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When to Go For Funding In Your Business and Why

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In this article, I discuss with you the right time to seek funds for your business and why you should seek funds at that time. But before that, let’s take a quick recap on what business funding is – its advantages, and challenges.

What is a Business Fund?

A business fund is money an entrepreneur raises or which is provided to an entrepreneur by the government, an organization, friends, or family to start or grow his business. Business funding is the act of providing funds to support a business.

Advantages of Funding Your Business.

The advantages of funding your business are countless but I have a few to share with you today. First, funding your business will increase your capital. Business funding gives you chance to advertise your brand the more and make your products more unique and sophisticated. It helps to increase your profits margin. With business funds, you become more dominant in the market space.

The Challenges In Acquiring Business Funds.

Like is often said, whatever has an advantage does not come easy. Most of the time, some challenges go with it but your capacity to surmount these challenges make you the hero. There are many challenges you might face in trying to get funding for your business For instance, if you self-fund your business and the business fails, you will be left with nothing as you have invested virtually all your money into the business.

Another challenge is that if you receive the fund from your family members or friends, it might affect your relationship with them as some of them might brag or show off to others about the help you got from them, which you may not like. On the other hand, if you receive the fund from a bank or any credit institution and you failed to pay it, the bank will not end it well with you.

By now I think you have a basic knowledge of what business funding is – its advantages and the challenges that come with it. So let’s start our main discussion!

Funding is very essential to a business. But when is the right time to go for funding in your business and why should you fund your business at such time? Find the answers to these now in this detailed article.

Funding is very essential to a business. But when is the right time to go for funding in your business and why should you fund your business at such time?

When is the Right Time to Fund Your Business and Why Should You Fund Your Business at Such Time?

Funding your business at the right time will make it boost while funding it at the wrong time will cause your failure. Before telling you the right time to fund your business, here are a few tips to help you decide if it’s the right time to fund your business or not.

  • At what stage is your business right now?
  • What type of fund are you trying to get?
  • What are the available means of getting funds?
  • Are you going for angel funding or Venture Capital (VC) funding?
  • What is your conscience telling you?

If you ask yourself these questions and you feel that you are fit to fund your business, here are the best times to do so and why you should do so:

(1) When Starting Your Business.

After settling on what business you want to venture into, getting some funds to kick-start it won’t be a bad idea. Although most entrepreneurs self-fund themselves at this stage, you can still seek funds from family and friends to support it.

Why you should fund your business at this stage?

Funding your business at this stage will help you to make a good startup at the foundational stage of the business. With self-funding capital, you will start a well-established business and even if the customers do not show up as you expected at the initial stage of the business, you and your business will not go under pressure for fear of lack of money to pay back to creditors if you loaned or borrowed the startup capital.

(2) When Your Stock is Low.

Once you notice that your shop is getting empty and you don’t have money to buy products and restock, you should seek funds from family, friends, or the banks.

Why you should seek a loan at this time?

Well, you simply don’t have enough savings to take care of this, that’s why! If you had, you wouldn’t reach out for help. So, you should seek a loan at this time because your business is on the verge of failing! Yeah, since your stocks are down and you don’t have enough capital to buy new ones, your shop will be empty, and hey! Customers don’t like empty shops; they want to see your shop full of products.

(3) When there’s Competition in the Market.

This is a highly crucial time to fund your business! When everyone is perfecting their brands, making their business unique, and doing a trendy advert, you can’t stand there looking at them. You too must join the moving train and beat the competition to its game! Therefore, get some funds and boost your business. It’s very necessary to do so at this point.

Why You Should Fund Your Business At This Time?

Well, if you fail to fund your business at this time, you’ll be out of fashion and I guess you know what this means for your business. You know, your competitors are doing all that they can to make sales. Join them too!

Do adverts from Pay Per Click (PPC) Ads, TV commercials, banners, posters to social media advertisements. Do promos if possible and don’t forget to improve the quality of your products. In short, do everything that will make you to stand out from the crowd! To do this, you need money!

(4) When You Want To Expand.

If you have been thinking of how to expand your business and reach more clients, then funding it for expansion is what you should consider doing. For example, Mr. A sells men’s wears with a single shop in Port Harcourt. As time goes his business grows and he wants to open another branch in Lagos, he will surely need some money to do this. He’ll need money to rent or buy a shop, buy products, hire an apprentice, and gets a manager; you know he can’t be in two places at the same time. If he calculates it, he might see that opening that shop in Lagos can affect the one in Port Harcourt. Therefore, to prevent failures, Mr. A can go for a loan if his savings won’t meet his business expansion needs.

Why you should fund your business at that time?

Failure to expand your business at the right time might reduce your motivation. Another thing is that People like buying from big businesses; if they see that you have different branches in different places, they see you as a big brand and tend to patronize you over others. In fact, they can refer others to you because they trust your products and services.

(5) When The Market Is Not Favorable.

This is happening at this time, after the COVID-19 lockdown, the market has been unfavorable to many businesses across the country and the world at large. Many people used their business capital to cater to themselves during the lockdown and the inflation rate is high now.

As such, many people have/are thinking of abandoning their businesses but this is not the right option! The right option is to seek funds or liquidate your assets. To liquidate your asset means to sell off physical assets and convert them to money (liquid).

Why you should seek a loan at this time?

As a business owner, if you think you are not doing well, you should think of how situations will be if you abandon your business. At a time when the market is favorable, what you should do is to seek more funds, improve your business, and be patient. Remember, the patient dog eats the fattest bone.

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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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Basic Steps And Requirements For Starting A Dredging Business In Nigeria

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Dredging has to do with the mechanical excavation of sand, gravel, mud and other substances from the bottom of a water body such as a river, stream, creek, lagoon etc. to do that, you need a vessel known as a dredger.

The need for more buildings and other physical structures has made the market for dredging in Nigeria to become a much sought-after one. Of course, there will always be the need to build or construct. So, dredging never dies.

Aside from the construction of new buildings or roads, etc., dredging products such as sand, gravel, rocks, and pebbles are also used to reclaim swampy areas and for the production of construction materials.

Basic Steps And Requirements For Starting A Dredging Business In Nigeria

Basic Steps And Requirements For Starting A Dredging Business In Nigeria

How Does Dredging Work?

Some dredgers are water-powered, and these cuts and sucks up the dredged material, like sand, from the bottom of the waterway by a method which involves a stepping stool that is mounted on the cutter head passing the material via a suction pipe and this sucked via a suction pump via a drifting pipeline up to the shore. When it arrives on the shore, at the dump, is it moved using tipper to the sub-dump where it is piled up, ready for sale or use.

Opportunities Available in dredging commercial enterprise

There are plenty options in the dredging business. Let’s look at some of them below:

1) Dredging:

  1. Channelization of river
  2. Fabrication of dredger
  3. Managing the dredge team
  4. Reclamation and urban renewal
  5. Safety of a dredger
  6. Stockpiles and profits

2) Supply of sand to numerous locations

3) Sand search

4) Environmental impact assessment

5) Hydrographic survey

6) Leasing of dredging workplace tools such as:

  1. Dredger
  2. Excavator
  3. Low bed
  4. Payloader
  5. Swamp buggy

Basics Steps To Starting Dredging Business In Nigeria

Among the many uses of dredging, its use for the building of houses seems to be the most outstanding. Housing, of course, is one of the most basic needs of man. He can’t just do without it, just like food and clothing. Before the advent of the present technologies in building construction, man has always experimented with several materials to meet his housing needs. This ranges from mud, sand and rock, all in an effort to withstand the elements. With time, however, in a bid to get the much-needed solidness and strength for buildings, other materials have been introduced to building technology such as steel and glass.

Given the alarming shortage of residential and commercial buildings in the country, therefore, there has been much interest in the sand dredging industry in Nigeria, all in a bid to cater for the housing needs of Nigerians. Sand dredging is vital to keep the pace with building of homes and offices as well as industrial layouts in all over the country. Therefore, going into it is a great way to earn a decent income.

Kinds Of Dredgers To Buy

Two popular kinds of dredgers are available in the market. They include

  1. The discontinuous
  2. The persistent

The discontinuous dredger burrows and excavates the heap while the persistent dredger burrows consistently, raising and also transporting the dredged materials at the same time.

Types Of Dredgers To Go For

If you wish to buy dredger in Nigeria, go for the types manufactured by IHC as well as ELLICOT. There are more solid, sturdy and durable, although a bit expensive. China-made dredgers are not very strong, although less expensive.

Types Of Dredging Businesses To Do

There is hardly a part of Nigeria where dredging business does not thrive. However, the riverine areas have more market for the business. however, dredging business in Nigeria may be dissected into the following parts or classification systems:

  1. Class A —Dredging Firms only
  2. Class B — for Only Dredging and sand dealer as well as;
  3. Class C – Manual dredgers as alone

Class A – Dredging Firms Only

  1. Application for dredging routed to the Honorable Commissioner Ministry of Waterfront Infrastructure Development.
  2. Installment of the use charge of N50,000 [fifty thousand Naira only] Provides point by point depiction of proposed dredging area.
  3. Provision of the Environmental Impact Analysis Report.
  4. Provide Hydrographic review.
  5. Bathymetric review of the proposed area.
  6. Duplicates of current duty freedom authentication.
  7. An endorsement will be liable to the installment of the accompanying charges:

(an) (i) Payment of the total of N1,000,000.00 (One million Naira) per annum.

(ii) Proof of Ownership or Access to Portable Barges

(b) (i) Payment of the total of N750,000.00 (Seven Hundred and fifty thousand Naira) per annum

(c) (i) Payment of the entirety of N500,000.00 (Five Hundred Thousand Naira) per annum.

Classification B – Dredging/Sand Sellers Only

  1. Application for dredging routed to the Honorable Commissioner, Ministry of Waterfront Infrastructure Development.
  2. Installment of utilization expense of N50,000.00 [Bank Draft] Provide point by point portrayal of proposed dredging area.
  3. Provide the Environmental Impact Analysis report.
  4. Provide hydrographic study.
  5. Bathymetric study of the proposed area.
  6. Duplicates of current expense leeway authentication.
  7. An endorsement will be liable to the installment of the aggregate of the accompanying expenses.

(i) installment of the entirety of N1, 000,000.00[One million Naira].

(ii) Proof of possession or access to convenient freight boats

(b) Payment of the entirety of N750,000:00 (Seven Hundred and fifty thousand Naira) per annum.

(c) Payment of the entirety of N500,000:00 (Five Hundred Thousand Naira) per annum.

Classification C – Manual dredgers as it were

  1. Application for dredging routed to the Honorable Commissioner, Ministry of Waterfront Infrastructure Development.
  2. Installment of utilization expense of N50,000.00 [Bank Draft] Provide point by point portrayal of proposed dredging area.
  3. Verification of responsibility for Edge review and Ecological Impact Analysis (EIA).
  4. Provide an account of dredging procedure to be embraced.

The endorsement will be subjected to the installment of the accompanying expenses:

(i) Payment of the total of N200, 000:00 (Two Hundred Thousand Naira) per annum.

(ii) Proof of access to Portable Barges.

(iii) Payment of the total of N100, 000:00 [One Hundred Thousand Naira) per annum.

(c) Payment of the total of N50, 000:00 (Fifty Thousand Naira) per annum.

 

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20 Lucrative Small Businesses In Nigeria You Can Start Now

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Small businesses have always existed in Nigeria and are commonly operated in the streets. These businesses have catered to the immediate needs of many as they are easily accessible, hence the increase in the number of small business owners in the country. For many who are having a hard time deciding which to invest in, the list below will be of great help.

20 Lucrative Small Businesses In Nigeria You Can Start Now

20 Lucrative Small Businesses In Nigeria You Can Start Now

1.      POULTRY FARMING:

In Nigeria today, the amount of protein consumed daily is unimaginable, this makes poultry farming a very profitable business to invest in.  Poultry products like eggs, birds are consumed on a daily basis in homes, restaurant businesses etc. Therefore, investing in this business has a good margin for profitability and the best part is that you can start small.

2.      FISH FARMING:

For fish farming, you will need to equip yourself with the right information on how to properly build a fish farm so as to avoid losses. Types of equipment needed are fish ponds, a good supply of water and good drainage system before you proceed to get your fingerlings which will be nursed into the mature fish.

3.      SNAIL REARING:

Snail rearing is another business you can venture into. It requires less capital and snails reproduce at a fast rate. Snails can be reared in homes as they do not smell and are also in high demand in Nigeria.

4.      CROP FARMING:

There are many things that can be done with an unused land and one of them is crop farming. This can be done either on a small scale or on a commercial scale. The population in Nigeria makes farming a profitable investment. Rice, Cassava, yams, maize and vegetables are examples of crops that can be planted because they are in constant demand.

5.      RESTAURANTS:

Restaurants will continue to exist since not everyone can afford to patronize fast foods. As food is an essential for everyone, this business has a tendency to thrive. Bearing in mind that it is accompanied by its own unique stress but with good hands, this can be managed.

6.      CATERING:

Catering is also centered on food. Caterers exist because not everyone has the time to prepare meals for their events. This business is usually done on a contract basis and when handled with professionalism promises lifetime customers irrespective of how much you charge.

7.      CAR WASH:

The basic needs of this business are a very accessible location, a good supply of water, car washing equipment and a good support team.

8.     LAUNDRY SERVICES:

To run my service, you will need a reliable source of electricity supply and other equipment like a washing machine, dryer and pressing irons.

The ability to satisfy your clients will determine how much profits you can turn in.

9.      SOAP MAKING:

Just like food, soap is also in high demand in homes, offices, etc. Get the right knowledge, equipment, excellent packaging and strategic marketing, and you are all set.

10. HAIR AND BEAUTY SALONS:

As long as there are people, there will be salons. Everyone desires to look good and this boost the hair and beauty business. Acquire the skill, set up your shop and let people know about your business.

11. TAILORING AND FASHION DESIGN:

Fashion design requires skill and creativity. You can start small and build your brand with time. Build good relationships with your clients, offer quality service and this can earn you referrals as well as return customers.

12. SALE OF SECOND ITEMS:

Majority of the population in Nigeria buy second-hand clothes, shoes, curtains,  bed sheets etc. which makes this business a very profitable one. You can start with a bale and expand with time.

13. EVENT PLANNING:

Every event requires a planner either professionally or not. Event planners help ease the stress on the client by coordinating events from start to finish. With the right information, software and expertise you can build a good reputation as an event planner.

14. SALE OF ICE BLOCKS:

For areas where the power supply is low, ice block business is a good source of income. Ice blocks are needed on a daily basis by sellers of drinks.

15. TUTORING:

With the current emphasis on vocational training, Parents are in need of tutors to coach their children in subjects and arts like acting, dancing, singing and creative writing. This is an opportunity for everyone with these skills to earn money while instilling knowledge.

16. PARTY EQUIPMENT RENTALS:

This business is capital intensive as you will need to acquire the materials like canopies, chairs, drums etc. This business can be run from the comfort of your home.

17. SUPPLYING AND SALE OF FIREWOOD:

On a daily basis, firewood is used in Nigeria, either by caterers, restaurant business owners etc. Starting a firewood supply business can yield you good profits.

18. SNACKS AND COCKTAILS:

Little drops they say makes a mighty ocean, you can make snacks like puff-puff, bread, cake, meat pie etc. with drinks like zobo and pineapple drink for sale in areas like schools, offices etc. and earn some money daily.

19. OFFICE SUPPLIES:

For workers who are unable to shop for their office needs, you can be the middleman bringing their needs to their doorstep at fair prices.

20. WEBSITE DESIGNING:

Many businesses are moving with the tide and going digital which has led to a demand for web designers. You can acquire the skill and source for clients in need of this service. The internet is a good place to start.

Welcome on board to entrepreneur.ng

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20 Hot Tips to Get More Customers To Patronize Your Business

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If truly you need more client or customers then se this article to get our 20 Hot Tips to Get More Customers To Patronize Your Business. Just as it applies in the normal human scenario and in natural settings in general, it is only realistic for business to experience significant growth over a given period of time. Any business that does not grow is stagnant and in no distant date nor time, will see the exit door. Growth is essential for every business enterprise to thrive. There are variety of ways to achieve growth in a business and these are outlined below

Getting more customers to patronize your business has never been an easy task. But with the right tools, procedures and tips, you can achieve this in a very easy way. Of course, patronage is the life wire of any business, and in order to make any significant profit or remain in the business, the need for more patronage from a large pool of customers cannot be overemphasized.

For any business to remain significant and pull-in the much-needed revenue, it is necessary to get more people, especially new clients to patronize the business. To achieve this, therefore, it is necessary to know the cardinal steps to take in realizing continuous patronage.

In this discussion, therefore, I will be looking at about 20 hot tips which you can deploy to help you get more clients/customers to patronize your business and grow it within a very short time.

20 Hot Tips to Get More Customers To Patronize Your Business

20 Hot Tips to Get More Customers To Patronize Your Business

1.      Hire the Best Staff for Your Business

To grow your business you need the right team with good workable ideas on how to help grow your business. You should hire capable hands who can manage your resources effectively to get customers.

2.      Treat Your Staff Well

It is not enough to hire good staff, always seek out ways to reward, inspire and encourage them with incentives like cash, holidays, promotion, job enlargement, transfer to other departments, training, International travel, etc. This way you are certain that they will render good service to your customers.

3.      Chose a Good Business Location

A good business location guarantees easy access to customers. The location will either give your customers a positive or negative experience. Also, take note of the facilities available for your customers’ convenience.

4.      Close Substitutes for Products or Services

As much as possible try to have everything your customers need in your business, customers love the idea of a one-stop business where they can get the options for things they want.

5.      Quality Products and Discounts

Customers want good value for their money. Give customers excellent products at good prices and discounts and they will revisit your business daily.

6.      Identify Your Customers

All businesses have a specific niche they target. They do not serve everybody, you can grow your customer base by reaching out to your target audience, identify their needs and develop ways to better serve them.

7.      Good Management

A good management team helps to develop innovative ways to attract new customers while keeping old customers satisfied.

8.      Capitalize On Your Strength

Every business has a unique selling point, determine yours and capitalize on it. Market your strengths.

9.      Exceptional Customer Service

Good customer service is needed for any business to grow. Even if your products are top quality, with bad customer service you can perform below-expected results. Get feedback from customers and develop ways to serve them better.

10. Do After Sales Enquiry

Develop a strategy to get feedback from your customers to know or rate their satisfaction level of your product or service. You can contact customers personally to show how much you care.

11. Reward

Customers like to feel appreciated for their loyalty to your brand. You can organize a get-together, an award ceremony or an end of year party to show appreciation to these customers. Ensure you praise them and ask for referrals.

12.

Marketing Campaign

Networking with Industry Influencers

Networking is also a necessity to grow your business, connect with big game players in the industry. That way you can build relationships with them which will foster recommendations for your business.

13. Diversify

The variety they say is the spice of life. Diversity gives your customers the impression that they have choices to choose from when they patronize you.

14. Ask Customers to refer Clients to You.

Referrals are necessary for a startup to grow. Therefore, you can ask satisfied customers to refer clients to you.

15. Marketing Campaign

Marketing Campaigns can be used to create awareness if your brand in the minds of customers. You can do this on your business website using digital marketing strategies.

16. Social Media

Take advantage of social media to advertise your business, use bulk SMS, YouTube videos, Podcasts, Google AdWords, etc to connect with customers. You can also launch a marketing campaign using digital media.

17. Buy Smaller Companies

As your business grows and becomes more profitable, you can seize opportunities to acquire smaller companies in the same sectors as you. That way you can expand your customer base.

18. Technology

In Nigeria, technology has become an essential part of every business. Technology can be used to effectively produce and manage large orders for your products or services.

19. Use Freebies and Incentives:

Freebies have always worked as a powerful marketing tool to attract customers to your business.

dont waste time, this is going to help you and your friends, why not share with them now.

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