Setting Up Your Ecommerce Website

Setting Up Your Ecommerce Website

​There is so much money to be earned online these days that you can become a millionaire just working from home. One of the major ways people make money online is by owning an eCommerce website. eCommerce website is simply an online market/store where people buy and sell different types of stuffs and deliver before or after payment. Products on eCommerce websites include ebooks, fashion items, electronics, arts, food and pastries, services etc. Examples of ecommerce sites include Jiji, konga, alibaba, olx etc. 
eCommerce websites has three distinct features:

1. Products to trade

2. Shopping cart software

3. Medium of payment and delivery

Ecommerce Webpage

Brent Gleeson wrote about the 3 Steps To Launch Your First eCommerce Website on Forbes, below is the summary.
Step 1 – Choosing an Industry and Product

For some, this is the hardest step of the process and can cause a lot of headaches. Choosing the right product to sell online can have a huge impact on whether or not your eCommerce website is successful. 

Step 2 – Finding Manufactures with Great Products

Now that you’ve identified which products you want to sell it’s time to find out who the manufactures are. 

Note that aside from selling your own stuffs (in case you are a producer), you can also sell for friends and other interested manufacturers.

Step 3 – Setting up the Website

So you’ve chosen your products and found a few manufacturers to work with, what next? Get the website up and running.

Read full Brent Gleeson article here 3 steps to launch your first ecommerce website

Examples of website that have automated eCommerce software are:

Wix.com

WordPress.com (business plan)

Shopify.com

Freewebstore.com

Google store etc.

For the best result you can contact a professional website developer.

Advertisements
Posted in Business and Online Schemes, Free Ideas | Tagged , , , | 1 Comment

Laws of Money

The 21 Absolutely Unbreakable Laws of Money by Brian Tracy (Summary)

The aim of starting up a business is to make money, no matter what the underlining motives of a business or an organisation are, money is what it takes to grow. No matter how wonderful or brilliant an idea may seem, if it is not bringing in money, it is almost as useless as doing nothing, if not worse. Money is more than cash we have at hand or in the bank, money includes both current and potential (future) earnings a business can provide, therefore it is most important to understand the basic laws that guide making money.

Your business is like a money tree, as cool as this sounds, it will take conscious efforts and time to have good harvest.

  According to Brian Tracy, there 21 laws of money and in this article, we will looking at all these 21 laws as briefly as possible.

1. The Law of Cause and Effect: Everything happens for a reason; there is a cause for every effect.

2. The Law of Belief: Whatever you truly believe, with feeling, becomes your reality.

3. The Law of Expectations: Whatever you expect, with confidence, becomes your own self-fulfilling prophecy.

4. The Law of Attraction: You are a living magnet; you invariably attract into your life the people, situations and circumstances that are in harmony with your dominant thoughts.

5. The Law of Correspondence: Your outer world is a reflection of your inner world and corresponds with your dominant patterns of thinking.

6. The Law of Abundance: We live in an abundant universe in which there is sufficient money for all who really want it and are willing obey the laws governing its acquisition.

7. The Law of Exchange: Money is the medium through which people exchange their labor in the production of goods and services for the goods and services of others.

8. The Law of Capital: Your most valuable asset, in terms of cash flow, is your physical and mental capital, your earning ability.

9. The Law of Time Perspective: The most successful people in any society are those who take the longest time period into consideration when making their day-to-day decisions.

10. The Law of Saving: Financial freedom comes to the person who saves ten percent or more of his income throughout his lifetime.

11. The Law of Conservation: Its not how much you make, but how much you keep, that determines your financial future.

12. Parkinson’s Law: Expenses rise to meet income.

13. The Law of Three: There are three legs to the stool of financial freedom: savings, insurance and investment.

14. The Law of Investing: Investigate before you invest.

15. The Law of Compound Interest: Investing your money carefully and allowing it to grow at compound interest will eventually make you rich.

16. The Law of Accumulation: Every great financial achievement is an accumulation of hundreds of small efforts and sacrifices that no one ever sees or appreciates.

17. The Law of Magnetism: The more money you save and accumulate, the more money you attract into your life.

18. The Law of Accelerating Acceleration: The faster you move toward financial freedom, the faster it moves toward you.

19. The Law of the Stock Market: The value of a stock is the total anticipated cash flow from the stock discounted to the present day.

20. The Law of Real Estate: The value of a piece of Real Estate is the future earning power of that particular piece of property.

21. The Law of the Internet: The Internet is a tool for rapid communication of information of all kinds.

Other must read about Money

The 48 Laws of Power (Executive Summary) 

7 Principles To Help You Work Smarter; Not Harder

Jordan Rule

Inconvenient yourself now so you can be comfortable later

Posted in Business Talk Up, Career Booster, Tips | Tagged , , , , , | Leave a comment

​5 Things You Need To Start Your Business

​5 Things You Need To Start

#Checklist: 5 Things You Need To Start

Adopted from selahsomeonetotalkto.com

“It remains nothing till you do something, leave a dream too long unattended to and it becomes a nightmare.”

Action is said to be the difference between where you are and where you want to be. However there are 5 major things in my opinion you need before you can start the pursuit of your dreams.

1. Will
Logic finds it difficult to understand the “Will” concept but that is what makes us humans. Will or willingness needs not be rational, conforming or be popular but so far as you Will it, you will find a way. To activate your dreams you have to be willing to pursue it with every of your resources. When you are willing to make something work, no matter the challenges that come your way you will still push ahead. It is said that if you desire success as much as you desire to live, then success becomes as easy as breathing.

2. Knowledge
Knowledge is the key to unlock doors of opportunities. Whatever you want to go into you need all the information you can get about it; how others did it, their failures, their successes, their mistakes, their brilliant ideas etc put all these together and see how you can improve. Read, observe, pray and learn! Impossibility is a child of ignorance, knowledge always provides a way.

3. Blueprint
Many brilliant ideas die because we never put them into writing. We all have this moment of brilliance but only the few that are able to write theirs down get the chance to work on them. Put your dreams down, constantly go back to it (them) and see how you can improve. Your blueprint will be your guide when you finally want to implement those brilliant thoughts.

Read more 5 Things You Need to Start

Posted in Business Talk Up, Tips | Tagged , , , , | Leave a comment

Merchant Business

Merchant Business

 

Minimum Capital Requirement: Zero Capital

Summary: Merchant business is your normal buying and selling. You buy at an amount, add your own profit and sell. The profit margin depends on how rare the product is, your business location and few other criteria that would be explained shortly. The average profit is worked at between 5-20% of cost. Hence with a turnover of N100’000/week you can have a profit of about N20’000/week and N80’000/month.

101890549-buy_sell_dice_on_coins-530x298

Introduction: Merchant business can easily be divided into two; retail merchant service and wholesale merchant service. The wholesale merchant buys in bulk and redistribute to the retail merchants while the retail merchant sells directly to end users. The capital requirement for a wholesale merchant is very high however a retailer can start with zero naira, depending on how well the retailer can explore the credit facilities of the wholesalers. With an average profit of 5-20%, merchant service is one of the easiest form of high profit generating business.

screenshot_2016-11-27-21-24-42

Required Resources

  • Assets

A disbursing center example shop, cart, kiosk, office, mobile etc.

  • Personnel

An assistant (optional)

  • Capital

Zero to infinity (The more money you have to invest the larger your profit)

Required Skills

  • Good marketing and selling skills
  • Excellent haggling skills
  • Excellent market prediction (when to sell, hoard or buy)
  • Financial discipline
  • Good accounting skills

Interested Download and read full article for free merchant-service

Posted in Business Ideas, Free Ideas | Tagged , , , | Leave a comment

Preneur101: Intrapreneurship Vs Entrepreneurship

Preneur101

Intrapreneurship Vs Entrepreneurship

 

Preneurship is basically about innovations and creativity; coming up with ideas to implement or give out to others to implement. Invariably you can either be an Entrepreneur or an intrapreneur.

1-oprah

Intrapreneurship is being a –preneur (innovative and creative) within an organization, often at the managerial level. This may take years of learning and growth, given the right field to attain success.

Entrepreneurship is being a –preneur (innovative and creative) which leads to launching and running a new business. Success as entrepreneur takes a lot time; failures and learning processes before success.

Financial Success – Success is not dependent on whether you are an entrepreneur or an intrapreneur, financial success is about financial discipline, money multiplier and investments.

Job satisfaction – Not everyone is cut out to be satisfied being an entrepreneur, some are just by nature an intrapreneur; they can generate ideas, design how it will work and even manage the workings but they can’t bear the thought of bearing the risk. They still become successful managers and are well sort after by many entrepreneurs.

sola-david

Self-actualization – Fulfillment is generally about doing what you love doing. Often times it is hard to find in the context of Intrapreneurship, hence few people who wants to be free to express themselves opt for entrepreneurship. That’s why the first drive for entrepreneurship is love; love for what you do, love for personal success rather than success of corporation, love for risk and finally love freedom.

Which is better Intrapreneurship or Entrepreneurship? – Not everyone can be an entrepreneur, in fact if everyone becomes an entrepreneur, we will have to go back to barter system. Some have to start (entrepreneurs) business while others have to manage (Intrapreneurs) such business. You can be success doing either so long as you are financially discipline, understand money multipliers and investments.

Rates of success – According to Neil Patel’s research, 90% of startup businesses fail; out of every 10 (ten) entrepreneurs only 1 (one) will eventually attain that level of dreamed success. While for intrapreneur the rough estimation is less than 5% will get to the managerial positions that is for every 20 (twenty) innovative and creative employees only 1 (one) will make it to level of dreamed success.

dangote

Evaluation – most people fail as either entrepreneur or intrapreneur because they do not really understand where their natural qualities put them. Many have crossed to realize they ought to have been in one and not the other. So your first question is where your natural qualities puts you.

Effects of Academics – Academic brilliance often tells us that you are better as an intrapreneur; you can interpret rules, understand processes, follow instructions, work within a confine and also have a prepped mindset of getting a high paying job. Academic disadvantaged people; drop-outs, third class, unsettled graduates etc., are by nature entrepreneurs because first of all academics have boxed them to a corner where they are probably unemployable or end up as underemployed, so they have to come up with something on their own. Also most academic disadvantaged people are not so because they are not intelligent but because they are too creative to work within a confine of theories, their learning process is not designed to be enhanced by books but by practice and real life experiences.

4-confidence

 What do you do? – Work within your strength; whichever you decide to go for, be passionate about it, remember innovation and creativity are the words –Preneurship is the idea. You can be whatever you choose to be.

 

Posted in Business Talk Up, Free Ideas, Tips | Tagged , , , | Leave a comment

Simple Steps to Cope With Recession

Coping With Recession; IN A TIME LIKE THIS

One word which has gained popularity and note usage in recent times in Nigeria is “change!”. Nothing more explains a situation better than that word. Indeed, things have changed. The economic climate has become hotter. There has been noticeable difference in the atmosphere especially since the change in administration. Everything has continued to go up-price of PMS, price of food items, etc. Dollar has been on a constant rise, depleting the survival schemes of the average man. Even high-class personalities are being affected by this heat. Irrespective of the present crisis, man must and will survive. His intelligence and level of adaptation will also account for his level of survival. Here is a few tips to boost your survival techniques.

inshot_20161106_200453

CUT DOWN ON EXPENSES- Money is a medium of exchange with which man satisfies his needs and wants. Since man is an insatiable being, he tends to constantly let go of his resources in search of satisfaction. When one’s expenses outweighs his income, he is regarded to as a poor man. One way to stay abreast of this economic situation is to limit your wants and attend to your basic needs on a scale of preference. Nothing seems to have remained the same in this country except the income of its citizens.

PLAN AHEAD- Avoid spending on impulse as much as possible. Take time to make budgets so there will be enough time to revisit it before time for the actual expenses. No matter how worthless your income has become, endeavour to save a portion on a regular basis. As they say, little drops of water makes a mighty ocean. Nothing is too small to save. Remember, the value of the naira dwindles with every swing of the pendulum so an accumulation of money without any interest or multipliers’ effect might just be a sheer waste of time and resources.

INVEST WISELY- Having said that the time-value of money is low, it is advisable to invest in projects and businesses that will appreciate in value. No one wants to experience loss these days so put your money where your mouth is. Engage in partnership only when you are sure that it will be profitable.

money2

BE RELEVANT- No matter the cost of rice, Nigerians will always eat it. Be indispensable; engage in services that cannot be neglected. Do not make yourself a retrenchment material. Provide solutions to problems and people will bid for your time.

START UP SOMETHING- An entrepreneur cannot lose his job. Explore your environment, evaluate yourself to know your capabilities and become creative in that direction. Do not copy the idea of another and expect positive results. Find a hole and fill it. Do not be a mole. Despite the stressful state of the country, Nigerians still want to be swept of their feet by creative minds. Be one of them!

Posted in Free Ideas, Guest Writer, Tips | Tagged | Leave a comment

CAPITAL FOR YOUR START-UP BUSINESS

CAPITAL FOR YOUR START-UP BUSINESS

 

What most people see as the major problem of start-ups is capital and on many occasions I have emphasized that the problem is not capital but getting realizable ideas, having said that raising capital is by no means a small obstacle. There are few ways to raise capital for start-ups which I am willing to share the titbits with you.

After coming up with your realizable idea, the first thing is to draft/draw out a business plan; your sweet idea on paper, the expected expenses, infrastructures needed, capital required in stages, income expected in stages and your realistically expected success rate. This is what you present to experts for review and redress, and ultimately you have a copy you can negotiate with.

Financing Your Start-up business

  1. Savings

This is one option most people have planned towards but got lost along the line because they somehow misplaced their priorities. I am sure we are all too familiar with this “I will work for a while and save up do start my own business”, only for the person to get stuck behind the desk of 8-4/9-5. Saving for a particular project requires the best of disciplines and from my experience, the best way to save for a project is to open a project account with banks. This kind of account has the following features:

  • Drawing only on the agreed date
  • Tangible interest on savings
  • Standing orders to ensure you do not default from saving

  1. Corporate borrowings

For start-ups bank borrowing can be really difficult to secure, except you have some irresistible collaterals. However, some people are still able to secure loans from banks, and most common ways are:

  • PLAS: Personal Loan Against Salary is actually designed for the employed to finance their major projects, and if you are thinking of starting your own business while you are still employed then it also counts as project. To enjoy this, you have to have your salary account with the bank and most banks won’t allow you borrow more than 30% of your salary. If you earn N1.2million/year then you can have up to N400,000 a year and N1.2million in 3years.
  • Assets financing: Banks also assist with buying major business assets/equipment, you may/will be required to pay an upfront being part of the cost of the asset (between 25-30% contribution) while the bank provides the rest. The asset will be bought in your name and the bank’s name. The asset is your collateral in most cases and upon paying full installments, the ownership will be transferred to you as the sole owner of the asset. This has assisted many new start-ups to buy the expensive business equipment the need. The Nigeria Bank of Industry is into this and you can read up more on their requirements by visiting boi.ng/apply/register
  • Business loans: Most banks avoid giving start-ups loans because less than 5% of new business make it to the second stage of business cycle, this is due largely to unrealistic business plan. So if you have a solid, realistic within reasonable risk business plan you can secure loans from banks, especially when it is within the industry labelled as critical such as agriculture, manufacturing and tourism. You would be required to present collateral(s) and in some smaller banks (microfinance and community banks) belonging to a corporative group is all the collateral the need.
  • Lending through corporative society: Some banks lend to corporative societies and as such members of these societies have access to start-up funds, even in cases where banks don’t lend to corporative societies, the mechanism of the body is such that funds will be available to members at all time. The workings of corporative society requires that you contribute money periodically and in turn you have access to loans with minimum interest rate. This is a very viable means to raising capital for your start-up and it requires very little or no paper work.

  1. Contact list financing

This is one means of borrowing that I came up with, many clients have used it and it worked like magic. The major problem most people have with financing is that they want the money at once; a single payment from somewhere and this rarely happens. Contact list financing is simply sourcing the capital you need in bits from your list of contacts (friends and family). For instance, you want to start up a business of N200,000, most likely no one on your contact list can borrow/give you such an amount, however, if you split the money to say N10,000 each, you can have more than 20 people on your contact list who can make the money available either as a loan or a gift, that is how contact list financing works.

  1. Angels & investors

Remember the first step is to have a business plan that has been reviewed by experts, harmed with this you can approach Angels (people who give money to start-ups in exchange for share in the business) or investors (professional investors who give financial support to growing business in exchange for higher shares or future paybacks). In the Nigerian context, angel and investors are very rare however still very much available.

  1. Partnership

There are three main requirements of starting up a business; (a) Business Idea (b) Idea Financing and (c) Business management. Going into partnership for business should be to satisfy any of these three reasons, depending on which area you require assistance. If you have a realistic idea, you can source for people with the finance and become legal partners (have a memorandum of understanding and article of association).

I hope this has been helpful in directing your search for capital to finance your dream project. Feel free to contact me on businessideasnig@gmail.com for more information.

Posted in Business Loan, Business Talk Up, Tips | Tagged , | 2 Comments