​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.

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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.

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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.

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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

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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.

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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.

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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.

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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.

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 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.

 

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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.

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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.

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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!

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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.

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Capital Is Not Your Problem

Capital is Not Your Problem

We are not limited by the things that surrounds us but by the things within us. – Selahsomeone

In my article, Be The Boss, in one of the comments a lady challenged me, asking if alongside the ideas, I will also provide capital for people? This question hit me because I am aware most people claim capital is what is stopping them but then I also realized that there ideas in that collections that require zero capital to start. Then I remembered the words of Jon Ochs, “Lack of money has never stopped anyone fully committed to a cause from achieving it.”

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In other words, Capital has never stopped anyone from being successful but lack of feasible beautiful ideas and poor mindset has stopped many, don’t let that be your fate.

 

Read  more on  Why Capital is Not Your Problem.

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Starting Up A Make Up Artist Business

Make Up Artist

 

Minimum Capital Requirement: N20,000

Summary: Being a makeup artist offers you a unique opportunity to try out your colour combination skills and creativity while getting paid for it. With an investment of between N20,000 and N200,000, you can rake in a minimum N25,000 on weekly basis.

makeup-artist

Introduction

Fashion and style would always be in vogue as long as people continue to invent and reinvent. Makeup Artistry is currently the trend amongst ladies and men alike, with extensions such as Gele tying, lashes fixing, facials, massage, detox, nails etc., in this business, if you are ready to work then you are in for some cool cash.

In this article, some key areas will be touched, so even if you are already in this business, this article can help redirect your focus and ensure you maximize your revenue.

Required Resources

  • Assets

Makeup kits (professional kits)

Digital camera or a device (phone or tab) with very high megapixel

Access to mobility

  • Personnel

Yourself and an assistant (optional)

  • Capital

N20,000 to N200,000

Required Skills

  • Understanding of colour combinations and implications (sleek, daring, smoky, nude, sparkle, innocent etc.)
  • Creativity
  • Hardworking and good time management skills

Intersted? Download fill article here make-up-artist

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