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How to Get Capital to Launch Your Business Ideas

Oluwaseun Sanni
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806
How to Get Capital to Launch Your Business Ideas

After ideation comes the hard work – getting capital to launch that business idea.

You must have heard motivational speakers repeatedly saying, “all you need is an idea”. Ermm, it doesn’t always work like that in real life – you are going to need a lot more than an idea. Of course, it’s the best place to start. However, there are a couple of other things you’d need, and you can check them out here. But one of the critical things you need is capital.

So, how do you get that capital that will take your business from an idea in your head to reality – a successful business?

Raising Capital for Your Business: A Case Study

There are a couple of ways you can raise capital for your business. For Bimbo, CEO of Criz Interiors, she started her business with funds from NYSC.

“After NYSC, I used my savings to buy some bedspreads in different sizes and took to Lagos to sell”, Bimbo revealed.

See how you can also save during NYSC

As the business continued to grow came the need to expand. “There was a point I was thinking of buying in bulk and doing photoshoot for my beddings, so I needed more capital”, she continued. Family members came through for her. Though it was not enough, it helped her business grow to an extent.

Today, Criz Beddings has metamorphosed into Criz Interiors, and the business is doing really well. It’s one of the most preferred brands for everything beddings and interior designs on Instagram.

Major Take away from the Case Study

A lot of people wait for that big stark of money before they start a business. But as you must have seen from the story above, sometimes that small money you have saved is enough to start your business. That is if you save, though.

Similarly, it’s a good thing that we humans don’t just fall from heaven. We all come from a family. And because of the bond we share with the people we call family, they can’t look the other way when we are in need, especially when it has to do with doing something that will bring returns in the long run.

Just so we are clear though, your family members don’t owe you anything. Don’t go about saying you read somewhere that “family members must give you capital for your business”. Absolutely no one said that. The point, however, is that you can reach out to family members for assistance, albeit with low expectations. Because at the end of the day, everyone has a “cross” they are bearing.

So, that gives us two places you can get capital for your business – personal savings and family.

Are there other ways of raising capital for your business?

Other Ways to Raise Capital for a Business Idea

1. Business Grants

Do you know that the government give grants to support businesses? Especially small businesses.

Those who understand how economics works will attest that small and medium businesses (MSMEs) are the backbone of the economy. In its 2017 briefing note, Microsave said, “MSMEs are the backbone of the economy of a country in terms of sustainable growth, employment generation, increasing trade, development of entrepreneurial skills and contribution to export earnings.”

In July 2020, The Guardian reported that “MSMEs contribute well over 65 per cent of employment and roughly 48 per cent to the gross domestic product (GDP) in high-income countries, while in low-income countries; they contribute about 30 per cent of employment and up to 15 per cent of GDP.”

You see? Your small business is essential to the government, which explains why they would support you with grants.

The Nigerian government has different grant schemes for small businesses. Some of them include; YouWin Connect Nigeria, Africa’s Young Entrepreneur Empowerment Nigeria (AYEEN), Lagos State Entrepreneurs Trust Fund, and Bank of Industry (BOI).

Aside from the government, private individuals and organizations also give grants to support businesses as part of their corporate social responsibilities. The Tony Elumelu Foundation is probably the most popular here. Others include; USADF grant, Shell Livewire, GroFin and so on.

Be on the lookout for a comprehensive guide on the different grant schemes in Nigeria and how to apply. But in the meantime, see if you are eligible for MSME survival fund.

2. Bank Loans

It’s okay to take loans. In fact, some people have argued that taking loans is the best way to grow a business. This is probably because it makes you work hard, knowing you have some money to refund.

And guess what? Just like the government need your small business to succeed for the economy to grow, banks also need you to take those loans so their business can grow as well. So, it’s a win-win for everybody.

Nonetheless, no bank will give you money if you don’t have a good credit score. Therefore, put your account in order and clear all outstanding debts before applying for business loans from banks.

Other things to note to stand a chance of getting loans from banks include registering with the CAC, opening a corporate account and having a standard business plan.

Here are some startups that give loans to small businesses.

Do you need a guide on applying for small business loans? Indicate in the comments.

3. Crowdfunding

Most Nigerians will frown at this; I know my people. “A whole me I will now be begging strangers to give money to start a business. God forbid!” Yes, that’s what a typical Nigerian would say to this, including you.

Have you heard of Kickstarter? Kickstarter is a company that is dedicated to helping people launch their business ideas through crowdfunding.

With a platform like this, “begging strangers for money” should not be “shameful”. Simply visit the Kickstarter website and provide all the required information about this business idea. Do that, and absolute strangers who connect with your idea will start sending in funds.

The downside of platforms like this is they may not be the best for those who are into service provision. Most of the businesses that have made a significant success from Kickstarter are those with web-based products.

Nevertheless, whatever your idea is, make sure you clearly explain it in your pitch, so anyone who sees it gets a clear picture of what you are trying to do. Focus enough attention on the benefits of your business to those who would fund it and then to the end-user.

4. Angel Investors

Angel Investors come in different forms and shapes. While some help startups with capital in exchange for owner equity, others invest through an investment pool. Making them another fantastic way to get capital for your business.

Usually, Angel Investors prefer working anonymously via the internet. Little wonder they invest heavily in tech-related businesses.

But how do you meet Angel Investors and get them to invest in your business?

You see, Angel Investors won’t walk into your room to set up a meeting with you? It’s not their kind of thing. If you are serious about meeting investors, you have to step out.

Attend conferences and seminars, especially the ones in your industry. Angel Investors usually make themselves accessible at events like this.

You can also look for them on the internet. Google is your friend. However, this may not be as effective as meeting them in person.

After meeting, you are going to need a highly impressive business pitch. These guys are approached every day for capital but trust me; they don’t just throw money at everyone that comes to them. Your business pitch has to be convincing.

But do you know what a business pitch is and how to write one? Do you need a guide on writing a business pitch? Leave a comment.

5. Contest

The last and actually the least, you can raise capital for your business through contests. This is the least of them all because you honestly can’t bank on this. You don’t want to have a business idea lying around just because you are hoping to win some contests. Not the brightest of ideas. Of course, you should enter such contests, but not as your only hope.

Conclusion

Each of the aforementioned options should be carefully considered. A plan that works for one budding tycoon may not work for another. For instance, if you have a great bank manager you implicitly trust, along with a robust line of credit, a bank loan makes sense for you. 

On the other hand, if you have a supportive network of family and friends that are financially secure and willing to back your idea with funds, then by all means, go get that bag.

You may have to combine funding options to get the best rate, but only you will know for sure. The most important thing is to find a funding option that you feel comfortable with and confident about, so you can focus on turning your business idea into a successful reality.

Transportation Business Ideas

B. Lois
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289
Transportation Business Ideas

Why transport?

Why do you want to go into the business of transportation? Anyone could have transportation business ideas and make money without ever reading this post.

I doubt I had any influence on the many bus drivers hustling for years in heavy traffic.

Before I start listing ideas on transportation businesses that are out there, I need to be certain that I’m with the right audience.

So I ask again, why are you here, reading about transportation business Ideas?

You see, I wrote this article for three categories of people, and I need to know you’re on board with me and have answered the question honestly.

Now that we’ve sorted that, I’m assured you’re just the right person I need to speak with today.

Our goal isn’t just to talk about the different transport models but to help you launch a business in transport that could and would thrive.

To help you beat the statistics that most business startups would fail within the first two years.

Why transport?

Know Your Target

Market Survey

Deciding on a Transport Model

Know Your Target

Now that you’ve answered the why, let’s talk about whom?

The first step to building a transport service that can last is by identifying your target market. The audience you intend to serve has specific needs; in identifying them, you’d be uncovering your actual audience.

What transport needs have you noticed in your area?

Insufficient rides at specific times and days?

High fare?

Unserved routes?

I remember my days in NYSC; I was not too fond of the buses when I commute. It was frustrating. You could slit your arm while getting off the bus. For me, it was a problem, and I imagine a lot of young people detested these buses.

Where ever was it written that public transports should look like we begged to be hauled to our destinations. I wished I could do something about it.

Start with one bus, insist on maintenance, then grow from there. For me, it was a wish, businesses, but I’m glad we got to talk today. Perhaps, you’re the solution I hoped for back then while I commuted on that monstrous bus.

Market Survey

Market research is very important. No one sets to build a house without first counting its cost.

Like every other business, there are local laws and taxes for transporters. Find out the requirements in your area.

One mistake people make when starting a business is poor financial management. The purpose of this survey is so you can estimate what it would cost to get the company running. No profit made at the beginning of a business should count as profit. What do I mean? Let’s say you pay daily and quarterly tax and dues and spend a specified amount on fuel.

Remember that some days may bring a windfall, and some days might be slow, save the profit from windfalls to sustain you on the quiet days.

It’s about planning.

At this stage, you can determine how long you can work your vehicle before the business can stand.

Remember, the goal is to create a business model, not earn a few coins for a fast meal.

Stay focussed.

Deciding on a Transport Model

You might own a car and may have considered running a few trips for a start, but the fact that you own a car doesn’t mean that’s the best model of business for your environment.

The two categories in transportation are People and goods. Before deciding on the type of vehicle for your business, you have to know the best transport category for your business. 

Remember, the goal of any business should be to provide a specific service.

Always think from the standpoint of service rather than from the point of a product.

In other words, you may need to trade your car for a van if that’s the service your target audience demand.

Courier services

Courier services are needed by B2B and B2C business categories. With many businesses opting for tech evolutions within their workspace, there’s an increase in demand for courier services. The need for courier services is endless.

Think food delivery. As more stores encourage customers to shop online, study the flow of service. Outline the flaws, proffer solutions.

Think Open markets. One of the hassles of the open market is in moving goods from market to home. Some market vendors who sell heavy merchandise like doors, tables, and chairs may offer transport services, but most times, you want to run errands in the open market and still catch up with other activities.

Think wholesale delivery. Think Intercity or state.

You can run a targeted survey using Facebook to find out the kinds of transport solutions people need. This helps you narrow down the specifics of your business.

Imagine how many people in your environment shop at the big market at the end of every month. Imagine how many women look beat up after shopping for a variety of family needs. Consider offering to move bulk items home within a specified neighbourhood (traffic reasons). 

Such service would afford these women time to get home with as little as the grocery bag to prepare the days meal and save them the energy of hauling bags of rice and back to school items that aren’t needed for that day’s dinner.

Requirements for Courier service Business

After pinpointing the exact kinds of goods you’d best transport, you can decide on the mode of transportation.

Your vehicle is key to your business. In building a transport business that would last, I’ll advise you to pick the less crowded business model.

For example, the bike ban in Lagos led to a flourish of bike hailing Apps like GoKada. Not long after, the government also banned all forms of transport bikes. Even private bike owners were harassed by the police.

A moral to the story is to observe market trends and whether they will likely become a nuisance and a target for government policy.

Suppose your desire to start a business in transportation was born from a desire to make extra profit from your vehicle. You might consider trading it to buy a car best suited for courier services.

EXAMPLE: 

MiniVans

Trucks

Courier bikes

Transporting People

The only time the transportation business really took a hit was during the pandemic, when everyone was locked away from the streets. The local andd international market was greatly impacted.

The pandemic proved that it’s pretty hard to keep humans confined. As if we didn’t know that already.

The bottom line is, you’d always find a need in this area.

You could take advantage of companies such as Bolt and Uber, or you could well off start your own company.

GIGM provides leading innovations in terms of intrastate transport in Nigeria. However, Nigeria offers a large market to anyone willing to work and bring in innovation.

Other Business Ideas on Transportation

Car rentals 

Consider business models such as Uhaul, where customers can rent moving vans or hire a professional team to help them move.

There are a few car rental companies in Nigeria. None that I know of is a household brand. You could study this list, observe the existing brands’ business models, and consider rebranding yours to become the first household name in Car rentals.

Driving School 

Many driving schools come across as unprofessional. The vehicles are an eyesore. When Uber was introduced to Lagos, the Yellow cab drivers were agitated as the market flooded with customers who crave better services. Imagine what would happen if the driving schools had someone giving them a run for their money. It could be you. 

Closing Words

I’ve yearned to share these transportation business ideas with someone and I hope one thriving business is born from this post. If you’re new to the business of transportation, I recommend you read this article on closing impossible deals.

ICT Enabled Online Business Ideas

B. Lois
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272
ICT Enabled Online Business Ideas

The keywords How to make money online must rank high on search engines. Why not! Online business ideas have dynamically changed the economic space in the last 20years. It has also served as a great side hustle for young people.

Thousands of people yearly launch new companies and startups; unlike you, most do not have the expertise to carry out tech-related services by themselves. The need for skilled people in ICT dependent businesses grows exponentially as more companies seek better technology to run their processes.

It’s likely you’re still reading this post because you are interested in ICT online business ideas available. Smart move!

With strategic positioning, you could develop an online business that helps agencies, individuals, and businesses. The question, however, is that do you have those skills required by these companies and industries? Does every ICT business skill need to be learned? Everything comes down to developing yourself skillfully and professionally to meet the demands of these agencies and businesses.

If you remain on this article, you will learn the different opportunities available to you in the ICT industry, depending on your skills. Moreover, you would understand what business idea is more profitable and suitable to you.

Information Communication Technologies (ICT) has come to stay. A while ago, people shied away from starting businesses primarily because of the cost involved in creating the company. But with the global pandemic, companies and individuals began to opt for enabling ways for people to work more remotely from the comfort of their couches. As a result, many people have realized the enormous job opportunity from working online with little or no investment.

All you need to set up your ICT-enabled online business idea is your smartphone or computer and an internet connection. You’ll also need to have some professional skills like the ability to negotiate and own a bank account for receiving your cash. If you are ready to run your own business, you can consider any of these business ideas.

1. eCommerce

Now online shops and marketplaces behave like regular physical stores. You can effectively carry out your typical buying and selling without facing any hitches. The eCommerce business is one of the ICT-enabled businesses that has come to stay. There’s no going back. The positive spin to this business idea is that it has a massive market with over 1.92 billion people purchasing things online. You only need to find a niche you are comfortable with and then begin to sell. There are numerous high profitable niches you can focus on to succeed as an eCommerce business owner. Firstly, you have to set up your website, list your products and begin to sell.

Here is a list of niches you could go for in eCommerce businesses

  • Beauty and health products
  • Smartwatches
  • Smart home products
  • Selling Ebooks
  • Educational courses
  • Kids toys and Games
  • Selling Second Hand Products

However, you are free to explore more niches to build your business idea and decision.

2. Digital Marketing

Because the world is shifting toward a digital age has brought its excellent benefits, and every other sector is following suit. Since buying goods and services has gone digital, the job of a digital manager is to produce the best results. The goal of any marketing strategy is to inform people and make them purchase goods and services online.

Beginning a career in digital marketing is highly rewarding because more companies are manufacturing products they need to sell. There are free materials and resources available to you if you want to begin and career in digital marketing. First, however, you will need to build your skill and knowledge of the basics of digital marketing.

You need to be familiar with concepts like advertising, Search Engine Optimization, email marketing and automation, social media marketing, analytics, call to action, and landing pages. In addition, as more startups are upcoming, many of these organizations will require the assistance of skilled digital marketers.

Learn how you can start your digital marketing company here.

3. Professional Blogging

Can you write engaging content and tell emotional stories? Then blogging is a great place to start. Usually, many people believe writing is complex and belongs to ‘elect’ people. But believe it or not, anyone can write if they devote enough time to learn. You can explore different niches in blogging following effective strategies that ensure a constant cash flow. In addition, there are effective ways through which you can monetize your blog content. You can monetize your blog content by using affiliate marketing, website flipping, and writing reviews for people. You could also monetize your content through google AdSense, sell sponsored blog posts, create content for a restricted audience, and many more. There is a well of opportunity in this industry if you know how to strategize and win.

4. Manage Social Media Profiles

As the daily struggle continues, some high-profile people and business organizations do not have time for social media. Most of these people and brands require the services of a social media manager to build engagement with their audience. They rely on a professional who would post valuable content on their pages, reply to their important DMs and engage with their communities.

Before now, you might have overlooked this business idea, but the truth remains that it is highly lucrative. ICT has permeated this business, and you can work from the comfort of your home, even at your own pace. You can create a social media calendar to get started. There are also free courses on social media marketing you can look for to build and develop your skill.

5. Online Teaching

Many people want to learn both soft and hard skills to be eligible for business opportunities. If you are great at something and feel you are a pretty good teacher, you should try this idea. Many people use ICT today to host their courses online to help people who are struggling with these areas to find solutions. You can create short videos on topics you are proficient in and upload them online through great platforms like Udemy, Skillshare, Teachable, and your website. You get paid per student that enrols in your course.

6. Forex & Crypto Trading

The exchange market is one of the hottest businesses online. The thing is that you can merge this business with others and not feel overwhelmed. There is no business online that pays as fast and much as Forex or cryptocurrency. Many people are making earning thousands of dollars consistently as they trade currencies online. Although there are risks involved, pessimists are advised not to venture into the business. To begin this business, you have to learn the art of patience and discipline until you are confident enough to take significant steps.

 7. Affiliate Marketing

Do you believe you could make money while sleeping? Affiliate marketing guarantees that. In simple terms, affiliate marketing refers to the commission you get when an online store generates sales from your referrals. You only can get a referral commission for every time someone buys after clicking your link.

A great example of affiliate marketing would be when you refer your friend to use a product you got from a store, and you get some discount or a gift card. Brands using this approach include Piggyvest, Cowrywise, Kuda microfinance bank, and many other financial institutions that help you save and invest cash.

Similarly, many products and services online have affiliate programs that you can join to earn cool cash. These programs are available for every niche. You can never go wrong in affiliate marketing.

8. Freelance Content Writing

The business is similar to blogging, but it is different. The rise in freelance writing has increased recently as many people want to write their books and articles. You can opt to be a freelance writer for individuals, brands, and organizations. There are many freelance sites you could leverage to find clients you could offer writing services. Most of these writers are willing to pay well. If your content is good enough, you can break the bank, earning lots of cash writing online for people.

9. Freelance Copywriter

Can you craft emotional and persuasive content that draws people’s attention and makes them buy products and services? If you are natural at writing compelling marketing copies, you can establish yourself as a freelance copywriter. Since more companies manufacture new products and services every day, a copywriter will hardly run out of jobs. For example, these agencies would require your skills for writing web content, press releases, blogs, about pages, UI/UX copywriting, email copies, and many more. Many companies online will pay for your services. You can boost your value by learning and grounding yourself in SEO and keywords research to target your customers online. If you establish an extensive network, you could get referrals from clients that will land you more high-paying jobs.

10. DropShipping

Dropshipping is perhaps the most lucrative of these online business ideas. You don’t need to have a stash of capital stored somewhere to begin this business. It allows you the freedom to start at a low cost and make it big in the industry.

Additionally, you’d need a laptop or smartphone, with access to the internet connection, and an online store. The online store doesn’t need to be a website; you could use digital tools like your social media, including Facebook, Instagram, Snapchat, and Twitter.

When you identify the need people are experiencing at a particular moment, you can source these items on trusted sites and supply them to your audience. As a result, you have the potentials to generate millions of naira in the dropshipping business in Nigeria.

In conclusion, as Information technology continues to be a transformative sector in the socio-economic development of Nigeria, it would be profitable if you can devote time to effectively master a skill that provides multiple streams of income for you. You can find free courses online to develop yourself professionally as you apply for these opportunities. If these online business ideas seem challenging, try any of these offline Ideas.

Clothing Business Ideas

Olufemi Akinyemi
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284
Clothing Business Ideas

The clothing business is undoubtedly one of the most lucrative ventures. Getting dressed is a primal instinct, and any business idea that feeds our basic human instinct will always find relevance.

Now, the business of clothing has moved on from serving efficiently to making bold fashion statements.

Getting dressed up is a huge deal. So how can we turn a basic need into a clothing business? It goes beyond the need to show up at events because people bought clothes during the lockdown, then made videos for TikTok.

I don’t get it. Yet It’s a thing. Our need for new clothes is insatiable.

This desire to wear fashionable apparel will never go out of style. This is why the clothing business remains at the centre of business endeavours. Ask Gucci, they’re selling e-fashion and it’s more expensive than the real items.

Clothing Business Ideas

We will consider some of the easiest and not so easy ways to turn a simple clothing business into a money-spinning engagement.

Cloth Making

Many people make tons of money from making clothes; whether as ready to wear apparel or customised clothing sewn upon demand, cloth making is highly profitable. You will need a lot of capital to set off your own space, and of course, you will require designing and sewing skills.

If cloth making is something you are passionate about, you can easily turn it into a profit-making business. But, first, study the various available business models, find out the particular niche you want to go into (Men’s wear, Bridals, ready to wear, bespoke, embroidery, children’s wear and many others).

Once you know the type of cloth-making you want to take up, you can go ahead and draw up your business plan and work towards finding the sponsors or capital you need to set up and grow your business.

Selling Thrift Cloths

Thrift clothes are used clothes or unwanted clothes. Clothes that have been worn and disposed of by their former owners, clothes that were damaged from the factory or clothes that had passed their season, all fall under this category. All these clothes that, for one reason or the other, cannot be placed in a proper store and sold at the designated price are usually shipped off to be sold as second-hand clothes or fairly used clothes.

These types of clothes are bought at low prices and resold at a profit. To get into this business of reselling clothes, you may need a certain amount of capital and possibly a link to people who gather and sell these types of dresses. Whatever the case, you will need to have a little start-up capital to start up this business.

Costuming for Film

Making clothes is more than just pulling threads through a fabric. There is a lot involved in bringing intricate designs to life on a piece of material. Anyone endowed with the right skills can pull off any kind of costume that storytellers need to add to their visual presentation to bring their stories to life.

Costumiers help filmmakers tell their stories by ensuring that the characters are presented to meet the viewers’ visual expectations. This could serve as an additional means of income if you are already into the business of cloth making. For example, you could provide the right kind of clothes filmmakers need to make their characters pop. 

Become a Celebrity Shopper or Stylist

Celebrities always want to look their best when they turn up on every occasion. So this could be a cool way to make some extra bucks. Starting this business does not require a huge capital base; as long as you have established your reputation as a fashion authority, you are good to go.

This business, however, functions mainly as an additional income generation option. If you already have something doing or you are a student, you can run this business on the side because it is not always an everyday business. For example, when celebrities need to turn up for a show, they will require you to pick out the right outfit. Most times, you will be using your funds to purchase these clothes from online or offline stores, and you will get paid for your work. How good is that?

If you promote yourself well, you will have a huge clientele base in no time because this space is not yet occupied by many people offering very professional services in this area. You can study your competition and build a massive business out of this seemingly small business idea.

Fashion Consulting

The beautiful thing about consulting is that anyone with the right amount of expertise could go into it. Anyone could be a consultant for any number of reasons. You can build a business around selling your fashion expertise to people. A lot of people don’t know what to wear when going out. You could offer your professional advice to such people and get paid for your services in return. It may seem like it is not mainly a business to consider, but it is an option that many people will choose over having to turn over their wardrobe looking for the right outfit to wear to a function.

Costume Rental

You can rent out some high-end fashion clothing to people who ordinarily cannot afford to own these clothes for keeps either because they are too expensive or because they are not the everyday clothing necessity. You can rent out these clothes for events, parties and red carpet outings. Upon return, these outfits could be tweaked to look different. Thus, you can make a considerable return from renting out clothes to people for other occasions. 

While it is a lot cheaper to produce results faster if you have the skills and clientele base of a cloth maker, you don’t need to have the technical skills to get into this business. You can hire creative cloth makers to make clothes for you. You can make a living renting clothes if you have a good eye for fashion. Do a market survey and see if this is something you can try.

Fashion Blogger

You could write as a columnist or as a fashion expert. If you know the right blend of clothes to put together to fit any personality or body type, then you could sell that knowledge through books.

Write about your knowledge in a book or magazine. Then, you could self-publish your book and sell it on platforms like Kindle and Amazon. Of course, you will need to have some experience in writing, but that is not a requirement. You can get a freelance ghostwriter to do the writing or editing for you. Whatever the case, you will be paid for your written work, and you can build your business portfolio around your writing knowledge.

Writing about fashion could be the first step you will need to take towards getting yourself out there and showing off your expertise, and it could open a lot of doors for you in the clothing and fashion industry.

Third-party Cloth Marketing or Affiliate Marketing for Clothing Brands

The clothing business is not limited to only people who can make clothes. People who have little or no knowledge of cloth-making can stand as middlemen or marketers, linking the cloth makers to the end-users.

A third party marketer does not need a huge capital base to start up a cloth marketing business. All you need is a sample or picture of the cloth sold and a sales-generating marketing strategy. The third-party marketer may or may not be in direct contact with parties to the transaction, but in most cases, the third-party marketer is often in league with the cloth maker.

On the other hand, an affiliate marketer also uses a similar marketing trend as the third party marketer. However, instead of the third-party marketer who may come in contact with either the cloth or the parties to the transaction (buyer or seller), the affiliate marketer never comes in direct contact with either the fabric, the cloth maker or the buyer of the cloth. Instead, the business is transacted through a website; all the affiliate marketer does is to serve as a signboard advertising the clothing brand and showing off the product to potential customers to get those customers to purchase those clothes advertised.

This is one business option available to those who would like to enter into the clothing business but have no proper training in cloth making.

Pattern Making

In most countries, industrial cloth makers require the assistance of pattern makers. However, learners and hobbyists often also need to work with a guide. You can make a business out of selling patterns or instructions that tell people how to make clothes easily.

You will need to know how to plot your designs; as such, having a little artistic skill will not hurt anyone. However, it is also essential to draw the patterns and pictures of the final product. Therefore, you’d possibly need the assistance of a graphic designer to help visualize your drawings.

Armed with your business plan, laptop, workspace, design tools, and software, you can set up a pattern-making business and sell your patterns online on several art and craft websites. You will not need to print out your work first before selling because most people will be buying the softcopy or printable versions of your work. First, however, as with every business, you will need to put your creations out there by advertising.

Start Your Clothing Brand

Currently, on websites like Shopify and several other branding and e-commerce websites, you can start up a clothing brand or a fashion label without ever having to step into a clothing factory. Instead, simply create a design and send it to the factory so they can print it on your shirt.

Once the shirt is designed, you can invest in pushing the branded shirts out through marketing. Your clients order the branded shirts straight from your page on the Shopify website. As a result, the shirt never gets to your house. Instead, a product is delivered directly from the factory or warehouse to a customer’s doorstep.

In the same vein, you can also sell your brand of fashion items known as Merch. Once you gather enough audience, you can simply get regular plain tee shirts or any other kind of clothes, print any message you would like to convey to your audience on them and ship them out for sale; you are in business. Of course, you will need to promote your brand aggressively by running adverts, creating awareness and generally putting your business out there. Still, your already existing fan base or audience will purchase your clothing items to show their support for you. This usually works for people with an already existing following, but it can work for anybody irrespective of popularity or status.

If you are dedicated to building a brand, you will succeed. Look at the available options in the fashion and clothing industry and try your hands on any of the options that work for you.

If you’re wondering where to begin, then read about building your tailoring brand.

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156
Tips to Building a Career While Building a Family

Being a working parent isn’t always easy. In the end, juggling a career and kids is not for everyone. As much as parenting is a joyous endeavour, it comes with some obstacles for parents who are working or need to work.

Every married person who has a job or a business has wondered at some point how to build a career while building a family. Both demand our time, and sometimes one has to make way for the other. It’s a challenge virtually everywhere in the world.

Before exploring the solutions and tips, here are five of the biggest challenges working parents have to deal with:

5 Big Challenges for Working Parents

1. Whether you work from home or not, you’ll still need a childcare

Office workers know how challenging it is to get to work, pick up their children at school, and get home after work. When you are hired for a job that allows you to work from home, you might expect to have no more daycare expenses. I don’t think so.

See Also: Childcare Business Ideas

It doesn’t matter if you’re a remote worker (and your kids aren’t in school yet); you still need some kind of coverage, whether it’s a daycare, a nanny, a babysitter collective, etc. For those who work from though, its flexibility provides more opportunities to connect with their children. But that does not make it less challenging; if anything, it’s an additional task.

2. Your loyalty may be put to the test

Imagine that you are the best at what you do. However, the flu knocks your kid out of commission for a few weeks, and you’re scrambling to keep up with your workload. The problem is that your boss may question your loyalty to your organization if you have to take off time to look after your child. And focusing on your job at the expense of your ailing child would give the impression that you care more about your career than your child.

3. You might be judged unfairly by your coworkers or passed over by your employer

Many of your colleagues who are still at work might give you the stink eye when you clock out promptly at 5:00. It might seem unfair to them that you can leave early ‘just because’ of your kids. Also, some bosses who are not-so-kid-friendly might share the same sentiments. 

Having this tension can cause a bad dynamic in the office and possibly even prevent you from being included in essential tasks or promotion.

Often, working parents with traditional office jobs may find it challenging to convince their colleagues that they are just as hard-working as they are if they leave the office before them. If this is your situation, what you should do is let your work speak for itself. After the children go to bed, you may have to work a few extra hours to complete tasks. Just be careful that your work doesn’t suffer because you’re a parent. 

See Also: How to Know if You Are Ready to Quit Your 9 to 5

Over time, your coworkers will see that you’re getting all the work done and leaving on time – which might cause them to reconsider all the time they’re spending on social media instead of working.

4. Transitioning from work to home can be tough

It is not uncommon for working parents to continue working after they leave the office for the day. They may be answering emails on the train, researching on the bus, or even meeting a client before going home after work. This is why they might find it difficult to turn off work once they enter their home. However, you have to be present to have a work-life balance. This means that when you’re at work, you’re focused on the task at hand. Then, once you are at home, your whole world revolves around your family, from conversing about the day to making dinner together.

5. Finding time for yourself can be challenging

Working parents may find it difficult to make time for themselves due to pressures from family and work. But if you want to avoid burnout, you must take care of yourself. 

Running early in the morning before work is an excellent way to clear your mind, or taking a long soak in a warm tub after the kids are in bed can help you relax. Organize time for yourself if your schedule is chaotic. 15 minutes a day can be enough to refresh your body and mind.

How to build a career while building a family

Kudos to countries and organizations who are conscious of these challenges and factor them into their operations. But in most cases, you will have to find that balance yourself.

See Also: 5 Top Skills to Include on Your Resume to Increase Employability

Whether you are a career person with a 9 to 5, you work from home; you are a business owner or you work from home as a single mom, these invaluable tips will help you successfully combine building a career with building a family:

1. Set priorities

It’s hard to be there for everyone and everything, with so many things demanding our attention and time. As a working parent, you most likely want to succeed at work, have a fulfilling relationship with your partner and still be fully involved in your children’s upbringing.

As if all of that is not enough, you may still want to further your education, contribute to your community, maintain a fitness regimen, and plan to save towards early retirement.

See Also: 7 Home Based Business Ideas

Additionally, you may be dealing with extended family issues, like caring for your parents or handling a family crisis. This all takes time and energy and can cause conflict if not managed properly. 

Therefore, you may need to consider your values and set some priorities based on those values. In addition, build a structure to ensure that no plan interferes with another.

2. Organize and plan ahead

In most cases, everyone is usually busy during the workweek. However, the week ahead will be less stressful if you have prepared for Monday’s arrival.

A family calendar can be posted on the refrigerator. Sunday is the best time to find out what’s up for the week and get a feel for what you’re going to do. If you can, prepare food on the weekend and put it in the refrigerator or freezer so you can reheat it quickly on a busy night. 

You can enlist and involve your older children in this activity or get an extra hand in the home if you can afford it.

3. Build rituals into your life

Schedule family time to ensure it occurs. You can go to the movies or play games with your family. Family dinners can be a sacred occasion in which everyone sits down together and shares their experience for the day.

4. Make out time for yourself

Making time for yourself is a priority. Whatever level of fatigue you may be feeling, it’s an important thing to do. So put on your fitness shoes and head to your class; you will be happier and in better spirits afterwards. Stay physically fit.

Relax by watching your favourite weekly show, and make sure you protect that time jealously. Rest and meditate from time to time. Stay mentally fit.

Taking care of yourself will enable you to better care for others and handle the stress brought on by a busy schedule.

5. Make time for couple time

It is very easy for two people living together in the same household to drift apart due to the constant work/home whirlwind. In the same way that it is crucial to spend time with your children, it is also necessary to spend time with your partner. 

Make time for each other. Take a walk together on Friday nights, after which you make good plans for the children’s wellbeing. You will notice a big difference even if you only do it for an hour.

6. Talk to your HR and employer

Parents can request flexible working hours to accommodate childcare to balance work and family life. “Most employers will be happy to help and support working parents where they can,” says Danielle Ayres, a solicitor. Your employer and management are humans too, who most likely go through the same thing as you so they will understand your need.

In Conclusion

Achieving a work-life balance can be challenging. And an all-in-one approach doesn’t exist. Depending on the preferences and needs of each individual or family, different solutions are needed to their issues.

A person who can sufficiently fulfil their family responsibilities and effectively perform their duties at work has successfully achieved a work-life balance. While it’s essential to work hard to get ahead, don’t lose sight of what’s most important – your family.

Childcare Business Ideas

B. Lois
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143
Childcare Business Ideas

Business opportunities spring up from the need to satisfy an existing necessity. For example, very few people ever consider going into the childcare industry because it does not look so lucrative outside. However, there is a considerable need for caregivers.

Parents sometimes need to keep their kids in the care of someone they can trust. If you have experience in childcare and you can earn the trust of the children and their parents, you might want to consider the business side of childcare.

Taking care of children requires a lot of patience and understanding. As such, it must be something you love to do, or at least, something you are passionate about doing.

Children can learn a lot of skills through your business including swimming and creative arts. This article looks at some childcare businesses that can be converted into a profitable venture.

Overnight Nanny

A night Nanny is essentially a stand-in mom for a child. This service benefits new parents the most. The sense of day and night is absent in newborns. They sleep, wake and eat, and anytime is just fine to request food or attention.

New parents can confirm that taking care of a child within the first six months can be pretty challenging. That’s where an overnight nanny serves handy. First, the nanny helps cater for the baby’s needs, giving the parent(s) some time off to rest. Then, all the mother needs to do is pump breast milk or provide for the baby formula when necessary. The Night Nanny handles everything from the nappy change to the feeding and comforting at night.

Night Nannies do not only care for the baby. They also help coach parent(s) on how to set a routine for their newborns. In addition, they teach infants to adapt to their environment so that newborns can learn to sleep more at night and play or learn about the world around them during the day.

This need for Night Nannies can become a source of income if converted into a chargeable professional service. A well-rested parent is better able to perform at home, work or in society.

You can make your childcare business a lot more appealing by also including a phone support service in addition to your coaching classes and Nanny offering. If this looks like something you might be interested in, you should try putting your business plan together. Pay special attention to your milestones and the goals you intend to achieve if you start this business.

Babysitting

All it takes to start a babysitting service is trustworthiness, patience, a verifiable identity and some manner of experience. You can start this business from anywhere. You hardly need any form of professional qualification, working space or initial capital. Still, if you work hard at it, you can turn this small business idea into a substantial profit-making venture.

There are a lot of already operational babysitting businesses. Several of these ventures serve as agencies linking verified babysitters to those who need the services of a babysitter. A babysitter could be either a live-in babysitter or a visiting babysitter. In most cases, parents prefer to hire visiting babysitters and bring in the live-in sitters on special occasions, like when they need to travel.

Babysitting is an extensive service. In most cases, you will be required to cater to children between the ages of infancy and adolescence. In addition, your clients will need your long term assistance as a temporary parent figure and caregiver. At some point during the period that you will be offering these services, the children in your care will be learning from you. You will be required to portray acceptable morals, ethics and behaviour. All these will affect the level of trust parents or guardians will invest in you, as well as the number of recommendations you will get from existing clients.

Sometimes, it extends to taking care of children in public places. When parents have to go anywhere, they often need someone to keep an eye on their wards. A babysitter can be hired to ensure that children are safe in public places. A babysitter may be hired on a full-time or part-time basis. Parents also like to hire babysitters for kids with special needs. Grooming these kids requires skill and patience. Therefore, offering your services to those in need could earn you a lot of money.

Baby Gear Rental

In some cases, when parents go on a vacation or forget to take some things along with them on a trip, they can rent baby things such as baby strollers or cribs from your business. This service may seem trivial, but it makes for a very lucrative business when situated in a popular travel or vacation destination.

Being able to rent items like strollers, cots, and the likes will help the parents travel light. Hotels do not remember to cater for the babies that might be coming in with their parents. All items not packed in advance would have to be bought and then sold, abandoned or repackaged after leaving. Knowing that there is a place to get the furniture at a reduced rate without the hassle of purchasing new ones will be a relief to your target customers.

To start this childcare business, however, you need some capital. Unlike the first two business options discussed here, renting out baby items requires start-ups capital, not just baby relation skills alone. 

Most people who venture into this business already sell baby items or already have many baby items in store. Before you launch your business, however, you should study the business environment, learn from competitors within that area and grow your business from the data gathered.

Children Coordination and Children Party Rentals

Social engagements help boost a child’s confidence and interactive skills while integrating the child into society. When you have kids around, you will have to come to terms with the idea of hosting a lot of parties and celebrating a lot of events, from birthdays to sleepovers and all those random good things that are worth celebrating.

Because some of these activities come up once in a while, parents might find themselves needing party items from time to time and buying all these things and keeping them to rot after the party is not always an ideal option. This is why a lot of parents might prefer to rent. In addition, while setting up the party, parents may need a helping hand in the form of someone who can assist in coordinating the children while the party is going on.

You can make a living off renting out these party props and managing children at a party. Nevertheless, before you start, you will need items like costumes, mascots, inflatable bouncing castles, chairs, tables and the likes. Tutoring requires patience, knowledge of child development, and a keen sense of what children enjoy.

As a rental company, you can make a business out of renting out things that children like to play with at parties. Still, suppose you know a thing or two about decoration and organization. In that case, you could also offer party planning, themed birthday parties, children’s destination event planning, camping trips, teens and adolescent events and other arrangements.

You will need start-up capital for this business because you will need to get the furniture and costumes you need to set up the business.

Children Photography

A child’s first birthday is a special time in the child’s life. Every other birthday after that is often just as special to both the child and the parents. Most parents like to have pictures of their children during the growing phase, and that is where a photographer who understands children can be a big help.

Believe it or not, taking photos of children requires a different set of skills that not every photographer possesses. Some photographers understand how to take beautiful pictures of children more than others. If you have the patience and an eye for the right angle, you may consider getting into children’s photography. It is a lot more demanding than taking photos of adults, but it could open up so many opportunities for you. There are hardly a handful of children photographers. Once you can sell yourself as a children photographer, many parents will want to have you take their children’s pictures. As an additional business learning, you could also branch off into sculpting children into models. Photographing children could be a lucrative business for someone with skill and patience.

The childcare business is full of lucrative opportunities, but of course, you have to be creative to rip its benefits. If you already have an eye for recognizing and capturing beautiful pictures, and you love children, then this could be an excellent idea for you.

Daycare / Crèche

If you have a background in education and childcare support, this might be the right business. A business model like this does not require much capital. However, you will need a comfortable space, preferably a kid-safe one. Additionally, you will need a lot of toys, diapers, and a play area.

A daycare business will thrive in an area where there are many office workers. However, because these parents are held up at work, they will most likely want to have someone else take care of the children in their absence.

There are currently a handful of people offering daycare services, but anyone can still make headway in this business. Study the many competitors in the market and develop a strategy to get the attention of parents looking for this kind of service.

In addition to the childcare service, you could spice things up by offering soft classes like swimming, football coaching, introductory learning, music and dance lessons and other healthy activities that children can engage in while having fun.

You can also add a taxi service to your business. Many parents will appreciate the extra time on their hands when they do not have to shuttle through traffic to pick up and drop off their kids. You could include an additional charge to pick up and drop off the children in your care. This business opportunity could help you build a clientele if you are looking to get into education. You can start your own Pre-school from a daycare arrangement.

I hope these tips on the childcare business inspires you to launch that business idea. Goodluck!

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ICT Offline Business Ideas

B. Lois
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305
ICT Offline Business Ideas

You might have thought about starting a business that will be profitable for you. Perhaps you thought about ICT enabled business ideas.

There are no doubts ICT gives your business a competitive edge, but are all business really ICT based?

Are there high demand ICT offline business ideas that can turn good profit?

Before you jump on one of the many trending ICT online or offline business ideas, let’s have a quick chat about the PROs and CONs.

Or You can skip to the part were you analyze your business opportunity.

This article intends to guide you on choosing an ICT offline business idea and implementing these ideas. Several offline business ideas you could choose from that guarantees a high-profit margin. Nevertheless, you have to consider these factors before you select any business idea.

Let’s face it, being broke is terrible. You can’t put a positive spin around that feeling.

Those moment when you frantically search your purses, pockets, or wallets for any forgotten money, only to find pieces of papers.

Entrepreneurship proves to be the one relevant solution to alleviating poverty in Nigeria.

It is no news that Nigeria ranks 20th on the list of countries with the youngest populations with an average age of 18 years 7months. In 2016, the National Bureau of Statistics posited that about 31 million Nigerians were unemployed. Implying that the rates of unemployment in the country are alarming, and that relying on the government only leads to a dead end.

If you fall within these statistical margins, then keep reading.

First we have to work on a few things:

1. Turn Your Idea Into a Plan

If you already have a business idea then what you really need is a business plan. You have to understand that having a business idea doesn’t guarantee your success. You have to take deliberate actions to turn your idea into a feasible plan. Develop a plan that caters to the success of your business, and then it can take off.

Forget the rest of this article and just read this article I shared on developing a business plan that’s truly a plan.

2. Self-discipline

Making deliberate efforts to discipline yourself is vital. You need to understand that being an entrepreneur is tough. Before you succeed, you must be willing to remain accountable, self-motivated, and focused. Many businesses crash before they even made it into the limelight. You need to stick to your business plan, budgets and constantly develop yourself for the business’s success.

3. Be Flexible

Making changes in your business plans could be a bit tough and challenging. It could be tough to accommodate other strategies into the business plan if it is rigid. While it is okay to devote time and energy to planning your business, it would be better to leave room for changes.

Be on a look out for business models that are thriving. Understudy the management. Copy their act.

Entreprenuership is risky, you signed up for it so might as well dare the high waves.

4. Follow Your Passion

Passion for your business idea is required to select a path. That’s because it gives you fuel even on your worst days and there’d be lots of does when you start out. Choosing a business idea you hate is like playing a dangerous game. You will need to motivate yourself during more challenging times; your passion will keep you going. It would help you in communicating the potential of your business.

5. Listen to The Pros

Be open to learning from others. Yes, it is your business idea, and you know it like the back of your hands. But for adequate progress, you need to spend time listening and observing what others have done. You need to attend seminars, podcasts, read books, and webinars. These give you an edge and help you avoid mistakes they couldn’t.

Now let’s talk about those offline business ideas. 

ICT Offline Business Ideas

Using ICT for your offline business idea has its immense benefits. Your business is sure to record several improvements such as increased efficiency in carrying out your business services, reduced costs, improved decision making, increasing your competitive market value, and most importantly, expanding your business scope. 

Several offline-based companies are already leveraging digital tools to boost their business performance. For example, owning a website for your offline business can increase your coverage to a broader audience. It could also help you track your customer’s insights.

The following are offline business ideas you could venture to ensure your productivity.

Hair and Cosmetics

Saloons are always going to be relevant for more than gossips and hairsprays.

The beauty market can very well survive without ICT.

Yeah a good website and all can be great. But You don’t need a website to launch a saloon or beauty bar.

Interior Design

With the new trends in home design, people have become very intentional about the detail in their homes. People want pleasing room decoration and functional workspaces. There is always a need for people who have an eye for interior design. According to research, people who require interior designers’ services are mainly on the upper end of the income bracket.

The opportunities available for an interior designer, especially in the corporate world, are immense. You get to work with large businesses that pay you to design their hotel interior, lobbies, offices, and resorts. You can research for design inspiration online before you get started in creating your designs. Then leverage both your personal and professional network to build a business around your skill.

For professional development, you should consider taking free jobs with some home realtors and developers. It would be adequate to help you build your portfolio, which is highly regarded and recommended before starting the business thoroughly.

Real Estate Business

One of the growing industries is the real estate market. It is considered highly profitable because you can make a lot of money starting a real estate business, whether as an agent or investor. Many people have made names for themselves in the real estate business. Most of them do it by acquiring and reselling these properties, which gives high returns.

You can also be an agent where you help buyers and sellers have smooth business transactions. Create an excellent business flow by assisting buyers and sellers in acquiring and selling commercial and residential properties.

Learn more on how to make money in real estate business in Nigeria.

Cleaning Services

The demand for cleaning services is getting high due to the constant rise in festivities and busy work schedules. Individuals and businesses alike are in dire need of agencies to clean their homes and their offices.

Delving into cleaning services is an evergreen business and is highly profitable. Many people will require your services for weddings, special family occasions, moving to a new place, renovations, etc. All you need is a little investment in cleaning tools like brooms, mops, detergents, and antiseptics. The cleaning industry is highly lucrative. It also allows room for outsourcing more workers to support you when you feel overwhelmed.

Mobile Phone Accessories Business

Due to our digital economy, there is an increase in the number of people using smartphones. Generally, over 2.5 billion people use smartphones in the world, and the number is still increasing daily.

Since many people have smartphones, the need for smartphone accessories is also on the rise. Accessories include phone cases, chargers, replaceable batteries, screen guards, earpieces, and more. According to research, some mobile case sellers go as far as raking 6-7 figure income by selling phone cases.

Although there is fierce competition, this is a market that is worth the trial. You can test the market by opening a physical store and an online space on any eCommerce site before owning a personal website.

Transport

Major Nigerian cities make use of Uber services, although it is not common in many cities. However, in cities like Lagos, one can be sure of its functionality. You can choose to be an uber driver because of the freedom it offers you. You can schedule what time works better for you, either nighttime or in the day. Although it provides opportunities too for you to choose a full-time role.

Being an uber driver is a lucrative business in these big cities; the average Uber driver makes about 80,000-150,000 Naira weekly.

Try taking the transport business offline. Tons of cab drivers still work with hotels to get long distance trip.

Most people want to be able to negotiate their fare and keep online tracking on the minimal.

It doesn’t even require much. All you need is for your car to be in a great state. But you need to consider the cost of gas or fuel, regular check and maintenance of car parts before you venture into this business.

PROs and CONs of ICT Offline Businesses

The upside to these offline businesses is that they stay relevant in spite of the swirling ICT solutions within the business market. While these businesses may thrive without an online presence, gaining one would only improve your services.

Final Thoughts

Having the best business ideas comes from the interplay of passion, skills, strategic thinking, and timing. Before taking off your business idea, all you need to consider is researching your available market and the available customer base. You have to take intentional steps to move out of poverty by taking intentional risks to begin a high profitable business. 

Difference Between Sales, Marketing and Business Development

B. Lois
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619
Difference Between Sales, Marketing and Business Development

Marketers, salespeople, and business developers play different roles within a company although they often rely on each other.

In the workplace, people often confuse these roles as the same.

However, they are different; every entity has its specific importance and roles for business growth and development.

For example, a marketing team may develop a campaign on social media to start awareness about a product launch. While the sales team, on the other hand, communicates with leads and addresses their concerns. And the business development team seeks to look for partners and investors in the industries to collaborate with to expand the business. 

This article seeks to differentiate the roles of sales, marketing, and business development. 

Let’s talk for a bit.

What does it take to shake the market?

Perhaps you’re thinking: develop a product that beats the competition.

If that was your answer, then I have to say answer no, especially with big companies. 

Why? 

To grow in this era, businesses have to educate their customers about their offerings, benefits, and how they excel over their competitors.

Loya Milk Versus Peak Milk

Take Loya milk, for example. It’s pretty creamy, and I’ll rate it any day above Peak milk. It turns out lots of people don’t know that; perhaps even those in marketing at Promasidor aren’t aware of these advantages and how such information can turn the market in their favour. So people use Loya as the cheap option when one can’t afford Peak milk, and that’s silly. Loya is right in the ranks of Oldenburger and Kerrygold in terms of creaminess.

A company that fails to do this is set to fail. What good is a product if no one pays attention? The company goes down the drain.

Developing and communicating this information falls to the team responsible for sales, marketing, and business development. You need to pay attention to these departments in your company to ensure maximum growth and development. The team plays significant roles in lead generation, market expansion, lead nurturing, and customer acquisition. They are essential, and no aspect can survive without the other; they are co-dependent. 

Sales

The role of the sales department in the success of any organization is pivotal. Sales function as a bridge between the needs of the potential customers and the product and services offered to fulfil their needs. So when you think about closing, think of sales. The roles of sales in business growth are outlined below.

1. Sales Lead Conversions

The sales team serves as a bridge between customers and the offerings of the company. These potential customers are garnered already by the marketing department’s effort; it becomes the sales team’s job to close the deal. These deals are closed when the salesperson introduces more information that guides the customer in making better-informed choices—for example, a mobile phone company. Of course, you already go to the store with the idea of getting a new phone. Still, you are asked about what specifications you are interested in and what you do to help the sales rep give you a range of mobile devices that suit your needs.

As a result of the level of interaction between the salespeople and the potential customer, it helps them glean enough knowledge to help them make their pitch. 

2. Business Growth

Sales play a function in ensuring the growth of a business. One of the ways to grow companies is through customer loyalty and trust. A customer will likely recommend your business to a friend or a family member or write down an excellent review online of your product or service.

These recommendations in this age have played critical roles in the growth of businesses. In this era of digital technology, these recommendations are credible and highly influential. When your brand has built trust and loyalty among its clients, it will foster excellent customer relationship for feedback and suggestions, which will likely lead to the growth of the business.

3. Customer Retention

Creating long-lasting impacts on customers is an essential characteristic of salespeople. Understanding the relationship between one human and another is powerful; sales help build a personal interaction between a sales representative and the customer, which plays an essential role in positively influencing the brand’s reputation. When a customer and sales team relationship has been formed, it creates a long-lasting bond which makes the customer a repeat customer and eventually leads to referrals. In addition, follow-ups through setting after-sales calls can help build a relationship positively between the customer and the company’s sales team.

Marketing

Do you sometimes wonder why you know about a product and all of its offerings before you see it? Come to think of the latest Apple brand products, how come you know everything about its uses and modifications before owning one? This is because of their marketing campaigns. Generally, marketing helps prospects become familiar with your product or services and prepares them to warm up to it. There are different aspects of marketing that include advertising, social media, websites, branding, to mention a few. In addition, they can see Google Analytics and social media insights that show them the pages that visitors visit.

Marketing includes a set of activities related to bringing value for others through the processes of creation, communication, delivery, and exchange of offerings that are meaningful to them. In simpler terms, marketing refers to the set of activities a business undertakes to foster the buying and selling of its product or service. Marketing plays essential roles in a company that includes 

1. Customer Education

Marketing is vital in creating awareness for the customer about a product. It does this by educating the customer about the ins and outs of a product. They help transfer the knowledge of a company about their product or services to the audience looking for solutions to their problems. Marketing is essential in communicating a company’s value proposition is a better and exciting way.

2. Sustains a Company’s Presence

To be able to maintain a healthy and cordial relationship with customers, marketing is essential. Marketing helps businesses build and develop long-lasting relationships with their customers and audience. As it continues, it becomes a strategy that ensures that the business flourishes. 

3. Customer Engagement

Marketing creates opportunities to engage the customers with the brand. Because engagement plays a vital role in ensuring that a company does not fail, marketing provides that the conversation does not end when the customer leaves the company. The role of marketing in customer engagement is to ensure the utilization of every medium necessary to disseminate information and ensure efficient communication with their audience. Your audience is thrilled to form a relationship with your brand, and marketing can be used to foster that.

4. Sales

Every business establishment aims to sell products and services regardless of what department is involved; marketing plays a crucial role in ensuring that your product or service appeals to your audience. 

5. Business Growth

Just like sales and business development, marketing plays a role in business growth. Marketing efforts help to ensure the growth and expansion of your business. For example, constantly posting your business on social media can enable it to reach and expand its boundaries. It helps spread the word and acquire more customers that eventually lead to the company’s growth.

Business Development

The value and growth of a company rely heavily on solid business development strategies. These strategies can include good relationship building, increased market expansion, and improved brand awareness campaigns. 

For the maximum growth and development of an organization, business development acts as a bind that fuses the different functioning areas of a company. These areas help the company improve its sales, revenues, talents, customer services, and product offerings. The following are vital roles business development plays in ensuring the success of organizational growth. 

1. Builds Crucial Relationships

An essential aspect of business development is building meaningful and profitable relationships. However, the kind of activity involved in customer and partnership acquisition, business development seeks to build relationships because they serve as an integral piece in business development. These can be done by cultivating new talents and networking with prospective or potential partners. This activity can be fundamental to identifying new business opportunities, generating leads, and making critical hires. It can also be used for strengthening and empowering existing relationships to help increase repeat customers and provide a chance to hone talents from within.

2. Acts as a Tool for Boosting Revenue and Lowering Costs

Any business development aims to facilitate the growth of the company. To ensure the company’s growth, you have to set a balance that increases the amount of money that enters the organization while reducing the money that leaves the company. Focusing on business development can help a company identify deals that will increase profit by concentrating on areas that attract ideal customers.  

3. Aids in Improving the Image of the Company

Building a great brand for the company is a role for the business developer. The business developer can partner with the marketing team to develop campaigns to solidify the target market and audience to reach new markets. It may lead to the possible expansion of the business, introducing the company to more unique needs by tapping into new areas of better opportunities. This has proven to be a lucrative growth strategy that has led to the successful development of a company. By analyzing the customer base data, the developer can understand how to enter and impact these markets to acquire new customers. 

In conclusion, the growth of any business organization is tied to these three concepts. Even though they are similar, they cannot exist on their own as separate entities. Instead, they are interwoven to achieve the goals and objectives of the company. Through the strategy, collaboration, and implementation of these three areas in the core of businesses will play vital roles in increasing profit and building the business.

How to Know if You Are Ready to Quit Your 9 to 5

Oluwaseun Sanni
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How to Know if You Are Ready to Quit Your 9 to 5

The idea of quitting your job may seem glamorous online.

Instagram community is filled with influencers sharing pictures of their lavish lunches before cruising on a sailboat to the next island. Then you see startup founders take ski trips with potential investors, and bloggers go on road trips to meet their readers. All of these make everybody want to quit 9 to 5 and become ‘self-employed’.

While the desire to be self-employed is not wrong on its own, the question is, are you ready for it?

The part of the story you don’t get to see on social media is that most people who quit their 9 to 5 just for flexibility and freedom end up falling into uncertainty, especially regarding finance.

If you’re thinking about quitting your job, you should examine your current financial situation to see if it’s the right time. Financial stability goes a long way toward allowing you to put in those “two weeks’ notice” with ease.

How to know you’re financially ready to quit your job

First of all, what is your plan?

No, it’s not just about a business plan and marketing strategy, although that’s important too. Instead, it’s all about getting a complete, unbiased look at how your current financial situation is.

It’s easy to get caught up in the fantasy of taking the leap, but seeing the hard numbers will give you a better perspective. 

You will see a clear picture of what has to happen before you quit your job once you outline the numbers. As a result, you will feel more confident about making your decision rather than worrying about how to survive the first few months.

This financial analysis will prove crucial when you start setting a realistic timeline for quitting your 9 to 5. Some may have a timeframe of one year, while others may set it at a few months. It depends on what works for each person.

So how do you know when you’re financially ready to give up your 9 to 5 and what you will do in that timeline? It all comes down to understanding some key variables.

Your vision is clear to you

It’s not only about your short-term vision, but it’s also about your long-term vision. We’re talking a few years away here!

As far as I’m concerned, you are ready to leave your 9-5 job when you know what it is you want from your business and for your business.

Many aspiring entrepreneurs overlook this crucial step. Their “why” & vision are unclear, and their inability to articulate them is ultimately what unravels them.

It’s hard to navigate the present when you’re unsure about the future.

You have an entry and exit plan

Instead of hoping for the best, you’ve got it all planned out.

You have everything laid out in front of you, from your exit plan (such as quitting your 9-to-5) to your entry plan (such as transitioning into full-time entrepreneurship), and you’re very clear about what needs to happen and when.

Your quit date & the way it’s going to happen are all on the cards – not to mention who you’ll have to break the news to (your HR, most likely)

Not only that, but because you know how much more time you’ll have each day when you become a full-time employee, you’ve got that all mapped out too.

You aren’t going to just jump into full-time business without a plan, are you?

You’ve built a strong community

By now, you’ve built an incredible community of followers and fans, customers and clients.

You understand that to get others to learn from you, listen to you and buy from you, you must deliver a huge amount of value.

Additionally, you understand it’s crucial to be visible in order to be a successful entrepreneur full-time (which a good deal of people miss out on!)

Make sure that you have a community of people who trust you for guidance & see you as an authority in your niche or industry.

Additionally, whenever something that you would be perfect for comes up in conversation, position yourself to be the first person to be mentioned.

You’re thinking like a business owner

As you make sure your vision is crystal-clear, you have your finances in order, you have a thriving community of die-hard fans and you have a plan for your future, also ensure you’re thinking like a business owner.

It’s as if you no longer worry about the small stuff – you’re in the CEO mindset.

You know what task needs to be done (plus which ones don’t), and you’re focusing on progress over perfection, completing tasks that will take your business forward, not backward.

Furthermore, you will stop at nothing to ensure your business thrives and becomes the vision you had all those years ago.

Get familiar with what your job would be as a business owner.

4 things to do before leaving your 9 to 5

1. Make a list of goals

Having a successful business may require you to struggle financially. Your business may not be profitable for months or even years, so be realistic before cutting off a steady source of income.

It is essential that you prepare for the future by saving as much money as you can. Try to repay all your credit card and student loan debt as soon as possible. Also, if you’re currently renting an apartment, ideally, you should have six months’ rent saved up. 

Remember to buy health insurance, otherwise, you’ll be paying out of pocket, which can prevent you from investing in  your business.

2. Write a comprehensive business plan

It is impossible for any business to succeed without a solid plan. Having carried out market research, it’s now time to lay all the groundwork and draft a business plan that’s substantial enough to prepare you for the challenges ahead and pique investors’ interest.

How should the business plan be structured? You should start the document with an overview and a summary of your goals – the reason you’re starting the business. Additionally, it contains a description of your company and important information about the industry in which your company will operate. In your business plan you should also detail your marketing strategies for introducing and promoting your products or services to your target market. Also included in this document is information about how you will run the company. Learn more on how to register to write a solid business plan.

3. Make your business legitimate

Choose the type of company you want to start. Sole proprietorship, corporation or partnership? Would you like to start a Limited Liability Company (LLC)? Whatever structure you choose, you  must register it with the appropriate government agencies. 

See how to register your business with CAC in Nigeria.

4. Leave your job on good terms

As you prepare to quit your day job and start your own business, it’s crucial that you do so on a  positive note. Ensure you have completed all your projects and, if possible, train anyone who will replace you. It’s important to say goodbye to your boss and colleagues the right way. 

A business venture is a risky endeavour, and you will need all the support and positivity you can get to be successful. It is possible that your former coworkers or even your boss may soon become  your customers.

In Conclusion

The whole essence of this article is not to create fear in you. No, far from it. Instead, it’s to save you from any future regret.

By all means, go ahead and quit your job if you’re convinced it’s what you want to do. However, make sure your motivation is not because you want to join the bandwagon of self-employed folks you see on social media. Similarly, make sure the time is right. Cheers.

Sharing Economy Business Ideas

B. Lois
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Sharing Economy Business Ideas

Everyone is thinking about a shared economy, but most have no idea what the sharing economy is or how to launch one.

I mean, as of 2015, according to a Pew Research Center survey, only 27% of Americans had heard of the term “sharing economy”. That’s not so wild, considering more people in my neighbourhood have heard of Uber but not the business model that inspired it. Basically, the survey checks out even in 2021.

We can’t ignore the economic situation around us, and it is necessary to design suitable business models.

Real Talk

Have you ever caught yourself looking at an array of dishes on a menu and secretly wishing you can try a bit of everything although you have just enough cash for one meal and the bus ride back to your tiny apartment? So you stare around the quaint restaurant wondering if anyone has a similar thought, and then you wonder if you both could go halfsies on the meals.

Okay, maybe I’m the only one that is too broke to afford my appetence.

Stick with me on this. I promise you I’m going somewhere. We could be Brian Chesky and Joe Gebbia all over again.

Let’s role play.

Me: The economy in Nigeria is so bad.

You: How bad is it?

Me: Drops a screenshot from Twitter.

What is a Sharing Economy?

It’s a socio-economic system aided by technology that enables people to share their resources and less cost than traditional marketing.

Emphasis on “aided by technology”.

It’s a trading platform that links clients to customers. So let’s say you found yourself in a quaint restaurant and you were wondering if someone would go halfsies on a meal with you. If there was an App or website where you could find other gluttons on some sort of waiting list to share a meal, such a platform falls under the business model of a sharing economy.

Do you catch my drift?

A Bit of History

It all started around the time of the great recession. There were growing concerns about the world’s population and depleting resources.

It’s no different from the times we live here in Nigeria. Every day I go to the market, and I’m surprised at how prices keep skyrocketing.

We can hope things do not get worse. However, if things worsen, entrepreneurs must rethink the economic fundamentals.

Sharing Economy Business Ideas

A business idea doesn’t have to be grand. If it’s a major need, it’s a significant market. Half the time, people don’t know they want something until you show it to them. So you have a good chance at building something great.

AirB&B

Clothing Business Ideas
Photo by Taryn Elliott from Pexels

You won’t believe it, but somewhere in California in 2008, two broke flatmates – Brian Chesky and Joe Gebbia had trouble paying rent. They decided to create a website advertising three air mattresses and a promised breakfast, and three people showed up. Today we have AirB&B, the world’s largest accommodation provider that doesn’t own a property.

It’s incredible the things we can think of when we are hungry and can’t afford rent.

Upwork

Clothing Business Ideas
Photo by nappy from Pexels

Before the pandemic, people were already starting to embrace the idea of working from anywhere https://fish-and-spins.uk/. The pandemic opened people to a different approach to work. Companies like Fiverr and Upwork already had a head start on that front.

Many startups can’t afford the luxury of retaining staff but have just enough money to pay to get a job done. Upwork is one leading platform that connects clients to employers. It empowers employees to negotiate, build and their profile.

Uber

Clothing Business Ideas
Photo by RODNAE Productions from Pexels

Uber said if you have spare time and a car, why let it sit in your garage when you can earn a few bucks helping people move around your city.

Oh, the number of services one could provide at less cost to traditional marketing if more people embrace the sharing economy. Sadly people would rather choke up one channel of business rather than come up with fresh ideas.

Thanks to Uber, transport apps spring up now and then, but I say there are more business ideas to offer in sharing economy. 

Good grief, let’s not share yams, please.

If this isn’t exactly the kind of business ideas, you were scouring the internet to find, I Go you with this post on Top 500 Small Business Ideas.

Random Thoughts

We hired a bus to travel for a function scheduled to last three days, and we agreed to split the fare amongst ourselves. Last-minute cancellations and we came short by a few seats, so we decided we’d pick passengers along the road.

On our way back, there was a small argument as the driver had concerns about how we hoped to cover the balance since we didn’t find any passenger to cover the cost of the empty seats.

As we rallied round to raise the money, some contributed as much as two thousand nairas and some as low as five hundred bucks, while others were too broke to spare a dime. I thought to myself how great it would be to have an app that could pair our bus to passengers travelling long distances across Nigeria.

Every day, dozens of people get married in different cities and often need travel assistance for their guests coming in from different states. People hire buses for other social functions too and sometimes regular transport systems can get expensive. If only there was a platform that can link riders and, of course, guarantees safety and security.

Something to Inspire you

Starting a business can be challenging. While researching on economy sharing business Ideas, I was pleased to see that these ideas were already a reality in some countries.

So here is a list of existing business models on the sharing economy that could inspire you to start the next multi-billion business brand.

Don’t forget to call when that dream becomes a reality. Goodluck.

The difference with traditional business models like cabs and hotels is that it was challenging to link service providers to ready clients. It also provided a cheaper alternative and empowered individuals to earn extra income.

People have tasted the good life working from home or WFA, and frankly, they’d prefer not to go back to a boring office. However, internet access is an issue.

Yes, workstations provide short time offices and internet service, but sometimes I don’t want to get in midday traffic or be out in the sun just to get a job done. Feels good to say that out loud, but this article isn’t about me.

Where was I? Regular internet subscription can be too expensive for some, while some always have data spillovers. If only there were platforms that allowed clients to find people willing to share their internet for a cheaper cost within a period. Oh right, someone did that. It’s called Fon.

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