufacture and sell office furniture that runs into several hundreds of millions of naira here in Nigeria. You too can start small and grow big in the furniture business like her!
A complete four set of imported SOFA costs from N1.5 m while the same complete set of chair, made with good materials (the Nigerian way) cost about N70,000 from the local carpenter. With good negotiation, you are sure to get it cheaper, sell for N100,000 in your showroom, and make N30,000pure profit from that single sell! Is that a good business or not?
Now that I've tickled you a bit, let me take you through the 2 easy steps you need to take to get your business started as soon as this week.
Look
For a Good Carpenter
Every Carpenter can hold hammer and nail but not every Carpenter is capable of producing good quality furniture job. Some Carpenters are very good at producing good furniture job but not all of them can deliver it on time. Very few does! Look for one or two among these few and negotiate good deal with them.
They will be responsible of supplying you the furniture you'd need to sell to your customers. A full set of Living Room Chairs (N70,000), 2 Beds (N40,000), and a Dinning Set (N20,000) is all you need for a start. You may add very good Foams on those Beds which you're going to sell together with the beds and make profits from both.
Every Carpenter can hold hammer and nail but not every Carpenter is capable of producing good quality furniture job. Some Carpenters are very good at producing good furniture job but not all of them can deliver it on time. Very few does! Look for one or two among these few and negotiate good deal with them.
They will be responsible of supplying you the furniture you'd need to sell to your customers. A full set of Living Room Chairs (N70,000), 2 Beds (N40,000), and a Dinning Set (N20,000) is all you need for a start. You may add very good Foams on those Beds which you're going to sell together with the beds and make profits from both.
Get a
Showroom
You need a showroom to be able to display your furniture to the public. Make sure it is by the roadside for passerby to see them. Advertising is everything in business, if your furniture is hidden, no one will see them and you wouldn't make a sell. You must by all means get your product where people can see them for you to make sells.
If you don't have money for a showroom, go for open place by the roadside. Many Nigeria furniture sellers, sell at the open place by the roadside and they still make good sells.
When you have these two things in place, you are ready for business but don't forget that your Customers are the lifeblood of your business, give them good services and treat them well.
You need a showroom to be able to display your furniture to the public. Make sure it is by the roadside for passerby to see them. Advertising is everything in business, if your furniture is hidden, no one will see them and you wouldn't make a sell. You must by all means get your product where people can see them for you to make sells.
If you don't have money for a showroom, go for open place by the roadside. Many Nigeria furniture sellers, sell at the open place by the roadside and they still make good sells.
When you have these two things in place, you are ready for business but don't forget that your Customers are the lifeblood of your business, give them good services and treat them well.
How
Online Nigerians Are Trading Opportunities For Mediocrity
Nigeria has one of the fastest growing online community in the
world, adding millions every year. Online Nigerians seems to be everywhere
around the Internet. It is estimated that about 60 million Nigerians are
currently using the Internet or connected to the internet somehow. There is
hardly any platform you wouldn't see Nigerians. But when it comes to creating
reasonable online businesses, They seems to be almost missing completely!
India is another country that has fastest growing Internet users. As at 2012, more than 346 million Indian had subscribed to data packages. Unlike us, you can see the evidence of the Indian online population growth from the quality of businesses they are creating. From Blogging to eCommerce and anything you can think of, Online Indian are there creating wealth for themselves.
Apart from creating businesses, India are really adding value to the Internet. As a Blogger, I know how many times I needed help on how to improve my blog and each time I searched for help, I always get quality tutorial from Indian blogs - 90% of the time. That goes to tell you the quality Indians online are made of, and the value they are creating. But that can not be said of online Nigerians.
So my question is: What are we really doing online? All I can see are people full of name calling and abuses. Go to popular Nigerian forums like Nairaland.com and try to interact with the community, the first thing you will receive is insult and abuse! You begin to wonder what manner of people are in here? People who can not express themselves without insulting one and other?
Life is about opportunities and when you have one you try and make good use of it. There is huge internet business opportunities in the hands of Nigerians online but so sad we aren't making good use of it instead, chose to pass it over to foreigners.
Most of the Nigerian based eCommerce companies who are making million online are not Nigerian companies. Jumia.com.ng isn't indigenous company. Likewise others like them, these are the people taking advantage of the over 60 million internet users in Nigeria to make money while we are there insulting, arguing and browsing ladies pictures on Facebook, posing as all sort of things looking for who to scam.
Where are the Entrepreneurs? Where are the Tech savvy Nigerians? Where are the Inventors? Does it mean we have none? Some online Nigerians who have the opportunity to grow usually end up becoming mediocre with no improvement and no innovation.
The few fortunate ones who have been able to set up something substantial on the internet have come to have the believe that as long as they are making some bucks there is no need to improve or innovate. That is very wrong! Facebook was making billions of dollars when they created the current timeline and I can tell you they are still working everyday round the clock to improve and to be better.
E.g: Why would Linda Ikeji be busy buying stuffs and celebrating birthday in London when her blog site is in such sorry state (Wacky Domain Name, Poor SEO, Zero Branding, etc)? The answer is: Lack of innovative spirit.
Nairaland.com is still parading the same very poor interface, devoid of character and branding, despite having been around on the internet since eight years now? Ask Twitter that was founded five years ago how many times they have changed their system and interface. That is what innovation is all about and innovation is what drives growth.
These two I just mentioned are even big businesses, there are thousands of other websites own by Nigerians that may never see the light of the day in terms of profitability despite being in a multi billion dollar niche, due to mediocrity.
Compare the way Nigerians do their businesses online to the way others from USA and India do theirs, you will find out there is huge disparity. That is why many are not profitable in their online business because profitability is a direct result of proficiency.
What are Nigerians doing online that only very few (less than 100) have been able to create something that can be called internet business? Maybe its because of ignorance. In that case, I have taken time out to come up with the list of some of the businesses you can do online and make money and some that may never make you a silk pulse.
Read through these and decide which one to engage in. If there is any other one you know that is not mentioned, drop it in the comment box and lets expand the subject and don't forget to add your comment
India is another country that has fastest growing Internet users. As at 2012, more than 346 million Indian had subscribed to data packages. Unlike us, you can see the evidence of the Indian online population growth from the quality of businesses they are creating. From Blogging to eCommerce and anything you can think of, Online Indian are there creating wealth for themselves.
Apart from creating businesses, India are really adding value to the Internet. As a Blogger, I know how many times I needed help on how to improve my blog and each time I searched for help, I always get quality tutorial from Indian blogs - 90% of the time. That goes to tell you the quality Indians online are made of, and the value they are creating. But that can not be said of online Nigerians.
So my question is: What are we really doing online? All I can see are people full of name calling and abuses. Go to popular Nigerian forums like Nairaland.com and try to interact with the community, the first thing you will receive is insult and abuse! You begin to wonder what manner of people are in here? People who can not express themselves without insulting one and other?
Life is about opportunities and when you have one you try and make good use of it. There is huge internet business opportunities in the hands of Nigerians online but so sad we aren't making good use of it instead, chose to pass it over to foreigners.
Most of the Nigerian based eCommerce companies who are making million online are not Nigerian companies. Jumia.com.ng isn't indigenous company. Likewise others like them, these are the people taking advantage of the over 60 million internet users in Nigeria to make money while we are there insulting, arguing and browsing ladies pictures on Facebook, posing as all sort of things looking for who to scam.
Where are the Entrepreneurs? Where are the Tech savvy Nigerians? Where are the Inventors? Does it mean we have none? Some online Nigerians who have the opportunity to grow usually end up becoming mediocre with no improvement and no innovation.
The few fortunate ones who have been able to set up something substantial on the internet have come to have the believe that as long as they are making some bucks there is no need to improve or innovate. That is very wrong! Facebook was making billions of dollars when they created the current timeline and I can tell you they are still working everyday round the clock to improve and to be better.
E.g: Why would Linda Ikeji be busy buying stuffs and celebrating birthday in London when her blog site is in such sorry state (Wacky Domain Name, Poor SEO, Zero Branding, etc)? The answer is: Lack of innovative spirit.
Nairaland.com is still parading the same very poor interface, devoid of character and branding, despite having been around on the internet since eight years now? Ask Twitter that was founded five years ago how many times they have changed their system and interface. That is what innovation is all about and innovation is what drives growth.
These two I just mentioned are even big businesses, there are thousands of other websites own by Nigerians that may never see the light of the day in terms of profitability despite being in a multi billion dollar niche, due to mediocrity.
Compare the way Nigerians do their businesses online to the way others from USA and India do theirs, you will find out there is huge disparity. That is why many are not profitable in their online business because profitability is a direct result of proficiency.
What are Nigerians doing online that only very few (less than 100) have been able to create something that can be called internet business? Maybe its because of ignorance. In that case, I have taken time out to come up with the list of some of the businesses you can do online and make money and some that may never make you a silk pulse.
Read through these and decide which one to engage in. If there is any other one you know that is not mentioned, drop it in the comment box and lets expand the subject and don't forget to add your comment
Online
Businesses that can make you profit
1. eCommerce - Selling goods online is one of the latest trend in Nigeria Internet community. Sadly, no Online Nigerian is currently doing this well. Some foreign companies have since discovered the huge potential in the Nigerian market and moved in.
The good thing is you can still invest in this sector and make your money. Nigeria online community are growing by days and soon people may no longer shop from the malls due the convenience that online shopping offers. If you plant your feed now and do it right, you will make it in eCommerce business.
2. Blogging - You may not know that Blogging is a billion dollar business but you need to blog right if you desire to make profit. Most Nigerian Bloggers are blogging the wrong way. Online Nigerians way of blogging is writing entertainment news. Blogging in the real sense is far far from writing entertainment news let alone just copying and pasting it.
If you want to blog and make money, you need to get professional. Chose a niche and write quality content - that is the only way to make it in blogging. Quit doing entertainment follow follow!
3. Social Network - This is the best way to leverage other peoples effort. If you can get it right, people will just be working for you while you almost relax and only manages and maintain the site and the servers.
The desire to belong in a community will always be there. Create quality community portal like Forum or Social Network, promote it until people gets used to it. It is a sure money maker.
4. Creating useful Applications - If you have coding and software development skills, put it into good use and create useful applications. Think outside the box - the secret of making it is creating something unique.
5. Service Rendering - Take whatever service you can render to the internet and expand your horizon. Create a website for it and market it using content marketing techniques. You will be making 100% more money than you are making before.
6. Graphic Design - This is one creative art that you can take online and make a kill but you must be very very good at what you do. You must be creative, thorough and imaginative, people don't patronize mediocre designers. But if you are good, you will have people queuing for your service.
7. Article Writing - Article writing is another creative endeavor. Writing isn't easy, it takes hard work and plenty of guts to be a writer. It is much more than just being educated, few people can write. If you can write article as lengthy as this post you are reading within four hours on any subject, then you are a born writer. Writers and content creators are the soul of the internet; without us, there will be no result when you search Google!
If you have the skill of writing, you can be paid for it. So many websites and blogs are actively looking for writers and you can work on contract basis, and get paid according to your effort.
8. Web Design and Hosting - Millions of websites are coming up every year and the number wouldn't go down in recent time. Be among the one to design those websites, learn web development and coding skills. Web design is a brisk business but just like Graphic design, you must be good at what you do to get a look in your direction.
9. Domain Business - This is one tricky but profitable internet business. The journey of every successful website or blog starts from the quality of its domain name. Quality domain name can turn your online business around for good.
Professional Domainers specialize in registering quality domains and putting them up for sale or developing and selling it later. To make it in this business, you need to have deep knowledge about domain name, it is not something you just get off and do because you know how to register a domain.
10. Job Listing - Create a job listing website like Jobberman.com and put it out there for companies to list their job vacancies. You may charge companies to list their job or give it out for free and make money from the traffic.
1. eCommerce - Selling goods online is one of the latest trend in Nigeria Internet community. Sadly, no Online Nigerian is currently doing this well. Some foreign companies have since discovered the huge potential in the Nigerian market and moved in.
The good thing is you can still invest in this sector and make your money. Nigeria online community are growing by days and soon people may no longer shop from the malls due the convenience that online shopping offers. If you plant your feed now and do it right, you will make it in eCommerce business.
2. Blogging - You may not know that Blogging is a billion dollar business but you need to blog right if you desire to make profit. Most Nigerian Bloggers are blogging the wrong way. Online Nigerians way of blogging is writing entertainment news. Blogging in the real sense is far far from writing entertainment news let alone just copying and pasting it.
If you want to blog and make money, you need to get professional. Chose a niche and write quality content - that is the only way to make it in blogging. Quit doing entertainment follow follow!
3. Social Network - This is the best way to leverage other peoples effort. If you can get it right, people will just be working for you while you almost relax and only manages and maintain the site and the servers.
The desire to belong in a community will always be there. Create quality community portal like Forum or Social Network, promote it until people gets used to it. It is a sure money maker.
4. Creating useful Applications - If you have coding and software development skills, put it into good use and create useful applications. Think outside the box - the secret of making it is creating something unique.
5. Service Rendering - Take whatever service you can render to the internet and expand your horizon. Create a website for it and market it using content marketing techniques. You will be making 100% more money than you are making before.
6. Graphic Design - This is one creative art that you can take online and make a kill but you must be very very good at what you do. You must be creative, thorough and imaginative, people don't patronize mediocre designers. But if you are good, you will have people queuing for your service.
7. Article Writing - Article writing is another creative endeavor. Writing isn't easy, it takes hard work and plenty of guts to be a writer. It is much more than just being educated, few people can write. If you can write article as lengthy as this post you are reading within four hours on any subject, then you are a born writer. Writers and content creators are the soul of the internet; without us, there will be no result when you search Google!
If you have the skill of writing, you can be paid for it. So many websites and blogs are actively looking for writers and you can work on contract basis, and get paid according to your effort.
8. Web Design and Hosting - Millions of websites are coming up every year and the number wouldn't go down in recent time. Be among the one to design those websites, learn web development and coding skills. Web design is a brisk business but just like Graphic design, you must be good at what you do to get a look in your direction.
9. Domain Business - This is one tricky but profitable internet business. The journey of every successful website or blog starts from the quality of its domain name. Quality domain name can turn your online business around for good.
Professional Domainers specialize in registering quality domains and putting them up for sale or developing and selling it later. To make it in this business, you need to have deep knowledge about domain name, it is not something you just get off and do because you know how to register a domain.
10. Job Listing - Create a job listing website like Jobberman.com and put it out there for companies to list their job vacancies. You may charge companies to list their job or give it out for free and make money from the traffic.
Online
Businesses that May Never Make you a Dime
1. Taking Survey - Stop allowing internet Marketers to use your head. There is no dime to be made in survey taking. When you are lazy, people take advantage of it, tell you what you want to hear and gain what they want to gain.
2. Paid to Read Email - No one pays you to read his email, company or not. It is another cheap scam designed to catch lazy ones.
3. High Yield Investment - If you ever make money or get paid from this, you are being used as a bet to get others. This business is the design of outright Fraudsters.
4. Clicking on Links - I kept seeing this on Facebook everyday. Have you been paid clicking on those links? How can you click on a link and get paid without taking any action? Then everyone would go clicking on links! I have seen one that says $0.00001 per click on a banner???
5. Pay to Signup - Signing up to any website is just the beginning of a process of getting involved with the site and whatever business that goes on there. It is the actual involvement that brings value, so how can someone pay you for just sign ups?
Can the taxi Diver pay you some money for standing by the roadside? You suppose to be the one to pay the taxi Driver and not the other way round. That is how web sign up works.
6. Make Money Ebooks - This used to be a huge money maker but no longer now. Many internet Marketers who started it has since moved on to another Internet businesses. Some are still scrapping it but may not worth the effort.
The reason this no longer make money is because all the information that used to be contained in those eBooks are now available everywhere on the internet for free.
7. Affiliate Programs - This also used to be the mega money maker for internet Marketers but too many fraudulent Affiliate Merchants have highjacked the system with Fraudulent practices that makes it difficult for you to earn.
If you go into this, you will just waste your effort making sells for someone without getting anything for your effort in return.
8. Sports Betting - It is gambling - that is what it is, responsible or not! In gambling, you loose more money than you make while the company smiles to the bank.
9. Forex Trading - Forex is better traded by the banks not individuals. The business of Forex is too risky to be considered profitable. Just like Sports betting, you can make money today and loose everything tomorrow.
I would love to see Nigerian creating real value on the internet. Creating something that touches the life of people. Help solve peoples problems. Be of help to others.
When you create such values, you will be rewarded with wealth. Thank you!
1. Taking Survey - Stop allowing internet Marketers to use your head. There is no dime to be made in survey taking. When you are lazy, people take advantage of it, tell you what you want to hear and gain what they want to gain.
2. Paid to Read Email - No one pays you to read his email, company or not. It is another cheap scam designed to catch lazy ones.
3. High Yield Investment - If you ever make money or get paid from this, you are being used as a bet to get others. This business is the design of outright Fraudsters.
4. Clicking on Links - I kept seeing this on Facebook everyday. Have you been paid clicking on those links? How can you click on a link and get paid without taking any action? Then everyone would go clicking on links! I have seen one that says $0.00001 per click on a banner???
5. Pay to Signup - Signing up to any website is just the beginning of a process of getting involved with the site and whatever business that goes on there. It is the actual involvement that brings value, so how can someone pay you for just sign ups?
Can the taxi Diver pay you some money for standing by the roadside? You suppose to be the one to pay the taxi Driver and not the other way round. That is how web sign up works.
6. Make Money Ebooks - This used to be a huge money maker but no longer now. Many internet Marketers who started it has since moved on to another Internet businesses. Some are still scrapping it but may not worth the effort.
The reason this no longer make money is because all the information that used to be contained in those eBooks are now available everywhere on the internet for free.
7. Affiliate Programs - This also used to be the mega money maker for internet Marketers but too many fraudulent Affiliate Merchants have highjacked the system with Fraudulent practices that makes it difficult for you to earn.
If you go into this, you will just waste your effort making sells for someone without getting anything for your effort in return.
8. Sports Betting - It is gambling - that is what it is, responsible or not! In gambling, you loose more money than you make while the company smiles to the bank.
9. Forex Trading - Forex is better traded by the banks not individuals. The business of Forex is too risky to be considered profitable. Just like Sports betting, you can make money today and loose everything tomorrow.
I would love to see Nigerian creating real value on the internet. Creating something that touches the life of people. Help solve peoples problems. Be of help to others.
When you create such values, you will be rewarded with wealth. Thank you!
How to Make Money Online in Nigeria
Do you know How to make money online in Nigeria? This is one of
the most popular questions Nigerians ask on the internet. It is also one of the
most answered questions on the internet with different kinds of people trying
to share their opinion on the subject. But despite all these tutorials and
answers, good number of people are still confused on how to go about making
money online. Without getting definite answers or solutions, they conclude
there is no money to be made online.
Does it mean that the loads of information on the internet that is trying to explain this are just not enough? Or that people are not making sense off the subject matter? Could it be that the answers provided so far are too complicated for most people's understanding? Probably the people who provides these answers are selfish about it and try to twist it to suit their own businesses and interests?
Well, whatever the case are, I want to try and get straight to the point in this short post by telling you in no ambiguous term how exactly you or anyone else can make money online in Nigeria. It is my humble wish that after reading this, you will be on your way towards the process of creating good business that make money responsibly online without having to go through trial and errors again.
First, let me assure you that you can make money online if you are really serious about it. Millions of people worldwide (including Nigerians) are creating hundreds of billions of dollars worth of businesses online as we speak. To add to the spices, internet is the best, safest, and cheapest place to do business and anyone with genuine interest in it can do it.
Notice however that the lifeblood of online money making is having a business online and just as you can create wealth from your normal offline business, you can as well create wealth from the internet using the same principle - render services that solves people's problem and you are in wealth. Below are exactly the step by step of what you'd have to do if you want to make money online in Nigeria or anywhere else.
Does it mean that the loads of information on the internet that is trying to explain this are just not enough? Or that people are not making sense off the subject matter? Could it be that the answers provided so far are too complicated for most people's understanding? Probably the people who provides these answers are selfish about it and try to twist it to suit their own businesses and interests?
Well, whatever the case are, I want to try and get straight to the point in this short post by telling you in no ambiguous term how exactly you or anyone else can make money online in Nigeria. It is my humble wish that after reading this, you will be on your way towards the process of creating good business that make money responsibly online without having to go through trial and errors again.
First, let me assure you that you can make money online if you are really serious about it. Millions of people worldwide (including Nigerians) are creating hundreds of billions of dollars worth of businesses online as we speak. To add to the spices, internet is the best, safest, and cheapest place to do business and anyone with genuine interest in it can do it.
Notice however that the lifeblood of online money making is having a business online and just as you can create wealth from your normal offline business, you can as well create wealth from the internet using the same principle - render services that solves people's problem and you are in wealth. Below are exactly the step by step of what you'd have to do if you want to make money online in Nigeria or anywhere else.
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