Author Archives: Chinedu David

Chinedu David Visit Website
About The Author: Chinedu David An inspiring writer with several years of experience in journalism, consulting and training. Worked with Success Digest magazine for over a decade. Founded MyStore - an online store in 2013. Trained several startup entrepreneurs in telecom sector, LPG (oil & gas), and on Cryptocurrency investment. A born again christian, who's committed to spreading the gospel of Jesus Christ with passion. Drop a comment below and he will respond to your query. He can also be reached via email: nedu@myblog.com.ng or Call/Text/WhatsApp: 07087770518
Business Management

21 Reasons Businesses Fail In Nigeria

Reasons Businesses Fail In Nigeria

Businesses don’t just fail. Some things are responsible for such failures. In Nigeria, I have reviewed some of the reasons businesses fail and what you can do to prevent your own business from failing this year.

Investopedia also listed 6 reasons new businesses fail in a report on its site. While those 6 are valid, this post explores many more reasons, which are also peculiar to Nigerian businesses – whether they are startups or existing businesses.

The idea of Reasons businesses fail is to create watch lists for entrepreneurs who are looking to grow their business can avoid. Most of what causes businesses to fail are in the businesses itself. They could be what should have been done or not to have been done.

This report would seek to explore these watch lists, explaining how they could impact negatively on your business, and what you could do to prevent those negative outcomes.

✅ Understand Reasons Business Fail

Sometimes there’s erroneous belief that once a business is successful it can never fail again. Those perceptions are fallacy. One should think about Nokia phones and relive their experience. Nokia was leading the mobile phone industry, but all of a sudden it vanished and lost all of its market.

Successful businesses can fail. Business failure can happen at any time in the life of a business. Even when sales seems to be increasing, it may nor be so for your repeat sales volume.

If the business is failing to retain existing customers, it won’t be long before potential customers starts seeing the same problem.

It’s not only unsuccessful businesses that fail. A business can fail at any level. But it’s within your power to quickly identify those signs that’s pushing your business into failure.

✅ Understanding Business Growth

The idea of starting any business is so that it would grow. But sometimes, growth can be deceptive. It’s not all growing business that is growing to be successful. Some growth are just trends that would fade out with time.

Any business that’s not built on a long term human problem would eventually fail – unless it changes its direction towards something else along the line of business.

Growth can be exhausted. Some kind of growth can also be a sign of an end. That’s why some businesses fail even when they seem to be doing well at the time. You have to understand what kind of growth your business is experiencing. Because failure is often found in growing businesses.

If you are wondering what could cause business to fail, here’s a list of my pick below, and you can add yours in the comment section as well:

🔹️No Business Plan
🔹️No Marketing Plan
🔹️Not Understanding Your Real Business
🔹️No Adequate Experience
🔹️No Proper Funding
🔹️Low Customer Retention
🔹️Hiring the Wrong People
🔹️Wrong Choice of Location
🔹️Targeting the Wrong Customers
🔹️Using Social Media Wrongly
🔹️Not Understanding Your Best Marketing Channel
🔹️Not Managing Cashflow Properly
🔹️Too Much Overhead Cost
🔹️Not Having Appealing Brand Image
🔹️Poor Quality Products or Services
🔹️Over Pricing and Under Pricing
🔹️Bad Customer Reviews
🔹️Selling With Fraudulent Intent
🔹️No Customer Support
🔹️Bad Service Delivery
🔹️Using Wrong Data

✅ No Business Plan

A lot of Nigerian businesses overlook writing a business plan when starting their business. Maybe because they don’t seem to understand the most important reason for writing a business plan.

However, for those who had a business plan, it’s mostly outsourced to a consultant. That in itself is equally not good enough. While the purpose of business plan is to give direction to your business idea, it also conveys the spirit of the business.

If you must outsource it, let it just be the writing of it and not the concept and direction of your business.

Moreover, it’s a great business sin not to write a business plan when starting your business. It doesn’t matter how small the business is – every business needs a plan to give it the best direction possible.

Failure to do so means you have a business without direction – and starting out without proper direction is prone to failure. Not having a business plan is in itself a plan to fail.

✅ No Marketing Plan

The most important success factor of any business is marketing. Without marketing you don’t have a business. If you don’t plan your marketing you are not expecting any form of success in your business.

It’s either you are doing trial and error or you are just an ignorant startup. If you are hoping that customers would walk in to buy from you, then you have to position your business where customers can walk in and buy.

But if your marketing strategy is not to target walk in customers, which in itself is a marketing plan, you need to plan how you intend to market your business to potential customers.

✅ Not Understanding Your Real Business

One of the biggest mistakes for most startups is not understanding their real business. I want you to do a brain game. If you are sick, where do you go to? When you are hungry where do you go?

You must be able understand your business like this. If you don’t understand your real business you will be trying to sell to the wrong customers – and they won’t be interested in your offer.

Another scenario for a brain game is this – What’s the business of a hotel? A hotel primary business is to provide hospitality. If your hotel is not competing to provide customers with hospitality services, then that hotel doesn’t understand it’s real business.

If a startup or any business fails to understand what it’s real business is, it’s a business likely to fail.

✅ Not Defining Your Business Properly

If you understand what your real business is, you are now able to define it properly to your target customers. You will be able to use the right words to attract the right customers. You will see what your competitors may not be seeing in your industry. It will Position to think ahead, plan ahead and introduce futuristic products that beats any competition.

This is so important because every business has a niche. The clearer you can define what niche you are serving the easier for customers who needs you can identify your business in the midst of the crowdsourcing market.

But, if you can’t define your business, it’s left for each customer to try to guess what your business represents. And that could cost you more customers and might likely cause your business to fail.

✅ No Adequate Experience

Experience is the best teacher, but most startups lack this very vital ingredients that could make their business very successful.

If you study the Igbo traders in Nigeria, one thing that distinguished them from other tribes is their apprenticeship program. This program helps to groom successful entrepreneurs . The success of this apprenticeship program has been a case study in Harvard.

You need the right experience in any business you want to engage in. If the Igbo’s could employ apprenticeship in common buying and selling business, there’s no business that doesn’t require apprenticeship.

If you lack the right experience it’s might eventually cost you time, money and success. Even if you appear to be doing well, little challenge can cause the business to fail.

✅ No Proper Funding

Money answers all things. Getting the right funding for your business is key to avoiding one of the pitfalls of business failures. The amount of funding available to a business can be directly responsible for its success.

Most startups lack this all important funding. They are either starting on a shoestring budget or struggling with low Cashflow. If your business lacks funding, it’s like lacking oxygen.

Get proper funding or you could be risking your business failing. It shouldn’t be too much or too little funding – non of it is good for your business. What you need is the right funding to be successful.

✅ Low Customer Retention

Customer is the life blood of any business. Businesses exist for customers. Without customers you cannot have a business. So, you have to do everything possible, not only to win more customers but to retain existing customers.

If your customer retention level is low, your business is at the risk of failing. You have to watch how many customers you are retaining. It’s more important than how many customers you are wining.

You can say your customer retention level is good if your repeat sales is growing. If your customers don’t come back to patronize you, check what you are offering, and what your competitors are doing better than you.

✅ Hiring the Wrong People

Some people don’t deserve to work for you. It doesn’t matter whether they are family members or friends. Your business should have employee handbook that defines the roles, qualifications and character of the people you employ.

Three things that must define your employees are experience, intelligence and character. Note that educational qualification wasn’t part of the three. If the person is not experienced they make a lot of mistakes. If they are not intelligence they lack ability to make good judgments. Without character they chase away valuable customers and partnerships.

If you already have people working for you, revaluate them by these three factors. It may be time to fire and hire new workers.

Don’t allow your employees destroy your business. And if you have these three factors as your hiring watch word, it protects you from favoritism and wrong hiring.

✅ Wrong Choice of Location

Every business is based on location. Even an online business deals with location. If you ignore location choice in your business, you will be missing the target. Target-less marketing is easy road to failure.

Location helps you identify the right customers for your business and focus your marketing to eliminate waste and increase ROI per CAC (customer acquisition cost). If you have higher CAC its either increasing the cost of your product or service – or it’s decreasing the revenue of your business.

Don’t take location for granted. Businesses fail because they ignore the importance of location to their business. There are markets in Nigeria that are known for selling certain products. Those who sell or buy those kind of products go to those markets.

If you locate outside those markets, you will be missing out of very important customer based – especially if you sell in bulk.

✅ Targeting the Wrong Customers

Your product is not meant for everyone. To think that anyone would buy from you is an expensive error in marketing. It’s not everyone that needs your product. Your business should have a niche market.

If you try selling to everyone you will be wasting your marketing resources and getting little or no results. This mistake is what makes businesses fail. The wrong customers won’t patronize your business.

Identify who your customers are and focus mainly on them. That would help you save cost, and also reach out to mainly those who are more likely to buy from you. While saving you from those who may like your product but may never buy because they may never need them.

Your target customers are only those who have immediate problem your business is providing solution for – and who are also willing to pay for it

✅ Using Social Media Wrongly

You can use social media wrongly. That would cost you a lot too. The reason for social media is to engage with your customers, and not really for advertising. That’s not to mean you can’t advertise on social media. But you should advertise the right way too.

Learn to explore social media marketing the right way. The powerful nature of social media helps you warm yourself into the hearts of your customers. If you do it well. It’s stronger and more effective than even advertising.

Many startups fail to explore this advantage and it’s costing them so much. And if you use social media wrongly it has its adverse effects, which including helping to fuel customers rejection that causes your business failure.

✅ Not Understanding Your Best Marketing Channel

Advertising is important to the success of your business, but you have to understand the best channels for your business. There are different types of marketing strategy that works that you can apply.

If you understand what works best for your business it’s better and would be more cost effective. It can also effect your business wrongly if you are expending resources on the wrong marketing channel.

How to know the wrong marketing channel is if the result is not commiserate to the kind of cost you are expending on a marketing channel. You have to identify what channels are giving you the most result at a reasonable cost.

✅ Not Managing Cashflow Properly

Cashflow is an integral part of business success. You must handle your Cashflow well. A healthy Cashflow means your business is healthy. And it’s vice versa.

Cashflow can be negative or positive. For someone who doesn’t understand Cashflow – it means how money comes in and goes out of your business. A record of how much goes out of your business for what purpose, should be followed by how Much comes in.

If Cashflow is not managed properly your business is at a risk of failing. Most companies fail because the money is flowing out into things that doesn’t support the growth of the business. If that’s your business situation, it’s bound to fail at some point – sooner than later.

✅ Too Much Overhead Cost

This one is directly related to Cashflow. But the reason I’m singling it out is because some startups tends to ignore it, especially if the Cashflow is seemingly healthy. They assume every overhead is part of the cost of business operation.

Some overhead cost could be too much and needs to be reduced. Being able to identify those overheads costs and cutting them down can save your business from failing. But where they were not discovered, a business can continue until these costs destroys the business.

✅ Not Having Appealing Brand Image

Image is everything. The kind of impression you create about your business has a way of attracting the right customer base to it. If your brand image is appealing to the target customers, they will not only patronize you but also refer you to their network.

If the brand image is not appealing, it might only be attractive to the wrong customer base. Your brand image tells your business story in a way nothing else can. If the story it tells is bad the result will be bad for your business.

Also, an appealing brand may lose its appeal over time. You have to constantly reappraise your brand appeal and reposition to trends driving your market.

✅ Poor Quality Products or Services

A Japanese proverb says – good thinking, good product. If the thinking is right, it will necessarily produce good product, which will equally attract good customers. We can say, good thinking will produce good products that good customers would patronize.

In the same way, poor quality products is bad business. While some may get away with selling poor quality products for a while, the business eventually fails as more customers discovers the scam.

The real business growth lies is repeat sales. But where the product quality is poor, repeat sales is difficult.

✅ Over Pricing and Under Pricing

Sometimes it’s difficult for startups to properly price their products. A little overpriced or underpriced could hurt your business in ways you never imagined. Pricing product is an integral part of successful businesses.

However, the problem is not really about the over price or under price, but how you come up with the price. If you deliberately priced your products, then you are then prepared for customers reactions and inactions as well.

Not many businesses gets away with over priced products. It can only work if your product is high end and your target market is luxury goods customers. If you are dealing with mass market, over priced model will kill your business. Same way under priced model won’t help your revenue either.

✅ Bad Customer Reviews

Don’t do things that attracts bad customers review. A lot of buying decisions today are based on reviews. Like they would say, the Internet doesn’t forget. As online platforms provides avenues for documenting customers experience with your business, you should be careful what they are saying about your business.

I noticed that most businesses don’t take this seriously. You may not even know how much damage bad customer reviews are doing to your business. If you are offering any service that has online presence, always scan the net to know what customers might be saying about your business.

To erase bad reviews, try to create better reviews by creating better customer experience. Intentionally over pamper your customers and after a better service experience, ask them to write a review about their experience. If possible let be on the same platform you found bad reviews of your business.

However, don’t try manipulate customers to drop good reviews about your business. Rather, improve your service and let it speak for you.

✅ Selling With Fraudulent Intent

Don’t think people can’t read through your intentions. If you have a fraudulent mindset it will show in everything you do. It won’t be long before customers starts classifying you as dubious.

Words spreads faster than you can imagine. And before long people won’t like dealing with you. Businesses fail faster if the owner has a fraudulent mindset. If you are always thinking of ways to cut corners to make more profits, you have a fraudulent mindset.

There’s no way you can hide a fraudulent mindset for too long. It will always find a way to escape and find expression in what you do. And if you noticed that you have a fraudulent mindset, don’t try to deny it, rather create systems in your business that can help automate processes without your personal involvement or manipulations.

✅ No Customer Support

This one is a major problem with businesses in Nigeria. Support is never part of what they offer. Lack of customer support is a major reason most businesses never experienced repeat sales.

Customer support is not really about treating customers well but solving customers problems. They are two different things. If you solve problems customers will always return back to patronize you.

But if you don’t provide support, your customers will end up looking for solutions elsewhere and eventually find another business that provides same services as you. Each customer lost is additional revenue lost. More loses causes business failure.

✅ Bad Service Delivery

How your customers feel after transacting with your business can either be good, better, bad or worse. Choose your options wisely.

Most Nigerian startups fail for this singular reason. There services leave a bad taste for the customers. And most of them blame the economy and never get to know some of the reasons their business failed.

Although, part of the reason for bad or poor service delivery is hiring the wrong people. If you want to deliver better services, use the best in your industry. There’s a huge difference between an employee who works for the pay and one who works to be paid.

✅ Using Wrong Data

Businesses are built on authentic data. You need data to make realistic business projections and to perform effective marketing. Most startups are either not willing to pay for authentic data or ignorantly work with assumptions.

The easiest way for any business to fail is to work on wrong data. It will mess up your projections and mislead you in every way.

To avoid this, always hire the right consultants to do your work for you. Note that most of the information you find online are based on assumptions of the writer. Hiring a consultant that would conduct physical study when needed is a good investment. It will cost more but it’s ROI will far outweigh the cost.

✅ Conclusion

This list is to help you find what areas your business is lacking and how to correct them. I believe that anyone reading this article up to this point really wants to know how to stop the business from failing.

These are just symptoms. But it will help you diagnose the real problem in your business. Every symptom is a sign of a problem on the way. Dealing with the symptoms early would prevent the problem in the future.

You may also need a consultant to help you find better ways to protect your business from failing. Sometimes, you need someone else to take a look at how you do your business, to help you discover what you may have overlooked.

Read More
Training

How to Prevent Gas Explosion At Home

If you use cooking gas at home, you need to be safety conscious to prevent gas explosion. It’s not because using gas at home is that risky, but your negligence can put your home at risk. There are known causes of gas explosion at home, and most of it are caused by human negligence.

Cooking gas (LPG) is clean energy. It’s safe to use in homes that’s why it’s used as cooking gas. There’s really nothing to be afraid of with using cooking gas at home. Most of what people are concerned about are based on fear-theories.

For most reasons, cooking gas is safer and more efficient than kerosene or even wood. However, the causes of gas Explosion is gas leak. If there’s no gas leak, there won’t be any gas Explosion. Therefore, to prevent gas leak, the right safety checks should be followed, and it’s easy and simply to follow.

✅ Tips to Prevent Gas Explosion

When cooking at home with gas (LPG), you need to know your safety rules. It’s important you don’t operate in fear, as against having the right knowledge about cooking gas safety procedures.

Being afraid of cooking gas Explosion is unnecessary. There are known reasons gas can explode in your home. And the root cause is 100% preventable. If you can prevent gas Explosion at home, you shouldn’t be afraid of your safety.

So, you should expose yourself to understanding what causes it and how to prevent it from ever happening around you.

✅ The Nature of Cooking Gas

The very known challenge of cooking gas is in its gas nature. Gas is invincible. It’s difficult to detect the flow of a gas in the atmosphere. The only ways to detect the presence of gas in your home atmosphere is if it’s strong enough to irritate your nose and eyes – or you could perceive the odor.

Naturally, cooking gas is odorless. It doesn’t smell or have smell that can be easily detected. That’s why one of it’s recommended production process is to add ethanol in cooking gas to give it a distinct odor that can be easily detected in the case of a leak.

However, some marketers still ignore this requirement and sell gas without the inclusion of ethanol. Although, the cost of gas which contains ethanol is costlier than those without ethanol. But with the lack of consumer awareness, marketers buy the cheaper option and still sale at the highest price possible.

✅ Main Cause of Gas Explosion

Gas explosions don’t just happen. It’s not a regular occurrence. You shouldn’t be scared about using gas at home. In fact, cooking gas is one of the fastest and safest cooking fuel.

If it’s not so, it won’t have been adopted all around the world as a global means of cooking. Also, note that the only major risk associated with cooking gas (LPG as liquify petroleum gas) is fire.

And cooking gas is not the only thing that can cause fire in the home. So, let’s isolate the real problem and show you both how it’s caused and how it can be prevented from ever happening at all.

Let us examine cooking gas and the remote possibility of gas Explosion. The only thing that can cause gas Explosion at home is gas leak. So, it’s only one problem you have to deal with. And it’s also very easy to prevent – which is to avoid gas leak.

However, not all gas leaks can cause explosion. The same way that not all explosions at home are caused by gas.

✅ Steps to Prevent Gas Explosion

The idea that you can be responsible for your own safety at home should excite you. It means that things can’t just happen by chance around you. If you put these safety checks in place, then it will be impossible for gas Explosion to ever occur in your home.

Have you not imagine why one of the safety recommendations for using cooking gas at home was never to buy fire extinguisher. But this requirements are placed in public buildings as safety rule. That’s because it’s actually easier to deal with gas leaks from a Cylinder without the aid of fire extinguisher.

Here are your best steps to preventing gas explosion in your home:

  • Buy only Ethanol base cooking gas
  • Avoid cheap and inferior gas cylinders
  • Test your Cylinder when due
  • Change your gas regulator or burner frequently
  • Always replace the rubber on your Cylinder head
  • Stop using the Cylinder once you could smell gas
  • Fix any suspected leaks immediately
  • Keep your Cylinder in a safe and airy spot

✅ Buy Only Ethanol Base Cooking Gas

Ethanol is required in gas to give it odor. Naturally cooking gas (LPG) is odorless. It can leak without detection. But the addition of ethanol adds odor to gas and help prevent undetected leaks.

You should constantly ask for cooking gas that has ethanol when buying gas at your Refill plant. Also, gas plants can take advantage of this to offer ethanol based cooking gas as a competitive edge.

✅ Avoid Cheap & Inferior Gas Cylinders

Cylinders are the best storage for gas at home. When buying cylinders, buy original ones for your safety. Avoid cheap and inferior cylinders. That the Cylinder is cheap against recommended brands should discourage you from buying it.

You should not put the safety of your family at risk for a cheaper price of Cylinder. Always buy known and durable brands. Unless your life is cheap then you can buy cheap cylinders.

Substandard Cylinder are more likely to leak easily or cause explosion, due to their poor and easily corrosive material they are made of. Most of these cheap cylinders are from china, being imported by unreasonable importers.

✅ Test Your Cylinder When Due

Not many people knew that their Cylinder can expire. And once it has expired it can constitute a danger in your home. Although, the due date of a Cylinder doesn’t necessary mean expiring date. It’s a reminder for you to test your Cylinder to confirm its continuous usage date. It’s better to know when your Cylinder is no longer usable than risk Explosion in your home.

Moreover, gas plants should also be able to physically detect bad cylinders to seize and remove them from usage. Such cylinders can also endanger the plant and the owners home. As gas pressure can cause a bad Cylinder to explode – if the Cylinder is already weak and corrosive.

You can see this test date written on the body of your Cylinder. This date starts with A,B,C and D alphabets, and followed by 2 digit numbers like in this example (B-23). The 2 digits represent the year, while the alphabets represent quarters in a year. This date is marked on one of the sides collars of your Cylinder.

However, you need to understand what the alphabets stand for. Here’s how to read the date:

  • A – First Quarter (Jan-Mar)
  • B – Second Quarter (Apr-Jun)
  • C – Third Quarter (Jul-Sep)
  • D – Fourth Quarter (Oct-Dec)

Therefore, B-23 means your Cylinder due date for usability testing is by 2nd quarter of 2023. You should submit the Cylinder for testing at any of the gas plant closer to you. The tests are done free of charge at the gas plants.

✅ Change Your Gas Regulator or Burner Frequently

One other safety precaution to take is regarding your gas regulator or burner – if you are using camp gas cylinders. You have to check and replace these accessories regularly.

These gas accessories wear out with time. And it can cause gas leakage. It’s important that you check them and replace them. Avoid trying to manage them once you notice some wear and tear.

The burners being sold in the market now are easily corrosive and can leak gas if not replaced regularly. Other accessory you should consider changing often is the hose and clips. The hose can tear and causes leak. And should be changed at least once a year.

Also, if you keep your Cylinder outside of the house, always watch to ensure the hose has not been sabotaged or broken due to effects of weather condition.

✅ Regularly Replace Cylinder Head & Rubber

Not many people know that the head of your Cylinder needs replacement once in a while. Gas can leak from the Cylinder head undetected. You should regularly check the head to ensure it doesn’t have leakage.

Also, for those using regulator type cylinders, these a rubber usually inserted inside the Cylinder head. This rubber should be changed each time you go for gas Refill. This rubber helps to hold your regulator firmly and easily thin out due to pressure.

These simple but easily ignore safety checks are major causes of gas leaks at home.

✅ Fix Any Suspected Leak Immediately

Gas leak of any form shouldn’t be ignored. Once you notice any leak, take action immediately. It doesn’t matter when you noticed a gas leak, even if you are cooking, sto͏p immediately and switch off the gas cooker.

If you use ethanol based cooking gas the odor will help you notice easily if there’s leakage. But place priority on safety always when using cooking gas.

✅ Keep Your Cylinder in a Safe & Airy Spot

Safe keeping or location of your Cylinder in your home is equally important. Ventilation is important when using gas at home. If the house or kitchen is stuffy, it’s not safe to store your Cylinder there.

Make sure the Cylinder is kept in an airy place in the house. If you are the only one occupying the compound, or if the environment is safe without errant children, you may consider keeping the Cylinder outside of the house.

Air helps to dilute gas in a case of leakage. The air absorbs the gas and reduces the impact even if there is Explosion or fire. And if you store the Cylinder inside, when you notice gas leak, quickly open all the ventilation – like doors and windows to allow the gas to flow out. And avoid using naked light at this point, until you can confirm that the presence of gas has completely evaporated.

✅ Conclusion

Gas leak, fire or explosion at home doesn’t happen too easily. And the possibility of gas Explosion at home can be prevented from ever happening at all by keeping to these safety measures.

There’s nothing really to be afraid of with using cooking gas at home. Cooking gas is a clean and safe energy when used as directed. And if you follow these safety guide you will never have to worry about gas exploding in your home.

Finally, most of the causes of gas Explosion is man made errors. In Nigeria, we can be negligent sometimes – mostly dues to lack of funds. People tend to manage bad equipment because they cannot afford to replace them. But never do that with your cooking gas equipment.

Read More
Internet Marketing

Referral Marketing – How to Multiply Profits

Have you tried referral marketing? Marketing is the key to success for every business. If you are not promoting your business, it might not make any progress. Sometimes you may even be doing enough marketing but getting little or no results at a high cost.

A lot of businesses are struggling to win customers. Some even have good products but not enough customers to patronize them. If you are a startup, you probably experiences challenges in attracting more customers to your business.

However, the real problem with marketing is not the failure of marketing – but wrong marketing; especially if you have limited marketing funds. Your best marketing should be the one that wins you more customers at the least possible cost – or no cost at all.

So, what you need is a marketing strategy that’s both cost effective and result oriented. Let’s even look at one model that has proven to be the best solution for cost-free marketing.

✅ Understanding Referral Marketing for Beginners

Marketing for beginners can be complicated. They try to do so many different things that are either unproductive or causing them to struggle to sell. They end up wasting money and time. One of the key reasons many organizations are successful in marketing is because they can afford to hire the best marketers.

But for a small business, you probably can’t afford that. This lack on your part is what’s killing your business and not really the bad economy. The problem with the economy can mean low sales but not poor sales.

No matter how bad an economy is, people will always buy things. What changes is the strength of their purchasing power – or the more people that can afford your product or service frequently.

If your business is having poor sales you are about to get closed. It’s all a matter of time before you shut down. However, if it’s a problem of low sales, it’s a result of economic situation and you can sustain your business with low sales by cutting down on costs of transaction.

Low sales means you have the existing customer and the market to make more sales if the economic situations are alright. While poor sales shows you are doing everything wrong and haven’t gotten your marketing right. That’s to mean, you aren’t reaching the right customers for your business.

✅ Cost of Customer Acquisition

Another major problem with marketing is CAC. What’s your customer acquisition cost (CAC)? If you have been in retail business for a while you should be able to know how much it cost for you to win over a customer to your business. That’s if you have been using advertising.

CAC is the cost expended in the process of gaining new customers for your business. To get this calculation, divide your total marketing cost by the number of customers you have gained through marketing. The result is the cost of one customer in your business.

With this number in your head, how do you reduce CAC in your business? If cost of customer acquisition is high, it will increase the cost of your product, which may affect how many customers that can afford to patronize your business.

So, to gain more customers, your CAC must be the lowest possible. The less you can spend to win a customer the better.

✅ Why Marketing Is Challenging?

A lot of people are afraid of starting a business because they don’t know how to carry out effective marketing. And those who have businesses are constantly struggling over poor marketing results.

It’s either they are not doing it well, or the amount of capital they are investing in their marketing is not enough to create the kind of impact that would drive their marketing success.

Marketing requires huge funds, especially for startups. If well known brands still spend hundreds of millions in marketing annually, then a startup can’t survive without effective marketing.

You either market or die. But if you can’t afford to let your business die, I suggest you learn how to implement the best kind of marketing that works.

Here are key reasons why marketing is challenging:

  • If you are not a good marketer
  • If you don’t have the right marketing fund
  • If you don’t know the right marketing strategy for your business
  • If you don’t know the best platform to market your business

 

 

✅ What’s Referral Marketing?

Referral means reference – and it’s a method of recommending someone to another person or business. It’s another way of using networking. By referencing or recommending a business, or its products and services to others you are doing referral marketing.

However, people often do this for free, without any payments for their referral efforts. And people can do it even without anyone asking them. The news media has been doing Referral for businesses as they publish news relating to those business.

As a business there are several ways you can tap into referral marketing. To tap into Referral marketing you will need to define the following:

  • Who can refer my business?
  • How do I get them to refer my business?
  • Who are those in their network?
  • What’s the size of their network?
  • How much would it cost me per referral?

Starting a referral marketing could change the way you keep winning new customers to your business. It also changes the way you spend on advertising.

✅ How Referral Marketing Works

You haven’t understood Referral marketing until you understand how it really works. It actually takes several shades of marketing models. In Referral marketing you have network marketing, direct marketing, word of mouth marketing, content marketing, and viral marketing.

When you use referral marketing you are unleashing one of the most powerful marketing combination in one. It’s a marketing tool box that’s all encompassing. You cannot control how or what marketing mix your referrers might want to use in achieving their targets.

To refer customers, a referrer would require his network, engage with them directly or indirectly, share the message as content (audio, video, or images), and it goes from one person to another as the referrer reaches more people and those reached might also join the referral to refer others as well.

This kind of chain reaction is what makes referral marketing effective. You can have a thousand, hundreds of thousands, or even millions of self engaged marketers promoting and selling your business at no cost to you.

✅ Why Referral Marketing Works

The biggest advantage of Referral marketing is that you pay only when a customer successful patronized your business. That completely eliminates the need for marketing funds. And you can start Referral marketing anytime without delay.

Here are inexhaustible lists of reasons why Referral marketing always works:

  • You can hire the best marketers at no cost to you
  • No upfront marketing funds required
  • Anyone anywhere can join your marketing team
  • There’s no limit to how many marketers you can hire
  • Your customers are the ones paying the cost of marketing to them

In Referral marketing it’s a do it for me marketing. You don’t have to be a good marketer yourself. The real power of Referral marketing is multiplying your marketing efforts using large number of people to reach those around them. And each customer gets to pay for the marketing that helped them purchase your product.

✅ How to Use Referral Marketing

The good news about Referral marketing is that anyone can use it. It doesn’t matter how small, medium or large an organization is. The power of Referral can work for any size of business.

How to make referral work for you is the reason for this post. This post makes it possible for any business to master and use the art of referral marketing to its success.

To achieve this some vital aspects of Referral marketing system must be applied. A referral system requires a management software or website to help it coordinate the work of the referrers – to identify their marketing efforts and reward each marketer from the sales they have brought to your business.

That’s where most SMEs find it challenging to implore Referral marketing to grow their profits. What you need is explained here.

You will need a system that helps you:

  • Constantly Find and hire motivated marketers faster
  • Auto Manage their marketing efforts
  • Auto rewards their marketing efforts
  • Give new customers opportunity to become referral marketers
  • And repeat the process over time

If all of these processes are automated, any business can plug into such system and explore referral marketing at its best.

✅ Cost of Using Referral Marketing

If you properly analyze referral marketing, it actually cost nothing. Yes, I mean zero cost in marketing. The best way to understand Referral marketing cost is to review how referral marketing works.

No company in the world pays marketing cost. However, the difference when it comes to referral marketing is that you don’t even have to worry about marketing cost. If you are using other marketing models, you will need to make provision for marketing cost and recoup later from sales.

But Referral marketing doesn’t need marketing cost and won’t require to recoup marketing cost. You simply add your defined referral bonuses (or the marketing cost of the product and as customers order the products from your referral links they are paying both for the product and the cost of marketing it to them.

However, this cost is little because each customer pays just a fraction of the cost, depending on your marketing cost. So these are costs you have to factor in when planning your referral marketing model.

✅ Your Referral Marketing Plan

Even though Referral marketing is the most effective marketing there’s in the world, it’s been very difficult for small businesses, and even large businesses to implement effectively. That’s the reason many businesses, especially SMEs have ignored it over the years.

It requires a system to help you both in recruiting the referrers, managing and tracking their successful referral activities, paying out bonuses, and continuously implement this strategy over and over non stop.

This kind of plan requires a dedicated platform, built at a high cost, requiring continuous management, and payment system that is cost effective and reduces frequent support services. Or you can use a third party platform and pay transaction cost for using then platform.

✅ Conclusion

The biggest advantage of Referral marketing is being able to measure your results. You can accurately estimate how much markup to expend on marketing and what the outcomes would be.

You also enjoy the advantage of only paying for customers already won and not just customers reached. So, each customer gained through referral marketing completed the required expectations.

As a business, using referral marketing is one way of having never ending marketing plan. You never get to stop your marketing at anytime or for any reason. Marketing funds can never be a hindrance – because you are paying only when the referral efforts results to confirmed sales.

Read More
Training

Lesson 1: How Cryptocurrency Investment Work

What’s cryptocurrency investment? Cryptocurrency is money but a different kind of money. Unlike your dollar or naira that’s of stable value, Cryptocurrency can grow or decrease in value. However, the value is depended on factors of commerce like demand and supply – which makes it volatile and at the same time potentially more valuable than normal money.

Since both are money, let’s look at which of the money is better for you. Here are a few list of things to consider:

  • Control over your money
  • Future of your money
  • Value of your money
  • Investment of your money
  • Security of Your Money

✅ Crypto Lessons Table of Content

Before we continue, if you missed the introduction go back and go through it first. Here is the table of content to help you navigate through the entire course from any part of this lesson.

  1. ️INTRODUCTION – Learn Cryptocurrency Investment
  2. Lesson 1: How Cryptocurrency Investment Work
  3. Lesson 2: How to Setup Token Wallet Address
  4. Lesson 3: How to Claim Free Cryptocurrency
  5. Lesson 4: How to Trade Cryptocurrency
  6. Lesson 5: How to Pick Cryptocurrencies to Buy
  7. Lesson 6 How to Farm Cryptocurrency
  8. Lesson 7: How to Sell Cryptocurrency

So, this lesson and the other lessons will focus on teaching you WHAT TO DO. So much theory will be overlooked and the focus would be on practical. This lesson one is just to give you that familiarity as a first timer.

Among the things you will be learning in lesson 1, you will also get to understand the following:

  • What’s Coins and tokens
  • What’s a Smart contract
  • Different types of Blockchain network
  • What’s Crypto wallet
  • What’s Crypto exchanges

✅ Cryptocurrency Investment Versus Fiat Currency

Let’s start with giving you a clear view on Cryptocurrency as money, different from your normal or fiat currency. Fiat currencies are money issued and controlled by governments. An example is the US dollar and Nigerian naira.

Here’s what you should know about Cryptocurrency in comparison to fiat currency.

✅ Control Over Your Money

Let’s start with control of your money. One of the huge benefits you get with crypto is that you are in control of your money. No government has control over your crypto.

That’s why they don’t like crypto, because they can’t control your money. You don’t have control over your dollar or naira, the government does, and they can change the exchange rates as they want.

✅ Future of Your Money

Crypto is the future of money. As much as governments don’t like it, crypto will eventually take over the monetary systems of the world. The earlier you start growing your crypto money the better for you.

The reason for the high adoption of cryptocurrency, which of course would continue, regardless of government disagreements, is the fact that crypto value grows. If you have 10 crypto today and it’s worth $10, the value have the ability to increase or even decrease in the future. But that’s not possible with your normal or fiat currency.

✅ Value of Your Money

Let’s look at value creation. Your normal money doesn’t just increase in value overtime, it can only increase in value when compared with another currency, like the value of naira to dollar.

For cryptocurrency, it’s value doesn’t rise only in comparison with another crypto. The value is control by demand and supply. The value of another crypto doesn’t necessarily affects it that much, excerpt that what may affect Bitcoin price for example can equally affect Ethereum as well.

For example, Bitcoin price some years back was worth $0.1 per 1 Bitcoin. But today, the value has grown to as much as $60,000 for 1 Bitcoin. If you had bought 1 Bitcoin then, it is worth much more now.

✅ Investment of Your Money

If you have money in the bank, you can invest it into savings to earn more money and the percentage can be so small. But with crypto you can earn as much as 100 percent monthly on your crypto savings.

For example, if you staked (saved) $1,000 worth of some cryptos, in 30 days you could end up with $1,000 return. That’s why many are rushing into crypto Investment. Even if you get 10, 20 or even 50 percent per month, it’s huge compared to anything the bank can ever offer you.

Your money in the bank is actually a waste of investment. The right place to save your money is in crypto.

✅ Security of Your Money

One of the reasons many are being discouraged about Cryptocurrency is the issue of security. Thieves are everywhere, even in the banks. In fact, the worst thieves are those in the banks who have access to your money.

In crypto you are the only one that has access to your money. Before anyone could steal it, it’s either you let them into your wallet ignorantly as many have been doing or you foolishly handed over the keys to your wallet to them.

✅ How to Get Rich With Cryptocurrency Investment

Apart from Crypto being digital money, it’s also a digital asset. It’s a combination of monetary and value assets. That’s what makes crypto different from normal money.

By holding crypto means you are holding a digital asset which has potential to increase in value overtime. By simple demand and supply principle, any crypto can increase its value overtime.

Let’s use Bitcoin to illustrate this simple fact. The price of one Bitcoin is already in the tens of thousands. But the price started from some fraction of a cent some years ago.

The much longer you hold a crypto the more likely it’s value would increase overtime.

✅ Guide to Crypto Riches

You are going to get Rich if you invest in Cryptocurrency but you have to follow some simple guide. Here is my guide to help you succeed:

  • Get more knowledge about crypto investment
  • Know how to invest and farm crypto assets
  • Buy cryptos early before they become popular
  • Understand the crypto you buy before you buy
  • Have your own crypto investment strategy
  • Avoid buying crypto when it’s pumping
  • Buy crypto mostly when the price is in the dip
  • Don’t sell in the dip unless you have a better plan of recovering your capital
  • Understand crypto impermanent and permanent losses
  • Don’t be tempted to buy every Cryptocurrency you see
  • Avoid being harmed by crypto speculative rumors and reviews
  • Don’t allow greed control your crypto investment strategy

✅ What’s Coins and Tokens?

There’s really nothing much to explain about coins and tokens. So, I’m not going to waste your time with bogus explanations. Coins and tokens are relatives – almost the same but slightly different.

The value of a Cryptocurrency is not improved because it’s either a coin or a token.

But here’s what makes the difference, and that’s all that should matter. A coin is a Cryptocurrency that has its own Blockchain. While a token is a Cryptocurrency that’s built on another Blockchain that’s not its own. However, a token can migrate or upgrade to become a coin.

✅ What’s a Smart Contract?

A smart contract is what defines the trade in a Blockchain or crypto project. It’s a legal agreement that’s electronically programmed to execute the agreement of a binding contract. These programs are set to run or execute an agreed contract when certain conditions are met.

A crypto smart contract helps you understand how a token project would work, what’s possible in the project and who’s responsible for certain functions of the agreement, and what’s the benefit when certain conditions are reached.

In a simple more clear way, a smart contract is what makes Cryptocurrency project possible and trustworthy.

✅ Different Types of Blockchain Network

First, let’s understand Blockchain. The best way to understand Blockchain is to look at what a Blockchain can help you achieve.

  1. It’s a system that records information
  2. Makes it difficult to change, hack or cheat the system
  3. It duplicates and distributes information across the network
  4. It creates permanent, public and transparent data

However, a Blockchain is simply a digital ledger of transactions. But let’s look at the different types of Blockchain networks, which is more important for an investor. Here’s a few of them:

  • Ethereum
  • Smart chain
  • Ethereum classic
  • TomoChain
  • Thunder token
  • GoChain
  • POA network
  • Callisto
  • Tron
  • Vechain
  • Waves
  • Kava
  • Solana
  • Wanchain

✅ Difference Between Crypto Wallets & Crypto Exchanges

A wallet and an exchange are not the same. Don’t mix them up. Although both can work together and can be used to store cryptos, but they are not the same.

Let’s look at some of the main difference between them.

✅ What’s Cryptocurrency Wallet?

A wallet can be a physical device, program or service which holds access to your cryptocurrencies.

Crypto wallets don’t technically store your crypto, but they store the public and private keys that’s required to buy cryptos – while also providing digital signatures to authorize the transactions.

There are different types of crypto wallets, but here are a few that I recommend:

  • Trustwallet
  • Metamask
  • SafePal

However, for this class I’m going to be using Trustwallet as my preferred wallet. So, go download it on Google Playstore or IOS platform.

✅ Understanding Crypto Exchanges

A crypto exchange simply facilitates the transaction of cryptocurrencies with other assets like digital and fiat currencies. They act as intermediaries and marketplace for buyers and sellers of Cryptocurrency assets – while they make money through charging commissions and transaction fees.

There are two main types of crypto exchanges:

  1. Centralized exchanges and
  2. Decentralized exchanges

The centralized ones are under the preview of government and requires to follow some business legislative rules like KYC (know your customer) requirement by law. They are also required to register and be legalized in the countries of operation.

But a decentralized exchange is completely the opposite of a centralized exchange. They are simply gateways to access, buy and sell crypto assets. They may not hold your assets or require KYC process.

There are many crypto exchanges in the world, here are a few of them:

✅ Conclusion

Although, this is all there’s to know about crypto investment. But it’s a starting point. As you make progress in this lessons you will learn more. And the more you get involved into Cryptocurrency market you will learn even more by experience.

Don’t limit yourself and don’t stop learning. Cryptocurrency market is very dynamic. Things equally changes regularly. You have to keep learning to keep updated all the time. As long as you stay in the crypto space you will not lack knowledge.

Join Crypto Lessons Groups: You can join our groups on WhatsApp and Telegram.

?️Disclaimer: Crypto investment generally is volatile. This post doesn’t encourage a risk-free investment. You have to consider all your options and possibly Do Your Own Research (DYOR) before investing in any crypto project.

Read More
Business Management

5 Tips to Start Your Own Cassava Production Business

Cassava production is easy. You cannot talk about Cassava production without involving the farming aspect. It only involves you planting stems in the ground and would grow well even without making ridges.

My mom, one day, got several cassava stems and planted them in the garden space we had and some months later, we harvested more than I imagined we would.

Cassava would thrive anywhere in Nigeria as long as there is sunlight and adequate rain. Nigeria is the major producer of cassava in Africa.

But the bigger business in Cassava farming in the production. It’s as far as your imagine can go. I’m only going to start you off here with what’s possible now.

✅ Understanding Cassava farming

Cassava is one of the topmost consumed foods by Nigerians. Cassava production businesses not only makes food produce available but also products like animal feed, glucose, alcohol and fertilizer.

Cassava can be made into starch which can be used to make textiles and paper. It can replace wheat flour for bread and cakes, ethanol for biofuel, modified to fructose to sweeten drinks, and made into local foods: fufu, akpu, garri.

The cassava production business is something that can be done by anyone. Although, it can be part of cassava farming business but it’s more of a production part of cassava business.

✅ Is cassava farming and production profitable in Nigeria?

Cassava farming is profitable in Nigeria. Its compatibility with the soil and its demand in Nigeria has resulted in it being available in large amounts in Nigeria.

Nigeria is among the countries that produce the most cassava. Our soil agrees with it and we consume it as a staple food.

The high demand for cassava makes it a good commodity to sell. You can also export your products to other countries.

You can venture into producing these cassava into different raw materials and finished products

✅ Some Cassava Products

?️The leaves are vegetable chock full of nutrients like protein.
?️The roots, while still unpeeled, can be dried to make animal feed.
?️The stems can also be sold and the roots converted to various end products.

✅ How Much Cassava Farms Make

A tons of cassava can be sold for N25,000 – N35,000. It sometimes goes up to N50,000 at the beginning of the year. This rate is high due to the cost of farming and would be lesser if cassava processing machines are utilized more by farmers.

✅ Tips to Setup Cassava Production Business

How can you start a cassava farming business in Nigeria? The first step could be to choose with aspect of the Cassava value chain you would like to start from. The first chain is the Cassava farm.

✅ Get the Capital

Do a feasibility study to assess the merits and demerits of the business. Afterwards, formulate a feasibility plan for your business and get the capital needed.

The plan has to come first because it involves putting down your ideas about how you want your business to go, its size, how you plan to get the capital, the equipment you need and all information necessary about your business.

✅ Site of Farm

Cassava thrives in loamy soil and much less in sandy or clay soils. It can survive in a drought but requires sufficient rainfall to grow as it should.

The farmland should be situated close to the market. Not just any market but one where cassava is sold and in demand. If to be processed, it should near the plant

To increase the land’s productivity, some agricultural procedures can be done to prepare the land before the planting of the cassava stems.

● Manure: waste from animals and dead crops are a good source of manure. This would add nutrients to the soil, improving its productivity.

● Mulching: mulching involves covering the top of ridges with dead vegetation. These are called mulch. Examples of mulch are legumes’ foliage, husks of rice.

● Inter-cropping: intercropping with crops like legumes add to or increase the cultivation of the crops. Legumes add nitrogen to the soil, enriching it. Other intercrops that can be used are maize and rice.

● Choose the best cassava species: choose the best of the cassava species you can find for maximum production and harvest. The kind of cassava it is would affect its growth which is why getting the best is expedient. Aside from good growth, get one that has disease resistance, matures fast, is edible and can stay in the ground as it matures without getting spoiled.

How many acres do you need for a start?
One acre, one hectare, get a land your budget can sufficiently carry. You don’t even need to buy. It can be leased.

✅ Planting

You need to till the land first before planting anything. The stems should be planted afterwards with two-thirds of them in the ground.

Plant early in the planting season so that the cassava crops get as much water as they can from the rain.

Over 14 – 19 tons of cassava can be harvested in a hectare of land.
To conserve the land’s nutrients so that the cassava crops can get the most of them, weeding is mandatory.

✅ Harvest

As the crops mature, they can be harvested.
This is the first stage in the processing of cassava flour. Harvest can be done with manual labour or by harvesters.
Harvest takes place about 7 – 10 months after planting the cassava.

The top part of the cassava stem with leaves is cut leaving a shorter lower part in the ground. The lower part of the stem is then pulled out to bring the cassava roots or crops to the top of the soil and then the roots are separated from the stem.

The cassava stems are harvested too and kept in a shelter to protect them from rain and prevent rot. They can be sold or kept for the next planting season.

✅ Processing the Produce

The process of converting cassava into garri for example has 4 processes aside from harvesting: peeling, grating, sieving, frying.

In the peeling process, the skin of the cassava tubers is peeled with knives manually or with the use of peeling machines.

The grating process involves the grating, shredding of the tubers into much smaller pieces. It can also be done manually or with a grating machine.

The grated cassava is sieved to extract the cassava flour needed to make garri in the sieving process. A sieving machine or mesh can be used.

After the cassava flour has been collected, it is fried to dehydrate it. The frying machine is faster especially if the product is a lot and for commercial purposes.

Afterwards, cassava flour is packaged to be marketed and consumed.

✅ Marketing

The marketing of your cassava produce would be straightforward if your farm is situated in a location where cassava is in demand. You can decide to sell it as raw produce to processing industries or in the processed form to the market.

To reach other locations apart from yours, you will need to spread the word about your market online, on social media, flyers with your brand defined on them. You should also have a website with your brand’s name and logo.

✅ Startup Cost And Requirements

The cost of starting cassava farming in Nigeria can be about N100,000. It includes the necessary expenses: renting, leasing or buying land, land preparation, fertilizer, cassava stems, herbicides and weeding.

The startup cost can reduce with the size you choose to start with and the availability of necessary items.

You must have a budget included in your business plan which would comprise of all that you would be getting so that you would spend according to your budget and not overshoot or leave something out.

✅ Challenges of Cassava Production Business

The following are the challenges of cassava production business in Nigeria:

● Diseases include root rots, cassava mosaic disease, cassava anthracnose disease, cassava bud necrosis, cassava bacterial blight and mealybugs.
● Pests
● Poor quality of soil
● Market accessibility: the bulk of cassava may cause transportation to be more strenuous especially in areas with bad roads and a poor transport system. A bicycle for example would present the individual conveying them with a lot of stress.
● Overuse of fertilizers
● Livestock damage

Preventive measures can reduce the chances of these challenges. They include:

● Use of good cuttings for planting. Do not plant cuttings with obvious signs of disease.
● Crops vulnerable to nematodes must not be used as intercrops.
● Do not delay harvesting.
● Space the crops properly.
● Clean equipment for planting before use.
● Space the crops properly. They should be as separate from each other as they need to be.
● Waterlogged land that is closer to water or land that was previously infested is not a good land choice.

✅ Conclusion

Do you have questions unanswered by this article? Drop me a enquiries in the comment box below.

Read More
Training

Crypto Lessons – Learn Cryptocurrency Investment for Beginners

Welcome to Crypto Lessons! The Cryptocurrency marketing is growing all around the world, despite government’s efforts to frustrate the currency. These lessons are packaged to help you understand Cryptocurrency Investment from a beginner point of view.

I’m Chinedu David – I’m your Crypto Lessons instructor. My students call me BOSS, because I make them to become bosses with money. If you joined this class to make crypto money then welcome.

So, don’t try to confuse yourself with what they do or teach elsewhere. Ours is different, and you will see as you stay here with us. I advise that you also join the groups on both WhatsApp and Telegram for practical knowledge.

The purpose of this beginner lessons on Cryptocurrency is to help you learn things you should be doing as a beginner. But the best way to benefit from these lessons is to practice what you learn.

Each of the topics have been carefully selected to help you learn what’s more important for a beginner. If after going through the lessons you still can’t do it yourself then you haven’t practiced what you learnt. Keep repeating the lessons until you get it right.

There are 7 lessons in this course. Study and practice at least 1 lesson per day. Don’t rush it. If you spend a day practicing on what you have learnt it will help you get better.

Here’s how to know if this lessons are for you.

?️Do you know what is cryptocurrency?
?️Do you have any Cryptocurrency?
?️Do you know what a crypto wallet is?
?️Have you ever purchased Cryptocurrency on your own?
?️Do you have most of your money in the bank?
?️Do you know what Bitcoin really is?
?️Do you know how to invest into Cryptocurrency?

Now, these are just few questions to help you assess yourself and to decide if you need to follow the lessons. After reading the questions, provide answers to all of them and score yourself. If you got anything less than 55 percent, you desperately need to take this lessons.

If you qualify for this basic Cryptocurrency lesson, here’s what you are about to learn. However, if you scored above 55 percent but don’t know much about the content of the lesson described below, you still need to partake in the lessons.

✅ Crypto Lessons Table of Content

Here’s the content of the lessons. Each of the lessons have links to the content of the lessons. To participate in each lesson you have to click on the link of the topic you want to learn.

?️Lesson 1: How Cryptocurrency Investment Work
?️Lesson 2: How to Setup Token Wallet Address
?️Lesson 3: How to Claim Free Cryptocurrency
?️Lesson 4: How to Trade Cryptocurrency
?️Lesson 5: How to Pick Cryptocurrencies to Buy
?️Lesson 6 How to Farm Cryptocurrency
?️Lesson 7: How to Sell Cryptocurrency

✅ Lesson 1: How Cryptocurrency Investment Work

The first lesson is an introduction. The idea is to help you understand Cryptocurrency market. It will help to explain how Cryptocurrency Investment work. And many other things as:

?️Smart contract
?️Blockchain network
?️Crypto wallet
?️Crypto exchanges
?️Coins and tokens

You will also be able to understand the different Blockchain networks. It will just give you the basic crypto Investment knowledge without the fluffs.

✅ Lesson 2: How to Setup Crypto Wallet Address

This lesson addresses the issue of wallet only. It’s more practical than theory. First it will help differentiate between wallets and exchanges. Then, You will learn:

?️How crypto wallets Works
?️How to setup new wallet address and
?️How to secure your crypto wallet

✅ Lesson 3: How to Claim Free Cryptocurrency

Crypto also offers some free money. This lesson will help explain about this free money, who’s more likely to give away free money and why. So, this lesson will teach you the following:

?️Tools you will need to claim free cryptos
?️Where to find these free cryptos
?️How to protect yourself from scam tokens
?️How to create a separate wallet for Airdrops

✅ Lesson 4: How to Trade Cryptocurrency

Here’s the most important aspect of Crypto Lessons. It’s actually the main reason I started this free class. You need to know how to do it yourself. This lesson will teach you:

?️How to buy tokens
?️Payment currency to buy cryptos
?️Different Apps to buy tokens
?️Introduction to Cryptocurrency Trading

✅ Lesson 5: How to Pick Cryptocurrencies to Buy

Here you will learn it’s not all crypto that’s worth buying. You must be Strategy on what crypto to invest in. So, you will be learning about:

?️Different types of tokens to buy
?️What makes each token different
?️Benefits of each token for your portfolio

✅ Lesson 6 How to Farm Cryptocurrency

This lesson is the fastest way to earn passive income in crypto now. Learn it and apply it. If you want to make regular income, here’s your key to massive daily earnings from crypto. You will learn:

?️What’s digital farming?
?️How digital farming works and
?️How to start farming digital currency

✅ Lesson 7: How to Sell Cryptocurrency

Here you will learn how to sell your crypto profits and transfer the money into your bank account. It’s one of the most asked questions by Beginners, and it will be answered for you here.

Although you are yet to start earning money from crypto but it’s important that you know how to get your money into your bank account. You will learn the following:

?️The best exchanges to cash out your crypto money
?️The exchange that works best by my experience
?️How to easily cash out your money

✅ CONGRATULATION!

If you have completed this course you should already be making money. If you haven’t started making money then it’s proved positive that you haven’t completed the lessons yet.

If you have gone through lesson 6 and 7 you should have earned some money. Lesson 6 teaches you how to make money the same day you study it. But you won’t even know what to do until you have done lesson 1 to 5.

While lesson 7 shows you how to get the money you have earned into you bank account if you wish to do so. If that’s not yet your experience, repeat the lesson again until that has become your experience.

✅ Comments & Testimonials

Here’s what should pay for this free course. Drop us your own comments about this course, detailing your testimony of how (if any) this course has made you successful in Cryptocurrency investment.

Remember that you got this knowledge for FREE. This comment and testimonial is the only fees you will ever pay for this free crypto knowledge. Pay it with joy.

Also, by sharing your own personal testimony, you inspire someone who may have doubts to quickly resolve any doubt and also take this free course.

THANK YOU!

 

Disclaimer: Crypto investment generally is volatile. This post doesn’t encourage a risk-free investment. You have to consider all your options and possibly Do Your Own Research (DYOR) before investing in any crypto project.

Read More
Grow Your Money

Lesson 2: How to Setup Token Wallet Address

How do you setup new token wallet address? If you are new in Crypto there’s so much to learn. These are not things you will figure out yourself. You need someone to guide you.

This guide applies to shitcoins. Most new tokens to be launched or even newly launched shitcoins don’t always have their token address setup on Trustwallet.

In case you don’t already know, newly launched tokens are called shitcoins, especially those ones with very high volume of a billion and above.

You don’t get to find those shitcoins on major crypto centralized exchanges (CEX). So, the only places you can find them to buy are from decentralized exchanges (DEX).

Since these tokens are only available on decentralized exchanges, you need to learn how to buy them.

✅ Crypto Lessons Table of Content

Before we continue, if you missed any of the lessons go back and go through it first. Here is the table of content to help you navigate through the entire course from any part of this lesson.

?️INTRODUCTION – Learn Cryptocurrency Investment
?️Lesson 1: How Cryptocurrency Investment Work
?️Lesson 2: How to Setup Token Wallet Address
?️Lesson 3: How to Claim Free Cryptocurrency
?️Lesson 4: How to Trade Cryptocurrency
?️Lesson 5: How to Pick Cryptocurrencies to Buy
?️Lesson 6 How to Farm Cryptocurrency
?️Lesson 7: How to Sell Cryptocurrency

So, this lesson and the other lessons will focus on teaching you WHAT TO DO. So much theory will be overlooked and the focus would be on practical.

✅ What’s Token Address?

To start creating token address, you need to know what we are actually talking about. What’s a Crypto wallet address?

When buying crypto you need a wallet to store them. These wallets assign address to each individual token you buy. This address also makes it easy to transfer or sell these tokens.

Every token is linked to a unique contract address. No two tokens or coin can share the same contract address, usually abbreviated as CA. Sometimes, it’s referred to as smart contract address.

Each wallet address is linked to this contract address. That’s how any Blockchain network or Exchange would recognize the token you are buying or selling and to identify the wallet to send it to.

✅ How to Setup Wallet Address

The first thing you need to do when setting up a token wallet address on Trustwallet or any other compatible wallet, like Metamask, is to know the parameters required to set it up.

Once you know what you need, the next step would be to know how to set it up.

Here are what you would need below:

?️Blockchain network the token is built on (Important)
?️Contract address (CA) of the token (Important)
?️Name of the token (Optional)
?️Token symbol (Optional)
?️Token decimal number (Optional)

Just for Example – NFTSEA Contract Aaddress on EtherScan:

?️Blockchain Network: Ethereum ERC20
?️Contract Address (CA): 0x5b31B8cA1770CF1F817146B4cD2078Bf8629bf8a
?️Name: NFTSEA
?️Symbol: NS
?️Decimal: 18

Those I branded important are a must. If you don’t know them you can’t even setup the address on Trustwallet or any other wallet for that matter. But those I regarded as optional simply means you can bypass them.

Trustwallet can let you pull out these optional parameter if you don’t know them. That’s why I consider them optional. It’s no that they are not required or can be omitted. They are required, if not, the address won’t work.

✅ How to Find Token Contract Address

Among the two important parameters for setting up a token Address, the contract address is very sensitive. You need to have the correct address or nothing would work.

It’s easier to know what Blockchain network a token is built on because it’s usually more publicized than contract address. But you have to ensure the contract address it’s the right and correct one for the token you want to setup.

Like every kind of address, it must be correct. It’s better to COPY it directly from where it’s found than writing them down. The numbers can be tricky and complicated to write down.

Here are two popular places to search for token contract address using the name of the token:

?️BSC Network: bscscan.com
?️Ether Network: etherscan.com

✅ Steps to Setup Token Address

♦️Step 1: Open Trustwallet & Click On Token Search Button

 

♦️Step 2: Scroll Down And Click On Add Custom Token

♦️Step 3; Select Token Blockchain Network

♦️Step 4: Copy & Paste Contract Address Using Paste Button

♦️Step 5: Click On DONE

Note: If you paste the contract address and the other parameters didn’t populate, you can add them manually. However, be sure that you are using the right contract address, and you selected the right Blockchain network.

✅ Conclusion

If this is your first time of doing this, kindly drop a comment below. It will be appreciated. You can also share briefly your experience in Crypto.

? Start earning over 1,000% in digital farming with POSITION EXCHANGE. Use this link swap, stake or farm POSI Token, click to link account or copy to paste in your TrustWallet or Metamask DAPP to connect to Position Exchange 

? Get a crypto account with Binance Exchange. click link below to register

?️Disclaimer: Crypto investment generally is volatile. This post doesn’t encourage a risk-free investment. You have to consider all your options and possibly Do Your Own Research (DYOR) before investing in any crypto project.

Read More
Energy Market

Cost of Setting Up Mini LPG Plant in Nigeria

Do you want to know the cost of setting up LPG plant in Nigeria that can be ‘insanely’ profitable, because people can’t STOP cooking food? Here is your best startup plug for starting, selling and managing a profitable cooking gas plant in Nigeria.

I’m going to show you all about this business, how you can start it, how you can even start small; and how to start it profitably. How best to deal with competitors who may be stronger than you. And most importantly, how to raise money for your cooking gas plant.

Above all, cooking gas plant or LPG plant is very lucrative. But do you know what makes it that profitable? Most people jump into the business because they believe there’s high demand for cooking gas – which is true.

Also, that means you are not the only one who sees this huge potential. You need to prepare well. How do you plan to deal with competitions? That’s why it’s important you conduct proper study on your location before you setup. Your location determines the success of your cooking gas plant by 75%. The remaining 25% is shared by marketing and capacity.

Don’t work on assumption about your location. By conducting proper location assessment, you will be able to address the issues of patronage, market concentration, potential new markets and identify competitors both present and future incoming.

Now, if you are about to setup a cooking gas plant, study this document thoroughly and contact me if you need more guidance. (My contact detail is at the end).

✅ Is LPG Plant A Good Investment Option?

Generally speaking, most people desiring to start cooking gas plant always desire to know if it’s lucrative. Well, I will leave you to decide, but see why you may have to consider LPG plant business.

  • If you want to start your own business
  • And if you are looking for a highly profitable investment
  • If you are looking for a business that’s easy to setup
  • If you want a business with low operational cost
  • Plus, plants can be located closer to LPG customers

However, considering that gas is now the cooking energy of choice, that makes it a necessary consumer product. Most households now cook with gas cooker. And many more are joining in the use of gas for cooking. The demand is skyrocketing, making the business even more lucrative.

✅ What’s LPG Plant Startup Plan?

Moreover, before you can start a cooking gas plant, you need to have a startup plan. Here are the things you should list out in your startup plan. So, take it like your own LPG plant to-do-list.

  • How to raise the money to start
  • Where to setup your gas plant?
  • What it would take to get government approvals?
  • What’s the potential customer value in your chosen location?
  • How to deal with stronger competitors in your location
  • How to guarantee profitability in both short and long run

It’s always important to think and plan ahead. Most times startups are only concerned about how much it would cost to setup. That’s just one part of your problem. 95 percent of investors interested in cooking plant business can’t afford it from their pockets.

So, the right question you should be asking yourself is not how much, but how do you raise the money to start? If you can answer that, you can now ask yourself how much do I really need to raise?

 

 

✅ How to Raise Money for LPG Plant

Big projects like LPG plant is not one you should be considering starting from your personal income. The best options would be to get a financial partner or get funding from the bank. CBN has allocated funds to help finance startups in the energy sector, of which LPG plant is a part of. And this money is readily available if you request for it.

Contrary to what many think, banks and financial institutions can give you loan to setup LPG plant without knowing anybody in the bank. In case you don’t know, CBN made provision for loans for oil and gas businesses, which you can assess through the banks.

Also, you can approach your bank to finance the purchase of your gas plant equipment or give you operating capital. This kind of loans are easily accessible. To do that successfully, you will need the following to apply for it.

  • A business plan to describe your business and how you intend to pay back the loan
  • Collateral or land documents owned by you or one of your partners in the business
  • Pro-forma invoice detailing the product you required financing and the cost

Note that this kind of financing may require the bank making the purchase themselves on your behalf to ensure the money isn’t diverted for other uses. The equipment can also serve as part of the collateral.

✅ What You Need to Start LPG Plant

Let me break some things down for you. The things you need to start are what would make you succeed or fail. Here are what you are going to do to help you start cheaper and build it to be profitable.

  • Process Implementation and data analysis
  • Following Regulatory procedures and approvals
  • Site cost analysis, safety and construction
  • Equipment planning and purchase
  • LPG supply partners, logistics and costs
  • Employment plan and management

✅ Process Implementation & Data Analysis

There’s time to plan and there’s time to implement what has been planned. If you noticed, when I talked about what should be in your startup plan, I expect you to have a plan of what you intend to do. For example, to raise money for the plant you need to convince partners and financial institutions.

What are the processes you need to put in place to get the money you require? How do you convince a third party that the business is viable, and that you have the right expertise to get it started. Don’t just think anybody will give you money simply based on the business profitability alone.

Every business is profitable, but how do you prove that you can do it profitably? That’s the point, and that’s the reason for process Implementation and data analysis. You want the potential investors or financial institutions to see your ability to make the idea profitable.

You will need to do the following:

  • Hire a consultant to be in your team and overseas your startup operation
  • Package a professional business plan with proper feasibility/viability report, which should include a physical location assessment study

If the bank or investor sees you have an experienced consultant in your team they will believe you have the right expertise to guide you profitably. That would mean their money will be safe. Hiring a consultant doesn’t mean making him a board member of your company. It’s the same way you hire a company lawyer. You can pay monthly, or sign a fixed contract.

A business plan describes what you want to do, how you want to do it, and with what you need to do – either to explain to interested investor or lender or simply to guide you in what you are building. This kind of document must be professionally done. Investors are not fools. They would see a poorly packaged plan as inefficiency on your part.

Also, your business plan would need a proper location assessment report. Any wise investor or lender would appreciate good data analysis. If you can provide factual analysis of the target market, and not assumptions, it will help them trust you more and invest with you.

✅ Planning Against LPG Plant Competitors

The biggest challenge in this business is competition. As a lucrative business, more people will eventually invest into it. Just like we have Petrol stations and mega Petrol stations, the gas competition will soon become stiff.

If you are starting small, you have to plan how to fight these kind of oppressing competitors before they even arrive near you.

Here are tips to apply during and after startup:

  • Setup in the best location in your target market
  • Create room for expansion even while you start small
  • Understand your target market better. Know your saturated areas, growing areas, and areas already covered by your competitors.
  • Conduct a location assessment to identify different parts of your market and how competitors can possibly intrude to offset you.

✅ LPG Plant Regulatory Procedures & Approvals

In all you do, always adhere to regulatory processes. Don’t cut corners with regulations. It might hurt you later. Always remember that the staff who may help you cut corners today may not be there tomorrow to cover up for you.

Also, make sure you make every DPR payments through the approved government accounts.

✅ What Permits Do You Need?

There are basic requirements you must obtain before starting a cooking gas plant, regardless of the size. Even the road side gas seller need approval to operate these days.

Here are the permits you would need to process before you can be allowed to to commence sales of cooking gas, even before you should start construction.

You will need to get the following approvals:

♦️Town planning approval from ministry of lands and physical planning
♦️Police report from a divisional police station within the location
♦️Fire service report from the state fire service
♦️Environmental impact assessment report
♦️DPR (department of Petroleum Resource) approval

✅ Cost of Setting Up LPG Plant

The location is very important. It should be chosen properly. And whatever location you choose, you must ensure its assessed professionally. Don’t invest your money in any business blindly. Data is essential to your business success. Get credible and realistic data.

If location determines 75% of an LPG success, you should spend good money to confirm the viability of the location you plan to use. Don’t plan to invest tens of millions of naira without first spending hundreds of thousands just to conduct a location assessment study. Don’t be penny wise, pound foolish.

And if you are going for a loan, it’s important to present a better assessment of your location to your investor or lender.

✅ Cost of Setting Up Mini Gas Plant

If you can’t afford the cost of land you may consider setting up inside an existing Petrol Station. This kind of setup would require an add-on license from DPR. But it’s rare to find a petrol station that may want to lease space to you.

However, it’s not bad to try. It will cut down your cost by over 50 percent. It’s one of the cheapest ways to start a mini LPG plant. The cost of rental is low and the capacity of LPG is also within 2.5 to 5 metric tons.

✅ Cost of Approval Using a Petrol Station

  • LPG Add-on License – 300,000
  • Fire Service Certificate – 50,000
  • Police and EIA – 100,000
  • Authority to Construct (ATC) – 50,000
  • Tax Clearance Certificate – 50,000
  • Tank Data Sheet – 100,000
  • Sundry – 250,000
  • Total – 900,000

✅ Cost of Setting Up LPG Plant On An Empty Land

Anybody can setup in an empty land. So, you can purchase a land for your LPG plant setup. However, you need to know the DPR land Requirement rules. DPR specification is minimum land size of about 100 by 100 square feet.

You will also require to perform major construction work, like fireproof fencing, security house, dispense area and some office blocks. Not leaving out the tank area. You would require a building plan as well to put this cost into proper perspective.

Avoid assumptions when starting a gas plant, unless you have excess funding that you can always draw from if you got stuck. It’s better to get expert cost analysis done for you to the minutest details.

✅ Cost Of Approval For Empty Land

  • DPR Approval – 300,000
  • Police Report – 50,000
  • Fire Service Certificate – 50,000
  • Authority to Construct (ATC) – 400,000
  • Tax Clearance Certificate – 50,000
  • Tank Data Sheet – 100,000
  • EIA (Environmental Impact Assessment – 600,000
  • Sundry – 500,000
  • Total – 2,000,000

✅ Equipment Planning & Purchase

LPG plant equipment is the main item you should have proper consideration for in all of your plans. This equipment will be the main player in your day to day operation of the gas plant.

A bad equipment could mean many bad working days. So, making sure the best and quality equipment is procured should be utmost importance for you. I will strongly recommend that you go for new and high quality equipment.

Here are basic parts of a gas plant equipment:

  • Storage tank
  • Dispenser
  • Compressor
  • Leak detector
  • Fire proof LPG Pump
  • Automatic shut off valve
  • LPG motor

✅ What’s The Cost Of LPG Equipment?

I will simply give you some current prices for new equipment for skid plants. Prices changes with time. Your business plan will be able to give you the most recent and applicable price for your plant.

Also, since the prices here are for new and complete skid plants, if you have options of buying items separately, or considering used equipment, or even using local fabrication, you should verify the cost and quality of equipment before making decision.

  • 2.5MT mini plant cost around N8 million
  • 5MT mini plant cost around N13 million
  • 10MT plant cost around N24 million
  • 20MT and above (enquiry for current price)

✅ LPG Plant Supply Partners, Logistics & Costs

To operate a successful LPG plant you will need regular supply of LPG product. While some mega LPG plants may be able to provide their own logistics to pickup gas when ever they require it and deliver to their plant, small plants don’t have such advantage.

You will depend on suppliers to help with regular refill of your plant. While you may start with the company that built your plant to get your initial supply, you should expect new suppliers will either come to you with their offer or you search for suppliers to add to your list.

✅ How Do You Refill Your Plant?

As a newbie in gas business this may seem as a challenge. But it’s not any issue at all. There are gas logistic companies that would deliver to your plant anywhere you are in Nigeria within 48 hours.

The price are also very competitive, due to the deregulated environment of LPG industry. This would also stop logistic companies from trying to sell at outrageous rates to you.

However, you will be charged for cost of transportation to your plant separately. To also ensure you don’t stay without product, you should always place your refill order 48 hours ahead of your need.

✅ Employment Plan & Management

The day to day operation of your gas plant require plant workers. You need to employ some people to help you do most of the work in the plant. If you are going to be personally present to run the plant, then you won’t be needing a plant manager.

But you will need to hire other workers you may require.

  • Plant manager who will be in charge of all operations at the plant
  • Cashier to help sell and collect money
  • Customer attendants to do the Refill to cylinders
  • Security personnel to help secure the plant at night

Also, it’s best to have an employee handbook to help you know the type of persons to employ, what they should be doing for you, the general workers guidelines, and what kind of training to give them to help improve their efficiency.

A consultant can develop one for you. It will also address management issues and help you understand best ways to manage your gas plant.

✅ Conclusion

Finally, the best way to setup a cooking gas LPG plant as a newbie is to hire the services of a consultant. Also, follow who know road to prevent you from making some avoidable mistakes. And it will save you from unwarranted costs.

It’s better to avoid a costly mistake than trying to fix it with a high cost. While cooking gas plant maybe lucrative, a wrong setup approach may make it a pipe drain for your finances.

And if you need to raise capital through financial institutions, you need to present the best business plan that’s convincing enough to make them give you the amount you want. You can reach me for more consultation through Call/Text/WhatsApp: 07087770518.

Read More
Grow Your Money

POSI Vault – How to Earn Over 10,000% APY

POSI vault is magic. Until you have tested it you may never understand. It’s the fastest way to earn MILLIONs of dollars in 1 year. And I’m not exaggerating.

If you have never see auto compounding at work, here’s the best form of it in POSI money magic vault. I’m going to show you how it works and help you follow my guide to turn it on for yourself.

The first thing to understand about POSI vault is that it works by compounding your earnings. That’s how the magic starts.

This means if you are harvesting your earnings you won’t benefit from the vault auto compounding power. But if you hold your profit in the vault, it will turn to a million some day. I though I should let you in on this earlier so you don’t get wrong idea and start spending like you won the lottery.

✳️ How POSI Vault Works

The best way to understand how POSI vaults work is to compare it with how the normal farm LP staking works. You start by swapping either BUSD or BNB to POSI. Then, you pair the two tokens to create and LP token.

You now go on to stake the LP token into the pool. As you earn, you harvest your earnings and repeat the same prices again to reinvest your earnings in other to compound it.

Now imagine all the above process can be done just by 1 single click. That’s the power of POSI Vault.

✳️ Benefits Of POSI Vault

?️The best User friendly interface of vault
?️Auto compounding
?️Higher annual percentage yield (APY)
?️Cost saving in gas fee
?️Option to earn the Profit in any of the paired token
?️Option to also withdraw in POSI or BUSD or BNB, etcetera

✳️ POSI Vault Reward Currency

Each of the POSI vault is built on a particular Cryptocurrency. The same way the rewards are calculated. For example, BUSD vault calculates your rewards in BUSD, which is shown at the top of each vault display.

POSI currently has 2 vaults:

?️BUSD Vault
?️BNB Vault

However, to harvest your rewards you will have 2 options of cryptocurrencies to choose from. The BUSD Vault gives you option to harvest in BUSD or POSI. The same with BNB vault – with option to harvest in BNB or POSI.

✳️ What’s POSI Auto Compounding?

Auto compounding is the most important feature of the POSI vault. The vault is not actually different from POSI Farm. They both share the same features – providing liquidity for the POSI ecosystem.

But auto compounding is what separates the POSI vault from POSI Farm. The vault gives you the advantage to compound your earnings automatically. And saves you the high cost of manually compounding your rewards each time you chose to.

The work of POSI auto compounding feature is best described in two ways:

?️To help you reinvest your earnings easier, faster and cost effectively
?️And to help you earn more money by maximizing your investment

✳️ How Compound Interest Work

POSI Auto compounding interest is easy to understand. Your rewards are compounded and included as part of your vault pool. That means you also earn rewards on your already earned rewards.

That increases your earning in the POSI vaults after each 7 hours compound circle. The compounding power of POSI vault is what makes it truly special.

For a newbie, if you multiply how much you currently have staked in the pool by the monthly APY percent, it will give you the reward for one month.

Compound interest turns a simple percentage Earning into a super charged earnings. In POSI vault you can earn more with $300 invested in a month than with $1,000 invested in the POSI farm.

?️Note: Your earning amount is the amount used for compounding. That means once you harvest you won’t gain from compounding those earnings. To earn more from auto compounding, you need to hold your earnings in the vault.

✳️ What’s POSI Annual Percentage Yield (APY)?

Another attractive feature of the vault is the high APY. POSI vault rewards are calculated in APY. Annual Percentage Yield (APY) is often confused with Annual Percentage Return (APR). Although, they are both similar but not exactly the same.

While they are both Percentage earnings calculation, APY calculates with annual compound interest earnings. But APR is only calculated in exact percentage returns without compound interest.

So, POSI vaults earns helps you earn more by auto compounding your rewards to earn you more.

Furthermore, the daily and weekly income is showing in $ while its actually calculated in POSI. So if a $100 amount is giving a daily income of $2.19, its actually 2.19 POSI per day.

✳️ What’s POSI Vault Impermanent Loss?

POSI vaults is not without its risk. The very common one is LP pool impermanent loss. Just like any other liquidity pool, POSI vault suffers the same loss.

You need to understand impermanent loss to know how it affects your Investment in POSI vault. Liquidity pool farming requires a pair of 2 tokens. These pair must constantly remain at the same equivalent value.

But, there’s bound to be price fluctuations. And since both tokens may not have to experience price increase or decrease at the same time, one token must makeup the value of the other when it decreases.

Even if you staked BUSD you still provide liquidity pair with POSI. So, your BUSD (assuming its $1,000), will be split into POSI and BUSD and wrapped into LP tokens automatically by the vault auto mechanism.

When the price of POSI goes down, then you suffer impermanent loss and your overall value of your staked LP (BUSD) will decrease as well. It’s called impermanent loss because it can also be reversed when POSI price goes up.

But at the time POSI price is lower the value of your LP in the vault reduces as well, including your earning. During that time the value of your LP is lower you are suffering some loses.

✳️ How to Use POSI Vault

The vault simplified everything about staking in POSI liquidity pool. In a simple clicks you can perform all the 4 steps, from creating an LP token to depositing it in the pool.

?️Step 1. Click on Approve BUSD or BNB (as the case maybe) and confirm
?️Step 2. Click on Stake and confirm

Note that Staking LP into the vault requires BUSD for BUSD vault, and BNB for BNB vault. The vault will now automatically buy POSI with half of the deposited funds to pair into an LP token.

This process is done for you automatically. All you are required to do is to deposit the token of the vault you want to stake into and the vault will perform the rest of the task of pairing the token with PODI, creating the LP token and staking it in the pool for you.

✳️How to Migrate Your LP Tokens

If you already have POSI LP tokens you can also migrate them. That would mean that you have the corresponding LP to the vault you want stake into. POSI allows BUSD and BNB vaults. So, you would need POSI-BUSD LP or POSI-BNB LP to migrate to the vault.

Here’s what to do. Go to vaults, click on more (below the vault you want to migrate to), click on migrate then input the amount of the LP. You might need to first withdraw your LP tokens from the current farm before you can migrate.

✳️ How to Harvest From POSI Vault

Your earnings from the vault can be harvested once you have accumulated some earnings. But, the harvest function doesn’t start to work until after the vault has auto compounded your first earning.

That means your first harvest can only be after the first 7 hours of staking LP in the pool. And you also have a choice of which token to harvest.

Each vault would present you the option to harvest your rewards in any of the LP pair. For example, you can harvest in POSI or BUSD from the BUSD vault.

✳️ Vault Harvest Lockup Time

The vault has a feature that locks up your earnings till after the first 7 hours or after the first auto compound. Until this happens you cannot be able to harvest your earnings.

It’s only for 7 hours. So that shouldn’t be a problem. 7 hours is. To a long time to actually have earned so much to be in a hurry to harvest – unless you have a million dollar LP in the vault.

✳️ What’s POSI Bounty?

The auto compounding feature is not really automatic. To auto compound every 7 hours, someone has to trigger the compounding feature manually. The POSI bounty provides that manual trigger.

POSI bounty is a reward for who ever gets to first trigger the auto-compound for the vault by clicking and successfully claiming the bounty. After each claim the bounty restarts the countdown for another 7 hours.

In order to make the auto compound actually working, you have to trigger the function on the smart contract. This function can be triggered every 7h but must be performed manually.

So, the lucky one who manage to claim that bounty triggers the compound function of the contract and gets rewarded with POSI for doing the job.

✳️ POSI Farm Versus Vault – Which 1 is More Profitable?

If you are looking to invest in POSI liquidity pool, which one of the farms is better – POSI farms or POSI vault? This question is growing concern among investors right now. They are confused about which one to go for, especially those who are already in the farming pool but wants to migrate.

Before you move your LP token from the farms to the vaults, you need to know what advantages and disadvantages are there for you. Let’s look at these two opportunities from Position Exchange website to pick the one that’s more profitable for you.

Although both of them are the same product, but certain features differentiates them from each other. The best way to differentiate the farm and the vault is to say the farm is manual and the vault is automatic.

✳️ How POSI Farm Work

POSI Farm allows investors to stake LP token and earn rewards. The pool requires a pair of either POSI-BUSD or POSI-BNB to create LP token to stake in the pool.

The rewards are calculated based on defined percentages and credited to the farm account as being generated per seconds.

✳️ How POSI Vault Work

POSI Vault allows investors to stake LP token to earn rewards. This vault pool can do so much for you than you can get from the normal POSI farm.

Unlike the normal farm, the vault does somethings for you. In normal farm you will need to create the LP token yourself, and if you need to reinvest your earnings, it’s also done manually by you.

✳️ Huge Benefits of POSI Vault

If you have invested in POSI Farm you will find POSI Vault more profitable because of the auto compounding feature. You will be enjoying some automatic services – like do-it-for-you kind of features.

?️Create LP token automatically
?️Reinvest your rewards to earn more (auto compounding)
?️Harvest in multiple tokens

POSI vault does everything for you automatically. Even your rewards are reinvested for you 2 to 3 times in a day. The power of compound interest is multiplied on your vault investment.

If you are wondering between the farm and Vault where to stake your LP token, the vault is the ultimate advantage.

?️It’s cost effective to invest and reinvest
?️It runs on auto pilot, saving you time
?️It’s the best investment option for your LP
?️It also has high APY (Annual Percentage Yield)

Conclusion

POSI vault is the real deal for digital Farmers. If you understand the power of compound interest you won’t miss investing in POSI vault. But you have to obey the law of compound interest earnings.

To earn big with POSI auto compound you have to avoid harvesting your rewards for a period of time to accumulate your target earning.

It’s better to set quarterly or annual target. Assuming you want to compound for the next 3 or 6 or 12 months before you harvest. That means you are compounding all your earnings for the period you chose.

? Start earning over 1,000% in digital farming with POSITION EXCHANGE. Use this link swap, stake or farm POSI Token, click to link account or copy to paste in your TrustWallet or Metamask DAPP to connect to Position Exchange

? Also, you can get a crypto account with Binance Exchange. 

?️Disclaimer: Crypto investment generally is volatile. This post doesn’t encourage a risk-free investment. You have to consider all your options and possibly Do Your Own Research (DYOR) before investing in any crypto project.

Read More
Grow Your Money

Lesson 5: How to Pick Best Cryptocurrencies to Buy

If you are looking for how to make money now, invest in crypto. But that’s not all. Even though cryptos are a great store of value for investors now, there are fraudulent cryptos posing to scam investors off their money.

The best crypto tokens are now difficult to spot. One has to look well to see what’s being offered and why it’s worth risking his funds in the project. While many crypto projects don’t prove the identity of the founders or their ability to operate a crypto project, one can find some solace to invest in some project by picking the right ones.

Yes, if I would have to wait for a long while to see value in the crypto project I invested in, I might as well ensure I invest in the right ones. The projects are too many now. So, using your time for only what would work best for your money is the right way to go.

Although, this article doesn’t address the issue of fraudulent token projects, but it does show you what types of tokens can earn you the most value in your Investment. It will help you find which crypto tokens are best investment for you and why you should trust them as a store of value for your money.

✅ Crypto Lessons Table of Content

Before we continue, if you missed the introduction go back and go through it first. Here is the table of content to help you navigate through the entire course from any part of this lesson.

?️INTRODUCTION – Learn Cryptocurrency Investment
?️Lesson 1: How Cryptocurrency Investment Work
?️Lesson 2: How to Setup Token Wallet Address
?️Lesson 3: How to Claim Free Cryptocurrency
?️Lesson 4: How to Trade Cryptocurrency
?️Lesson 5: How to Pick Cryptocurrencies to Buy
?️Lesson 6 How to Farm Cryptocurrency
?Lesson 7: How to Sell Cryptocurrency

So, this lesson and the other lessons will focus on teaching you WHAT TO DO. So much theory will be overlooked and the focus would be on practical.

✅ How Crypto Tokens Work

Tokens are used as a medium of exchange. They are tradable and can be used to exchange for goods and services, whether online or offline. But more uses for crypto tokens have not yet started. The world will one day wake up to other uses for crypto tokens in the future.

Right now, tokens are created to as a digital replacement for conventional currency. They are built on Blockchain technology, which provides some high level of anonymity. That way users can exchange and transact with tokens without revealing their identity to one another.

Crypto tokens also provides a fast means of payment for goods and services. But the primary reason investors flock the Blockchain to buy tokens is for its store of value. It’s one of the fastest ways of acquiring great wealth with little capital.

Those who bought Bitcoin at the early days can attest to it. Bitcoin price has grown from an insignificant value from its early days to what it’s today. The same applies to many other crypto currencies. It’s also the reason many new tokens are flooding the market, looking for a share of this new found wealth.

✅ Types Of Tokens to Buy

There are different types of tokens investors should always consider before buying. I will show you these tokens and reasons behind each one to help you understand the best tokens you should be buying. Each of them presents some benefits for your Investment.

While you can pick and invest in all the tokens I have explained here, you should use this to find the tokens that provides huge benefits in all the categories.

?️Exchange Tokens
?️Staking Tokens
?️Utility Tokens
?️Tokens with Reflections (RFI)
?️Meme Token

Note that some tokens may have a combination of two or more of the different token types. That makes them better choice for investors.

✅ EXCHANGE TOKENS

Exchange tokens are native tokens of an exchange. They can serve as utility and staking tokens as well. They are high in value and their price do appreciate faster more than order tokens.

Every exchange token belong to its own exchange where the token is the primary token of transaction. Some exchange tokens are also used as primary tokens outside their exchange. An example is Binance Smart chain token.

There are two major types of exchanges – centralized and decentralized exchanges. You can buy any token as long as it has the native token of an exchange.

The benefits of buying exchange tokens are many:

?️The price rises faster thereby increases your return on investment. Example is Pancakeswap, which started in 2020 and by 2021 the value has reached $24 per token.
?️You can stake the token to earn more tokens while you wait for price to rise.
?️The token is listed on the exchange from day 1 giving it an advantage above other tokens. And it does get opportunity to list with more exchanges as well than other tokens.

✅ Examples of exchange Tokens

There are so many exchange tokens in the market now. I will just give you a few examples. From the explanation you can easily identify a DEX token when you see one.

?️PancakeSwap
?️Binance Smart chain
?️Ekta
?️Ethereum
?️Crypto.com
?️BItMart token
?️POSI Token

✅ STAKING TOKENS

These kind of tokens are investors delight. They help you earn money from crypto on daily basis. It’s like fixed deposit investment. You stake your tokens to earn more of the same tokens or of a different tokens.

Every token is stakable. However, while some built their own platform to operate staking, some don’t have their own platform, making it difficult to stake them. Also, some partner with other staking sites to stake their tokens.

This should not really be a way to classify tokens but it’s important when buying into a new crypto project. It’s helps you maximize your investment from inception – at the time nothing much is expected from the token.

The benefits of buying staking tokens are huge:

?️You earn more tokens while waiting for token price to rise
?️The value of your staking rises as the value of the token rises increasing your return on investment.
?️It’s the best way to earn daily income from crypto
?️Annual Percentage Returns (APR) are usually higher than you can ever get from any other investment .
?️It’s the fastest way to multiply wealth in crypto investment

✅ Examples of Staking Tokens

What really makes the difference for each token is the APY (Annual Percentage Yield). Some tokens yield more than others. However, some new token projects create their own Staking pool, making them stakable as they are launched.

Almost every major Cryptocurrency is stakable. So my examples will explore few new tokens that have established themselves from the beginning, with their own ecosystem for staking.

?️POSI Token
?️Ekta
?️Amor
?️WSPP Token
?️PancakeSwap
?️Fresh Cake Swap

✅ UTILITY TOKENS

Utility tokens are tokens with use-cases. This has been the plan for tokens until Dogecoin changed everything, and added meme token to the list. Every token is designed to have a use case.

That’s what makes tokens valuable and useful as a currency. Although every token project may claim use case just to get users interest, you have to evaluate the present and future uses before buying into any project.

The benefits of buying utility tokens are huge:

?️the price appreciates much faster
?️It has user case and attracts a lot of investors interest
?️You can trade or easily swap it with other tokens
?️It’s get easily acceptable to exchanges and increases its speed of listing

✅ Examples of Utility Tokens

?️POSI Token
?️Ekta Token
?️PancakeSwap
?️Binance Coin (BNB)

✅ TOKENS WITH REFLECTIONS (RFI)

This kind of auto-staking tokens was made popular by Safemoon. It’s the easiest way to stake your tokens while your tokens are still in your wallet address. This uses the RFi technology that rewards token holders with some percentage of the gas fee.

It works by taking a percentage of every token buy and sell and sharing it among the existing holders. BabyDoge Coin takes 12% when you buy or sell but only 5% of it is shared among holders.

So, this works only when there’s a buy or sell of the token. It’s not a guaranteed way to earn from staking but it does have a huge potential for investors.

The benefits of buying reflection tokens are huge:

?️It doesn’t require any staking fees or network charges to earn reflections
?️It discourages holders from selling fast and helps to increase token price
?️You can earn huge reflections when buying and selling gets high
?️It’s the easiest way to stake your token without actually staking it

✅ Examples of Reflection Tokens

?️POSI Token
?️Babydoge Coin
?️CCDOGE
?️Safemoon

✅ MEME TOKEN

This one really took the world by joke. Yes, meme tokens are tokens without proper utility or started as a joke like Dogecoin. The concept was started by Dogecoin. But the huge disadvantage is their large token volume and lack of any use case.

The benefits of buying meme tokens are:

?️It usually have huge fan base supporting the meme
?️It discourages holders from selling fast and helps to increase token price
?️It can generate high ROI in a short time with pump and dump

✅ Examples of Meme Tokens

?️Dogecoin
?️Babydoge Coin
?️Akita Inu
?️Shiba Inu

✅ Conclusion

You don’t have to keep wasting money to buy any crypto out there just because they promised heaven and earth in their white paper. You should know what you stand to gain from the project if you buy.

There are so many scam token projects out there. They can promise quick return on your investment but that’s just to rip you off. Learn about crypto investment and stop throwing your money away at every seemingly promising project.

If you would like to learn more about crypto investments join my telegram group. Click this LINK to JOIN CRYPTO LESSONS NOW.

? To swap, stake or farm POSI Token, click or copy Link , paste in your TrustWallet or Metamask DAPP to connect to Position Exchange

?️Disclaimer: Crypto or any other investment generally is volatile. This post doesn’t encourage a risk-free investment. You have to consider all your options and possibly Do Your Own Research (DYOR) before investing in any investment project.

Read More
1 2 3 4 5 29