Connect with us

How To

How To Approach Investors For Funding: The Best Tips For You

Avatar

Published

on

approach investors for funding

How To Approach Investors For Funding: The Best Tips For You

approach investors for funding

There are smart and effective ways for you to approach investors for funding your startup or business venture. When you are in search of capital to fund your business, it is always natural for you to want it done as fast as possible. However, identifying and approaching the right investor needs proper planning and process. Sending quick emails to dozens of investors will be counterproductive. 

Also read: How to build your business from scratch

You need to know that the average investor receives tens of pitches each month regarding business funding proposals. There are effective ways to approach investors for funding, and you need to understand how it works. Over the years, in my experience in the business environment, there are four proven means to get this done. Now, let us get down to business and consider these effective tips on the best ways to approach investors for funding. 

Smart Ways To Approach Investors For Funding

  •      Ensure you get introduced by a trusted source

You don’t rashly walk up to an investor that you haven’t had a business transaction in the past and start seeking for funding. Before you approach any investor for funding, you need to do your homework on the investor. Identify who holds the most potent sway on the investor that you seek funds from. You can go through the person that has brought good deals to the investor in the past. 

Successful and savvy entrepreneurs create ample time to do their due diligence on possible connections. These entrepreneurs also ask critical questions regarding the connector for the introduction. You should avoid getting referrals from another investor. Any time an investor gets a referral from another investor, the first question is always, “are you investing?” As an intelligent entrepreneur, you need the answer that will be in favor of your goal and not against it.

When the investor making the introduction has a different investment focus than your business, and there is a reasonable answer to why he is not investing, it wouldn’t hurt your target fund. 

  •      Develop and build a relationship over time

It will be very good to build a quality relationship with the investor over time. When you don’t have a strong network to provide an introduction from a strong source, building the relationship becomes your best option. To approach investors for funding is never a stroll in the park; you need to have your game plan well laid out. You can devote time to follow the investor on the different social media platforms and make meaningful comments on their posts. 

Also read: How to avoid bad debts in a business 

  •      Seek for advice first, before money

Most times, investors are not looking to write you a check straight away, so you need to get close first. You should start with soliciting for advice on a specific matter like best marketing and sales strategy, business model, target market approach, etc. Go back and execute on the investor’s response ad ensure that you show appreciation for the guidance. 

  •      Be personal with your approach 

The number one rule on how to approach investors for funding is to target only the investors that your business fits into their specific area of focus. If this is not the case, you will certainly be wasting your precious time as well as these investors. Before you approach an angel investor or venture capitalist, make out time to study their investment portfolio. Whenever you reach out, ensure to be very specific in your approach. Make sure that you perfectly understand your potential investor’s area of interest, vision, etc. 

Conclusion 

It takes a great deal of patience and preparation to seek funds from investors and venture capitalists. You need to understand that there is no shortcut here; everything must be done accordingly before you can achieve the result. With these highlighted tips on how to approach investors for funding, you can now prepare very well before seeking funds.

I would love o hear your thoughts on this topic, so kindly make use of the comment box provided below.

 

Comments

comments

Visionary, and Passionate entrepreneur who believes that greatness lies not in what you see, rather, it depends majorly on how you see. I'm that diligent and determined guy that sees things very differently. Let's make a difference people.

How To

How To Apply Or Renew Your Nigerian Driver’s License Online

Avatar

Published

on

How to Apply and Renew Driver’s License in Nigeri

Looking for how to apply and renew Nigerian Driver’s License? This guide can and will help you!

First, let’s dig into some history. It’s important.

You see, in 1988, the Federal Government of Nigeria decided that for the sole purpose of the prevention of accident and insurance of safety for motorists, an agency should be established. That is how and why the Federal Road Safety Commission was established that year together with the Federal Road Safety Corps (FRSC). While the Commission concentrated and still concentrates on policy-making for the agency, the Corps is responsible for operations and for implementing the Commission’s decisions in the country.

How to Apply and Renew Driver’s License in Nigeri

How to Apply and Renew Nigerian Driver’s License: Sample of Nigerian Driver’s License

So, What is A Driver’s License and Why is it Necessary to Have One?

The driver’s license is a legal document that empowers anyone who is fit to drive to do so without embarrassment, harassment and/or intimidation.

In Nigeria, this document is issued by the federal government of Nigeria and with it citizens and non-citizens of Nigeria are empowered to drive around the country without restraints. Because of cases of accidents especially due to age, behaviour, and vision-related problems in the country, in 2012, the Federal Road Safety Commission (FRSC) launched a new commercial driver’s license which requires that drivers undergo a mandatory medical examination and get certificates before they can be issued a Driver’s License in the country.

Also, prior to the year 2016, drivers and motorists would have to renew their Driver’s License every three years. However, The Federal Government in 2016 decided that Nigerian Driver’s License should have a five-year expiry tenor, before renewal. That, I think is a welcome development for motorists in Nigeria.

You must be up to 18 years before you can qualify to own a Nigerian Driver’s License. Even at that, you must first undergo training at an accredited driving school in Nigeria and certified fit to drive on Nigerian roads before you would be issued a Nigerian Driver’s License.

Obtaining New Driver’s License

Before obtaining a driver’s license, there are step-by-step procedures you must undergo which are as follows;

  • Step 1: The applicant is to complete an application form that he or she also dates and signs.
  • Step 2 : The applicant must provide a signature on a signature mandatory card, which is then scanned into a database and displayed on the driver’s license.
  • Step 3: The applicant must provide two passport photographs that will also be scanned into the database and displayed on the driver’s license.
  • Step 4: Payment: The applicant is to pay “the cashing office” a processing fee of 3,250 Nigerian naira (NGN) in cash or by a bank draft.
  • Step 5: Applicant must provide proof of his or her identity or name by producing an international passport, a copy of which must be provided to the licensing office, or providing a birth certificate or sworn declaration of age or affidavit. The declaration of age or affidavit must be sworn before a court by a family member.
  • Step 6: The applicant must also provide proof that he or she can operate a motor vehicle (ibid.), i.e., proof of a written driving test and proof that he or she has passed a road test from a government-approved driving school which will be verified by a licensing officer
  • Step 7: The driver’s license is mailed to the applicant’s residential or chose mailing address once the application has been processed and the documents verified.
  • Step 8: An applicant can also obtain a license from a state in which he is not a resident. He explained the process by saying that sometimes applicants will receive a driver’s license from a different state than the one from which they applied because of the high volume of applications in the first state.
  • Step 9: The applicant is issued a temporary driver’s license that will last for the duration of 60 days.
  • Step 10: Applicants are then expected to obtain their driver’s license at the end of 60 days.

You can get more information by logging onto https://www.nigeriadriverslicence.org/index.php

Driver’s License Renewal Step-by-Step Procedure

The applicant does not have to go through a driving test before renewing his/her driver’s license. Just follow the steps below:

  • Step 1: The applicant is to go https://www.nigeriadriverslicence.org,which is the official website for driver’s license obtaining and renewal in Nigeria
  • Step 2: The applicant is to navigate to where you see ‘driver’s license renewal’ and click on it, after it loads you should see a form that requires you to fill your birthdate and your expired driver’s license number. After filling this form accurately, you would be able to access and fill the application form.
  • Step 3: The applicant should visit any of the designated banks to make payments for the license, he/she can also make the payments via the online platforms.
  • Step 4: The application form along with the printed receipts should be presented to the drivers licensing center.
  • Step 5: The applicant should visit the nearest safety office to get their biometric data captured.
  • Step 6: The applicant would get a temporary license valid for only 60 days.

The official fee for the renewal of Nigerian Driver’s License is N6,000 but could cost up to N12,000, N15,000 or even more due to how things are done in Nigeria (Corruption!).

Summary & Conclusion

Just to remind you the process, here are the steps you have to follow to get a new Driver’s License or renew your expired Driver’s License in Nigeria:

  • Step 1: This is the first step in renewing a driver’s license. The applicant is to visit https://www.nigeriadriverslicence.org to apply. Here he/she would fill out the required fields and then print out the form as well as the payment slip.
  • Step 2: The applicant should visit any designated bank to pay the license fee. This fee can also be paid online
  • Step 3: The applicant is to present the form printed earlier to the Board of Internal Revenue Officer or VIO
  • Step 4: After this the applicant can now proceed to the Federal Road Safety Corps Officer at the DLC for Biometric Data Capturing
  • Step 5: The applicant would obtain a temporary driver’s license that will be valid for 60 days.

Comments

comments

Continue Reading

How To

How To Create An Email Account In Nigeria – Gmail

Avatar

Published

on

Gmail logo, create an email account in Nigeria

Having a functional email account is very important in today’s digitalized world. There is virtually any form that you will fill online today without being asked to provide your email account. So, having an email account is a must.

Besides, an email account could serve as your cloud storage repository. Gmail for example, allows up to 15gb of storage for Google Account owners. Similar applies to Yahoo!, Mail.ru, Yandex mail, AOL, Rediffmail, Microsoft Outlook mail and other email clients.

Some email clients allow users to create and use their services for free like Gmail, Yahoo!, and Outlook. Others offer a paid email service. This means users would have to pay a fee to access and enjoy the features provided by these emailing companies.

Gmail logo, create an email account in Nigeria

Gmail logo

In this guide, I will be showing you step-by-step how to create a regular Gmail account which is free. You may want to upgrade to the subscription-based email service offered by Google known as G-Suit. This would give you more features than the regular Gmail service. However, you might not need these extra services if you are not planning to go into email marketing anytime soon.

Gmail is a web-based email service powered by Google. Today, you can access Gmail from a client website or from the Gmail App which you musts have installed on your mobile phone. With Gmail, you have up to 15gb of storage, all the major email facilities like “inbox”, “outbox”, “spam”, “trash”, and “All”.

Gmail also has a search bar on top of the portal to enable users search for information within their email quickly. Incoming messages in Gmail are sent to the proper directories to reflect the interest namely “Primary”, “Social” and “Promotions”. This allows the user to easily navigate to the incoming emails of best interest.

Having a Gmail account is easy and free insofar as you up to 13 years of age.

Requirements for Creating Email Account (Gmail) in Nigeria

Creating a Gmail account as a Nigerian or in Nigeria is not hard at all. It is a very simple process.

This is what you need:

  1. Your Full Names (must not necessarily be your full, correct names anyway)
  2. Your Nigerian phone number (this must be correct because Gmail may send a code to it to validate/authenticate your identity)
  3. A Premade Username or Email ID (this could be a nickname or a set of words/phrases that you wish your email address to bear. However, Gmail will provide you with a set of usernames or email ID to choose from if the one you premade or pre-composed is already taken)
  4. A Premade Password (like your username or email ID, you must have a password in mind which you wish to use to signin to your Gmail account after it’s been created)

Steps to Create Gmail Account in Nigeria

  1. Visit www.gmail.com
  2. click on sign up
  3. enter your first name and last name
  4. enter your username or email ID
  5. enter a password and confirm in the next column
  6. click on next
  7. enter your Nigerian mobile phone number and then allow Google send you a verification code
  8. enter the code sent to your phone in the space provided.
  9. click on sign up and then here is your account.

After successful Google Account sign up process, you will be automatically signed in to your Gmail account.

Congrats! You have successfully created your Gmail account and you now have an email address which you can use for all your online and offline activities.

Now, how do you access (login) to your Gmail account?

Gmail Login Process

To login to your Gmail account,

  1. Visit gmail.com or https://mail.google.com
  2. Enter your email address and click on next
  3. Enter your password and click on “sign in”.

That answers the question, how do I create an email account in Nigeria using Gmail.

Here, I covered what email account is, I mentioned the different types and modes of email accounts available and went ahead to spot Gmail as the preferred email account in Nigeria and a few pointers to this. This guide explained the sign up and signs in process for Gmail.

I hope the tutorial is clear. Let me have your views on this in the comments box below; I will not hesitate to provide further guidance where necessary.

Comments

comments

Continue Reading

Adertising

How to Start Advertising Business In Nigeria

Avatar

Published

on

What does it takes to start advertising business in Nigeria today? For me, it takes a careful understanding of how advertising business in Nigeria works. This starts with you the would-be Chief Executive Officer (CEO) of the company having a sound understanding of the workings of this business in and out.

Sound knowledge of the technicalities involved in advertising business in Nigeria, the cost, how to raise a team and their portfolios, how to get clients, etc. is a MUST if you must do well in this business.

One good way to acquire these skills is to become an intern at a functional and long-established advertising business in Nigeria. This would equip you with the nitty-gritty of this business; it will help you to understand the nature of this business, the pitfalls to avoid, and how to overcome these pitfalls if your agency falls into them accidentally.

Yes, you need this knowledge even if you choose to hire someone to manage this business for you. It is always important that you understand any business that you want to do very well before venturing into it.

But wait! I almost missed the most important point here. Did I explain what advertising is? No. Sorry. Let me explain.

So, What Is Advertising? What Does Staring A Successful Advertising Business in Nigeria Entail?

Advertising means communicating to people in the language that they understand. It is the science and art of speaking to reflect or reconfigure the mind of the target audience to accept what you are offering them.

To achieve this, you need to reach them at their level of understanding and advertise to them in tandem with their culture. This means that from idea conceptualization to production and then release of an advert, you must be clear in your message, keep it engaging, and entertaining. These will help you to achieve grand success in this business.

Advertising is more of psychology than philosophy. This is because advertising influences or changes the perception of the target audience to buy or subscribe to what you are offering. That is why you create the awareness in the first place –to sell an item or an idea to the public. Hence, it is very important that you properly understand your target market before setting out to advertiser create an advertising business.

To understand the business sense and ethics of advertising business, proper training is a must and this is what I mentioned earlier when I talked about going for internship. What follows this is a proper market research on Nigerian advertisement industry so that you understand the rules, the ethics and what sells here.

Steps to start advertising business in Nigeria

Steps to start advertising business in Nigeria

Steps To Start An advertising business In Nigeria

Acquire A Business Name For Your advertising business And Get It Registered

Acquiring a business name that resonates with your agency’s goals is important. This step is the first you have to take in the process of establishing your own advertising business. The name should clearly show your purpose and people should be able to figure out the services you offer with asking little or no questions.

After figuring out your business name, you have to get it registered. This business name must include Board of Directors one of which has to be an Advertising Practitioners Council of Nigeria (APCON) certified member.

The Advertising Practitioners Council of Nigeria (APCON) was established by the Advertising Practitioners Act No. 55 of 1988, as amended by Act No. 93 of 1992 and Act No. 116 of 1993 (now Advertising Practitioners Registration Act Cap A7 of 2004).

In a case where you already have a business name, you would still be able to add a new member with APCON certificate as a board of director, this step is very essential in approving your application through the registered government agency.

If you do not have this certification, it should not be seen as a setback owing to the fact that there are other ways to bypass this situation. What you need to do is explained below:

Get enrolled to get your diploma certifaction while you seek out an individual that already possess this certification, formally include him/her as a board of direction in the shares of the company. This solves your problem.

Have Suitable Budget For the Business

Capital is very essential for the success of any business. Although for startups, getting capital to start might seem to be a herculean task. Small ad agency can be a low-cost start-up since you primarily offer services rather than final products. But you would most likely need to get loans or investments. You can turn to two choices when faced with this challenge.

Banks – You file for a loan in the bank for a few months to a few years which will cover the cost of startup and even keep you running for the mean time.

Private Investors – There are people out there who want to make an investment in a business that looks promising. They can be friends, family or even other business owners. You should draw up a contract that clearly defines if they are just providing a loan or they are buying into the company. This will prevent problems in future.

Also getting freelance copywriters, graphic designers will help you reduce the overhead cost even further. As your business grows, you can get some in-house employees to offer you primary services.

Get the Essential Advertising Business Materials

We live in a technological world where almost any business needs to have an online presence. This is why you need to build a standard website for your business.

You should include your contact information on the website and also keep it updated. Hiring a professional to help with this task is your best bet, he would be in charge the hosting and maintenance of the site regularly.

You will need to get the following done, before starting your advertising business.

  • Gather media kits that list advertising rates, demographics and specs.
  • Make yourself known to sales representatives at the media outlets you plan to use regularly
  • Put together a portfolio of past work you have done in advertising, if you have been in the industry, this will be your selling point to your potential clients.

Here is a list other technological gadget you should consider getting:

  1. Computers
  2. Digital cameras
  3. Office Telephone
  4. Photo Scanners
  5. Printers

Other things you need include your company’s business card, stationery, tax certificate, high-speed internet service etc.

Business Management and Specialization

Management should encompass setting and policing of revenue and profit targets while also paying attention to the operational coordination skills which will drive the establishment to success

The advertising industry has a broad spectrum and you should be clear from the start where you want to specialize in. Specialization will make you more focused and thereby making your goals easier to accomplish. Here are some types of advertising:

  • Broadcasting
  • Outdoor
  • Print media
  • Online

Draw up A Business Plan For Your Ad Agency

This is one of the essentials for your business, you will need to make short- and long-term plans. This will assist you in securing loans and investment, it will also help you see a clear path that your business should follow.

You can pay someone to write a business plan for you, there are a couple of writers online willing to do this and should not cost much.

You can also consider writing it yourself, watching a couple of videos on how to do it or getting a template should do the trick.

Your business plan should include:

  • Executive summary
  • A clear description of your business
  • Profitability projections
  • Operations plan
  • Financial Plan
  • Market Analysis
  • Market demand
  • Competition analysis.

Join Advertising Industry Trade Associations

There are many Advertising Agencies in Nigeria most of which have been in the business for decades before yours. So, being a part of an association, or belonging to an Advertising Industry Trade Union holds its perks.

It allows you to be constantly involved in what is going on in the industry, with the association holding regular meetings and seminars to keep you up to date. It will also create an avenue where you can brainstorm with like minded people and get new ideas on how to run your own agency.

Source Clients For Your Advertising Business

Having set up all the essentials for your ad agency, you need clients to stay in business. This requires employing certain strategies that will help you attract the right kind of audience to your agency. Start by creating a list of business you want to work with.

You should make sure your website is well groomed and presents a good online presence for your brand. Create some social media pages to further extend your brand awareness and make people interested in what you do.

Make sure you include your contact details on your posts so people will be able to reach you easily.

Advertising mediums can also serve as a means to advertise your own agency. Running targeted ads will help you gather the right amount of audience that would be interested in what you offer.

It is essential for you to have a database of your prospective and existing clients. This will make it easier for you to send out quick advertising campaigns.

You should also make sure you keep adding new clients contact details to your data base. There are a bunch of online tools that can help you with this task.

Market The Business, Especially On The Internet!

We live in an internet age. Even though it is quite essential to have a physical office, not having an online presence for your business can set you at a really great disadvantage. With the internet boasting of over 4.6 billion members, on the internet especially the social media is where your business must be. Becoming a virtual online agency can be done in two ways;

The first involves having a web presence where you control the clients account and offer them superb customer service and account management.

Another way is to set up your website in such a way that enables the clients to be able to build their own ad campaigns. They would have the flexibility of choosing the media format, frequency and even the budget. After this is done, you can now start managing the account on their behalf. However, this second method involves a lot of website programming and database management.

Conclusion

Starting and growing an advertising business in Nigeria is one that is more than just good concepts and ideas. This is because of a lot of complexities it involved. Meaning you really need a certain level of experience before you can perform well in this industry.

It is good to start small, choosing to specialize in a part of advertising which is very lucrative but many has seemed to ignore. An example is the digital advertising arm.

Regularly updating yourself with what is going on in the advertising industry will keep you in the game. Subscribe to trade publications that are targeted towards ad agencies. Attend conferences and seminars in advertising and related fields, this will give you opportunity to expand your network and see new trends in the industry.

Comments

comments

Continue Reading

Trending