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7 Steps To Becoming An Entrepreneur

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Entrepreneurship is being glamorized these days and it seems everyone wants to go into it to rake in some profits for themselves. It is worthy to note that for every successful entrepreneur, there are many others who failed in the venture. This is to show that becoming an entrepreneur is not an easy task and if you are not willing to do the intense work it involves, you should probably try not to get into it.

Before you decide to be an entrepreneur, you have to make research on what it entails. You have to find out what makes an entrepreneur and what doesn’t. You should not just go into entrepreneurship simply because you want to become your own boss and don’t want to answer to anyone. No, that won’t help you in the long run. Make sure you are clear on what it takes to become a successful entrepreneur.

After figuring out if you really want to be an entrepreneur and concluding on becoming an entrepreneur, you should proceed to take certain steps needed to become a successful entrepreneur.

This article lists the 7 important steps you have to follow in becoming an Entrepreneur.

7 Steps To Becoming An Entrepreneur

7 Steps To Becoming An Entrepreneur

The 7 Important Steps To Becoming An Entrepreneur

Step 1: Pick a Niche

Before starting out as an entrepreneur, you should take your time to pick a particular niche that you are interested in and wish to focus on. Focusing on just one niche would make the business operation smoother. Also, it will help you to spend lesser time to learn all about the business compared to if you wanted to learn everything wholesale. You cannot afford to go into entrepreneurship blindly, trying to get your hands on whatever looks appealing. If you do this, you could fail woefully. So, focus on just one niche at a time.

The business you choose should be in line with your personal interests and goals. You would spend a lot of time working on this business. So, from the set go, settle for something that you really enjoy doing. It might be something you have worked on before or just a hobby you wish to expand into a viable business.

Step 2: Acquire and/or Update Your Skills, Get Help Where Necessary, Outsource

When you are just starting out as an entrepreneur, you need to be honest with yourself. Make a list of the skills you possess and those you do not have but know that you need or will need to enhance the business operations and success. If you lack some of these skills, you can get a friend or family to help you with this. This activity will give you a clear picture of your strengths and weakness. It gives you a better understanding of where you need to improve and also where you need to ask for other people’s help.

Many budding entrepreneurs make the mistake of wanting to do everything by themselves. They may do this simply to lower startup costs or because they feel they do not need help. Various aspect of your business needs different kinds of expertise some of which you may know little or nothing about. Be prepared to ask for help, you might have to pay to get professionals to work on certain things sometimes.

Step 3: Research Further About the Business (i.e., Conduct a Feasibility Study)

Even after you have chosen your preferred niche, there is still the need to make a lot of researched on the business before launching it. You should find out how profitable the niche you intend to go into is, who your competitors are, etc. For instance, let’s say you want to start a salon business in your neighborhood. You should conduct deep research otherwise known as a feasibility study to find out things like:

  1. How many saloons are in that area?
  2. How are those saloons fairing?
  3. Are the available salons making a substantial profit or are they just struggling to get by?
  4. Would the locals be able to afford your services?
  5. Is this a suitable location for this kind of business?

You need to find the answers to these and many other questions before proceeding to start a business. They would be of tremendous help in figuring out exactly how you should run your business -what to do and what not to do.

Step 4 – Draft a Business Plan

There is a saying that goes thus, “we plan to fail when we fail to plan”. A business plan is simply a must- have for every aspiring entrepreneur. Even if you are in the business already and you do not have a plan, you really should get one. A business plan clearly shows you in detail the various aspects of your business. It highlights your goals and the steps you need to take in accomplishing them. It does not have to be perfect at first, but it needs to be good at least.

There are various business plan templates online that can help you with this crucial task. Some are paid while there are also some free ones out there. If you have a good grasp of what your business is all about, then go ahead and deploy a template to draft out your own business plan. Also, there are various experts out there who specialize in helping people develop an adequate business plan for their business ideas. You can seek them out if you feel you need to.

Step 5: Acquire More Knowledge (i.e., Upgrade on What You Know)

It is true that you do not necessarily need a college degree to run a successful business. This does not mean you should not seek out knowledge that is relevant to the type of business you are involved in. Every business has a particular way to run it its own principle(s) and techniques which one has to follow to achieve success.

You do not have to go back to college to acquire this knowledge. There are short courses on business management which you can easily acquire from a business school near you. Besides, you can enroll on online certification courses in entrepreneurship that offer immense value. A course that relates to your business would give you better insights on how to run it effectively. For instance, if you are into the food business and you own a restaurant, you can take courses on how to make some foreign cuisines to add to your expertise.

Step 6 – Put the Right Team Together

You cannot possibly do all the work alone. Getting the right team to work with you is essential on your path to becoming a successful entrepreneur. Make sure you hire like-minded people. People who see and help you to harness the vision you have for your business. They do not have to be experts in what they do. But you must be certain that they have a good work ethic and are ready to learn new things. Also, you should make sure that their values and personalities resonate with the ones you want for your company. A good team would propel the business on a faster track to achieving the set goals.

Step 7 – Sell Your business Idea, Make Money

Even with all the planning and knowledge acquired, if you do not know how to sell your idea (product) to your customer for cash, it is no good. The business world has changed tremendously over the years and there is probably competition everywhere you turn. Knowing how to sell your product properly is a game-changer for you in the industry. One way of doing this is to find something unique to the product you are selling. Sell this unique property by attributing the value it gives to the customers.

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Ekemini Ekpo is a professional writer, blogger, and internet marketer. He is passionate about engineering, business, investment, entrepreneurship, finance, and personal development. When he is not managing web projects, he handles academic research writing and data analysis for individuals and organizations.

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How to Sell Your Business to High Paying Client in Nigeria

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Are you an entrepreneur in Nigeria? Are you thinking of how you could be able to sell your business to a high paying client in Nigeria?

Every business has one thing in common no matter the niche which is the word, ‘selling’. If your business can’t make good sale, then your business is already dead. One secret of success in business lies largely on how strong the relationship a business build with real clients.

The fact? You have to be clear on how you intend attracting high paying client. To attract high paying client you need to be ready to play the game top marketers are playing. The business owner should have an idea of how much it will cause the high paying client to buy from the business. No matter the business, learning how to attract high paying client in Nigeria can help in reducing needless years of stress and frustration. Selling your business at a high price to a high paying client required that your business is worth that price. To get a high paying client for your business in Nigeria is not that difficult but it demands determination, clarity and ability to stand firm while you are filtering the junk from the gems.

5 ways to get high paying client for your business in Nigeria.

How to Sell Your Business to High Paying Client in Nigeria

How to Sell Your Business to High Paying Client in Nigeria

1.     Know the value of your business

Before you set on a journey to getting high paying client for your business, you need to know the value of your business. It goes along side with knowing how much your business is worth. High paying client don’t want desperate marketers who look like one that will starve if no one buys the product or services. If your business shows it’s worth a million Naira, high paying client will keep you to your words. If your high paying client really see that no one can deliver like your business, they will pay top Naira for what so ever you’re selling.

Make sure your price reflect the true value of what you’re selling. In other words, your price should reflect to the client the true monetary value of the business. Use competitors price as a guide for pricing. If you know the value of your business, you can easily design a strategy that only attract high paying client and filters the low paying ones. If your business meets the demand of what your customer are looking for, they will be more happy to pay the price you’re asking for.

2.     Use satisfied client testimonials

Showing your high paying prospect testimonials of your past satisfied happy clients help in doing the selling alone. Sometimes just displaying testimonials on either your websites or office environment, high paying client will be confident in investing their hard earn money on your business.

You can use customer’s feedback and draft it as a testimonials. It does not have to be in formal letters.

3.     Conquer your self-doubt

Never doubt that you may never get a high paying client to buy from you. Acquiring high paying client for your business is all about positioning yourself as a VIP brand. Go to the market where your high paying ccustomer hangout. As a writer, I don’t just pitch my business services to any publisher. I weigh them to see if they can afford my service.

One thing I believe is that they is always a client who can pay for your services, no matter how high the price.

4.     Provide a guarantee

Do you know what providing customers guarantee can do for your business? Have you ever gone to a shop to buy an electronic gadget, and you were told that if the gadget get faulty or develop any fault within 90 days or 6 months from the day of purchase, you will either get a refund of your money or another same gadget?

How would you feel? Great right! So also a guarantee or warranty is needed for your business to sell to high paying cuctomer at a high price. Providing a sort of guarantee or warranty shows your confident in your business. Providing a money-back guarantee for your service help reduce the tension for high paying client. This is one techniques some fortune 500 companies use to get high paying client to buy their premium product or service.

Give it a try and see your business plummet to higher height.

5.     Add Emotion to your sales techniques

Customers are likely to pay higher fee or prices irrespective of how high it can be if they truly like you and your business. Your work in getting high paying customers is by being friendly with them. Try to always add emotional feelings in all your conversation with your high paying clients. Go beyond just selling, make your client feel important and part of the business family. If you can effectively communicate your business with your client and show them that their thoughts are welcome in your business, it makes them happy.

This will make them more happy to do business with you and pay your ideal price. It can even lead to referring another high paying client for you.

These are the important steps an entrepreneur has to take to get high paying client queuing at the door of his or her business.

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How To Profit From the Daycare Business in Nigeria

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The daycare industry is an often overlooked profit center that Nigerian entrepreneurs can reap massively from. This industry is fueled by the growing middle class and the demands placed on this class of people. In past years, the daycare nanny business in Nigeria was virtually non-existent. However, today it’s a different kettle of fish as i will  be showing you How To Profit From the Daycare Business in Nigeria.

The average household spend for middle class families on child care is put between 150,000 to 200,000 Naira per month. So how can you access a piece of this cake you ask?

Read on!

How To Profit From the Daycare Business in Nigeria

How To Profit From the Daycare Business in Nigeria

CHALLENGES

As with other industries, the child care service industry benefits from certain challenges which include:

A.   Increase in middle class population

With the advent of technology and improved access to education, many folks have become members of the middle class. Entrepreneurship is also a major driver of this movement. This is because many more people are creating wealth for themselves which in turn improves their status.

This has its own side effects as more of this Nigerian middle class depend on the income from their 9-5 job to keep up with their lifestyle. Gone are the days where the father is the sole breadwinner. We are in the era of co-breadwinners with the female folk contributing immensely to the family’s financial state.

Hence there is a need for a support service provider to help groom the children in the absence of both parents.

B.   Convenience

The expansion of the middle class has resulted in a crave for lifestyle servitude. The lifestyle that this class can now afford has indeed helped the child care service. After going through the hurdles of work, parents believe they should have time for themselves to rest. This has made the engagement of child care service providers a veritable option.

Also, some jobs require constant mobility. In the past, we had cases of civil service officers taking their family along with them on transfer. This sometimes took its toll on the kids. Child care service providers can help bridge this gap and create a modicum of stability.

C.   Security

With the heightened security issues in the country today, many parents are not taking chances in ensuring the safety of their kids. Children are as precious as they come and parents can make a significant dent in their finances to ensure their safety.

All these challenges have helped increase the market share of the child care business in Nigeria.

Let’s take a closer look at the value chain shall we?

The Value Chain of a Daycare Business in Nigeria

1)    Surveillance solutions

Technology has ensured that parents don’t have to miss a thing as their children grow. Some Nigerian parents use these solutions to check mate the ills associated with rogue child care helpers, neighbors or other individuals that are in constant contact with their kids.

With the help of hidden cameras in the living room, parents can monitor happenings in their home and take immediate action in cases of emergency. This also curbs brutal treatments meted out on children by their child helpers. These devices come in small sizes and can capture video and audio activities within the home which can be viewed in their place of work. How cool!

An entrepreneur can profit massively via:

  • Sales of surveillance kits.
  • Installation of surveillance equipment.
  • Maintenance of surveillance systems.
  • Creation of surveillance apps that can run on smartphones.

2)    Daycare

Like I mentioned earlier, the population of full time housewives is on the decrease. We seldom have mothers who stay at home through out the growing years of a child to early adulthood. Most mothers have university degrees and are intent on using their degrees for profitable ventures. This they do to help boost the household income and pay necessary bills in Nigeria.

Therefore, most mums leave early for work and return late depending on the traffic situation and distance of their home from their workplace. This has made it difficult for first time mums to cope with shuttling between caring for their children and balancing work engagements.

Also, the family set up is more nucleated when compared to the compound settings of the 60s and 70s era. This has warranted mums to patronize daycares and crèches to take care of their 6 months old kids prior to their return from work. This is a better alternative than hiring a full time child keeper especially with the issues surrounding child kidnapping.

How can the entrepreneur key into this? He/ she can set up functional crèches in a residential area. These facilities usually run from early in the mornings to close of work. The entrepreneur can also provide a  customized meal plan in these facilities for a fee. Depending on how conducive the set up is, they can earn profitably from this venture.

3)    Home tutor

Every parent believes their child is the smartest being on planet earth since Einstein. They can go to any length to prove this even going to the extent of employing home tutors to further sharpen their kids cognitive prowess. This can provide a side income earning gig for undergraduates looking to make money in Nigeria. It doesn’t require having a university degree to begin with.

Basic understanding of elementary subjects and how to pass such knowledge effectively to the child is all one needs. Also, there is need to ensure that a good job is done as this will bring about referral jobs. One can help prepare these kids for major exams like entrance exams, mock exams and the rest. Your delivery will hugely affect how much you take home and how long you do so regularly.

4) Nanny agency

Finding the ‘perfect’ child keeper is a hassle laced process in Nigeria. There are few agencies currently operating in the country as most of the jobs are sourced via the informal sector ( family, friends and work colleagues). An entrepreneur can seize this medium to provide such services for a commission.

The agency could provide such services like :

  • Sourcing nannies of the right fit( character being fundamental)
  • Training of nannies in child care and grooming
  • Background and identity checks of nannies for easy trace-ability in the event of a serious issue.

Money can thus be made via recruiting and training of such child keepers. This could be in form of percentage deduction from nanny’s monthly salary, agency and recruitment fee and regular improvement training modules.

Also, an offshoot of these could be the creation of a nanny grooming or finishing school. Courses on home etiquette, hygiene and emergency situation could help improve the parents trust in your services. One can also provide such services to other child care organizations looking to employ professionals for their daycares or non- profit child management organizations.

I bet this article has been a wealth of knowledge for you. Let me know your thoughts in the comments below. I appreciate them always .

 

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How To Invest And Earn With CrowdFacture For Life: A Democratized Manufacturing Model

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Invest And Earn With CrowdFacture

How To Invest And Earn With CrowdFacture For Life: A Democratized Manufacturing Model

crowdfacture

 

 

Are you tired of looking at industries and companies and wishing you own one or that you own shares in one? Do you think that making a little investment now while you sit down to enjoy the dividends for life is worthwhile?

Do you want to make a positive impact on the economy while making a load of money? If yes, stay with me. The Magician’s apprentice is here with a great offer.  Here is about how to invest and earn with crowdfacture. 

So, tell me. When you look at Africa, what do you see? A land of opportunities? An abused continent? A land of corruption? A confused continent?

A place to spend money or a place to stay? There are just many things you can qualify Africa as. It all depends on who is telling the story and most times, the story is not always nice. It is painful.

However, one thing is very clear; Africa needs to start doing things differently. We have to start tapping into the many blessings we have and we need to do that ASAP.

The importance of this path and our belief in doing things differently gave birth to this company. The Pain we felt is what birthed this idea.

Related: How to save and invest in Nigeria

With well-organized manufacturing, production, and distribution business, we can solve the problem of employment in the country. I can see your face.

You are wondering how we can pull this off. Check this out. If we solve 1% of the problem, it will go a long way in making the continent better. And we can solve 10% tomorrow. All you need to do is invest and earn with crowdfacture.

It is no longer a dream, it is our reality. Crowdfacture is live and will be launched in June. Now, we have a democratized manufacturing business for you.  This will be our community. This will be our joy. This will be our liberation. But you have to earn and invest with crowdfacture first. 

So, we will be talking about this model here. My partner calls it the Tesla of Africa. You can disagree later but stay with me. I have got to blow your mind. Do you want your mind blown?

Just so you know, we cannot keep doing the same thing over and over again and expect a different outcome. It doesn’t happen.

So, let us look at this unique model and bring out all the great things you can do with it and why you should be part of it. So, let us work together to invest and earn with crowdfacture. 

What Then Is Crowdfacture?

Imagine a great number of people effectively owning a company and making great profits from their shares. Most businesses are built on the monarchical structure. Just imagine a business structured to fit into democracy. Anybody can own shares in it and anybody can make money from it. 

I’m going to use very basic definitions so that everybody can understand. Remember that English is not our mother tongue. 

Crowdfacture is a manufacturing, production, and distribution business model where people can make a (1 time) investment so as to become part of the company for life. 

Did you get that? For life. Yessssssss. Not a year, not 2 years, not five years, you earn for life. You become part of the business, you enjoy the profits and share in the losses of the company. You can make decisions that will affect the trajectory of the company. 

You can also become a distributor and receive Crowdfacture goods at discounted rates and you will earn from referrals. Crowdfacture came fully prepared. Stay with me. The best is yet to come.

How Does Crowdfacture Work?

Invest And Earn With CrowdFacture

Crowdfacture is a Community driven production, manufacturing, and distribution company focused on helping Investors grow wealth through manufacturing for lifetime returns.

Investment into a Crowdfacture project is equity-backed and not fixed, meaning you get to become a co-owner of a particular factory/production line if you invest and share profits made from that factory with other investors for life.

At the moment, we have 10000 units of RICE PROCESSING PLANT available for funding and selling for N50000 per unit.

You can only own a maximum of 1000 units per individual and a minimum of 1 unit.

The rice plant is located in Abakaliki Ebonyi state and expected to resume operation by Q2 2022.

Just with a minimum of 50k, you become a co-owner of that factory for life.

How To invest and earn with crowdfacture

There will be many projects. When you invest in a Crowdfacture project like the ongoing rice processing plant, you get to become a manufacturer. Funny right? Yes, you will become a co-owner alongside other investors.

The funds are used to build a production and processing line and profit made from sales of products are distributed back to investors based on the number of units they own on their crowdfacture account at www.crowdfacture.com

Below is an estimated breakdown.

We currently have 10000 units of price processing plants selling for 50k per unit at 30% equity.

Dividends are paid every quarter (4 times a year).

The capacity of the plant is expected to produce about 2500-4000 bags of rice per day.

Sales at wholesale price are projected at 2000 Naira profit per bag.

This means the company stands to generate about 150M profit per month and 450M per quarter.

30% of the estimated 450M is 135M

Now, 135,000,000/10000 units = 13500.

So, you get to earn about 13500 per quarter/ every 3 months in a year.

By the end of 1 year, you will be making X4 of that profit margin which is 13500 X 4 = 54000.

And the interesting part of it is the re-occurring return from your one-time investment.                                                                                                                                                                                             6

The minimum investment is 50k to own 1 unit and the maximum investment is 50M to own 1000 units per individual.

Can you earn without investing?

Hold on. 

It is actually a big yes. You can earn without investing. Amazing right? Here is how.

It is better to invest and earn with crowdfacture. That is the ultimate goal.

However, to earn without investing in a Crowdfacture project, You will need to join our referral program by referring people to signup and invest on our website at www.crowdfacture.com 

With the 2-tier referral structure, you can earn up to N2500 per referral.

You earn N1000 when you refer people to invest and another N1500 when the person you referred refers another person.

Related: Problems of Nigeria: Crowdfacture is proposing a solution

Referral bonuses can easily be withdrawn to the bank or to your Sumotrust account where you can earn huge interest for savings.

Which Product is Available For Investment?

The first product will be the crowdfacture rice processing plant. It will be located at Abakaliki, Ebonyi state. There are 10000 units of shares available for investment and it will span the period of 1-3 months. 

When can I invest?

Investment into Crowdfacture is open now and it will be available until the 10000 units are exhausted. You can start investing by visiting crowdfacture.com now.

To learn more, kindly visit our FAQ page www.crowdfacture.com/faq.

To start up your crowd facture journey, please visit the registration page using this link.

Please click the link below to join our WhatsApp chat room where you will get regular updates on what you need to do to leverage crowdfacture. Check it out.

Who is behind this project?

Crowdfacture is powered by the founders; GT Igwe Chrisent and Okorie Samuel Ossi, and the team of sumotrust, a savings and investment platform. We have been working on this project for the past 3 years and it is a reality today. 

Feel free to look up the platform and leave your comments, observations, and recommendations below. 

You will be part of the people that will rewrite the story of Nigeria. It starts by taking conscious and intentional steps. 

 

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