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Essential Tools to Boost Expansion & Profitability of Your Business

Running a small business in Nigeria is no mean feat. Outside political and economic challenges, businesses have inherent challenges that threaten survival and profitability. This guide covers essential tools that can be implemented to boost expansion and drive profitability in your small business. These are free or paid digital tools that enable you to work smarter, not harder.

Emerging business technologies enhance employee efficiency, facilitate collaboration and communication, and increase staff productivity and performance. While the digital tools highlighted in this guide prioritize and optimize teamwork, they also ensure quick service delivery. These essential tools also make remote work seamless and easy to manage online and offline.

The essential business tools recommended for your small business in this guide cover categories such as:

Document sharing
Work collaboration and project management
Team communication
Accounting and human resources
Sales and marketing
Customer relationship management (CRM)

Factors that determined listing these essential tools

This suite of business and management tools has been included in this guide for several reasons. Some of the important parameters used to justify their inclusion in this list are:

Inbuilt features
User interface
Ease of use and training resources
Pricing models
Scalability and security
Customers reviews

List of essential tools you must integrate into your business operations

This is not an exclusive list – in fact, there are more than 10,000 digital tools that can serve your business needs in one capacity or the other. But the 21 tools listed here are representative of many of these products, and they have been curated to save you the time and stress involved with reviewing thousands of similar and often confusing business tools.

So here we go:

Staff communication tools

Staff or team communication tools make it easy for your workforce to communicate in real-time. Employees can chat whether they are in the same location or not, and their work-related conversations can drive deeper engagement and job collaborations. Here are some tools to consider:

Flock – for team messaging

Flock is a small business software that is designed for team communication. It comes with all the communication features that can be used for team communication across several platforms. This business software is designed for video conferencing, file sharing, custom mailing lists, company directories, and group messaging among others. It is a messaging software that has a free version and a paid version.

Zoom

Whether you are physically available to do business with clients or not, Zoom makes it possible for you to stay in touch with clients and employees. A video conferencing platform designed for video communications with up to 1,000 people at the same time, Zoom is indispensable to your business if you want to be in constant touch.

Zoom has unique features such as screen sharing, whiteboarding, transcripts, in-meeting chat, meeting recording, and file sharing among others. Everyone can use the free version of Zoom with as many as 100 people for a video meeting lasting 40 minutes, but the paid version is suitable for businesses that want to hold conferences with up to 1,000 participants simultaneously.

Slack

If you are looking for a communication tool that can be used for instant messages, audio and video calls, sharing files, and team collaboration, then you must consider Slack. Employees can sign into Slack to discuss business projects and collaborate on ongoing tasks with ease. It has all the features needed to communicate and get everyone on the same page regarding specific projects.

Slack has free and paid versions.

Document sharing tools

If you run a growing business in Nigeria, you need document-sharing tools to boost productivity and employee efficiency. These tools are software that store documents and files in the cloud, making it possible for users to access them on all connected devices. Employees with the necessary access can access these online files and make necessary changes for the benefit of everyone collaborating on the files. Below are some file-sharing tools to use:

Google Drive

You can use Google Drive to store and share work files with your employees if you use Gmail. It is a file-sharing platform with cloud storage that anyone with necessary access can use to create or edit documents, images, spreadsheets, and slide presentations simultaneously. It is basically free for all users, but you can upgrade to the paid versions if you want more cloud storage.

As a Nigerian business owner, you can give your employees and clients access to a Google Drive document to collaborate on a given project.

Dropbox

Similar to Google Drive, Dropbox is a “smart workspace where teams, tools, and content come together.” It is a secure cloud storage platform that is suitable for large files and collaborative projects. For instance, a team of software developers or web designers across different countries can work simultaneously on a single project hosted on Dropbox.

If you have various employees across various locations who must work on a single file, you can take advantage of Dropbox for this purpose. The platform has watermarking, file recovery, and tiered-admin roles among other add-ons. It is a paid service with different payment plans.

Work collaboration and project management

Work and project collaboration tools are designed to boost productivity and efficiency among employees. It also makes it easy for several employees or business associates to work on the same projects at the same time, regardless of location. It also makes it easy for supervisors and management to monitor the performance of workers across various projects. Here are some tools to consider:

Loom

If you travel abroad and need to explain something on your computer or smartphone screen to someone back home, you can use Loom to achieve this. Loom is a digital software that is designed for the recording of your screen while making voice tutorials. You can demonstrate something on your screen and make a recording of it to share with employees.

If your small business involves making explainer videos or video tutorials, you will find Loom essential to your endeavours. While several users can use a link to access a live video tutorial, Loom makes it possible to use emoji reactions and time-stamped comments. It is free to use, and there is a paid version.

Asana

Asana is a project management tool that can be used to schedule, track, and manage teamwork. It can be used to bring several team members to the same project page through synced collaboration. It is also usable to track communication and plan to-do lists. This is one project management tool that makes work easier for the workforce within an organization.

Calendly

If you must schedule appointments and business meetings among company staff, Calendly might be the perfect tool to use. Calendly is designed to make business appointments and conferences easy to schedule – in fact, it is a scheduling tool. This online scheduler can automatically send reminders to targeted meeting participants, make follow-ups, and provide links for rescheduling.

Instead of picking up the phone to schedule meetings or initiate reminders, use Calendly to achieve your plan. With a simple user interface and support for mobile or desktop users, Calendly automates business meetings based on participants’ availability and can be integrated with video conferencing apps, payment platforms, and other productivity software.

Google Workspace

Google Workspace is a collaboration and productivity tool that anyone within an organization can access for seamless use. Developed by Google, various parties such as employees, suppliers, customers, and associates can connect or collaborate on projects using Google Workspace. Key users can track data and important work analytics on the platform for better business decisions.

Time Doctor

If you hire remote freelancers and need to track their job activities, Time Doctor is a useful tool to consider. You can also use the software to monitor what your employees do behind you when they are working at their computers. This tool enables employers to monitor what their staff or hired freelancers are doing at every point in time.

The software automatically captures the screen of the user at regular intervals to alert the employer to what employees are doing. It also tracks the time spent by any worker on given projects to show if they are working or not at particular periods. It can also do a video recording of the user’s screen and activity levels, while also able to send popup alerts when users become idle at their work computers.

Sales and marketing tools

Businesses need customer support tools and marketing software to optimize sales efforts. Highlighted tools in this category will cover customer service, payment and invoicing, and email marketing among others. Below are some of our picks:

Mailchimp

There are several email marketing automation systems out there, but Mailchimp is simply one of the best. This is one intuitive email marketing software that enables you to send emails that convert to potential and existing customers. Integrated with AI to create and deliver personalized emails to your target audience, Mailchimp delivers mass emails to thousands of recipients simultaneously without issues.

This email automation tool also provides analytical insights into customers’ behaviours, interactions with messages, and other factors that guarantee improved sales and revenue.

Sprout Social

A growing business should have a physical and online presence. It is not enough to have a website; you must also have social media profiles that tell your story. Customers would like to interact with your business on Facebook, LinkedIn, TikTok, YouTube, X (formerly Twitter), Instagram, and Pinterest among others.

Sprout Social is a business tool that makes it easy to schedule social media posts and track user engagement. The tool provides a centralized platform where you can interact and monitor all activities on your social media channels from a single dashboard. With this tool, you can create and schedule as well as share social media posts simultaneously across your social channels. And you can also monitor engagements with your posts through integrated analytics.

Google Analytics

As a competent business owner, it is believed that you have a website that supports your business operations. With Google Analytics, you can make informed business decisions based on how customers interact with your website across various devices. The tool helps you to gain deep customer insights as well as track the performance of your adverts on your website or across the internet.

Google Analytics gives you insights into customer behaviour, their location, their ages, and activities across your website. You even know the length of time they spend on your website and the pages or products they interact with. This knowledge enables you to understand the effectiveness of your marketing campaign and other key ROI initiatives.

ZenDesk

If you run a business where you speak to lots of customers on a daily basis, then you need ZenDesk. This business tool helps you to track and monitor customers’ complaints much more easily. For better customer service, the software helps you with enhanced ticket management where each customer query is assigned a ticket for easier tracking and resolution.

ZenDesk is a CRM tool that generates insightful data into customers’ engagement with your products. It also enables you to attend to their concerns and queries in a timely fashion that others within the team can pick up on.

Interswitch

What is the relevance of a business if your customers are not able to pay you? You need a seamless way to get paid by your customers. Just as business owners in the US use Stripe and PayPal to facilitate business payments, you can use Interswitch, Paystack, and Flutterwave among others to facilitate payments in Nigeria.

With these payment gateways, customers can use their smartphones and bank ATMs to pay for goods and services. This will boost your business revenue since anyone can make payments from any part of Nigeria at any time. Integrate a suitable digital payment solution into your business and sit back to watch your enterprise scale.

Conclusion

To succeed in business in Nigeria, you must implement a host of digital tools to scale your business exponentially. These tools cover accounting, HR, communication, technology, productivity, marketing, social media, and content creation among others. Most of these tools are automated to maximize their functions, so they work perfectly to scale your operations once they are installed.

How Artificial Intelligence Can Help Your Business Operations in Nigeria

Emerging technologies such as artificial intelligence (AI) are taking the business world by storm. As a Nigerian business owner, you cannot afford to be left behind in applying AI to your business operations. Whether on mobile devices, office equipment, or factory machines, AI can be used to promote business operations for ambitious results.

As a small business owner in Nigeria, you should use AI to solve major business problems. Among other cognitive technologies, AI can be used to improve business processes, boost productivity, automate routine activities, enhance employee efficiencies, save operational costs, and guarantee quicker profits.

Whether on mobile devices or computer systems, AI can be used across agriculture, cybersecurity, content production, customer support, and fraud prevention among other industries. As a technology-compliant business owner, you can use different AI models and major chatbot alternatives to meet your business needs.

^{How You Can Use AI To Boost Your Small Business}

Given that Nigerians love to leverage business technologies, the following are some of the ways you can deploy AI to achieve your business objectives in record time:

1. Create Blog Posts For Your Websites

If your small business relies on given websites for revenue, then you would need constant content to update the websites. Paying freelance writers to create blog posts and unique articles for your business websites can eat into your finances, but you can use AI to save costs. OpenAI’s ChatGPT or Google’s Bard can write well-researched and well-formatted articles on any given topics for your websites.

ChatGPT and Bard or any other AI alternatives can craft any topical content for you within minutes. You only need to enter the topics you want it to write and the digital tool will create your articles instantly. You can refine the topics and enter targeted keywords to obtain good blog posts and articles that can be posted on your websites.

These AI tools can save you thousands of naira monthly, depending on the volumes of content you require per month for your websites. For context, if you pay a writer N3,000 to write one article and you require five articles per week, this will amount to N60,000 per month. If you have two freelancers on your payroll, that means you can save N120,000 monthly simply by using AI.

So AI saves time and money while giving you great articles that require little to no tweaking whatsoever. And don’t forget, it can be used to write personalized email campaigns.

2. Create Spectacular Videos And Photos

Generative AI can be used to create stunning videos and images for your business needs. If you have been paying a graphic designer to create images that promote your products and services, AI can take over the job easily. This digital tool can also create videos that can be used for digital adverts for use on social media and on TVs.

AI can save you thousands of naira that could have been paid to a graphic designer or video editor for video content. In fact, the technology can also create voice-over in any language and voice in your videos, further saving you money that could have been paid to voice-over artistes. To create outstanding videos and graphic images that tell your business story and promote your objectives, use AI for that cutting-edge difference.

SEE ALSO: How to Become the Next Social Media Sensation in Nigeria

3. Cybersecurity And Fraud Detection

Many online businesses face cybersecurity threats from scammers and hackers. Nigerian businesses are not exempted from the threats of cyber-terrorists who work clandestinely to infiltrate computer systems, steal company data, breach customer information, and transfer company funds.

AI can be deployed to prevent cyber threats and boost fraud management. While cybercriminals work tirelessly and even deploy powerful digital tools to steal business data and steal funds, AI has the capability to prevent fraud, create breach alerts, and thwart the efforts of cybercriminals. This emerging technology automates threat detection and responds to digital threats automatically without any human prompts.

If you do not use AI for your business’ cybersecurity – you risk hackers and scammers stealing your company’s products, customers, and funds. AI will help with threat detection and response, security monitoring, and bot prevention in real-time – safeguarding your business against financial loss and structural breakdown.

4. Automated Customer Service

Here in Nigeria, have you observed that companies make automated calls to customers for one important reason or another? For instance, if you call MTN or Glo for a particular transaction, a machine talking like a real customer care representative may hold a meaningful conversation with you and help you out with your queries. This chatbot frees up human service reps to do other things.

Also, banks also have AI technologies that act like real customer care reps. If you contact your bank through any of its digital platforms, you may be having a live chat with a chatbot that helps out with your queries. The chatbot may handle things like financial transactions, personal queries, and anything you would have needed going into a banking hall for.

The use of USSD by banks and other companies is made possible by AI. So do you operate a business where you deal with lots of customers in Nigeria? Businesses like online loan companies or product sales and marketing? You can use AI to answer customers’ administrative and technical questions, attend to customers in various languages, and access self-help solutions.

5. Accounting And Payroll Management

If you run a small business in Nigeria, you definitely carry out accounting procedures that can be done with artificial intelligence. This digital technology can also be used by large corporations in the country to manage accounting and bookkeeping processes. Any data entry jobs related to staff payments, tax audits, fraud prevention, product inventory, account reconciliation, and payment invoicing among others can be done with relevant AI technology.

You can free up time for your accountants and make their jobs easier by implementing AI technology in your company. This will make your accounts officers more efficient at what they do, and it will also limit or eliminate financial errors that could bankrupt your business. AI is intuitive and able to detect financial loopholes or mismanagement before they occur, so you must have it to protect your business operations.

6. Legal Services

If you are a lawyer or work in a law firm, you can use AI to simplify your jobs. Law firms or legal departments in big corporations deal with large volumes of legal data and documents. Attorneys or legal assistants spend long hours reviewing and analyzing data before they can help clients or meet their company’s objectives.

As a lawyer, instead of poring over huge volumes of law books for legal citations, you could use AI to pull up references in record time. Law students in the university or law schools can also use artificial intelligence to study various case laws or access the legal systems of various countries around the world.

To this end, AI can be used to draft legal documents, research law cases, and increase judicial efficiency with ease. Individuals interested in law can also use the technology to research and analyze law incidents, review contract obligations and language, automate legal documentation, and ensure judicial compliance in all respects of life.

7. Human Resource Management

If you have a number of employees and looking to hire more for your business, then the use of AI may be necessary. The digital technological tool is also important for managing employees and everything related to their welfare. It is also important for hiring, training, and evaluating the performance of staff to boost their jobs.

As a business owner in Nigeria, you can use AI to screen the CVs of job applicants. The technology can be used to eliminate bias in any recruitment process by highlighting applicants that only meet the eligibility criteria. Instead of manually reviewing hundreds of job applications, AI can pre-screen CVs or resumes and pick only the most qualified talents according to set criteria. This will enable the hiring team within the HR department to hire the best applicants for available roles.

Meanwhile, HR can also use artificial intelligence to identify the best-performing employees within an organization. They can equally use the tool to draw up training programmes for eligible staff based on identified needs. The HR department can also use AI to effectively measure training engagement and task completion rates among select employees.

SEE ALSO: 17 Ways to Plug Financial Leakages & Save Money in Your Business

8. Enhanced Business Decisions

Businesses using artificial intelligence as part of their enterprise tools make better decisions. AI can analyze vast amounts of data on marketing trends, customer behaviour, product benefits, and competitors’ activities to arrive at the best business decisions. Just as a computer cannot make a mistake, AI can rarely make a mistake since it analyzes lots of data to make a decision.

Having used AI to hire the best talents, automate payroll systems, enhance cybersecurity, improve customer relations, create stunning articles and videos, as well as achieve legal victories, the technology is trusted to make business decisions that top management can rely upon. If all the data and variables are carefully computed, you can be sure that AI can help with the best business decisions.

Addressing Business Concerns Related To The Use of AI

If you had never used AI for business before, it is normal to be sceptical at the initial stages, but you can be assured that the technology may be the next best thing for your business expansions. However, following are some clarifications you may want to know about the use of the technology:

Is AI free to use?

There are different types of AI technologies – there are free and paid versions. Some free versions have paid tiers that users can upgrade to, and some paid versions require upfront payments. Examples of free AI tools are Bard, ChatGPT, and Ellie (you can upgrade to paid versions); and examples of paid versions include Shopify Magic and Notion AI.

Can AI be used offline?

Most AI tools can only be used online while connected to the internet. It is not clear whether there are offline versions at this point, but this is very doubtful. AI must connect to remote servers to pull up queried data or perform complex digital tasks, which is why it can usually only be used online.

Can AI replace human jobs?

When factory robots were first launched many years ago, there were fears that they would replace factory workers. This turned out to be false. With the launch of autonomous or self-driving cars, the fear that normal cars would become history is misplaced – because self-driving cars can never take the place of human-controlled vehicles.

In the same vein, AI was not developed to replace company employees. Some jobs may become redundant with the implementation of AI, but it will also create new career opportunities for some people. So the technology will complement employees to boost their efficiency rather than threaten their jobs. But in some cases, it is possible that freelancers may no longer be needed.

How is AI implemented for business?

Implementing AI for business is not difficult at all. Depending on your business niche and specific requirements, you may need to learn how a particular AI tool works to maximize its functions. You may take short online courses to know how to use these types of AI best, especially where complex functions on deep learning or machine learning are required.

But in most cases, AI does not require any special training to use. They are highly intuitive and user-friendly, and they can even help you to maximize their capabilities better. Imagine a machine teaching you how to use it to meet your peculiar needs.

Using AI on computers and smartphones, which is best?

Some AI can only be used on computers while others can be used on both computers and smartphones. To begin to use some AI on your smartphone, you must register on the AI platform using a computer. And many others have been integrated into smartphone apps for easy access and use. Depending on your personal or business needs, you must decide which one is best for you – using AI on your computer or on your smartphone.

How to Become the Next Social Media Sensation in Nigeria

It’s easier and more fun to make money on social media today. Social media platforms have implemented monetization models that pay content creators and general users for using their platforms. So you can make money while also becoming a social media sensation in Nigeria. Generating revenue and becoming a social media celebrity is the key focus of this content piece.

Just a decade ago, you could make money online, but hardly through social media sites. Some of the ways to make money on the internet back then were blogging, forex, website flipping, audio transcription, website design, and hosting among others. To earn money as a remote freelancer back then, you needed to log in long hours on your computer. Today, you can make as much money, or even more, as a content creator or influencer on social media.

Social Media Platforms That Pay For Your Content

Although the metrics for earning on social media platforms are outside the purview of this guide, here are some of the popular social media sites that pay handsomely for your creatives:

Facebook
Twitter (now X)
TikTok
YouTube
Instagram

These websites and more will pay you directly for qualifying content – while invariably turning you into a social media sensation – and others like Instagram or Reddit will make it possible for you to market your content for publicity. One of the most popular and easiest ways Nigerians are making money on social media today is through video skits or short video comedies.

List Of Some Top Video Skit-Makers in Nigeria

Macaroni (real name – Adebowale Adedayo)
Maraji (real name – Gloria Oloruntobi)
Isbae U (real name – Adebayo Ridwan Abidemi)
MC Lively (real name – Michael Sani Amanesi)
Taaooma (real name – Greene Maryam Apaokagi)
Oga Sabinus (real name – Chukwuemeka Emmanuel Ejekwu)
Brain Jotter (real name – Chukwuebuka Amuzie)
Lasisi Elenu (real name – Nosa Afolabi)
Woli Agba (real name – Ayo Ajewole)
Broda Shaggi (real name – Samuel Animashaun Perry)
Cute Abiola (real name – Abdulgafar Ahmad Oluwatoyin)
KieKie (real name – Bukunmi Adeaga)
Zicsaloma (real name – Aloma Isaac Junior)
Nas Boi (real name – Nasiru)
Others are Abiri, De General, Twyse, Craze Clown, Sydney Talker, Real Warri Pikin, etc.

Ways To Earn Revenue On Social Media

There are numerous ways to earn revenue on social media – but within the context of this content – we shall examine only two ways:

Video skits
Brand influence

SEE ALSO: How Artificial Intelligence Can Help Your Business Operations in Nigeria

How To Make Money As A Video Skit-Maker On Social Media

Video skit-makers are also generally known as content creators on social media. They typically shoot and upload short videos that may be comedy, vox pop, vlogs, or comments and reactions to trending events. To get started as a content creator on social media, you must first choose your niche. If you want to go into comedy, you must choose the type of comedy content you want to produce and fine-tune your acting skills and those of characters you feature in your shoots.

Having chosen your niche – romance, money, religion, satire – you must perfect your acting skills to reflect your creative performance. You must be able to make people laugh with your videos while passing your social message effectively. You must be able to use appropriate facial expressions and use funny words that will resonate with your audience and followers on social media.

Your social media videos must be professional. It can be shot with a smartphone if you can’t afford filming equipment. And it must be well-edited with necessary audio-visual effects to enhance its quality and impact. If you feel like it, you can feature or collaborate with popular comedians, actors, musicians, and skit-makers in your videos for a wider reach. When your video is perfected, you can post it on Facebook, Instagram, YouTube, or TikTok among others.

You must choose a consistent schedule for posting your social media videos. For starters, you may do it 2-3 times per week to attract followers, and then do it once or twice per week to satiate the hunger of your community. You will need to meet the eligibility criteria for each social media platform before you can monetize it to earn revenue. Done properly, you can expect to earn up to N1,000,000 every month – and you must encourage your followers to share, comment, like, and follow your page.

After becoming a successful and popular video content creator on social media, you can go on to become a social media brand influencer as will be examined in the next section.

How To Make Money As A Social Media Brand Influencer

Although it is possible to become a brand influencer on social media without necessarily being a content creator, it is not possible the other way around. For instance, if you are a popular movie actor, music artiste, famous sportsman, or young politician, you can become an instant hit as a brand influencer if you are active on social media.

The reason for this is largely because you have an existing followership and a widening circle of influence across all industries.

To aspire to become a social media sensation in Nigeria, you must also choose a content niche and then go on to build a community of followers through video creation. Your content must tell your story in a way that appeals to your audience and followers. The ultimate purpose of your video content or online activities must be to build trust in a way that makes you an authority.

When people trust you as an authority, they feel compelled to listen to you when you air your views or recommend a product.

Since the most powerful content on social media is video, you must produce videos that evoke feelings, resonate with your audience, and leave them with a message. To succeed at this, you must create personal videos that address trending issues of the day or detail private issues that you are passing through.

As a popular figure, personal issues such as surviving a car accident, escaping a robbery attack, surviving a major surgery, and favorite local dishes will make interesting stories that resonate with your followers.

Unless you are doing a live video, your video content must be well-edited with all audio-visual effects. While posting on social media, your videos must be optimized for search engine optimization (SEO) or visibility so that other social media users can locate your content. While striving for consistency and engagement in your posting, you should encourage your followers to like your content, share it to their own networks, make comments and provide feedback, and follow your profiles.

When you become a successful social media sensation, major businesses across Nigeria will contact you to promote their products. Brands know that you have the ears of your followers – possibly running into hundreds of thousands – and that they value your opinion, so they will pay you handsomely to pitch their products to them. Influencing your followers to buy particular products is what it means to be a brand influencer or ambassador.

There Are Four Major Ways To Make Money As A Brand Influencer:

Brand Endorsement

As a brand ambassador, businesses pay you money to represent their enterprise on social media. As a social media sensation with thousands or millions of followers, they pay you to become the face of their company and to influence your followers to buy their products. You only need to inform your followers that you personally use the products or services and then reveal the hidden benefits of the products to get paid.

Affiliate marketing

You can also earn money as a social media sensation in Nigeria through affiliate marketing. The way of promoting affiliate products is not different from brand endorsement as highlighted above, but the payment model is different. As a brand ambassador, the company pays you an agreed amount whether the product sells or not; but with affiliate marketing, you only get an agreed amount – up to 70% of the product price – only if consumers buy the product through your promotions. This means that affiliate marketers get paid commissions on generated sales.

Sponsored Ads

As a popular social media figure, business organizations will choose to pay you huge money for being the face of their marketing campaigns. Based on the number of your followers, businesses can pay you directly to feature in their video adverts, billboards, and traditional media ads. You may be the main character in their video ads where you promote the benefits of the sponsors’ products and services. You get paid whether the ads convert or not.

Product Marketing

Whether you get paid to promote businesses on social media or not, you can equally create your own products and market them to your community of followers. Based on your personal interests and visions, you can create products and services that your followers would like to use. Since you already have a massive following on social media, you have the market to buy your products if everything is done perfectly. In this case, you determine your own price and get to pay yourself.

SEE ALSO: 15 Reasons You Must Quit Your Day Job for a Personal Business

Collaborate With other Influencers and Brands

When you are a beginner in the industry, you can consider collaborating with established influencers to get a foot in the door. Attracting notable influencers and video skit-makers may not be easy at the initial stage, but you have to think outside the box to reach them. You may ask their friends or partners to put in a word for you, or you may ask them to do something that further promotes their brand for free.

If you follow the targeted influencer and add value to their social media content, they may have taken notice of you somewhere along the line. When you ultimately reach out to collaborate, they will be glad to oblige you. However, it is best to collaborate with influencers who operate within your desired niche and who have the media clout to advance your online image.

Also, it is essential that you leverage the social media platform where your community and model influencers are most active, rather than trying to break through on all the platforms at the same time. For instance, if your niche is related to business and employment, you should focus on leveraging your clout on LinkedIn; if it is how-to tutorials, you may use YouTube; and if it is general content, you can consider Facebook.

Conclusion

After achieving some level of success as a brand influencer or video creator on social media, you must not rest on your oars. You must understand that social media platforms are constantly refining their search and visibility algorithms, and any major tweak can affect your ranking, visibility, followership numbers, and revenues.

So stay ahead of the rules and constantly reinvent yourself to stay relevant to your target audience. You must constantly monitor the metrics and adapt your content to suit the platform updates for continued relevance. And don’t forget that you must also promote your content via sponsored ads and paid collaboration while using organic promotion techniques such as SEO, hashtags, and video descriptions to reach more audiences.

So what are you waiting for to become the next social media sensation in Nigeria? Start where you are right now. And with your smartphone if you don’t have video equipment. You can start with live videos if you don’t have the expert to edit professional videos. Overcome your fears and reach out to collaborators or brands you would like to work with, and don’t be shy about speaking on the products you use on a daily basis – perhaps the brands may contact you for paid promotions.

Becoming a social media celebrity is possible if you would work at it. It is not an overnight success, and you may only begin to notice results after 6-12 months of consistent efforts. Do not be deterred by the challenges that come your way on this journey, let the happiness you bring to your growing audience motivate you to do more. With more popularity and followers comes the constant stream of revenue that gives you the lifestyle that others can only dream of.

17 Proven Strategies for Growing a Small Business in Nigeria

Given the unfavourable economic situation in Nigeria, growing a small business is more difficult than ever. Successive governments are not making the economy ideal for business growth as well, so small businesses struggle to survive. Noting that less than 30% of new businesses grow through infancy to maturity, Nigerians have a lot to learn about growing small businesses in a multicultural nation of more than 230 million people.

This detailed guide covers 17 proven strategies for growing your small business in a challenging climate like Nigeria. With these outstanding strategies, you can accelerate your business growth to the point of making it a household name. These growth hacks do not guarantee overnight success, but they will set you on the path to gradually scale your small business to the point of profitability.

17 Proven Strategies For Growing a Small Business in Nigeria

The growth tips outlined in this guide require persistence, hard work, creativity, and due process to yield results. They have been proven to work over a sustained period of time. They work regardless of the time, place, country, industry, and products or services involved. These 17 proven strategies for scaling your business in Nigeria would work for you if you diligently apply them to your startups.

1. Create a Realistic Business Plan

To succeed with your small business in Nigeria, you need a grand document to guide you. Your business plan is not only for you, it is also for potential investors and commercial lenders as well as future partners. So long before launch, create a realistic business plan that covers the type of business, target customers, financial outlay, estimated employees, projected profits, and market dynamics among others.

2. Employ Qualified People For Your Business

Hiring the wrong people is the surest way to kill a small business. In fact, most business owners in Nigeria complain of thieving staff, incompetent employees, and uncooperative hands. Many problematic employees are not only self-serving, they lack the vision of their employers. This issue may have stemmed from a faulty hiring process, and from a non-functional work culture.

To grow your business, you must hire the right people with the right attitude and visions. Do not forget that your employees must be well-paid in line with their experience and years of service, and they must undergo constant training for their roles and growth path. Having a round peg in a round hole ensures the progress of your business and the happiness of your staff.

3. Know Your Customers to Meet Their Needs

You are in business to meet the basic needs of your customers. Put in another way, your target customers put you in business. So before launching your business or developing products and services, you must fully know your customers. Knowing your customers entails knowing their demographics, their basic needs, their preferences, and changing tastes. Based on your customer research, you can create products, design product features, and develop an effective marketing strategy that works.

You must understand that knowing your customers also requires knowing your competitors. You must know the features and Unique Selling Point (USPs) that attract your target audience to your competitors’ products. To fully understand your customers’ needs, you must know how the economy affects your customers’ choices and how future trends determine consumer tastes.

SEE ALSO: 11 Top Sources of Funding For Your Business in Nigeria

4. Eliminate Business Risks

All businesses face constant threats that can undermine the success or viability of the enterprise. Your small business faces external risks from customers, suppliers, lenders, competitors, market forces, current government policies, and global events. It also faces internal risks from unfaithful employees, equipment breakdown, poor sales, and other business risks.

While it is not possible to eliminate all business threats, you can control them to reduce their risks. As an entrepreneur, bearing and managing risks is part of your job as a business owner, and this is what distinguishes you from a salaried employee. Effectively managing your risks will guarantee fewer disruptions to your business operations.

5. Adapt to Market Conditions

If you must survive as an individual or business brand in Nigeria, you must be highly adaptable to market conditions. Nigerians as a people adapt expertly to political and economic situations, and having survived a civil war, the country of more than 230 million people remains united due to its resilience. The same is true of Nigerian businesses and business owners.

Given the unstable economic climate in the country, Nigerian businesses must constantly adapt to political changes, electricity challenges, currency fluctuations, and other national issues. As part of adapting to market situations, your startup should be able to change directions quickly in terms of scaling down, expansion, price changes, product redesigns, and market penetration among others.

6. Build Customer Loyalty

One major strategy for staying in business is customer acquisition. As a business owner in Nigeria, you must constantly attract customers to your business using various marketing schemes. The best way to attract loyal customers is to give them products and services that they want, at the price they want, and in the manner and place they want it.

You must not only be good at attracting customers, you must be exceptional at keeping or retaining customers. Customers who are loyal to your brand keep you in business, and you must do everything within your capacity to keep them happy. To attract or keep customers, you may use advertising, customer loyalty programme, or product bonuses to boost sales.

7. Leverage Social Media

This is a social media era. The internet goes a long way in promoting businesses and boosting sales, but social media goes even further to build credibility and facilitate topical discussions. As a small business in Nigeria, your customers will like to interact with the faces behind the brand and provide instant feedback on company activities.

The biggest social media platforms that you can use to promote your products are Facebook, Instagram, WhatsApp, YouTube, LinkedIn, Twitter, and Reddit among others. You can create groups to grow a community of loyal customers on social media. The followers or subscribers you have in these communities will engage with you and stick to your brand.

8. Keep on Improving Your Products and Services

In Nigeria, money is hard to come by, so people want value for their money. It is not enough to have a satisfying product that Nigerians have been buying for years; they want you to innovate on product design, additional features, and extra satisfaction. Customers want you to add new benefits to existing products to give them value for money, and this is the only thing that can make them look away from your competitors.

9. Invest in Emerging Technologies

To remain relevant in your market, your small business must keep on evolving with the times. To demonstrate adaptations, you must automate your business by investing in emerging technologies. Investing in systems will make things easier for employees and enable your customers to patronize you much more easily.

Installing new software, investing in new equipment, upgrading the work culture, reaching customers where they are, and making it easier for customers to reach management are areas to invest in. These technologies should cover inventory management, product shipping, marketing automation, payroll management, customer relationship management, and even human resources among others.

10. Give Back to Your Community

Giving back to your community is called corporate social responsibility. It involves being of significant help to the community in which your business is hosted. It means helping the community to solve a particular problem or assisting in their endeavours to solve certain problems. Helping your community proves that you appreciate their patronage.

As a small business, you must give back to your community based on what you have earmarked and capable of giving without crippling your business. As part of your corporate social responsibility activities – you may give scholarships to community members, donate to cancer research, provide shelter for the homeless, and give free products to the poor in your area.

11. Attend and Host Local Events

To keep your brand in the mind of your target audience, you can attend or host local events that are of importance in your community. You can get involved in cultural activities, environmental programmes, religious sponsorships, and other community events that align with the visions and missions of your business organization.

When you organize or take part in local events, be sure to display your business banners, posters, boards, and promotional items at the events. Ensure that the MC or guest speakers put in a word for your business, and get your employees to wear promotional T-shirts that further your marketing objectives.

12. Be a Step Ahead of Your Business Rivals

To survive in a competitive business world, you have to stay on your toes. In Nigeria – and elsewhere around the world – this involves staying ahead of the competition. As a small business owner, you must take your competition seriously as much as you take your customers seriously. You can research your competition to know how they are performing with a view to beating them at their own game.

While your business rivals are ever mindful of every step you take, you must equally be aware of what your competitors are planning. You can research their marketing strategies, analyze their product features, and comprehend the extent of their market saturation. In the worst situation, you can position your product as an alternative if you are not able to upstage the competition; think of Pepsi and Coca-Cola, McClean and Close-Up, and DSTV and StarTimes.

13. Form Strategic Partnerships

It is rare for small businesses in Nigeria to merge with another or acquire another business. But if you have the capacity and come across a weak rival, you can acquire that rival business to inherit its existing customers. Forming strategic partnerships or initiative takeovers is helpful in expanding the influence of a business.

14. Identify New Income and Product Opportunities

Scaling a new business in Nigeria is very challenging, and it may take several years before a small business becomes viable. Viability is one thing, success is another thing. So to achieve viability and success, a small business may consider diversification. Diversifying into new markets will ensure new income and product opportunities.

When you identify a new income and product opportunity, it will guarantee newer streams of income for your business. For consistency and expertise, it is best to diversify into newer businesses within your existing industry. For instance, if you are a book publisher, you can diversify into suppliers of book and printing materials for other players in the industry.

SEE ALSO: 21 Entrepreneurial Lessons from the Life of Aliko Dangote

15. Advertise Your Business Effectively

You cannot do without advertising your business for improved sales. Given that there are more than 250 ethnic tribes comprising the 230 million Nigerian population, you need a strategic advertising campaign to reach most of your target audience. Ads cost money and must be sustained for a significant period of time – but when properly done, it is very rewarding.

If you do not have a large budget for adverts in the traditional media – TV, radio, and newspapers – you can opt to promote your business on social media. Advertising on social media is not necessary if you have a large community of followers, and it can be as effective as traditional media. For better results, you may use a social media manager to help you out.

16. Invest in a Helpful Work Culture

Investing in a conducive work environment and instituting a progressive work culture will work in your company’s favour. When your employees work in an atmosphere of respect, appreciation, growth, and promotion, it will boost their morale and enable them to give their best. It will help them to work with the company’s external publics to achieve the business goals and objectives without any hassles.

17. Adhere to Government Regulations

When you operate a small business in any parts of Nigeria, you must adhere to local customs and government regulations. Violating regulatory tenets or local customs will offend your customers, and it will impact your business negatively. Your business must not be involved in any community scandals and it must operate within the confines of the law and of your host community.

15 Reasons You Must Quit Your Day Job for a Personal Business

There are times when it makes perfect sense to quit your day job for a personal business. Although quitting your day job requires careful consideration, it might become very necessary under the circumstances outlined in this guide. This content covers 15 reasons why quitting your 8-5 job might be the best thing to happen to you.

All things considered, quitting your salaried employment has positive and negative sides; meaning there are good and bad reasons for quitting your job. This is the more reason you must consider your position and options critically before turning in your resignation letter. You must also consider the best way to resign from your job without offending anyone, and how to get support while transiting to another job – this time, your own job.

Quitting a job where you are well-paid and climbing the executive ladder is not easy, but retaining your job is not all about salary and allowances. In fact, most people fear quitting their jobs because of financial considerations; they fear being without any income and leaving their family hanging. But this guide goes beyond salary as the reason for quitting; it considers other factors as they tie into the prospect of a personal business.

^{Major Reasons To Quit Your Job In Favour Of A Personal Business}

1. You Want To Be Your Own Boss

If you do not feel fulfilled with your current employment, you might consider leaving. This is more important if you feel you can achieve your life purpose as an employer of labour rather. Many people aspiring for public offices in government are already wealthy, but they think they can make the greatest impacts as politicians, so they vie for public office. So if you want to call the shots in all you do, then it is best to exit your current job and set up your own company.

2. You Have Major Life Changes

If you recently experienced major life changes, then it may be best to consider career changes as well. You may have to leave your current employment if it cannot accommodate newer changes in your life. If you have a newborn baby added to the family, working 8-5 may become a big challenge. If you are relocating to another city or state, keeping your job may become impossible. So the best thing to keep you going may be your own personal business.

3. You Fear Your Current Employment May Collapse

If you have reasons to believe that you may be fired from your current job, then you may as well take the cue and bow out. If it is obvious to you and other employees that your place of employment may soon collapse or be liquidated, then you may have no choice but to leave sooner. With all indications that your job could leave you at any time, you must harness your skills to launch your own business.

4. You Want to Acquire More Education

If you feel an overwhelming need to further your education in order to advance your career, then it might be enough reason to resign from your current job. If it is not possible to combine your job and new education, it is high time you considered starting your own personal business. A private enterprise will give you more freedom to acquire more education while earning an income on your own terms.

5. You or a Family Member Suffers From an Illness

If you suddenly become the major caretaker for a terminally ill family member, or you become seriously ill and unable to hold down an official job, you may need to establish your own business. Ill-health in yourself or a loved one forces you to reevaluate your employment status and to often settle for a private job that enables you to earn money while taking care of your health.

Recommended: 17 Ways to Plug Financial Leakages & Save Money in Your Business

6. You Do Not Feel Connected With Your Current Job

If you always feel lost in your workplace or out of place working alongside others in an establishment, then it may be an indication that you are not connecting with your job. In fact, millions of people report they are not fully connected or mentally engaged with their jobs, and this is a sign that they are not doing a job they really love. If this describes you, you must quit that day job for the job you love – and nothing stops you from setting up the job you want yourself.

7. You Work In a Toxic Work Environment

Millions of people around the world work in a toxic work environment. The prevailing work culture may not align with their personal values and goals, or their colleagues and superiors may be difficult to work with. Two things make a workplace toxic: a terrible work culture and terrible job colleagues/bosses. If a workplace affects your physical or mental health, then you must leave if you are not in a position to effect the desired changes.

8. You Want to Create Socio-Economic Impacts In Your Community

You may feel the strong need to quit your day job if you are not making any significant impacts in your community. It is doubtful that a salaried worker can make considerable socio-economic impacts where they reside. If this is a major concern to you, you may consider exiting your current job to set up a private business that will enable you to give back to your community.

9. You Are Determined to Work In a New Industry

If you must change careers or work in a new industry, it might be necessary to resign from your current employment to set up your own business. Leaving your banking job makes perfect sense if you want to venture into the IT industry, and resigning your insurance job is admirable if you think you can achieve more in the music industry. If you must explore personal business avenues different from your current employment, then you won’t have a choice but to quit your day job.

10. You Want to Multi-task For Fulfillment

You work as a cashier in a bank – but you are a naturally gifted singer and actor. Although the banking job pays very well, you do not feel fulfilled because music and acting beckon hard. Since you can hardly combine another job with banking, you choose to leave so you can multi-task with music and acting. Music and acting are like personal businesses that give you a sense of purpose and freedom, more than what banking can do for you.

11. You Want a Greater Work-life Balance

Work-life balance is most possible with a job of your own. Many people suffer burnout because they expend all their energies and time into their jobs, hardly having time for family or vacations. So if you feel you are having burnout and need greater work-life balance, you might reassess your options and launch your own business. With your own job, you enjoy better physical and mental health than you do in paid employment.

12. You Find it Hard to Take Feedback

If you are always at odds with your employer or superiors due to your inability to accept feedback, then you must start your own business. Some people are not toxic or rude, but their nature does not just accept correction or criticism. So if you find it hard getting along with your boss because of his constant criticisms or reviews, you might do better with your own job where you are your own boss.

13. You Want to Earn Money While Travelling

If you are a globe-trotter at heart with an overwhelming urge to take the next ship sailing out, then it is better you resign from your day job. Today, thousands of people earn a living by travelling from one city and country to another. These people travel the world with a videographer and they share their experiences in all the countries they travel to. You may choose to work as a freelancer reviewing hotels, attractive sites, and city life for magazines and travel websites.

15. You Can Earn More Without Paid Employment

If you are double sure that you are underpaid, and have an overwhelming assurance that you can earn more on your own, then you may consider leaving your current employment. Although remuneration should not necessarily be the reason you leave your job, it may become an issue if it affects your family situation. And you must of course exit your salaried employment if you think you can earn more as a freelancer or business owner.

Recommended: How to Get People to Invest In Your Nigerian Company

16. You Bring in All the Businesses

If you leverage your industry connections and personal skills to bring in all the business for your employer, you may as well consider setting up your own company. It is possible for a single individual to bring in 90% of the sales a business enjoys, and it is possible for a single marketing executive to facilitate 85% of a company’s sales figures. If this is you, you may choose to exit and set up a similar business where you are the CEO.

What to Do Before You Quit Your Job For A Personal Business

Before submitting your resignation letter and launching your private business, you must ensure certain things are readily in place. Below are some of them:

Get all the training and resources before you leave

Before you resign from your current employment, ensure to acquire all the helpful training and personal resources that will help you in your subsequent jobs. Official trainings are designed to equip and sharpen your productivity, and they would be helpful when you launch your personal business.

Fund your startup with remuneration from your day job

This is as clear as daylight. Launching a new business after leaving your paid employment is much harder if you never anticipated it during your employment. So it is advisable that you envision your departure from your current employment two years before you exit, and use your remuneration to fund the takeoff and operation of the side business.

Set up an operations fund

Going back to the advice that you must start your exit plan two or more years before you resign from your current employment, you must have an operations fund for your startup set up long before you leave. For context, you must have enough funds to cover at least nine months of business operations for your startup before you think of resigning from your current job.

Run your startup before you resign

Launch and run your startup for as long as possible before you leave your current employment. Before doing this, ensure that you are not violating any employment agreement; since some contracts stipulate that you cannot run a side-hustle during your employment. If this is not the case, ensure that your startup is functional for several months with profitable turnover before you exit. The emergency fund you keep aside will keep you from financial worries when your startup launches.

Talk to a lawyer before exiting

It is important to discuss with a competent lawyer before resigning from your current job. A lawyer will negotiate exit plans and even severance pay from your employer before you finally leave. If you are quitting your job before your contract expires, a lawyer will help to navigate the muddy waters in case your employer wants to throw the law books at you. A lawyer will ensure you leave under amicable terms, secure severance payment where possible, and cover you if litigation ever results.

Do not slam the door when you leave

When you finally leave your current job to run your private business, ensure you leave amicably. Do not slam the door behind you since you may still need colleagues and even bosses after you leave. You may need reference letters, industry contacts, or even need to refer others to work in the same company. So ensure you follow all disengagement procedures before leaving and leave the door open in case you or any loved ones would want to work at the company again.

Conclusion

After you quit your job and launch your personal business, ensure you dedicate all your time and efforts to growing your new business. Hire competent hands to scale the business and ensure you adhere to all government regulations for your type of business. You are now your own boss, so go ahead and do what you know how to do best.

17 Ways to Plug Financial Leakages and Save Money in Your Business

17 Ways to Plug Financial Leakages & Save Money in Your Business

Hardworking people struggle financially when they can’t manage their personal finances. Likewise, small businesses struggle financially when managing business finances becomes a job in itself. For most individuals and businesses, plugging financial leakages might be all they need to succeed and not making more money.

These 17 ways to plug financial leakages and save money in your business will open your eyes to managing your business finances effectively. While your business may have been struggling to stay afloat due to factors beyond your control, this cornerstone article will help you minimize the effects of these factors on your business.

The ultimate objective of this document is to help your business make more money, reduce financial burdens, drive growth, increase productivity, eliminate accounting errors, optimize planning and strategy, and give employees and customers an overwhelming sense of satisfaction. You can build a solid financial foundation for your business with these 17 business finance strategies.

How to plug financial leakages in your business

Here are some key ways to eliminate financial losses in your business organization:

Differentiate your personal and business finances

It is always a mistake to lump your personal and business finances together. For instance, receiving your business incomes into a personal bank account is a grave error. It is also a mistake to use your business incomes for personal family obligations. So separate your personal finances from your business finances for the sake of clarity, transparency, and tax obligations.

Pay off your business loans promptly

Although it is a good idea to borrow loans to start your business, it is not right to continue running your business on loans. Remember that loans come with a steep price; the higher the loan, the higher the interest rate; and the longer the repayment tenure or defaulted payments, the steeper the penalties. Pay off your business loans before and as when due.

Diversify your business interests

While it is a good idea to operate your business in your area of specialty, you can diversify your portfolio to gain better leverage. For instance, if you run a transportation company – you can also go into the haulage business, veer into delivery service, and provide on-the-demand drivers to other businesses. With diversification, one successful business may boost a struggling one.

Why spend when you can get it for free?

As a business, you may need to work with expensive software, rent high-rise buildings, and operate a fleet of cars. The question now is: why do you have to use paid software when a free version works equally fine? Or why rent a high-rise office when you can convert your garage to an office? Cut down on business costs by using free and cheaper alternatives at all times.

Save for business emergencies

Unforeseen things happen in business. Government policies may necessitate huge changes, and a factory accident may cost the business dearly. So save up for business emergencies that may involve vehicle breakdown, high cost of fuel, employee injury or death, market fluctuations, and global crises.

Run your business on a strict budget

This is a no-brainer. Running your business without a strict budget is like running around without a clear purpose. Budgets restrain you from unplanned expenses and provide insights into necessary spending. Do not make an office purchase because an equipment is beautiful and you feel you might need it in the future; spend only on what is critical for business operations.

Hire or consult financial and tax experts

There are times when outsourcing a job might be cheaper than hiring a staff to do it. And consulting with financial, tax, and sales experts might save your business loads of money. Tax experts may save you huge money and financial analysts may identify and plug leakages in the financial books. For whatever it is worth, hire and work with experts when the end justifies it.

Plan for the next decade

Nobody saw the COVID-19 pandemic before it hit. No one knew Hamas in Palestine would attack Israel and paralyze business activities in Gaza. And no one anticipated that Russia would invade Ukraine to the point when it would have global economic consequences. Planning strictly for the next 5-10 years may enable you to navigate effectively when unforeseen events take a toll on your company finances.

Bring on investors

Just as everyone needs more money to take care of personal needs, businesses also need more money to drive growth, hire experts, diversify into new markets, and run at a profit. To fully scale your business in emerging economies, you may need to bring on newer investors. Bringing on new investors makes more money available, and it brings on newer connections.

Always review your finances

While this is very important, you may not be able to do it alone. You may need the expertise of a financial consultant, certified accountant, or licensed auditor to review your business finances and ensure you are not wasting business funds. Reviewing your business finances may involve reviewing your financial statements, balance sheet, accounting ledger, business subscriptions, employee allowances, and recurring expenditures among others.

How to save money in your business

Below are important ways to save money in your business for better growth and expansion:

Improve your financial IQ

How you view money and business finances is very important. In fact, your spending habit or how you manage company finances is dependent on your financial IQ. This means that your money mindset is very important to managing businesses successfully. So what stops you from going to a business school or reading up on money matters online?

Go for insurance

Insurance is more helpful than most people view it. Although it is a recurring expenditure, it saves you more money in the long run than without it. If you pay N5,000 monthly as auto insurance, that would be N60,000 in a year; if the vehicle gets involved in an accident within the coverage period and the repair cost is about N350,000, you would have saved around N290,000 or more on your car insurance. The same goes for other aspects of your business.

Put money away

Save money for business emergencies and necessities. You may do this automatically by having your bank deduct a certain amount of money every month into an emergency account. Remember that money saved is money gained, and nothing can be truer in business than this. You can also deposit payment bonuses and tax refunds into your business savings account to help with emergencies.

Establish good credit

One of the best things that can happen to your business is to have good credit scores everywhere. Paying off your loans on time, buying necessities with credit cards, paying subscription bills on time, and shying from your credit card limits. With a good credit history and scores, lenders would be open to borrowing you more money and suppliers would be glad to do business with you.

Boost your revenues

Working to boost your business revenues would go a long way to help you have more money. Improve overall sales, hire more marketing and sales executives, spend more on working advertising models, eliminate unproductive expenses, and block money drains. Everything you do must be targeted at satisfying your customers and boosting your business revenues.

Eliminate redundant positions

Whether you run a small or large business, you will save money by eliminating redundant positions or merging two similar positions into one. If software can take over the job of an employee that is unproductive, fire the employee and let software do his job to save money. If two or more company positions are similar or duplicated, merge the positions into one and save money in the process.

Invest in other businesses

Running a business does not stop you from investing in other businesses. If you have enough money to spare, you can partner with other businesses to make more money. Investing in other businesses does not make you an active partner, but it may earn you significant income to boost your own business. And do not overlook the opportunity for business acquisition and mergers if it will solidify your position in the market.

Conclusion

To succeed at any business, you must lock money in by plugging financial leakages and boosting revenue capacities. This is a process that may involve tracking your finances, overhauling your marketing techniques, eliminating redundant positions, investing in other businesses, hiring leading experts, and outsourcing to independent contractors. It might also be cheaper to automate your business activities than you hire paid employees over a long period of time.

You may also need the services of external auditors and consultants to take your business to the next level of financial security and economic leverage. Protect your business from market fluctuations and global outages as you employ the 17 ways to plug financial leakages outlined in this guide. Do not forget that you must constantly review your business finances to ensure that you are not spending money you did not budget for or spending money for personal non-business needs.

21 Entrepreneurial Lessons from the Life of Aliko Dangote

If you are in Africa but have never heard of Aliko Dangote, then you must have been living under a rock. Undoubtedly the richest man in Africa with a net worth exceeding $20 billion, the entrepreneurial legacies of Dangote are worthy of study. Anyone who seriously desires to reproduce the success streaks of Dangote in business would be ready to learn his secrets.

If outstanding entrepreneurs and business students study the lives and times of wealthy people such as Bill Gates, Steve Jobs, Jack Ma, Richard Branson, Elon Musk, Jeff Bezos, and Mukesh Ambani among others, then the entrepreneurial streaks of Aliko Dangote deserve greater scrutiny – for wealth creation purposes.

Who is Aliko Dangote?

Born on April 10, 1957, in Kano State, Dangote studied Business Administration at Al-Azhar University in Cairo, Egypt, and graduated in 1978. His parents and uncles were commodity traders, so Dangote began trading rice, salt, sugar, grains, and cement after his return to Nigeria. He founded Dangote Limited as his business enterprise and his breakthrough came in the 1990s when he went into cement manufacturing.

Given his outstanding success in cement production, Dangote ventured into sugar manufacturing and soon began manufacturing household products such as pasta, flour, noodles, salt, and other necessities. With huge governmental support under the administration of former President Olusegun Obasanjo, Dangote went into agriculture, real estate, oil and gas, telecommunications, and most recently, an oil refinery.

Over the years, Aliko Dangote emerged as the richest man in Africa with companies in more than 17 countries around the continent. Some of his companies under the Dangote Group include Dangote Cement Plc, Dangote Sugar Refinery, NASCON Allied Industries, Dangote Petroleum Refinery and Petrochemicals, and Dangote Foundation among others.

A taciturn and very modest man, Dangote is also a big philanthropist who revealed that he did not just become wealthy overnight.

“I built a conglomerate and emerged the richest black man in the world in 2008,” he revealed in an interview. “But it didn’t happen overnight. It took me 30 years to get to where I am today. Youths of today aspire to be like me, but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.”

21 Lessons from the Business Successes of Aliko Dangote

Here are some of the top lessons you can learn from the wealthiest entrepreneur in Africa and the richest black man in the world:

1. Dangote is a University Graduate

Although thousands of millionaires around the world are school dropouts, Aliko Dangote demonstrates that quality education is essential to success. A university graduate, Dangote employed his academic qualifications in business administration to move his commodity trading business to the largest industrial conglomerate in Africa and beyond.

2. Dangote Started Small with What He Had

Aliko Dangote started a business with what he had. You must equally start with what you have. And you must start from where you are. Don’t wait till you have a big capital and all the resources before you launch your business. It is best to start with the little you have and then scale it to where you want it to be.

3. Dangote Knows How to Seize Opportunities

Dangote knows how to seize opportunities – and you must too. Entrepreneurship is all about identifying economic opportunities and seizing them before they become too obvious. To seize opportunities, you must be ready to take economic risks. But you must only take calculated risks; risks that align with your business goals and that do not undermine your business ethics.

4. Dangote Understands Consumer Trends

To succeed in business like Dangote does, you must understand consumer trends. You must be able to analyze popular tastes and the general direction in which the tastes are moving. Consumer tastes change within months or years, and successful products capture these tastes as they change or evolve. You must be able to determine what consumers would want in the next two years, and position your products to meet those future tastes.

5. Dangote Did Not Increase His Standard of Living

Anyone who knows Aliko Dangote can testify to his simple lifestyle. He does not live an opulent lifestyle or live to impress anyone. He is always himself with modest clothing, cars, and residence. This wealthiest man in Africa does not talk about money or discuss business in public; he pulls his strings from behind the scenes and no one knows what he is doing at any point in time.

6. Dangote Amassed the Best Business Teams in The Continent

As the richest black man in the world, Dangote has amazing business teams in place to manage every aspect of his large business. He is also a very detribalized business tycoon with no sense of racism. He employs large numbers of foreigners from all countries of the world and pays them top wages to work in his companies. He hires only the best to achieve the best in his businesses.

See Also: 11 Top Sources of Funding For Your Business in Nigeria

7. Dangote Patronizes and Works With Current Administrations

Although Dangote came to national limelight during the Obasanjo administration, the business magnate has learnt to work and excel under the subsequent Musa Yaradua administration, Jonathan Goodluck administration, Muhammadu Buhari administration, and the current Bola Tinubu government. Without being political in any way, this mogul is a master at making each successive government formulate policies that keep his business prosperous.

8. Dangote Invests In Household and Everyday Goods

Starting from a humble background of selling household commodities, Dangote instinctively knows that the money is in the food business. Today, his companies manufacture household necessities such as sugar, salt, pasta, noodles, flour, cooking oils, and cement. And understanding that the four oil refineries in Nigeria are producing below capacity, the businessman also went into oil refinery. So long individuals and families must eat every day; Dangote’s businesses will continue to bloom.

9. Dangote is A Huge Philanthropist With a Large Heart

Without making any noise about it, Dangote is one of the biggest philanthropists in Nigeria. Through his Dangote Foundation, the billionaire donates to health, economic, education, and other major causes around the country and beyond. In 2009, he donated $6.4 million to the construction of the world-class International Cancer Centre in Abuja. In 2012, he donated $2.6 million to flood victims in Nigeria, and he donated two dialysis machines to Lagos General Hospital in Marina.

The business tycoon gave $500,000 to UNICEF to fight measles outbreak in Nigeria, and he also gave millions of dollars to the African Union to eradicate Ebola disease in Africa. He also gives generously to eradicate poverty and improve healthcare and education across Africa

10. Dangote Sees Into The Future and Plans Long Term

Aliko Dangote seems to see into the future. He is a businessman who understands consumer trends and economic projections. His businesses seem to have been insulated from inflation, global economic crises, currency fluctuations, and political instabilities; the more the economic turmoils in the country and throughout the African continent, the more buoyant his businesses get. This is largely because he plans long-term and positions his businesses against future uncertainties.

11. Dangote Diversifies Into Several Industries

Apart from household necessities, Dangote is also into cement manufacturing, fertilizer production, and goods haulage with heavy trucks across the country. He has his finger in every pie. Everything he touches turns to gold. This canny Hausaman is highly prudent, visionary, calculative, and adventurous. He has a way of using one industry to boost another industry to his business successes.

12. Dangote Builds On Partnerships and Industry Networks

Dangote is an acclaimed guru when it comes to leveraging professional and business relationships. He is also a magician at courting the love of governments, foreign agencies, international businesses, and authority figures. He is always able to harness the partnership of global organizations and regional alliances to further his business interests. Without this knack, his continental businesses across several industries would not be where they are today.

13. Dangote Has a Strong Work Ethics

Dangote is arguably a very hardworking entrepreneur. Being a visionary decision-maker and a calculating risk-taker, this astute businessman must live and work by very strong values to succeed. Some of the outstanding values he lives by are honesty, long hours of work, working overnight even when paid employees are asleep, personal discipline, humility, endurance, and religion among others.

14. Dangote Embraces Innovations and Adaptations

According to close associates, Dangote constantly works to outsmart himself. He follows global trends, market dynamics, industry development, knowledge acquisition, and technological innovations among others. He leverages his education and the core expertise of his management teams to stay ahead of the competition and win the approval of regional governments. He also adapts to the economic and political dynamics of each country he operates in.

15. Dangote Believes In His Industrial Visions

To succeed like Dangote, you must believe in yourself and in what you can do. This Nigerian billionaire does not believe in impossibilities, and you mustn’t believe in impossibility either. You must believe that there is a market awaiting you out there, and that you hold the solutions to people’s problems within and across the divides.

16. Dangote Knows His Strengths and Weaknesses

As an astute businessman and investor, Dangote knows his weaknesses and strengths. In your personal and business lives, you must know your limits and how far you can push your boundaries. Dangote has never been known for any family or business scandals, because he knows his limits. As an entrepreneur, you must operate within your limits to avoid personal scandals that could undermine the success of your endeavours.

17. Dangote is Working For The Needs of All of Africa

When you see yourself as a solution, you will navigate around problems to meet the needs of people. Dangote sees himself as the food solution of Africa. He believes that the majority of the problems of Africa would be solved if the food problem is taken out of the equation. He set out to put food on the table of African families by producing the majority of the staple foods they eat.

18. Dangote Works to Establish Socio-economic Impacts

This self-made billionaire goes beyond producing household foods and necessities to producing what people need to build their houses and the gases they need to run their cars. He manufactures cement, fertilizers, petrol, and industrial gases for industrial uses. All of Dangote’s undertakings are targeted at producing socio-economic solutions to the needs of Africans.

19. Dangote Does Not Dream Small; Knows No Impossibility

You can start small and dream big. Starting small does not mean you should dream small. Dreaming big will sustain and motivate you while starting small. As an entrepreneur, you must always dream and see possibilities even when you have no present resources to achieve them. Just like Dangote, your slogan should be “If you can dream it, you can achieve it.”

20. Dangote is a role model and inspiration for many

Dangote is a role model and inspiration to millions of people across the world. Successful and aspiring entrepreneurs hold him in high esteem across all industries, and politicians court his favour for their careers. His personal life is free from scandals, and his public life is blameless in every way. No one has ever accused this billionaire of saying or doing anything out of line.

21. Dangote is Not Afraid of Borrowing or Taking Loans

Although Dangote has never hinted at borrowing money to finance his many businesses, industrial experts believe he may have borrowed from banks along the way to expand his conglomerate. At any rate, you must not be afraid to take loans from banks and friends if you must scale your business or expand into other industries. If you must borrow to grow your business, then so be it.

Conclusion

In concluding this discourse on the 21 entrepreneurial lessons from the life of Aliko Dangote, you must imbibe these lessons to enjoy financial independence, entrepreneurial success, wealth creation streaks, and innovative creativity among other things. You must understand that to truly be a millionaire, you must be an entrepreneur who follows in the sure steps of Dangote, Warren Buffett, Jeff Bezos, and Richard Branson among others.

Photo by Firmbee.com on Unsplash

11 Top Sources of Funding For Your Business in Nigeria

Businesses in Nigeria need operational funds to survive. Businesses thrive with funds and stagnate without funds. Although there is a paucity of funds everywhere, startups in Nigeria can still access business funds if they know where to look. These 11 top sources of funding for your business in Nigeria will enable you to raise business capital with ease.

It must be pointed out that millions of Nigerian youths and aspiring entrepreneurs remain stuck with their viable ideas due to a lack of business capital. Ideas cannot fly without funds; and businesses cannot launch in the absence of money. If you have viable business ideas and need credible intel on how to raise business finance, then this detailed article resource is for you.

Top Sources of Business Funding in Nigeria

As an aspiring entrepreneur in Nigeria, here are 11 top sources of funding for your business. These sources of business funding are not limited to Nigeria; they can also be explored in other African countries and throughout the world. These funding sources are not limited by time and space; they work for anyone who is intent on succeeding as a newbie entrepreneur within and outside the country.

1. Loan

One of the fastest and easiest ways to secure business funding in Nigeria is through loans. You can obtain business loans from commercial banks and online lenders. You can secure bigger loan amounts from commercial banks for 5-10 years with lower interest rates, but you will be required to provide collateral – vehicles, buildings, and land.

A commercial bank can provide between N5 million and N30 million in business loans within 1-3 days after fulfilling all loan requirements. However, online lenders may not require any collateral and they can get your loan approved within minutes, but they have a significantly higher interest rate and shorter loan tenure. They can give up to N2 million for 6-12 months.

There are hundreds of online lenders you can use, but the most popular are:

– Carbon

– Fairmoney

– Branch

– Palmcredit

2. Personal Savings

Depending on the type of business you are setting up, your personal savings may be all you need to launch your startup. Your savings may be from a portion of your salary, a monetary gift, a share dividend, or other income sources. If you have a sizeable egg nest, you can use it to set up your new business without bothering about loans.

Depending on your desired startup, N500,000 may be sufficient to start your business; and you may also require up to N2 million if you want to have all your bases covered. However, it is best to start small and scale up from there. Even if you have huge savings, you may want to start small and inject more funds as the business scales.

3. Family and Friends

When the chips are down, family and friends can always come to your rescue. Since friends and family believe more in you, they will be inclined to raise funds for your business needs if you are launching a startup. Family and friends could raise an interest-free loan for you, and they could also contribute money to enable you to kickstart your new business.

Family members and friends are not only there to make donations for you, but they can also be the first customers to build credibility for your business. After patronizing you, they can leave positive testimonials for you and also refer more customers to you. When thinking of business capital, ask your family and friends first before considering other likely sources.

4. Inheritance

Did you just come into an inheritance after the demise of your grandparents, parents, uncles, or some loved ones? Your inheritance may be money in the bank, real estate, vehicles, or business entities among others; you can invest part of your new property into your new business as capital.

However, it is important to consult with financial and inheritance experts before investing a significant portion of your inheritance into your new business. This is to safeguard your investment and ensure that your inheritance is not wasted or lost to mismanagement. You may need to consult or hire investment experts to handle things for you.

5. Personal incomes

You can raise capital for your business from personal sources such as salaries, book and music royalties, and lottery winnings. If you earn salaries from two or three jobs, you can use the salary from a major source to fund your business without taking out a loan. If you earn more than you spend, then it is reasonable to fund a startup with personal incomes from several side-hustles you run.

This means you can raise money from existing businesses or side-hustles to meet your new business needs. The more ventures, consultancy, public speaking, and commercial enterprises you can harness, the more personal incomes you can utilize to establish your startup.

6. Property sales

Do you have property or assets that can be converted to cash? If you have land or buildings that can be sold for cash, unused furniture or abandoned vehicles, as well as artefact such as figurines, statues, pottery, or craft – you can sell these off to raise business funds. Any saleable property that is abandoned, disused, and partly damaged can be sold to raise capital.

It must be emphasized that only disused, partly damaged, and abandoned property should be considered for disposal. Furniture in the garage that is gathering dust, a malfunctioned and abandoned vehicle that you rarely use, or heirlooms such as artefacts that can be auctioned at high prices – these can be used to raise business capital for your startup or to expand an existing business.

See Also: 17 Ways to Plug Financial Leakages & Save Money in Your Business

7. Partnership

If you do not have sufficient capital to go into a new business in Nigeria, you can enter into a partnership with fellow entrepreneurs. All partners in the business must pool financial and material resources together to float the business. Depending on the partnership agreement, some partners can provide the entire capital while others provide expertise, time and energy, industry contacts and networking, and market logistics among others.

It is important to go into partnership with people you trust, and with partners who bring something tangible to the table. Their contribution to the business may determine their rewards and official positions in the business. But everything must be spelt out in the partnership contract, including liquidation and takeover of partners’ stocks.

8. Crowdfunding

Crowdfunding involves getting many people to donate to your business startup or personal causes. It is usually done online where you post your needs and what you need the funds for – and then people who are convinced about your needs make donations to your cause – free money that is not repaid.

If you are in Nigeria, you can use NaijaFund to crowdfund your business for takeoff; but if you are outside Nigeria, you can use GoFundMe, Kickstarter, MicroVentures, and Indiegogo among others to raise business capital, secure investors, or obtain potential customers for your new startup.

9. Startup Grants

Apart from crowdfunding where you get free funding for your business, you can also obtain free money to expand an existing business in Nigeria. With government grants, you can access startup grants to kickstart or expand your business with minimal bottlenecks in the country. You are often required to have a viable business, a viable business plan, and be eligible before applying for business grants.

Here are some of the sources of business grants that you can become eligible for in Nigeria:

– Tony Elumelu Entrepreneurship Programme (TEEP)

– Youth Entrepreneurship Support (YES) Programme of the Bank of Industry (BOI)

– GroFin Fund

– Africa’s Young Entrepreneurs Empowerment Nigeria Financial Grants

– Lagos State Employment Trust Fund (LSETF)

– Africa Women Development Funds (AWDF)

– YouWin Connect Nigeria

– Africa’s Business Heroes (ABH) of the Jack Ma Foundation

– Orange Corners Lagos, run by FATE Foundation and funded by the Embassy of Netherlands in Lagos

– Diamond Bank BET Programme

– Shell LiveWire, funded by The Shell Petroleum Development Company of Nigeria Limited (SPDC)

10. Angel/Private Investors

Angel or private investors are people who commit funds to your business for financial returns. They are financial partners who make significant investments into your business after you have agreed to pay them a portion of the profits. You can obtain angel investors in your community or online at Indiegogo.

Although angel or private investors are partners in your business, they do not engage in the day-to-day running of the enterprise. They commit operational funds and then sit back to watch you make a profit; although you can always consult them for relevant help when you need it for business growth. Sometimes, angel investors are even people who wish to remain anonymous.

11. Pre-orders

You can raise business capital through pre-orders for your startup. What this means is that you can begin to sell your products and services long before they are available to customers. Do you know that some publishing companies pay authors huge royalties ahead of accepting their books for publication? It is also possible to collect payments from customers for new products before a company manufactures the goods.

If you can advertise your startup and potential products on Indiegogo and in traditional media, interested customers can make payments that can be used to launch your business far ahead of production. With pre-selling or pre-orders, a business will raise payments from customers before the products they paid for are manufactured and delivered. You can raise business capital this way.

Further Tips to Help Your Fundraising Drive

With the above 11 top sources of funding for your business, you are guaranteed of raising the required capital for your next startup. The journey to raising your business capital may be long and torturous, but with effective planning and professional guidance, you can obtain whatever funds you require within 1-3 months, depending on the scale of your next startup.

In some cases, you might be required to have a detailed business plan before people will invest in your business. Some banks will require a business plan, and some investors will also require business plans that outline every aspect of your proposed project. The business plan will cover the type of business, regulatory registrations, anticipated employees, estimated operational capital, estimated sales turnover, and estimated profits among others.

Before and after the launch of your business, it is important to consult professionals such as tax experts, financial consultants, sales gurus, and legal specialists to guide you through various business terrains. Do not forget that you must obtain all local, state, and federal permits and authorizations before your business kicks off so as not to run foul of government regulations.

Conclusion:

This resource covers the A-Z of raising business funds for your next startup. The top sources of business capital covered in this piece include:

Bank loans
Personal savings
Family and friends
Inheritance
Partnership
Crowdfunding
Startup grants
Angel/private investors
Personal incomes
Property sales

It must be noted that raising business capital for a new venture might take 1-3 months and the need to draw up a detailed business plan. You may face a few rejections at the initial stage of prospecting for business funding, but you must exercise patience and dedication until you succeed. You may even need to pitch some investors before you get them on your side.

If you are pitching new investors, ensure you understand the type of business they love to invest in before approaching them. It might be helpful to have your business plan and legal permits handy before you pitch to them. Having all official documentation ready indicates to prospective investors that you are serious about your startup, and that it is worth their investment.

Another factor that would work in your favour is to demonstrate to banks, potential investors, family, and friends, as well as organizations giving business grants that you have the expertise to succeed at your proposed business. Academic qualifications, professional certifications, industry experience, and industry contacts are some of the factors that must back up your fundraising drive to succeed in your endeavours.

Photo by Sunday Abegunde on Unsplash

7 Ultimate Reasons Bloggers in Nigeria Lose Money & What to Do

There is no doubt that you have spent tens of thousands of Naira on your blog. You have also spent so much energy and resources to make your blog profitable. And you have advanced it from an online space for posting daily journals to a niche-focused business platform. But you are not making any money several months after launching your professional blog.

There are reasons why. In fact, there are myriads of reasons why your blog is not generating any revenues. If you make less than $3,000 (or N300,000) every month from your website, then chances are you are among the 95% of bloggers that fail to make money with their blogs. A decent monthly income that funds your desired lifestyle is the true measurement of your blog’s performance.

This article covers the 7 ultimate reasons why bloggers in Nigeria (and elsewhere around the world) are losing money – and what they can do to remedy the situation. So if you are not making enough money with your blog or you desire in-depth insights into taking your website to the next level, then sit back to learn how to fully monetize your blog to profitability.

Ultimate Reasons Why Bloggers in Nigeria Lose Money

1. Your Blog Niche Is Too Generic

Let’s make something perfectly clear here: blogging is no longer a web log practice where you post personal diaries in an online journal. It is now a professional career where you give people the expertise they want and make a decent living in the process. To this end, you cannot afford to run a personal blog that people are not interested in following.

So you are losing money on your blog because it is too generic and not focused on a single niche. Even after choosing a niche, it might be best to further limit your blog to a sub-niche that meets the needs of a hungry market. A niche market is products, facilities, interests, and services that appeal to a relatively small and specific group of people – who are willing to pay for offerings in the market.

Your blog is generic if it covers business, technology, entertainment, politics, health, science, and education on one platform. It is better to focus only on niches such as technology, health, or business. Even at that, it is best to narrow down the technology niche to sub-niches such as smartwatches, gaming, smartphones, automotive; and the health niche to sub-niches such as keto diet, weight loss, aging, or exercise and fitness.

What You Must Do

If you have been running an existing blog for a few months, you can restructure the entire blog and repurpose the existing content to reflect your new sub-niche. If this cannot be done, then you must start a new blog that reflects your new vision.

2. You Are Not Treating Your Blog Like A Serious Business

Blogging should go beyond passion to becoming the business it actually is.

If you are indifferent to your blog or too lazy to write content and promote your products, you will not make any money in years. Do not be deceived by misleading claims that you can make money while you sleep in blogging, or that you can even quit your 8-5 job to rake in millions through blogging!

While it is possible to make money while you sleep or even quit your day job for blogging on full-time, you must have treated blogging as a real business over many years to get to this point. You can never get to the point of earning N300,000 passively on a weekly basis if you post 1-2 articles per week on your website. Laziness or procrastination is not option in blogging.

What You Must Do

Start treating your blog like a real, physical business. If possible, put in long hours night and day just the way you would do if you were an employee of a major corporation. Invest time and money, and hire skilled experts to manage aspects of the blogging business. Make a schedule to write and post up to 10 informative articles weekly, and be sure to monetize the blog effectively.

3. You Do Not Have A Lead Generation Strategy

Most bloggers create interesting content and then sit back, hoping that readers would find them. Given that hundreds of content similar to yours can be found online, the chances of any worthy reader stumbling on your content are less than 1%. If you have been leaving it to people to locate your website or come across your content, then you have been doing yourself a great disservice.

You must create a lead generation strategy with every content that goes on your blog. Don’t forget that your blog is a business, and you need to help people to locate it. Publishing the best content on your website is useless if no one finds it; you must develop a sustainable strategy for leading people to your website and sucking them into your content. Say traffic.

What You Must Do

To build traffic for your blog, you must invest into the following on a sustainable basis:

Craft terrific content that resonates with your audience.
Learn and apply SEO techniques so that search engines can bring you traffic.
Use email marketing to acquire and reach thousands of potential customers.
Post shareable content that users can further share on social media.
Feature notable bloggers or social media influencers to grow your audience.
Run relevant ads on social media, search engines, and notable blogs.

You can also invest in other resources to build and retain traffic.

4. You Are Not Converting Visitors To Customers

It is not enough to attract visitors to your blog or website, you must get them to pay for the value you offer one way or another. If visitors leave your website immediately they arrive (a high bounce rate), then you are not doing something correctly and invariably losing money in the process. You sure don’t want to be one of the bloggers who lose money.

If you do not convert visitors into customers, then this ultimate reasons why bloggers in Nigeria lose money is for you. You can’t afford to leave money on the table, and you can’t leave potential customers with money in their hands hanging. To turn errant visitors into loyal customers, you have to follow these short steps:

What You Must Do

Create awareness of what your blog is about to acquire visitors.
Create interest in what you offer when the visitors come around.
Get the visitors to make a decision to buy what you offer.
Get the visitors to take actionable steps of purchasing from you.
Get the visitors to come back for more purchases or to refer other customers.

Once you can do the above with significant success, then you can begin to make sustainable income from your blog.

See Also: Selecting The Right Online Business

5. You Are Not Monetizing Your Blog Effectively

People will not come to your blog and then give a tip for a great experience. And they will not buy you a coffee because you put so much thought into developing your blog. You must find a way to get them to give you money without appearing to do so. You must help them to want to offer you money based on the great experience you have set up on your blog.

What You Must Do

While various blogs must be monetized differently based on various analytics, below are general monetization methods that you can implement to earn from your digital platform:

Google Adsense and other ad networks.
Sell ad spaces.
Affiliate marketing.
Sell digital products – ebooks, email courses, etc.
Sponsored posts or paid reviews.
Offer direct service that customers can hire you for.
Make subscription site with premium content behind a paywall.

You are free to try other marketing or monetization methods not listed above. But be warned that monetization should not be the primary motive for setting up a blog, sharing your expertise should.

6. Spending Money On The Wrong Things

Failure to spend money on necessary web resources is the same as spending on the wrong things. Although it is possible to start a free blog and even use a free hosting, this cannot take you far if you intend to earn from your endeavours. There is no way you can make serious money from blogging if you refuse to spend money on domain, hosting, plugins, email providers, themes, freelancers, and other core aspects of the business.

Although you might be scared of spending money on a venture you don’t know its end – going ahead to invest will give you the motivation needed to treat it as a worthy business. You can start out by using the free version of some digital tools, but it is best to convert to paid versions once you have the means.

What You Must Do

Do not think you can do everything alone or succeed entirely with free tools. It is best to invest in paid tools to be able to unlock premium benefits. Themes, plugins, and other digital tools are best paid for to unlock the best values for making more money. It is also advisable to invest in quality writers, content editors, social media managers, graphic designers, SEO experts, and other professionals that job can be outsourced to – instead of trying to do everything by yourself.

7. You Give Up Too Easily

One of the major problems with internet bloggers in Nigeria and around the world is that they give up too easily. If you are thinking of selling off your blog or website after only six months, then you are giving up way too early. If you are considering venturing into another niche because you have not made a dime after three months, then you are giving up way too early.

Some bloggers have launched sites on news, tech reviews, affiliate marketing, gaming, and even plumbing among others in as little as two years. Some try to sell their blog or just allow the domain and hosting to expire if they make no money within 12 months. Then they go into other niches without success too!

What You Must Do

Don’t be deceived by wild online claims that a particular blogger earns $10,000 monthly on autopilot from their blogs; or that they make $5,000 every month from their sites while they sleep. Blogging is not a get-rich-quick-scheme; it requires hard work, dedication, patience, and significant investment.

Consider your blog a business that must be nurtured through infancy to adolescence and then adulthood. Before you start out, understand that you must invest at least two years of sustained efforts in your blog before you can determine it’s not succeeding. Just like a normal brick-and-wall business, your blog needs 2+ years to gain traction and generate money on a passive basis.

Conclusion:

Having considered the 7 ultimate reasons why bloggers in Nigeria lose money, it is time to review your blogging and marketing strategies to determine if you have been doing things correctly. You need the right mentality, premium resources, expert freelance team, marketing/promotional techniques, hungry market, and a bit of luck to earn a consistent income from blogging.

If you are a successful blogger by whatever criteria, please share your tips and experiences with us in the comments section below. If you are also a struggling blogger who thinks things are not working out fast enough or as expected, please share your experiences with us in the comments section below. You can also ask questions on your journey so far, and we can all learn together as we set out to become successful internet entrepreneurs.

Business Opportunities for High-Income Earners in Nigeria

People are looking for alternate sources of income due to employers of labour providing their employees with a static salary and the rising cost of goods and services. Consequently, setting up a firm is crucial.

Nigeria is a country that encourages commerce, and its population growth enhances business growth rates, which, if taken seriously, can multiply profits. The next great thing in this country is starting a business, especially if you have the cash to do so. This is much better than working twenty-two hours a day for pitiful wages or slaving away in foreign countries as an immigrant. We shall cover business opportunities for high earners in this article.

List of Business Opportunities for High-income Earners in Nigeria

Oil and Gas:

One industry that Nigerian billionaire investors deal in is oil and gas. The industry generates wealth and provides a favorable environment for new investors.

Consider oil and gas seriously while deciding which investment opportunity to pursue in Nigeria. It’s a game for billionaires, and to recover your investments, turn a profit, and win over your counterparts’ faith in doing business, you’ll need a long chain of investors.

Mining:

Mother nature is to thank for preventing us from wreaking severe devastation on the tectonic plates that currently support our country. That is a more significant factor in why we don’t frequently experience naturally induced disturbances.

Despite this, mining is still a lucrative investment option in Nigeria. To extract oil and gas, mine coal, metal ore, and nonmetallic minerals, you can establish a mining company. You might also invest in setting up a business that deals in or sell minerals.

3. Petrol Station:

Starting a gas station just costs a few million nairas. You can always get consumers because there are so many automobiles in Nigeria. Additionally, many individuals rely on gas stations to supply electricity for their generators.

4. Cooking gas business:

Nigeria has enormous potential in this industry. Many people ignore cooking gas because they are so preoccupied with gasoline. I was just talking to a buddy of mine who owns a medium-sized petroleum company. They consume anything manufactured of petroleum. He asserted that they generate more money from cooking gas than they do from other enterprises.

You have two options: either become a store and refuel gas for end users or supply cooking gas to businesses. This company is incredibly profitable, and starting it doesn’t cost anything. You can begin modestly and develop!

5. Oil and Gas Transportation:

Petroleum products need to be lifted, just like any other commodity. You can buy tankers and start a company that lifts petroleum products that might also be shipped. These are some business opportunities in the oil and gas sector. Fleet management possibilities are also available within this business chain. It’s possible to locate more if you do your research. However, one thing is for sure: oil and gas continue to be among the most lucrative industries in Nigeria.

6. Foreign and intercontinental restaurants:

Food from other countries and continents is growing in popularity in Nigeria. Celebrities, foreigners, and high-net-worth individuals frequent eateries that serve these kinds of food.

You might start a Chinese, Italian, Indian, or other types of restaurant. You can work with someone knowledgeable about it all or learn how to prepare dishes that are frequently served in these establishments.

7. Real Estate Business:

Real estate is among the most lucrative industries on a national and international scale. A roof over one’s head will always be necessary for people. Real estate will continue to flourish as long as the population keeps rising. This industry keeps expanding as more people relocate to cities.

Numerous alternatives are available in the real estate sector. As an agent, you can work finding homes and apartments for renters while receiving a fee or commission. Additionally, for a fee, assist landlords and property owners in finding tenants or buyers.

You can create homes in highly desired locations for sale or rental. Additionally, you can purchase land to develop or sell for a profit.

8. Hotel business

One of the most lucrative industries in Nigeria is the hotel industry, which is highly profitable. Nigeria has a sizable population, and people frequently travel for both work and pleasure. Hotel offers them a place to stay. Additionally, travellers use motels.

To flourish in the hotel industry, you must either locate your firm in a less competitive area and expand there or provide superior or more affordable services in a crowded market. As a supplementary revenue stream, each hotel must include a space that can be hired out for events.

Services for renting cars:

The desire to drive oneself or one’s belongings from place to place is shared by only some who own a car. When someone rents a car, they rent it to them for a set period. It could last for a few hours, a few weeks, or even a day. Nevertheless, the car must be returned within the agreed-upon deadline; otherwise, the person who rented it could be sued.

Usually, the cars are returned to the location where they were rented or to a different office of the car rental company that is closer to the renter.

Having functional and appealing vehicles is crucial to starting a car rental business. Additionally, this is based on the services you intend to offer. No matter whether it’s a luxurious car or not, consider your target customers before making your car choice.

Property investment:

This entails purchasing real estate, primarily buildings, and then reselling them after some time, at a time when the value must have significantly improved. This kind of employment necessitates extensive research and competent agents who can aid in the search for properties or lands in desirable areas. One with an immediate likelihood of increasing value.

Gym business:

Another expanding industry is the gym industry, which caters to young people who want to get muscular and fit and obese women who want to regain their bodies after having a child. The gym fills this need since people would spend any amount for anything that produces results. Ownership of a gym is not a requirement for personal training. While earning money, you can always hire a trainer to assist in training your customers. When successful, it would generate more business and more revenue. The most important thing is to hire an experienced personal trainer and modern gym equipment in a fair price range. This type of business will suit a person with empathy for consumers and handsome.

12. Uberpreneur – Driving for Uber:

Many factors influence people’s decisions to drive for Uber. Some people do it so they can drive whenever and wherever they want. Since they are in charge, they can choose their hours and can work as much or as little as they like. The weekly salary for an Uber driver is from 80,000 to 120,000 Naira on average.

In Lagos and a few other Nigerian cities, Uber driving is currently one of the most profitable business ventures. You are given the freedom to work whenever you like, whether it be during the day, at night, or on the weekend, and you can also make some extra money doing it. Some drivers work as drivers full-time, while others only work as drivers on the weekends and in the evenings after their day jobs.

13. Film Production Business:

Currently, one of the industries with the quickest growth is Nollywood. Blockbuster movies are regularly created, and those in charge of the industry are doing everything possible to ensure that outstanding movies are also made. When you launch a film production company, you can also jump on board. To board the train, you don’t need any qualifications.

14. Internet Radio Business:

You should know how internet radio differs from classic radio sets if you’re interested in starting an internet radio station, especially given that a computer will serve as the business’s source of power. You should have a clear understanding of the types of business you will be focusing on and the subjects you will need to cover to attract your target audience before starting this venture.

15. Hospital:

It is interesting to know that you don’t have to be a doctor to own a hospital. People visit doctors every day, making the health industry immensely profitable. Health is a significant value. Why not construct a hospital if you have the means to do so? The next item on your to-do list will be to hire a doctor, nurses, hospital cleaners, and every other team member a hospital needs to function. You can start working after paying the employee’s weekly or monthly wage.

16. Tracking & Security Services:

In Nigeria, launching a tracking and security firm is a quick way to get rich due to the amount of insecurity there. In Nigeria, selling security tools, including cellphone trackers, CCTV cameras, car tracking devices, alarm systems, and other tools, has proven to be a lucrative industry. Anyone passionate about security and safety should check out this company.

17. Sales and Supplies of Safety Equipment:

In Nigeria, this is still one of the untouched markets where you can invest and prosper. To launch this firm, you do not need to acquire specialisation or expertise in safety. You need to know enough about the product to succeed. The company sells safety gear such as hard helmets, lanyards, harnesses, safety shoes, and various other items.

18. Exportation Business:

You may believe that exportation businesses do not exist in Nigeria. I’m going to pop your bubble and tell you that exporting is still a very profitable business in Nigeria. Exporting raw goods, including vegetable oil, palm oil, textiles, cocoa, yam, cassava, groundnuts, and other products, is one of Africa’s most lucrative worldwide companies. There is still a substantial demand for these products on the global market. You can successfully start an exporting company in Nigeria as a result. If you want to engage in profitable buying and selling in Nigeria, consider establishing an exportation business.

19. Car Dealership:

Sales of autos, including trucks, cars, and other vehicles, have unquestionably proven profitable in Nigeria. Starting a car dealership business, particularly in Lagos, Nigeria, is sufficient to bring you a respectable quantity of profit, given the people there. Suppose you need more money to start. In that case, you can work with Nigerian car dealers who are already well-known until you can attract clients and generate enough money to operate independently.

20. Starting a Pharmacy:

One of the best businesses in Nigeria to start if you want to succeed financially is this one. Nigeria is a very profitable country to open a pharmacy, especially if you locate your business in a densely populated area. Setting up a pharmacy business in Nigeria doesn’t require you to be a doctor. But to be accepted, you might require a license.

21. Printing Press:

This is one of the oldest and most active small businesses in Nigeria that is still profitable. Starting a printing press operation where you can produce products like news bulletins, magazines, banners, and flyers in quantity is one of the well-known and lucrative business ideas in Nigeria. If you have the necessary resources and the right location, one of the best business ideas to become wealthy quickly in Nigeria is the printing press.

22. Airbnb Rental Services:

A short-term house rental is one of the quickest ways to make money in Nigeria. The population is growing in most Nigerian cities, especially Lagos, making it profitable to start an Airbnb rental business. All you need to do is post your home on websites like Airbnb and other platforms for vacation rentals; then, you can begin accepting paying guests.

In Conclusion, Investing in unexplored investment opportunities, like most of those explained in this article, is typical practice to build a solid financial future and achieve financial independence. However, you need a sizable sum of money to invest if you can choose from the list of lucrative investment possibilities in Nigeria listed here and get started right now.

How You Can Use AI To Boost Your Small Business

1. Create Blog Posts For Your Websites

2. Create Spectacular Videos And Photos

3. Cybersecurity And Fraud Detection

4. Automated Customer Service

5. Accounting And Payroll Management

6. Legal Services

7. Human Resource Management

8. Enhanced Business Decisions

Addressing Business Concerns Related To The Use of AI

Is AI free to use?

Can AI be used offline?

Can AI replace human jobs?

How is AI implemented for business?

Using AI on computers and smartphones, which is best?

Social Media Platforms That Pay For Your Content

List Of Some Top Video Skit-Makers in Nigeria

Ways To Earn Revenue On Social Media

How To Make Money As A Video Skit-Maker On Social Media

How To Make Money As A Social Media Brand Influencer

There Are Four Major Ways To Make Money As A Brand Influencer:

Brand Endorsement

Affiliate marketing

Sponsored Ads

Product Marketing

Collaborate With other Influencers and Brands

17 Proven Strategies For Growing a Small Business in Nigeria

1. Create a Realistic Business Plan

2. Employ Qualified People For Your Business

3. Know Your Customers to Meet Their Needs

4. Eliminate Business Risks

5. Adapt to Market Conditions

6. Build Customer Loyalty

7. Leverage Social Media

8. Keep on Improving Your Products and Services

9. Invest in Emerging Technologies

10. Give Back to Your Community

11. Attend and Host Local Events

12. Be a Step Ahead of Your Business Rivals

13. Form Strategic Partnerships

14. Identify New Income and Product Opportunities

15. Advertise Your Business Effectively

16. Invest in a Helpful Work Culture

17. Adhere to Government Regulations

Major Reasons To Quit Your Job In Favour Of A Personal Business

1. You Want To Be Your Own Boss

2. You Have Major Life Changes

3. You Fear Your Current Employment May Collapse

4. You Want to Acquire More Education

5. You or a Family Member Suffers From an Illness

6. You Do Not Feel Connected With Your Current Job

7. You Work In a Toxic Work Environment

8. You Want to Create Socio-Economic Impacts In Your Community

9. You Are Determined to Work In a New Industry

10. You Want to Multi-task For Fulfillment

11. You Want a Greater Work-life Balance

12. You Find it Hard to Take Feedback

13. You Want to Earn Money While Travelling

15. You Can Earn More Without Paid Employment

16. You Bring in All the Businesses

What to Do Before You Quit Your Job For A Personal Business

Get all the training and resources before you leave

Fund your startup with remuneration from your day job

Set up an operations fund

Run your startup before you resign

Talk to a lawyer before exiting

Do not slam the door when you leave

Who is Aliko Dangote?

21 Lessons from the Business Successes of Aliko Dangote

1. Dangote is a University Graduate

2. Dangote Started Small with What He Had

3. Dangote Knows How to Seize Opportunities

4. Dangote Understands Consumer Trends

5. Dangote Did Not Increase His Standard of Living

6. Dangote Amassed the Best Business Teams in The Continent

7. Dangote Patronizes and Works With Current Administrations

8. Dangote Invests In Household and Everyday Goods

9. Dangote is A Huge Philanthropist With a Large Heart

10. Dangote Sees Into The Future and Plans Long Term

11. Dangote Diversifies Into Several Industries

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