Category : Start A Business

Start A Business

How To Make Car Wash Business More Lucrative

Car wash business

Do you want to start a car wash business? Even if you are already operating one. I have some vital information for you that would help you make it more profitably. You will also get to know how to manage it successfully, even if you are working or doing other businesses.

In fact, one of the major challenges of starting car wash business is how to manage it when you are not around. But I have solved all that for you with a simple method taught me by one of my new friend.

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One of my readers and a friend now, who happen to own and operate four car wash businesses in Abuja and Lagos gave me the secret of his success. He’s also planning to open 16 others across the country, thereby making it a total of 20 car wash businesses under one brand name.

You will get this detail and more from this article. I have obtained very important insider secret of operating car wash business successfully. You will be better equipped to start a car wash. After reading this, you won’t need to read any other article on car wash business before you start.

Planning Your Car Wash Business

Now that you are thinking about starting a car wash business, its ideal you do the first things first. Don’t take it for granted, unless you are only going to start washing cars yourself and not planning to do it as a business that can thrive on its own even when you are not there.

I have a few recommendations and I will advise that you take it seriously as well. The first thing is to write a business plan for it. You may not do it yourself. You can get a consultant to write one for you.

It’s always better to put down the idea in a good plan before starting any business. It would help you come up with a better and cost effective way to start the business.

The second advice is to know your location very well. Human and vehicular traffic are important for the business. People who pass by would one day recommend those with cars looking for where to wash.

If you are going to locate off a busy location or in an area where there are many other car washers, make your place unique and offer better services. This should be articulated in your business plan as well.

My third and last advise is to research other car wash businesses in your location. It’s important to know who your competitors are, how formidable and prosperous they are currently doing in the business. If you are planning on multiple locations, hire a consultant. It would cost money but it will get you the best result than you could get on your own.

Washing dirty truck tire

How Car Wash Business Works

Car wash business is one of the simplest startups anyone can invest into. You don’t need to acquire any particular skill or qualification. You don’t necessarily need to get government permit or license before you can commence operation.

But you can’t ignore the fact that ones you open, town planning or local government authorities would come after you. So, do the needful by constructing a good drainage system to channel the water for disposal in a better way that won’t damage infrastructures like road or the drainage system.

What you only need is to understand how the business works, and raise the required capital to setup your spot. However, there are no particular startup cost for car wash business. Everything depends on who is starting the business, your location cost implications, types of car washing equipments, and how much you really have to invest in the business.

The financial requirement is not that much either. You can also start small while you grow the business big. There’s also the option of multiple locations, which is the real deal for business. The more locations you can setup the more income you can generate from the business.

As simple as the business mode might seem, it’s a great money spinner. I will explain better in another subhead. But the idea is a simple one; customers only need drive their cars into your car wash, while you give them the best wash possible, and they pay for it handsomely.

Car Wash Business Models

Sometimes the problem hindering people from starting their car wash business is the lack of knowledge. What most startups have in mind when starting this business is usually the conventional car wash model. And when they can’t afford the cost, they quit their dream.

Let me show different car wash business models you can start. Stop limiting yourself. Some of this models can be started with just buckets, sponge, soap and water. You can find all these items in your home right now. So, you won’t say I don’t have capital. I have given you the capital outlay for some car wash business model.

Let me explain them briefly:

  • Conventional model
  • Estate model
  • Supermarket model
  • Multi town model

The Conventional Model

This one is still the real car wash model. You will need a good space. How big depends on you. But it’s better to have a bigger space to park and wash more cars at the same time, if the demand is high in your location.

You will also need a car wash machine. I will explain more when I’m sharing tips on starting the business, since I want to focus on the conventional car wash model.

The Supermarket Model

This is also known as the mobile car wash. This model targets offices, schools, hotels, hospitals, supermarkets, churches and event places. You provide your services to the car owners who either work there or visiting. For example, there’s no government ministry that doesn’t have more than 50 cars visiting in a day.

The idea could be conventional where it’s permitted or just mobile car wash business. You can even have a custom vehicle, with built in water tank and car wash equipment.

The Estate Model

This model is partly a conventional model and partly supermarket model. The target is estates. You setup inside the estate to target those living in the estate. In most cases, you would need to get the approval of the estate managers or association.

Some estates already have spots allocated for car wash business. You can also offer house to house car washing to some customers.

Multi Town Model

This model is the multi application of any of the other three models that I have shown you, but in a multiple location. This model is good for those who are setting up car wash as a full fledged business entity. They have a registered company for it, have good budget for good locations and can manage multiple car wash with multiple model applications successfully.

It can be a combination of any of the three other models or just the operation of one model in multiple locations. The idea is just to create car wash business in more than one location. Like the example of my friend who gave me all the information I’m sharing with you, and he has 4 car wash locations, one in Abuja and three Lagos.

Huge Demand For Cash Wash

There’s huge demand for car wash business in Nigeria. According to a report by the Bureau of Statistics, which is published by Nairametrics, there are about 11.8 million licensed cars in Nigeria, at the last quarter of 2018.

Number of cars on Nigerian roads hit 11.8m in a year

Also in the same period, a total of 75,446 cars were newly licensed. That means an estimated annual number of 75,446 cars are added yearly. Now, with over 11 million cars needing washing, mostly on regular basis, that creates a huge demand for car washing.

Moreover, Nigeria is a rain forest zone, which means we see much rain every year. That increases the number of times cars would need washing. Forget about those who wouldn’t mind washing their cars themselves, during raining season everyone tries to use the car wash regularly.

The tires are the worst places to wash in a car. They are even worse during the rains. Not to forget the interiors that gets dusty during the dry season because of bad roads and high winds blowing dusts and particles into the car.

So many reasons car wash is profitably huge if you decides to get into it. But you still need to keep reading to get all the full gist on this business.

Car Wash Profit Potential

If you are going to start car wash business, it’s okay to know the huge potential in this business. Most people look down on car wash business. For them, it’s a business for the low lives. If you were thinking this way before, I’m about to make you change your mind.

Take for example, the cost of washing one car is between N500 to N1,000. Not forgetting washing the interiors, engine washing, radiator washing and vaccuum cleaning of interior. A car wash can also include rug and upholstery chairs washing as well.

Although, what may be going through your mind is how much can a cash wash business make in a day? Relax, don’t be in a hurry, it’s cool money. Let me do a little calculation for you. We would use the general rate of N500 for one car wash, and a regular day sales report.

Car washing in progress

So, let’s say 10 cars is washed in the morning and another 10 cars in the evening, making a total of 20 cars on a regular day. During the weekends, from Friday’s to sunday’s, the figure is much higher, like between 30 to 45 cars washed per day. But we would use 30 cars per day during weekends.

That means for a week, we have a number of 80 cars washed from Monday’s to Thursday’s, while a total of 90 cars washed from Friday’s to sunday’s. When you add the two together we have a total of 170 cars washed per week.

For the 4 weeks in a month that would be 680 cars washed in a month. If you multiply that with N500 revenue per car washed, you should have made N340,000 in one month.

Types Of Car Wash Operations

As you plan to setup your car wash, it’s equally important that you know the different types of operations, so you can pick what’s good for your location. The different operations are:

  1. Full-service car wash
  2. Exterior conveyor car wash
  3. Self-service car wash
  4. In-bay automatic car wash

Full-Service Operation

This operation involves washing of the vehicle exterior and also having the interior vacuumed. The customer is paying for a clean wash, inside and outside of the car.

Exterior Conveyor Operation

This kind of operation is a drive through operation. The customers stays in the car and are being pull along an automated conveyor, while it washes and cleans the exterior of the car only.

Self-Serve Operation

This kind of operation allows car owners to wash their cars themselves. I bet if this option can ever work in Nigeria, considering that Nigerians prefer to be served and paying for it. So, I won’t recommend this option for your car wash operation.

In-Bay Automatic Operation

This kind of operation can also be manual. The central idea is that customers choose the kind of service they want and that’s what is paid for. If they want only the exterior washed or both exterior and interior that’s what they get for a specified fee.

That includes engine or radiator washes. Or just pick what they want and it’s done for them. Most car wash in Nigeria operate this way, excerpt that most of them are manual operations too.

Car Washing System/Equipment

Your main investment after location is the washing system. This is what controls, speeds up and perfect the washings. A standard car wash should have this system. But depending on the size of your washing bay or the number of washing points you want, the cost may differ.

Also, this equipment is customized to your needs, like 4 points Washing bay or 8 points, as you want it. That determines the price as well. It’s even better you discus with the company directly to specify your need and get a custom cost for your cash wash business.

CLICK HERE to get your custom price for the washing system.

The systems generally consist of:

  • Pressure Pump
  • Expansion Tank
  • Control System
  • The Hose Reels with Nozzles

You should visit any standard car wash business to see how their operation works.

Simple Setup Tips For Beginners

Inasmuch as you want to setup a standard car wash, you can start small and grow it big with time. The main investment here is your location. Most car wash are road side businesses. You should find a good spot along the road where you can setup.

Here are some of the items and costs you would need to get started:

  • Washing system – N60,000
  • Cleaning and spot-free solutions
  • Vacuums – N35,000
  • Brushes – N1,000 for one
  • Towels – N500 for one
  • Water borehole (price varied)
  • Power generator – N30,000
  • Storage tanks – N30,000
  • Buckets – N700 for one
  • Bowls – N100 for one

Hiring And Workers Payment

Another important aspect of business is the workers and their salary structure. Although, it’s common knowledge that workers in car wash gets paid only on per car washed.

No monthly salary for them, and you don’t have to worry about paying them at the end of the month. That’s the reason they jostle for cars as customers arrive.

It’s a good payment system, so you don’t worry about salaries at the end of every month. You can focus on your other logistics to deal with and exclude salaries from it. However, what you may have to consider is the sharing formula between you and the workers.

The commonly agreed structure is 60/40. Every car wash owner agrees that it’s the acceptable standard. You can also find out what’s obtainable in your area. If not, this formula is good. For example, if a car is washed for N500, you take N300 and the worker takes N200.

So, you as the owner of the business takes 60%, while the worker takes 40% of the revenue from each car washed. That way the workers go home with their daily pay at the end of everyday.

Best Management Style

One more important thing I need to address properly is the management. The conventional way has been to seat there with the workers and monitor what’s going on. But that won’t work if you have other business or you are also employed somewhere else.

And you can’t even let someone run it for you because they never give accurate account of their operation. It’s the fastest way to bankrupt the business. So, what other way has been working for others?

Here’s what my friend who I have told you about, that operates 4 car wash operations told me. When ever he sets up a new ones, he would manage it closely for some months. That way he would know how much it can generate monthly.

After that he would outsource it to a competent manage, who would be delivering an agreed sum at the end of each month.

That way he also removes himself from daily expenses and costs, while the manager bears those cost. But the managers profit is any amount above his monthly delivery target.

For example, if a car wash revenue is around N180,000 monthly, he would outsource is for a guaranteed N100,000 monthly. The manager takes the remaining N80,000 or more if he makes more. But the manager bears the daily operational costs as well.

I can also suggest that you can structure the payment weekly. If the manager should deliver N100,000 monthly, it can be done weekly at N25,000 each week. It would help you ensure the manager doesn’t fail to meet payment timelines.

Conclusion

There’s so much so share about car wash business but I have to conclude it here for now. You can also drop your comment and observations in the comment box and I will respond as soon as possible.

From what I have shared with you so far, there’s huge potential in the car wash business for anyone to tap. And for those of you who are employed or busy with other things, I have also helped you with a proven management style that would make it easier for you to invest now.

Finally, don’t forget to do your own little research. Don’t be in a haste to invest without proper guidelines. Like I have advised, package a business plan.

Avoid building any business without a building plan. It may seem like it’s not necessary unless when you need a loan, but it’s more than just a tool for asking for loan.

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How To Start Profitable Business For Beginners

Do you want to start a business or a profitable business? Even though you might choose the later, most startups end up doing the former. Most of what beginners do is just to start a business. The issue of profitability is usually left for assumption.

Let me give you an example that describes it well. I’m a blogger, and the common idea among those who want to start blogging, is to setup a blog and ‘boom’ they start making money.

If you ask many of them how people would find their blog to read, they don’t know. They just assume that once you write a blog the internet will do the rest for you, and find you millions of readers. Then, you start collecting money from Google for AdSense.

It’s the same thing most startups do in Nigeria. They never factor the most important things about business before getting started. In fact, if you ever ask any startup the problem they are having in their business, you will hear things like, if only I have money to invest or my problem is capital. But the question is, what would you do with the capital?

Understanding Profitable Business

A business that doesn’t have a pool of customer base is not feasible and cannot be a profitable business. Get this right, you don’t have a business if you don’t have customers. Instead of trying to start a business first, why not try to get customers for the the business you plan to start.

A profitable business is not an assumption, and that’s why many startups don’t succeed. You cannot start a business you are not sure you have customers who are willing to patronize you and are within your reach.

An idea or a question

Take bloggers for example. Instead of rushing to start a blog, offer to write on another existing blog to build your audience. Especially if you don’t know much about blogging. The same thing for startups. Be patient to undergo an apprentice program. What you don’t know may be the reason your competitors are doing better than you.

A profitable business is not just a good business idea. Anyone can have an idea or even copy other people’s idea to start a business. You need both an idea, the required skills or experience to convert the idea into a profitable solution for the customers who are ready to buy it. Let me delve into apprentice program further in the next paragraph.

Business Apprentice Program

According to a TEDTalk in 2018, Igbo traders apprenticeship program was considered as the largest incubator program in the world. This system has raised most of the successful entrepreneurs there is from the eastern part of Nigeria. And if you must start a profitable business, don’t ignore this at all.

When ever I advise startups to do apprentice program first before launching their business, they always chide the idea as old school. They are usually in a hurry to start a business. I bet you, they are not planning on starting a profitable business, but they don’t know it.

Apprentice program gives you valuable knowledge and experience in that business that would have taken you many years to acquire. Sometimes, what most people don’t see in a successful entrepreneur is the many years he or she spent trying to figure out how the business works and failed.

No one talks about or remembers the failures of successful entrepreneurs. All people see is the success they have achieved after many failures. Take this from me, if you want to start a profitable business, become an apprentice first. You cannot lose with the knowledge and experience you will acquire. It’s the best form of mentorship.

A Different Kind Of Startups

The advantage most successful startups have in developed countries are because of their experience working for another company. Take a look at the tech world, you will see these examples. WhatsApp founders, Brian Acton and Jan Koum were former employees of Yahoo! before they started WhatsApp in 2009.

No wonder they went on to build very successful product like WhatsApp, which they later sold to Facebook for $19 billion in 2014. What do you think helped these guys come up with such an innovative idea as WhatsApp? In their days at Yahoo! they probably saw how the technology was evolving and what they needed to do.

Sometimes, what you need to start a profitable business is to create a product or service that people really need.

And there are many of such examples of startups who were able to launch profitable businesses because of their past experience or training. You cannot be competing against successful competitors with the same old ideas that nobody wants.

Writing. A Business Design

If you want to start a profitable business, you should at least write a business plan. It’s amazing how most startups never had a business plan, excerpt when they are looking for bank loan.

A business plan is not just a tool for collecting loans from investors. A business plan is a written building plan of your profitable business. How do you want to build a profitable business without a building plan. How would you even know what you need to do the most?

In the next subhead, I will be showing you about the 80-20 rule. How would you even know what would give your business it’s 80% outcomes? Your business plan is the real Bible of your business, and you shouldn’t be going into business without one.

If you don’t know how to write a business plan, I would suggest you hire a consultant, but work together with the consultant to write it. Even if you don’t know what he or she is writing, at least get them to explain. Don’t trivialize the soul of your business.

Moreover, there is so much about your business that your business plan would reveal to you. Have you ever wondered why car makers, phone manufacturers, even wristwatch makers add a user manual in their product? Imagine your business not having an owners operational manual. That’s not the way to start a profitable business.

How Money Works In Business

The issue of business capital is mostly misunderstood. It’s not every startup that needs money at the beginning. Don’t get me wrong, but you will understand as I explain further. Money is needed in a business to make your idea profitable.

So, what’s your business idea? How viable is your idea? What’s your huge value proposition? Who are those willing to buy it? What are your chances of reaching your target market? And lastly, what makes you think you can deliver on your promise?

The real work of money is to amplify your business. Your business will not become profitable because you have money. A profitable business is the business that requires money. That’s why the bankers and investors only put their money in a profitable business idea. And not just in a startup business.

A plan is the soul of your business

You do not have a profitable business if it’s only money you have. Money in itself cannot make your business profitable. So many startups have lost money because they invested it in a business that’s not profitable.

A Different Kind Of Marketing

From a different kind of business to a different kind of marketing. A profitable business must know how to market its product or service to reach a larger audience. Imagine the concept of 80-20 rule.

According to an Investopedia description, the 80-20 rule, also known as the Pareto Principle, is an aphorism which asserts that 80% of outcomes (or outputs) result from 20% of all causes (or inputs) for any given event. In business, a goal of the 80-20 rule is to identify inputs that are potentially the most productive and make them the priority.

As a consultant, I was faced with this kind of situation when I started my practice. I know the 20% effort that would cause my 80% outcomes, and that’s exactly what I did. However, I did it in a most usual way that multiples the effects of my 20 percent effort in a way that my 80% outcome is constantly amazing.

Do you know what your 20% effort for your startup business should be? Even if you have the most amazing product, you must have the most amazing marketing if you must turn it to a profitable business.

Marketing is probably the most important task for startups. It should be well researched and planned for as much as you work on your business idea. It’s always recommended that marketing precedes the business launch. It’s the success of your marketing that should encourage you to launch out.

Where Are Your Customers?

Now, I’m back to the main reason any business is profitable in the first place. It’s about the customer, and always about the customer. And there are different types of customers that you should be aware of when starting a profitable business.

That’s why it’s important you start your marketing ahead of launching your business. Some of these customers would only be helpful during the startup stage. Some may not be helpful in anyway. While some customers would be helpful once in a while or always throughout the life of your business or theirs, whichever comes first.

Here are the classes of customers your business may encounter:

  • Customers that loves your business
  • Customers that loves your product or service
  • Customers that would tell others about your business
  • Customers that would encourage others to buy from your business
  • Customers that would never buy from your business
  • Customers that would buy from your business sometimes
  • Customers that would always buy from your business every time

The customers that loves your business are usually the ones that comes in contact with your business early at startup. What they love about your business may not be profitable to you. That includes those who love the product or service, but are a lot better than just loving the business and not even knowing the product or service.

You may have seen those customers that likes, shares and comments on business pages or posts. That’s where you mostly find customers that tells others about your business. Another category are the encourages. Then, those who would never buy.

Finally on the real customers, you will find two different categories that buys from you. One group buys sometimes, either when they can afford it, or when they really-really need it. But the last category is your target customers. They are the kind of customers that gives you 80% of your outcomes. They buy every time. The thoughts of your product or service excites them.

The Skill-Set Of Startups

Let’s look at the skills you have to start a profitable business. It’s not just enough to want to start a business, you should know your strength and weakness. You should understand the important skills your business requires the most. If you don’t know what these skills are, you probably shouldn’t be starting that kind of business.

It doesn’t necessarily have to be you that must have the skills. But it’s important you know the skills you need in your business. You can hire such skills or get some as partners in the business. That’s why I recommended the apprentice program earlier.

These skills are the advantage your business would have over your competitors. You know there are no exact skill sets that are the same degree and experience. Imagine if you are a musician with the most soulful voice in the industry, just that alone can give your music career an edge. That applies to every skill set that you may have.

That’s what skills does for your business. If there are skills you need to acquire, go for it. If there are those you need to have as partners, do so. For the rest or lesser ones, you can hire them to work for you. But be mindful of the skills required for your business and prioritize their level of relevance and benefits to your business.

Conclusion

I didn’t set out to discourage you from starting a business, but to help you start a profitable business. If you really want to do something, at least do it well. There’s no joy in starting a business that would eventually fail.

I strongly believe that you never set out to start a business with the knowledge that you won’t be successful in it. So, you should humbly follow my candid advise here and do the needful. If your business is profitable, you are the first beneficiary, isn’t it?

And my role as a consultant is to help you make the right decisions. If you are having a problem starting your own profitable business, just share your challenges in the comment box and I will be glad to answer your questions. Cheers!

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How Business Works In Nigeria

Do you know how business works in Nigeria? It’s important you understand the basics of doing business in Nigeria before starting one. You should not venture into a business if you are not grounded on the simple knowledge of how business works in Nigeria.

The failures associated with businesses in Nigeria can be avoided if only the starters understood the terrain they ventured into. Business, like every other thing that we do, follows a principle and a concept. They guide you into knowing what works in Nigeria, what to do, how to do it and to whom you should do it for.

Business in Nigeria is more like construction work. When you are building a house, you are not guessing if it would eventually become a house. You surely know it would be a house. Those reasons that made you believe that you are building a house, and that you don’t expect it to become something else than a house, can be applied in the same way to building a business.

That implies, if you follow how business works in Nigeria, it doesn’t matter what business you are building, it will surely become successful, if not very successful doing business in Nigeria.

The Principles Of Business

Also, you need to go by the principles of business. There are no mysteries in how business works in Nigeria than just doing business the very way it should be done but with some unfactored twist. These principles lays out what you need to put in place or in consideration when starting or running a business in Nigeria.

Business principles provides us with ideas of what makes business work. That means, you are to be guided by the principles of business if you hope to make your business succeed. These guiding principles of business work for every type of business in Nigeria.

According to American National University, there are 8 fundamental principles of business you need to Know if you must succeed in business anywhere in the world. These principles would work for any kind of business, wether small, medium or large scale business. If you follow these principles correctly, you can beat your chest and say, I know what I’m doing Works!

Well, for Nigeria, there’s a little tweak to it. Everything about how business works would work but without including the Nigerian factor to the equation, it may never work.

Here are the principles for you:

  1. Make quality products for Nigerians
  2. Know your industry and competitors
  3. Protect your intellectual properties
  4. Pick a great Nigerian team
  5. Organize your structure and design properly
  6. Use cash flow wisely against corruption
  7. Understand the accounting and finance
  8. Take care of your customers

In a simple way, the principles can be better understood as product, market and competition, marketing, workers, structure and design, money, report and customers.

All these are what make business to work in Nigeria. If you carefully learn about each one, how they work in the overall plan of the business, and how to utilize them collectively to achieve your set objective, you would have known how business works in the Nigerian context more than anybody else.

Understand How Business Works

The idea of business is derived from a product or service aimed at target consumers with a promise of value, in exchange for monetary compensation. However, the concept may involve a new product or just a novel approach to marketing or delivering an existing product to a target Nigerian audience.

This idea can be better expressed as follows:

  • Service or product
  • Target demographic
  • Unique selling proposition (USP)

So, for the concept to work it must include all the three basic information of a business idea. That’s even the first steps of the principles of business.

What Is Business in Nigeria?

Business in Nigeria is better defined as a regular occupation, a trade, or a profession that a person engages in, as a commercial activity in Nigeria. If you have any occupation that you engage as a commercial activity you are already involved in a business in Nigeria.

What makes a business is the idea of service or product that is offered in exchange for value. A business in Nigeria is an organization where people work together to make or sell products or services. The word “business” is derived from the word “busy”, and that means doing things. This business or doing things should earn you a profit for the products and services it offers to Nigerians.

However, to have a business in Nigeria it should have these characteristics:

  • It should have individuals working together
  • It must satisfy a Nigerian need
  • It must seek to make a profit

Where a business in Nigeria is not designed to make profit, it’s categorized under another label; non-profit organization or not for profit organization. These kind of business meets the two characteristics of a business but willingly reversed the third one, which is to make profit.

Types Of Businesses

There are three major types of businesses in Nigeria one can engage in that represents a commercial activity.

  1. Service business
  2. Merchandising business
  3. Manufacturing business
Service Business

It’s a kind of business that one offers services that are intangible. The products have no physical form or shape. They simply provide some form of professional services, like skills, expertise, advice, etcetera. Some examples include, salons, repair shops, banks, hospitals, law firms, etcetera.

Merchandising Business

This kind of business is also known as “buy and sell” business. It’s a kind of business that deals on physical products, but primarily as in a trade transaction. It involves buying products at wholesale price and offering the same to the consumers at retail prices. Some examples include, resellers, distributors, eCommerce stores, convenience stores, grocery stores, etcetera.

Manufacturing Business

A Manufacturing Business transforms raw materials or other existing goods into new products. The primary role is transforming already existing products into better products for the consumers.

Note: Some Nigerian businesses may fall into more than one classification. Some may be engaged in manufacturing and also merchandising of the products. In that case, such business could be classified into multiple types of business. That makes them hybrid business.

A very good example is a restaurant, being a food ‘manufacturing outfit’, it also engages in the direct sale of the food to Nigerian consumers.

Starting A Business In Nigeria

Starting a business in Nigeria is not entirely different from building a house. Once you decide on the kind of house you want to build, which is like doing your research, wisdom demands that you design a building plan. A building plan is akin to business plan. It’s how to put into imagery what you want to build, and in the case of a building how you want to build it.

Now, with the building plan you can start the foundation. This stage is where you dig for solid ground and you lay strong iron with concrete mixture. You can relate this with the principles of business. Without a solid foundation your business might collapse if you begin to add the building blocks, as it gets heavier with each blocks added.

Moreover, you need to take care of all the legal requirements when starting a business in Nigeria, which include:

  • Register your business Name with CAC
  • Apply for FIRS Tax ID Number
  • Obtain necessary business permits and licenses
  • Protect your business with insurance policy
  • Open a business bank account
  • Consult with professionals

3 Forms of Business Ownership In Nigeria

When you talk about forms of business, it refers mostly to ownership structure than the organizational structure. You can form a business in any of these 3 ownership structures. These are the basic forms of business ownership:

  • Sole proprietorship
  • Partnership
  • Cooperation
Nigerian Sole Proprietorship

This kind of business is registered as owned by only one person in Nigeria. It’s the least formation of a business to form in Nigeria, also with the least ownership structure. It’s liability is unlimited, and it’s faced by the owner, but it’s limited to the personal assets if the business cannot pay.

Nigerian Business Partnership

This type of business is owned by more than one person in Nigeria, with contributed resources in form of equity. They also divide the profits from the business among each of the partners. However, there are 2 types of business partnership; a general partnership and limited partnership. While general partnership attracts unlimited liability, which puts their personal assets at risk, the limited partnership enjoys protection against their personal assets.

Nigerian Corporation

A Nigerian corporation is a legal business entity that’s separate from its owners. The ownership of a corporation is represented by shares of stock. However, the board of directors, which the stockholders elect, are mandated with control of the corporation activities.

What’s A Business Plan?

Wikipedia describes a business plan as a formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved.

That makes a business plan an essential part of starting any business. However, it’s necessary while writing a business plan, for you to understand the main purpose of having one. Here are just a few:

  • It helps to maintaining business focus
  • It helps to securing outside financing
  • It can help in fueling ambitions and mapping growth

Your business plan serves as your company’s resume to investors, partners, vendors and employees, in explaining your objectives. It’s effective in defining your goals and explaining the steps needed to be taken to reach them. It’s also in your business plan that you can detail out your purpose, the company’s vision, as well as your means of operation.

Types Of Financing Business

In business you need money. The power of money in business cannot be over emphasized. Money is the life of every business. Without money, your product cannot spread better than the competition.

Finding money for business is one of fundamental principles of business. That’s how important it is for your business. It’s not an optional decision to find money for your business, it’s how business works. Your money is the oxygen that keeps the business alive.

There are two main types of financing business, and they are:

  1. Debt finance
  2. Equity finance.

Debt financing deals with funds borrowed from a lender that is repaid with interest, while equity financing is about capital exchanged for part ownership or for the shares of the company.

The Purpose Of Business

One thing is clear about business, it must have a purpose. A business purpose is the reason the business is formed. This reason is distinguished from the company vision or mission. Business purpose can be industry specific or general, and includes support services and future business activities.

Therefore, the purpose of a business can be better described as a value proposition offered through products or services to customers, who in return pay for the value with cash or its equivalent. In order words, the purpose of business activity is the provision of goods and services that customers want, at a price they are also willing to pay.

Interestingly, you have to define your own purpose of starting a business. Your purpose should be based on your personal goals, starting from whether the business is for profit or non profit organization. You can start from these three generally accepted reasons, and they are:

  1. To make money
  2. To gain satisfaction from working in a field of interest
  3. To benefit others

Nigerian Business Models

A Nigerian business model is simply Nigerian business way of doing things. It describes the rationale behind how your business creates value, delivers value and captures value, in the context of economic, social or cultural values. This model forms part of your business strategy.

However, here are simple steps you can follow to define a strong Nigerian business model.

  • Identify your specific audience
  • Build business processes
  • Identify key business resources
  • Create a strong value proposition.
  • Partner with key business partners
  • Create a demand generation strategy

Also, Nigerian business models are broadly divided into four basic types that any class of business falls within. They are:

  1. Manufacturer
  2. Distributor
  3. Retailer
  4. Franchise

The Nigerian Factor

if you are doing business in Nigeria and haven’t heard about the nIgerian factor, you are dealing with foreigners and not Nigerians. There’s no how business works in Nigeria without the Nigerian factor.

Sometimes, you can’t even pinpoint exactly what this factors are but they are largely visible in every transaction you do in Nigerian business. The problem is that you won’t be told what you have to do, but at every turn you make you would hear it, but no one wants to admit that’s what they are saying.

The best way to describe the Nigerian factor is that thing the intentionally slows down business processes until a bribe is given to speed up the process. These factors exist everywhere, both in the public and private sectors. Don’t misunderstand it, that’s actually how business works in Nigeria, different from how it works elsewhere.

You can not plan without factoring into it this Nigerian factor. So, if it would have cost you N10 million to get something done, you should probably plan for N12 million, because of the Nigerian factor.

Conclusion

There’s so much you need to know about busines in Nigeria. This entire article is just to help you get on with the basics. How much success you can achieve in Nigeria would depend on this three simple factors, which are, wisdom, knowledge and understanding. You may not know how much those three words could mean to your business until you are in Nigeria doing business.

Finally, you also need to understand a simple fact. There’s a huge difference between being a business person and being an entrepreneur who knows how business works in Nigeria. A lot of times these qualities are used interchangeably, but they are nit really the same. A business person merely flips items for marginal profit, while an entrepreneur creates things for maximum profit.

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How Manufacturing Business Work In 2021

Do you want a viable business to start? Have you thought about Manufacturing Business? One of the ways to fight competition in the market place is to manufacture the products yourself. The big brands you see are manufactured products. When you manufacture your own products you equally manufacture your own customers and your own markets.

Most of what’s being imported into Nigeria can be manufactured in Nigeria by small scale Manufacturing Businesses. And don’t think that it cost so much to start a Manufacturing Business. There’s options of starting small, either by using locally fabricated equipments or imported small scale equipments from China.

You can also target a certain market with your manufactured products. Like, identifying markets where there are needs for products you can manufacture and meet those demands. Or find products that are imported and provide a cost effective locally manufactured version that’s of better quality that addresses the needs of the target market better than the important alternatives.

Nigeria stands to benefit more from Manufacturing Business. Apart from producing goods needed locally, it’s also the highest source of employment. The country will also be able to tap into the profitable export market with finished goods, rather than raw materials which fetches less revenue.

Understanding Manufacturing Business

Wikipedia gave a definition of manufacturing as the production of products for use or sale. It also included the use of labor and machines, tools, chemical or biological processing or formulation.

It may also refer to other human activities like handcraft. But Manufacturing is most commonly applied to just industrial design that utilizes raw materials to transform into finished products.

A business that engages in manufacturing can also sell to other manufacturers for the production of other more complex products. Things like household appliances, furnitures, air raft, automobile are some of the products that buys their raw materials from other manufacturers finished goods.

Types Of Manufacturing Business

These are like categories your Manufacturing Business can fall within. When you pick the industry you want, then you can begin to explore all the alternative opportunities that maybe in it.

Below are the different types of manufacturing industries:

  1. Clothing and Textiles
  2. Petroleum, Chemicals and Plastics
  3. Electronics, Computers and Transportation
  4. Food Production
  5. Metal Manufacturing
  6. Wood, Leather and Paper

Also, you should pick your industry based on the needs of your target market and the raw materials available to you. In fact, one of the major factors on consideration should be how easily accessible and affordable is the raw materials you need for your manufacturing business.

Another factor to consider is availability of trained workers. Sometimes finding the right Workforce maybe challenging where they don’t exist. So, it’s important you ascertain the workforce availability first. If you are setting up a new trend that’s never been done before, you can partner with consultants or technical schools to help train your workforce.

4 Types Of Manufacturing Processes

The process of your Manufacturing Business determines the kind of production machines you require. There are four multiple types of processes. Some productions may require more than one processes. While some may only need one. Here are the different processes below:

  • Casting and Molding
  • Machining
  • Joining
  • Shearing and Forming

Nigerian Manufacturing Potentials

There’s a huge potential for Manufacturing Business in Nigeria. The government is also encouraging more manufacturers by making it cheaper to buy locally manufactured goods and prohibiting foreign goods thereby making them expensive.

However, there are equally several challenges, and many of them are also surmountable. The one I consider highly important are the duo of infrastructure deficiency and poor distribution channel. This two holds the biggest disadvantage for your Manufacturing Business. Yet, they can be tackled and overcome.

With a population of over 198 million people with strong appetite for consumption, manufacturing business is the most viable yet untapped investment opportunity in Nigeria. Through manufacturing your can easily build a product into the market with less competition.

Most importantly, there are enough raw materials in Nigeria. The country has been accused of exporting raw material while importing finished goods. These exportable raw materials can be converted for local Manufacturing uses at the same export cost or even at lower rates

Ideas Of What Is Manufactured In Nigeria

Nigerian is a unique market, still being dominated by foreign imported goods, which by far exceeds sales of locally manufactured goods. While all that is gradually changing, the economy is yet to become self sufficient in Manufacturing of locally needed products. But the list of what’s being manufactured presently in the country includes.rubber, wood, textiles, cement and other construction materials, food products, footwear, chemicals, fertiliser, printing, ceramics, steel, etcetera. Others are shipbuilding and repair.

Although, NBS (National Bureau of Statistics) listed the following sectors as dominating the manufacturing business in Nigeria. The list includes, food, beverages, tobacco, sugar and bread products. These products are generating the largest value of production.

Also, with tightening policy on imported products, it’s becoming cheaper to produce locally, coupled with very low cost of labour. And one can start with a small scale Manufacturing Business, like a cottage industry to grow product and consumer taste, before venturing into large scale production.

Starting A Manufacturing Business

If you are thinking of starting a Manufacturing Business, the opportunities are there for you. All you need to start is to pick your side of the business. There are Manufacturing businesses that produced finished goods that other manufacturers need to product their own goods.

That also creates different scales in Manufacturing Business. The small, medium and large scale production factories. A Manufacturing startup can climb the scale from ground floor to the highest scale in Manufacturing.

If you are new in Manufacturing Business it’s always advisable to use the services of a consultant. Starting up is not always easy for newbies in Manufacturing Business. You need to learn the ropes. While taking courses in the area of manufacturing you plan to invest is important, the services of a consultant cannot be over emphasized.

Tips On What You Need Include:

  • Funding
  • Sizable land
  • Production machines
  • Access to market

Cost Of Starting A Manufacturing Business

The cost of setting up your own Manufacturing Business maybe different from another. There’s actually no one defined cost in starting any business. There maybe same cost for equipment and licensing, but not for land and operational cost. Some things must definitely make your startup cost different from others.

But how much should one be looking at when planning a Manufacturing Business? It’s best to estimate your cost personally. Although that may not be an accurate figure without a proper business plan. But it would give you an estimated figure to know how much you should be planning to invest.

The major items of a Manufacturing Business includes:

  • Land
  • Machines
  • Raw materials
  • Cost of power
  • Cost of labour
  • Marketing and Transportation

Now, based on your own circumstances, you can research and attach cost to each of these items listed above. Doing this shouldn’t mean you exclude the writing of a Manufacturing Business plan. This should serve only as a booster to help you have an idea of what cost you maybe up against.

A business plan would evaluate more precise and detailed costs that your vague research won’t cover for sure. But having an idea of cost is usually good to avoid planning a project you possible don’t have the ability to finance.

How To Locate Your Manufacturing Business

One of the most important decisions in Manufacturing Business is location of the factory. It’s the most important process in starting a Manufacturing outfit. A location can greatly determine the success of your Manufacturing Business. And you should not treat this based on assumption.

No matter how much you know, always get a second opinion from a professional like a consultant before picking a location. And don’t pick a location without basic facts in consideration. For example, how close are you to your target market? What are the benefits of that location to your production business? How accessible are your raw materials?

A good location should add value to your business. If you cannot tabulate the value the location contributes to your investment, that’s not the right location for you. However, I will recommend you conduction location assessment even before you buy the land for your Manufacturing Business.

A location assessment report would give you better insight on how that location benefits your business. It would even open your eyes to more hidden potentials your Manufacturing Business can explore in that location. So, don’t undermine the advantages of a location assessment by not conducting one before you start. Even if you have already purchase the land, it’s even more important that you know how viable before you invest more money there.

How To Source Manufacturing Equipment

Another important aspect of Manufacturing is the equipments. Although, you can easily decide what type of equipment depending on what you intend to produce. But that could pose a great deal of danger as well. Mistakes are bound to happen when purchasing Manufacturing equipment without a proper business plan.

It’s always important to address your needs for Manufacturing machines in a properly articulated business plan. Such plan addresses all your needs in Manufacturing Business, including funding, marketing, raw materials, labour, location and machines. Although, such business plan usually doesn’t come cheap. It’s in the range of N500,000 to N20,000,000 depending on the scale of manufacturing.

A good investment in a proper business plan would solve most of your Manufacturing problem by providing solutions to them. That gives you a workable document, with contacts of persons and companies of the varied things needed for the setup.

Alternatively, you can source for equipment manufacturers locally or international. And most of these equipment Manufacturers are available online. But how would you know exactly what equipment is best suited for your product without a proper business plan? An advise from an equipment vendor is usually to encourage the sales of their own equipment. A consultant gives you an honest advise for the best of your investment.

Conclusion

The vast untapped market potential in Nigeria can support different Manufacturing Business. If you are looking to invest your money securely, Manufacturing is a goldmine. The benefits are equally very tempting, with cheaper cost, brand advantage, target consumer, price monopoly, etcetera.

You don’t even have to be an engineer or have earned degree in Manufacturing. You just need to be a Manufacturing enthusiast. Once your passion for the industry is strong enough, you can get the right consultants to guide you properly.

One major setback for locally manufactured products is poor distribution channel. No matter how good your product, you need the right marketing to get it into the hands of the consumers that need them. And the best way has always been through market insertion. Once you are in major or targeted local markets, then you can drive your publicity through radio and TV to push and attract the right amount of sales in the markets.

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How Dropshipping Works For Beginners

Do you want to start dropshipping? Do you know how dropshipping works? Here you are, about to learn a simple step by step on how dropshipping really works and how you can start your own dropshipping business as a beginner.

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There’s really not much to learn about dropshipping. It’s neither a skill to acquire. You can even start dropshipping business by hiring someone at Fiverr to design an online store for you. It doesn’t require you to know how to design a website either.

You can buy a web hosting package from Interserver and get a free domain name to start. And all that can cost you less than N100,000 if you want good standard Store. Or less, if your standard is not high enough. And you can signup with any dropshipper to get products to sell on your site.

The process can be automated, so that the most you can do is calculate profit to help you know what to deduct and pay as taxes as at when due.

What’s Dropshipping?

The best definition of dropshipping to me is from Shopify, which also happens to be a major player in the dropshipping business. But I kind of like the way Wikipedia puts it, without the fluff and decor of enticing customers.

So, I’m going to give you the two definitions just in a way to expand the definition beyond marketing. Another definition that’s close to that of Shopify is from Oberlo. And it’s another player in the drop-shipping model. But I won’t give you Oberlo’s definition since it’s same with that of Shopify.

Wikipedia definition of Dropshipping: it’s a supply chain management method in which the retailer does not keep goods in stock but instead transfers its customer’s orders and shipment details to either the manufacturer, another retailer, or a wholesaler, who then ships the goods directly to the customer.

Here’s Shopify definition of Dropshipping: It’s a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product using the dropshipping model, it purchases the item from a third party and has it shipped directly to the customer.

And dropshipping follows a process, which I have described in a step by step below.

Step #1: Customer Places Order On Your Site

This is where it all begin, when a customer places order for a product on your drop-shipping site. Your site must be well optimized to handle orders faster and more efficiently, in the best user friendly interface possible.

The order process activated by potential customers are the most important activity on a dropshipping store. Without customers placing orders on your site, you do not have a dropshipping business.

Steps To Order A Product On A DropShipping Site

  • Step 1: Find a product you want to buy on a site
  • Step 2: Search for the product if you don’t know the category
  • Step 3: Click on add or buy product to add product to your shopping basket
  • Step 4: Continue shopping to buy more product.
  • Step 5: Or end shopping to checkout and pay
  • Step 6: Signup if you are an existing customer
  • Step 7: Or Create a new account before you buy
  • Step 8: Pick shipping method and finalize check out

Step #2: Your Store Sends The Order To Your Supplier

Once you receive an order placement on your dropshipping store, the order is transmitted directly to your supplier. This process can be manually done or transmitted automatically. If done automatically, then you don’t even need to know when it happened.

Your supplier will receive the order alert with all the shipping details of the customer, which will enable them to perform the next action point, to transmit the order package to the customer. But a manual operation requires you to place that customer order with your supplier and pay the agreed wholesale cost for the product, plus shipping.

One of the most popular marketplaces for ecommerce entrepreneurs using the dropshipping business model is AliExpress. This site is owned by Alibaba, one of China’s most popular eCommerce Store.

Step #3: Supplier Sends Order directly To Customer

The best part is that after you sell a product to a customer who has ordered it from your site, you repurchase it from a dropshipping supplier like AliExpress (Automatically or manually) and then have it shipped directly from their warehouse to your customer.

This part is done solely by your dropshipping supplier. You probably don’t know their inner workings. But this is what goes on at the drop-shippers warehouse on your behalf. They do this on your behalf. And your customers hardly notice the product is not shipped from you.

Also, suppliers uses white label shipping or you can agree on a branded shipping that carries your own brand. That’s up to you. It may cost extra more to brand those shipping materials and invoice, depending on what you want them to brand for you. This is what happens at a dropshipping fulfillment center once a customer submits an order on your site.

Steps On DropShipping Order Fulfillment

  • Step 1: Order is received by supplier
  • Step 2: Order Picking is done at suppliers warehouse
  • Step 3: Order Packing is done either at suppliers warehouse or shipper
  • Step 4: Order Shipping is done by preferred shipping company

Step #4: Profit Margin

How much do you want to make from dropshipping business? You have to define your success path. You need to plan your product by identifying all the elements that would help it succeed.

Deciding your profit margin is not just to add a markup on the product. It starts by identifying the product value, competitive rates, suppliers price, ad spend, even before markup can be decided.

Formula For Profit:

To determine what your profit per product would be, you need to do some arithmetic. You need to attach some financial figures to each element of the price point. And here are the elements in consideration.

Your Price: the price you set as retail price for the product. That’s your suppliers price, plus your ad spend and your markup. In some cases, which I advise you do, add shipping fee as part of your final retail price.

Suppliers Price: this price is determined by your supplier. It’s the agreed price that your supplier would give you for each item. It doesn’t include any other price point.

Ad Spend: here’s your confirmed cost of acquiring a customer or selling a product. This cost may vary for different ad campaign. So, you maybe flexible with deciding your ad spend per campaign, as its most likely to change each time you run an ad campaign. You can either add this to your markup or add it as a separate cost.

Your Profit: that’s what’s left of your retail price after you have deducted suppliers cost and ad spend. It’s not your total markup if you did not include it as a separate cost to your retail price. So, your profit is what’s left from the retail price after all necessary deduction have been removed from a sale.

For example, if you sell 100 units of a product at a defined price, your profit will be 100 products multiplied by the unit retail profit of the product, after all the price markups like suppliers price, ad spend and shipping fees are deducted.

Step #5: Scale Up Your Business

If you have a proven dropshipping business, the next plan will be to scale things up. You will need to increase the frequency at which the steps of your dropshipping model is repeated. The more customers that are ordering and paying for your products the more profit you can calculate.

That means you have determined your ads is successful and your product profitable. Then, increase your ad spend to run more frequent advert, while you watch more sales coming in. Take a clue from tips below on ways you can consider scaling up your dropshipping business.

Tips To Scale Up A Dropshipping Store

  1. Automate order fulfillment to speed up order processes
  2. Automate order tracking to give customer assurance about their order delivery timeline
  3. Join an affiliate network to promote your store and attract potential customers
  4. Negotiate with your suppliers for better and cheaper price
  5. Expand your support team as order level increases to speed up response rate
  6. Consider content marketing to drive free and unlimited web traffic to your store
  7. Test, test, and test until you find out what works best for you

How To Start A Drop-shipping Business

Starting a drop-shipping business is simple than you think. You can start without a website or even startup capital. You don’t also need to stock products or handle inventory at all.

The only requirement for starting a drop-shipping business is passion, commitment and consistency. All these are just part of being hard working. And this hard work can be channeled in finding best selling products, enhancing the effectiveness of your dropshipping site and advertising your products to generate sales regularly.

Below are the simple steps you need to follow to start your dropshipping business.

  1. Select a niche audience to target with a niche solution
  2. Perform competition research to weigh your competitive advantage
  3. Secure a supplier for the kind of niche you want to target
  4. Build your eCommerce website yourself or hire freelance developers online
  5. Create a customer acquisition plan to drive traffic to your store
  6. Analyze and optimize for better performance and increase sales

A niche selection is important. One of the reasons customers patronize drop-shippers instead of major eCommerce stores is the niche simplicity of product selection. They know what your site sells and they can easily search through the varieties of same items to pick what best matches their need. This is your best strategy when started a dropshipping business.

Moreover, you have to consider customer acquisition as your biggest investment plan. Your customers are the life of your business, and you must properly plan for acquiring new customers on a regular basis.

But don’t forget your website design and user interface. If your customers can’t browse your site easily and able to checkout without hitches, then you don’t have a business. Make your site the most user friendly eCommerce Store ever. That’s your best winning strategy.

Top Dropshipping Suppliers

If you are starting your own dropshipping business, you will need a supplier. A dropshipping supplier is not the same as any other kind of supplier. There are basic requirements a dropshipper should have to qualify as a dripshipping supplier.

Every dropshipping supplier must have the capacity to accept, process and ship customers order directly. That’s what makes them dropshipping suppliers. And all these suppliers listed below are equipped with the right structure to handle your dropshipping business interest.

  • Dropship Direct
  • Sunrise Wholesale
  • Worldwide Brands
  • Wholesale Central
  • MegaGoods
  • Inventorysource
  • National Drop-shippers
  • Dropshipper.com
  • AliExpress
  • SaleHoo
  • Doba
  • Wholesale2B

Before you pick which supplier you want to work with, visit any of these suppliers and check through their product selection, prices, operational structure, delivery conditions, and return policy.

You can also have more than one supplier as a backup strategy, incase one supplier falters, you can switch easily to another supplier. Also, product quality should be another consideration you must not take lightly.

Conclusion

How dropshipping works is simple. And it works the same for every country. Things that are most important in a dropshipping business are the supplier, niche product and target customers. Where you are operating from doesn’t matter.

So, Nigerians can do dropshipping business profitably. Imagine starting an eCommerce business without stocking products or handling inventory. Plus not doing delivery too, since your supplier will deliver directly to the customer on your behalf.

The concept of dropshipping is simple to start without capital, once you can build your website. The supplier bills you only when a customers orders an item on your store. And you pay the supplier from money paid by the buyer. There’s no upfront payment for stock required.

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Online Niche Guide – 3 Steps to Pick The Best

If you are thinking of starting a niche business in this age, you cannot think outside of online business. Starting a successful online niche business is simple but follows these 3 major steps. And these steps are what determine whether you got it right or not.

It’s the tested and proven steps of starting an online niche business. If you miss these 3 steps, your niche business is doomed already. In fact, you do not have any business at all. You may just have a great idea but with poor implementation.

However, it’s not even about implementing a good niche business idea. The steps help you standout in a very competitive online space. Imagine competing with over a billion of other online businesses for the same online traffic. You stand little chance if you are poorly prepared or setup.

Tips to Pick An Online Niche

That’s the reason you should follow these 3 simple steps to start your own successful online niche business. These steps doesn’t replace the conventional idea of starting a business. It merely complimented it and helps it to position well in an online space.

And if you do take these steps seriously and follow the advice on this post, you are more likely to setup a profitable online niche business than someone who didn’t know or follow these steps.

However, your main focus should be to grow your business. That means you have to focus more on the things that would make your online niche business standout and attracts the right kind of customers.

You should focus on:

  • Creating a simple service
  • Defining your niche marketplace
  • Becoming the niche’s leading authority
  • Being specific, distinctive and relevant

The best niche business are those that offer simple services that are relevant, specific and distinct with a touch of authority in that niche. The biggest strategy in a niche market is trust. If the audience can trust you, half of your marketing is done for you.

Step #1: Pick A Good Online Niche

A niche business is a focused, but targeted area that you can serve particularly well, like a small but specific audience that is known to you. Although it doesn’t necessarily have to be small, but the small the better, because it helps you to pinpoint the exact target audience without any ambiguity.

But every niche business must have a niche product. The niche product is the reason you have a niche business. This niche product can be defined as a product, or service, or interest that appeal to a small, specialized section of a target population.

And the best way to define this target population is the niche market. The real idea of a niche market is to satisfy specific market needs, maybe by price range, product quality, or by the demographic interest of the market.

It’s also a marketing strategy deployed by a niche business of a focused marketing plan, unlike targeting everybody kind of strategy. But you target only those who can benefit the most from your niche product or service.

Top 3 Benefits Of A Niche

  1. Build your brand loyalty
  2. Provide customers with products and services they need and desire
  3. Items in a niche market are difficult to find in general products

Pick a niche you can become an authority. Your passion and interests should help you identify the right niche for you. Your niche is better as a relevant solution for a specific audience. If your niche meets this criterion, it’s a winning niche idea.

 

 

Step #2: Find A Good Location

A location used to be just an offline thing. But when starting a niche business, location is key to its profitability. This location is not entirely different from audience demography. It’s important to your online presence. And since every business targets online customers, your online location is even more relevant to your niche business.

As the digital world is getting saturated, the major search engines like Google are focusing more from personalized to relevant search information. Google seeks to serve users information that is more relevant to them and at the same time closer to them to make purchasing decision faster.

So, if you set your online niche business with a location, you stand a chance of ranking at the tops of search pages than when you are competing with global search traffic. Your advantage is that, you could be just one of the few niches like that focusing on that location. And that would attract a lot of potential customers to you faster even as a new business.

For example, if you chose Umuahia as your location, when people in Umuahia and nearby states are searching for the terms you rank for, you are more likely to rank tops on Google for those searches.

3 Tips On Choosing Location For Online Traffic

  1. Demography
  2. Competition
  3. Search Traffic

Focus on a specified location to gain top page ranking in Google. You stand to gain free traffic from Google ranking if your niche business is set to a niche location. Google wants you to define which part of the global village you want to serve. There are too many people doing the same things. Search engines want to be able to serve everyone with information that is useful and at the same time much closer to them, so they can take advantage of it.

Step #3: Target The Right Audience

Your location, plus your audience is your market. Once you find a good location, it’s easier to target the right audience in that location. So, the third and last step on starting an online niche business is targeting the right audience. And it’s also the easiest of the 3 steps.

Finding the right audience should follow your niche type. What’s your niche and what type of customers needs them? You should identify the right customer base for your niche. The right customer base are usually the audience with the problem you hope to solve with your online niche business.

However, in a digital world, you can target and reach out to your customers, and not wait for your target customers to discover you. That makes it a lot easier and better to target the right audience. And following these four ways by BigCommerce you can identify and engage the right audience with digital marketing.

  • Learn what’s important to your target audience
  • Speak your target audience’s language
  • Know your organic keywords and apply them to your SEO technique
  • Stay top of mind with Facebook and Google retargeting

Target a specific client or customer base for your niche business, using search engine optimization technique. This huge free traffic from search engines directs the right audience to your online niche business for free. You should know the common keywords your target audience are searching, for the same problems you are solving, and optimize for them.

Conclusion

If you get these 3 steps right, you are sure to have a successful online niche business. And if you do the last step more, you can grow your business bigger in no time. Reaching out to your target audience is the most important step. The more people who need your service or product know about your business, the more successful it becomes.

Moreover, becoming an authority in your niche business will be your biggest investment, with huge brand advantage as your benefit. Even if you were not an authority when you started, invest in yourself to become one. If you command authority in your niche, you will attract and retain more target audience than ordinarily providing solutions would have achieved.

Don’t forget it’s about location. The internet is now more effective when the global village can be grouped into regions, states, communities and villages. The more specific location you target, the better your chances of winning and becoming a bigger brand, by winning online trusts faster, rather than picking the global location as your domain.

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7 Tips To Starting A Business In Nigeria

There are reasons starting a business in Nigeria may require some extra steps to get it working. Nigerian business environment is a bit complicated, with several issues bothering on the ease of doing business, workers disenchantment and corruption.

If you are starting a business in Nigeria, you have to consider how to deal with all the complication of the Nigerian business environment. Not forgetting that startups die faster in Nigeria than what you have in most other countries.

So, these 7 tips are to guide you on what’s important and how Starting a business in Nigeria may be done successfully.

How Starting A Business In Nigeria Works

The first consideration when starting a business in Nigeria is how you are going to get funded. The issue of funding is a critical problem with starting a business in Nigeria. Interestingly, even where the funds are claimed to be available for startups, the requirements for accessing those funds discourages borrowers.

Another area that affects starting a business in Nigeria is logistics. And most startups don’t even consider logistic issues when starting a business. But this one crumbles most startups within few years. If the business survives the first two years, it might not escape the third year.

However, the cost of day to day running of a business in Nigeria is a bigger problem because of it’s recurrent nature. The lack of important infrastructures are a big issue with starting a business in Nigeria.

You have to provide your own electricity, water supply and still pay taxes as a business that enjoys these public amenities. There are more problems killing businesses in Nigeria that can discourage anyone from ever dreaming of starting a business in Nigeria.

Yet, the Nigerian economy is rated as the highest ROI in the world, with over 35 Percent returns. That’s the reason you should invest in Nigeria, regardless of the seeming challenges. So, you are welcome to know these 7 tips to get you started.

{1} Don’t Be Afraid To Start From Ground Zero

For most people, starting a business in Nigeria is not possible without money. And since the money is harder to access, they would reel out excuse upon excuse why business can’t work if you don’t have money to fund it. Whether or not you have funding, don’t let anything stop you.

Never be afraid to start from ground zero. It’s safer to risk everything when you still have nothing to lose. And since the Nigerian economy is highly volatile, it’s safer to begin from ground zero and build things up.

Even if you have all the funds, still don’t risk all of it. Starting a business in Nigeria requires that you go slow. The slower you go from ground zero the better for you. At that point, you are easily ignored by everyone including the government.

Tips to Start From Ground Zero

  • Research your market thoroughly
  • Find your least financial startup level
  • Learn how to design and create a website yourself
  • Grow a list potential customers
  • Launch a product or service you can sell

{2} Everyone Starts with Zero Followers

Starting a business in Nigeria from scratch is not new at all. You shouldn’t worry because you are starting from scratch. Everyone starts with zero followers. And you are not the first to do so.

This could discourage you as a startup in Nigeria. The fear of who would patronize your business may cause you to forget your dream. There are ample examples of failed startups everywhere. And these kind of information is affecting most people’s interesting in starting a business in Nigeria.

{3} Have A Niche Business Idea

In Nigeria most aspiring startups make light of niche ideas. They just pick the business they consider to be moving. And since everyone is thinking in the same direction, this same moving business soon gets saturated, causing price war and low profit margins. Then, they all crashes out painfully.

You need to standout from this kind of crowd with a unique niche idea. Sometimes what works best might just be a simple idea with a unique brand. You need to create a niche that would give you an edge over the competition.

The best niche is the one that deals with a specific area of marketing which has its own particular requirements, customers, and products. The more specific your niche, the better it is to easily identify your target customers and focus better to win them to your business.

How To Find Niche Ideas:

  • What’s your interests and passions?
  • What problems can you solve?
  • Who’re your competition?
  • How profitable is your niche?
  • Start with testing out your idea

{4} Get Your Facts Right

One of the major problems with startups in Nigeria is not having the right facts when starting a business. There’s so much assumption that people follow when starting a business in Nigeria. And these has lead to many business failures.

Business is built on factual data. You must know what makes the business viable before investing in it. These general assumption that it’s a moving business is a disaster. If a business must work, it should have a target market that you can reach with a potent provision they are willing to pay for.

Get your facts right in anything you are doing when starting a business in Nigeria. Don’t be misled by assumptions. If possible, hire consultants to help you get to the facts. The facts should help you make informed decisions about the location, market potential, demand and trend.

{5} Conduct A Feasibility Study

One way to get your facts right is by conducting feasibility study. A feasibility study is an important part of starting any business, especially when it’s a business in Nigeria. You need to have a proper business plan that would guide your investment.

Although most Nigerian overlook this aspect of starting a business. They see it as unnecessary and unimportant to their business. And even where they agree to it, their choice of a copy and paste plan is another defeatist strategy.

You cannot copy another business plan to use unless it addresses the same market by same location, the same niche and the same product or service. A feasibility report should include financial statement and marketing plan as well. And without a proper study everything will become pure assumption.

Steps On Writing Feasibility Study

  • Conduct a preliminary analysis
  • Prepare a projected income statement
  • Perform market research
  • Plan business organization and operations
  • Prepare an opening day balance sheet.
  • Review and analyze all data
  • Make a go or no-go decision

{6} Find The Market First

The facts of the market should be clear to you. It’s not enough to know the target market. You should know where they are and how you can reach them effectively. Most of what the market should be would have been researched in the feasibility study.

You should know what the market can offer you in terms of market size, purchasing power, demand for your product or service, including the reason the market needs your product, etcetera. Don’t be blind about your market.

The most important aspect of finding your market is planning your marketing. You need to know how you can reach the market effectively. What advertising option is more effective in reaching your target market? The cost of costumer retention and profit margin should be very clear to you as well.

Tips On Go To Market Strategy

  1. What’s your value proposition?
  2. What’s your target audience?
  3. What’s your product strategy?
  4. What’s your marketing channels?
  5. Do you have an achievable timeline?
  6. Have you gauged your success?
  7. Do you know the common pitfalls to avoid?

{7} Build A Trusted Brand

In Nigeria a brand gets all the advantage. You need a brand to attract the right kind of customer base. And your brand is what will stand you out in a competitive market. But having a brand in Nigeria creates the right impression about your ability to deliver on your promise.

The same workers disenchantment affects customers as well. They have seen too many disappointing service deliveries that they can number few businesses they know delivers on their promise. Starting a business in Nigeria that will succeed will start by identifying those things that earned your competitors bad name and improve on them.

You should learn all the simple steps on brand development. But most importantly emphasize on your brand promise because that’s what the consumers would focus on more than the brand image and coloring.

You will also need to read this post on: 10 Simple Steps To Brand Your Business. It will help you learn how to better position your brand to win.

Conclusion

Starting a business in Nigeria is about simple things you need to know and do if you want to succeed as an entrepreneur. You need to know that funding is not the only issue that affects businesses in Nigeria. There are other things that are self inflicting that entrepreneurs do but don’t see any harm in it.

And if you want to start a business that Nigerians will be proud of, start with building a brand. One thing you must know about brand is that it’s beyond the image and color. It’s like a solemn promise to deliver a better promise than your competitors, to a market that is disenchanted.

You cannot win in Nigeria if your only strategy for success is putting more money and expanding nationwide. You have to think like Nigeria, by considering all the negative challenges and navigate your way around them. Remember that the sole reason for business is to solve problems that people have and are willing to pay for the solution.

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6 Amazing Income Streams Of The Wealthy

How wealthy do you want to be? What do you know about income streams? You need to know streams of wealth to understand how you can become wealthy. These income streams applies everywhere in the world, including Nigeria. Because there are wealthy people all over the world, and the all of them follow the same streams.

 

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These income streams define how and what the wealthy make their money. And what income streams you fall into and how you might be on the path to wealth. Although, it’s not all income streams that may lead to wealth. Some just take you as far as being rich but you will never be wealthy if you continue on just that income stream.

This is what the wealthy knew that makes them decide how they invest their money better. And if you want to be wealthy, then you have to understand what income stream you currently fall into and what stream you should move into.

Also, look beyond your country of origin when investing in these streams of income. Like, if you live in Nigeria, look beyond Nigeria to invest. The internet has opened up every country through online investment potentials.

How Do The Wealthy Build Their Wealth?

If you want to know how wealth is made, these income streams will give you a much clearer idea. The wealthy invest for different reasons. Unless you understand their reasons you may not know how they invest.

I once heard about an older gentleman who invested so much in properties. His plan was simple, when he’s old, he will use the properties to take care of his wife and himself till they die. It may seem selfish but that was his plan that lead to his investment.

When you have a reason for investment, it will inform the kind of income streams you will adopt. These 6 income streams covers from beginners up to the very rich and powerful.

If you want to be a Warren Buffet, you will find an income stream that will work for you. Also, everyone belong to an income stream. If by mistake you didn’t find yourself belonging to any of these 6 income streams, that means you are either a student with zero income or currently unemployed and without unemployment benefit.

{1} Earned Income Stream

Simply put, earned income is income earned from a job or business. If you have a job or operate a business you fall into this category of income stream. However, earned income can be extended to include income from self employment, unemployment benefits, retirement income, etcetera.

The importance of knowing what’s earned income is to help you consciously channel what you earn into building multiple streams of income and growing your wealth. Earned income is like a startup capital the wealthy use to build their wealth. You should use your earned income to build other income streams.

What Qualifies as Earned Income?

You also need to know what qualifies as an earned income. When you filling your annual tax, your earned income should include all Gross income from employment, and net earnings from self-employment. As well as business income, if you are a business owner that didn’t fall within the category of self employment.

Examples of earned income are:

  • Wages
  • Salaries
  • Tips
  • Taxable employee compensation
  • Commissions
  • Bonuses
  • Retirement income
  • Social security
  • Unemployment benefits
  • Alimony
  • Child support

{2} Profit Income Stream

Profit income is a kind of income you earn from buying and selling. Any such transaction that strictly involves buying or selling is categorized as profit income. And if you are involved in buying or selling or both, what you earn from it is categorized as profit income.

Since most other income streams may also involve some buying or selling, the best way to classify profit income is to explain it as merchandizing. This describes such business that is primarily buying and selling as the focus of the income.

When you either buy or sell anything simply for the sole purpose of making profit, it’s the. categorized as profit income.

{3} Interest Income Stream

Another amazing income stream is interest income. This kind of income is derived from lending to someone for a certified period, with an agreed interest to be paid for the same period.

This is different from rental income, where the income comes from a rented item or property. A good example of lending is bank loans. When you need to borrow, a bank lends you money after your application for loan is reviewed and granted. Other methods of lending is mortgage brokers and peer-to-peer lending services.

Also, your savings are categorized as an income stream under interest.

Types of Savings Interest Income:

  • Basic savings accounts
  • Online savings accounts
  • Money market accounts
  • Certificates of deposit
  • Interest checking
  • Specialty accounts

{4} Dividend Income Stream

Dividend income is part of a company’s earnings distributed to shareholders from stocks or mutual funds you own. This forth income stream is derived from stocks. This is a major income stream for the wealthy. They buy up stocks of major companies and earns dividend from their profits over time.

The word dividend is akin to the word divide. The earnings from a company is being divided to multiple shareholders, but according to individual stock contributions.

Types of Dividend Income:

  1. Cash dividend.
  2. Stock dividend
  3. Property dividend
  4. Scrip dividend
  5. Liquidating dividend

{5} Rental Income Stream

One of the amazing income streams is rental income. This kind of income comes from renting properties. It’s defined as any payment you received for the use of a property. Rental income is derived from rent payment that tenants pay monthly to cover their rent.

However, rental income is not restricted to land property alone. Any kind of property can be rented. For example, car rental is also a part of rental income. Anything that can be rented out to users and rent is paid for its usage, qualifies as a rental income.

Small Business Trends gave us 50 rental business ideas you can start. These ideas represents other rental businesses including lands and buildings type of rentals. Here is a few of the ideas listed here. You can read the rest of the 50 on their website.

50 Awesome Small Business Ideas in the Rental Niche

  1. Bicycle rental
  2. Car rental
  3. Party rental
  4. Storage rental
  5. Sporting goods rental
  6. Tools rental
  7. Camp equipment rental
  8. Boat rental
  9. Furniture rental
  10. Chair rental
  11. Tent rental
  12. Mobile toilet rental
  13. Generator set rental

Tips to Start a Rental Business:

  • Get some experience in the type of property you plan to rent
  • Register your rental business
  • Set up your office, at home or get an office space
  • Write a business plan
  • Promote your rental business online and offline
  • Start with the right rent price for your type of property

{6} Capital Gains Stream

However, the most amazing of all the income streams is capital gain income. This kind of income is from increase in value of something. It could be value if a property, or stocks or mutual fund. Anything that has the capacity to increase in value over a period is capital gain income.

Capital gain means a rise in value of a capital asset. The asset that gives a higher value than the purchase price when it’s sold. Capital gains are both short and long term. When it’s just a year or less, it’s short term. But if it’s more than a year that makes it long term gain.

Moreover, there’s huge gain when you keep an investment for a longer period. Apart from the increase in value overtime, it also reduces the amount of tax due for payment when it’s finally sold off.

Conclusion

If you dream about multiple income streams, I have covered all the 6 categories to pick from. You can start by implementing any of the income streams here.

I particularly love the 6th income stream. It’s the sweetest and the easiest to gain from. This kind of income is derived mostly from what you already owned or invested in. You reap from its increased value overtime. Like a land property, which appreciates in value over time.

One thing you must pay attention to, is where you are now in your income stream. Once you identify where you are, then plot where you want to be in the next 5 years, 10 years or even 20 to 50 years from now. Think of income streams as a long term investment plan.

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12 Teenage Business Ideas For Smart Kids

Do you need teenage business ideas you can start? In Nigeria, there are not much teenage business ideas. That doesn’t mean there are no smart kids in the country. Probably because most happenings in the country maybe discouraging most of the teens from starting their own businesses. But if you are a teen looking for ideas of businesses you can start now, here is 12 ideas you can explore now.

Most importantly, the best time to start any business is in the teenage age. Starting and growing a business doesn’t happen overnight, even with the speed of the internet. You need time to build something that would last. And teenagers are in better position to play, experiment, make better future projections and building viable businesses.

In the next 50 years, if most of these teenage business ideas are implemented, they would become the next Fortune 500 companies on the continent of Africa. We are already experiencing growth of curtain-age startups from Lagos version of Silicon Valley.

Moreover, there are not many incubator programs to help teens with ideas push beyond the early stages of starting a business, with the right support and resources that they need.

Top Nigerian Teenage Business Ideas

It may amaze you what teens are already doing. If you think your ideas are beyond you, wait till you read what other teenagers like yourself have been up to lately.

Look around you, there’s more to what teens desire now than just getting the best scores in their examination. Teens want more out of life. Most especially, they want to be part of the solution in Africa. And the most identified problem in the continent is unemployment. From a teen business ideas, maybe the change Africa desire might come speedily.

 

Kids no longer just play football around the courtyard, while daddy is running the business. Internet sensations like the YouTube kid influencers, has woken up the world to the huge potentials that are growing up in our teens.

Here are just a few of YouTube kid influencers and the power of their influence, as reported on MediaKix website.

  • EvanTubeHD: 4.6 Million Subscribers.
  • Kids’ Toys: 2.4 Million Subscribers.
  • EthanGamet: 1.7 Million Subscribers.
  • Babyteeth4: 1.6 Million Subscribers.
  • B2cuteCupcakes: 1.6 Million Subscribers

 

How Teens Should Start a Business

Starting a business as a teen maybe challenging, with some obstructions along the way. Some parents may have different plans for their teenagers. The pursuit of academic success may also be an issue on one hand. Age and government policies on business registration and ownership may also affect teen startups.

But where none of these is a barrier, here’s how to start a teen business the right way. It’s one thing to have great teenage business ideas, but what happens after conceptualization is even more important than the idea.

Let’s list out these points for you:

  • Pick the business ideas that suits you
  • Make a plan based on your goals
  • Understand the basics of money management
  • Identify your own unique keys to excellent customer services and communication
  • Backup your ideas with legal framework
  • Don’t forget the taxes are paid by businesses

Now to the startup proper. Inasmuch as teens can start from their parents living rooms, basement or courtyards, starting off like it’s really a business is important. Don’t take off like it’s just a Teens business idea. Make it look a lot more professional. And drive the business with your passion for success.

Here’s The Best Teenage Business Ideas Today

Teen’s business ideas are not necessarily those funny and playful ideas that’s reserved just for kids. They should be Ideas within the purview of teens, without age restrictions, doesn’t require special qualifications, and can be easily financed by a teen or their parents.

The best teen business ideas are not necessarily the ones with the most potentials for growth. Some teens may find specific business ideas more relevant than others.

And what those best ideas should be, are personal to each teen. The best individual teen business idea should be what a teenager is familiar with, feels passionate about, and is willing to make impact in the immediate market. If you can see the need to make a change in any area, then that idea is for you.

Let’s explore together some of these ideas that teens can start in Nigeria.

I have listed in this post just 12 of the best business ideas for teenagers that may interest you. There are even more others that I didn’t list as well. I focused on the solution each idea provides, in line with the mission of most teens, to change their world starting from their community.

Subject Tutor Ideas

Paraphrasing Oxford Learning definition of Tutoring: A subject tutor help to strengthen subject comprehension, boost confidence, and instill important learning skills. As a subject tutor you give students individualized attention that they don’t get in a crowded classroom. It helps children who struggle to keep up, as well as those who aren’t challenged enough.

Tutoring Resume Skills:

  • Ability to solve problems
  • Good skills in organization
  • Be a good and fast learne
  • Be Insanely creative
  • And can communication well

Child Care Ideas

How child care helps in a community is defined by Wikipedia as the care and supervision of a child or multiple children at a time. Child care is the action or skill of looking after children by a day-care center, nannies, babysitter, teachers or other providers.

This may require a licence to operate. But by watching one or two kids you can start without a licence.

Tips for Child Care Service Ideas:

  1. How ready are you?
  2. What are the needs and what’s your plan?
  3. Is your facility available and ready?
  4. Package a sellable curriculum
  5. Design your Services
  6. Market a huge value proposition program.

Craft Fair Vendor Ideas

A craft fair event is where people sell goods they have made. To be a craft fair vendor you must be good in a craft. Most of thee events take place in communities. There are also some online craft fairs where you can list your products for sale.

You can also become a craft fair event organizer. So, not having skill for craftsmanship shouldn’t stop you. You can follow the tips below to organize your own shows.

Tips to Start Craft Fair Show:

  1. Pick your focus and theme
  2. Arrange a good venue
  3. Pick your date and time
  4. Call for artists or reach out to them yourself
  5. Communicate with the craftsmen and women
  6. Promote the show
  7. Run the show

JAMB & WAEC Prep Tutor Ideas

You don’t need teachers licence to tutor students to pass for WAEC (West Africa Exam Certificate) and JAMB (Join Admission And Matriculation Board) exams. You are not even required to be a register business to operate this in Nigeria.

However, you may consider registering it as a business on moral grounds, or because you want to put good management practices in place, or that you have a vision to grow into a transitional business for you.

According to TeenLife Blog, when U.S. high school students begin to study for the SAT and ACT, many of them also turn to private test-prep tutors to help them tackle the test with confidence. So, this is not only required in third world countries like Nigeria.

Tips For JAMB/WAEC Prep Tutor

  • Help familiarize students with exam formats
  • Teach them new exam materials
  • Help them get their mental game ready

Social Media Influencer Ideas

This one is not game for the adults alone. In fact, teens play much more in this arena. Although, not much teen social media influencers are in Nigeria, but the number is growing quiet fast. The likes of Emmanualla from MarkAngel Comedy and Regina Daniels who grow in the movie industry, acting kids role till she grew above teenage years.

 

Social media influencer makes regular posts about that topic on their preferred social media channels and generate large followings of enthusiastically engaged people who pay close attention to their views.

This attention attracts Brands who love social media influencers because they can create trends and encourage their followers to buy products they promote.

Tips for Social Media Influencer Ideas.

  • Use your special advantage to grow an audiences
  • Maintain that audience through sharing your knowledge and gifts
  • Have your own strategy and process
  • Make your voice unique for your target audience
  • Make it a consistent thing posting on your social media handles
  • By being authentic you will build trust

YouTube Personality Ideas

I have earlier showed you the kids of YouTube, letting you know it’s possible. It’s not only reserved for kids in the U.S., UK, Europe and Asia. YouTube personality idea of one the best teen business ideas that has worked and will work anywhere in the world.

In the world of internet of things, the fastest way to get any information across is through video.

YouTube has become one of the sensational teen business idea in the world. This type of internet celebrity gain popularity from sharing videos on YouTube.

Tips on YouTube Personality Ideas:

  • Develop your YouTube channel with goals and content.
  • Focus your content strategy on your target audience
  • Play around with YouTube SEO algorithm
  • Make your content interesting and be consistent
  • Differentiate your channel from competitors in your niche space
  • Learn how to maintain control of your YouTube community
  • Build beyond social platform and create your own website
  • Build on from users experience and interactions

Teen Podcasting Ideas

Podcasting is not really popular in Nigeria, but with recent growth of internet radio, more teens are exploring their voice online. You don’t even have to be good at talking alone. If you have what to say, you can podcast it regularly.

The beauty of podcast is the ability to lend your voice on social issues or anything you care about and believe you can make a change if you can change others opinion about it.

Tips on podcasting for teens:

  • Pick a niche you are passionate about
  • Script your show a bit
  • Get the right equipment
  • Design how your episodes should be
  • Record your first few episodes
  • Make sure to edit before publishing each of your episodes
  • Pick a launch date and promote it to your target audience.

Web Designer Ideas

The work of a web designer is to make a website aesthetically pleasing, easy to use, engaging, and effective. You provide this service to your target audience. Web design job is a simple idea For Teenagers who understand how to use HTML or other design tools to create stunning websites.

This may also impact your community if you start a drive to help all public institutions in your community to have online presence in partnership with donors to pay for your services.

Types of Web Design Layouts:

  • Static page
  • Dynamic website
  • Fixed design
  • Responsive design
  • Liquid or fluid design
  • Single page design

Blogging Ideas

Even though blogging has become much difficult and costly to operate, it’s still one amazing teenage business idea. Your impact as a teenage blogger can benefit a community of global audience.

Starting a blog now might require skills in SEO (search engine optimization), but with a defined niche, it’s easier for teen bloggers to rank fast if they focus on the right audience.

Tips to Start a Blog Idea:

  • Focus on a niche
  • Pick a descriptive blog name
  • Register your domain and buy hosting
  • Choose and customize your blog template
  • Write your first post, edit and publish with dashing images and videos
  • Optimize it for search engines and promote it on social media
  • You can make monetize it with AdSense

Cake Decorator Ideas

Cake making business is now more of an art than it is pastry. People don’t only want great cakes baked for them, they want it designed in arts. Creating perfect artistic cakes has now become a great teen business idea. One most teens can develop for, in no time.

Although, it requires great artistic skills, these skills can be learned and developed for perfection.

Tips on Cake Decorator Ideas:

  1. Enroll for a pastry arts apprentice program
  2. Gain some work experience
  3. Get Certified if necessary

Graphic Design Ideas

One of the highest on-demand skills today is graphic design. No wonder it’s also one of my best teenage business ideas as well. For a teenager, it’s the best skill to acquire if you are creative. And interestingly, most of what is done online today is rich is graphics. This is one idea you should explore as a teen.

And there are several ways you can also use these skill to impact and influence your community. You can organize special design skill acquisition workshops to train other teenagers like yourself in your community.

Tips on graphic designer ideas:

  • Develop your design skills
  • Ask for free jobs to help you horn your skills
  • Signup on freelance job sites like fiverr to offer your skills to people

Car Wash Service Ideas

Many teens would find car wash service as a fast way to earn income without having any specific skill or being a smart kid. In some countries, there may be restriction to where you can locate a car wash business.

You can also use this to unite other teenagers or promote your community cultural day or any special event that’s popular in your community by offering free car wash services, in partnership with other teenagers like yourself.

What you need to start a car wash:

  • Water system or water tank
  • Cleaning solutions and detergents
  • Blowers or buckets
  • Vacuums
  • Brushes
  • Towels

Conclusion

In summary, starting businesses for teens doesn’t seem like it mattered some years ago. Recent statistics shows that there are kids in business now than there was ten years ago in this country.

What I have shared with you are some teen business ideas that are relevant now and would remain relevant in the future. Some of them you can change the way the business is being done currently, repurposing it to reach a wider audience beyond the shores of Nigeria.

My motivation in sharing these ideas with you is to get you inspired into thinking of better ways to help your community and country overcome the challenges of unemployment. Having just the best grades in school are no longer enough to qualify you as a smart kid.

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6 Best Billionaire Advice For Entrepreneurs

Deo you want to be a billionaire? Even if your dream is just to become a millionaire, I have 6 best billionaire advice for you. These are the best advice any billionaire can give you for success.

The best billionaire advice are the simplest things anyone can do. If you think it’s hard to become a billionaire, think twice. The difference between a billionaire and those who are not, is their mindset.

Anyone can become a billionaire if you do stuff of billonaires.

What Is Billionaires Advice?

If you think a billionaire advice will be how to make billions, you are missing the point. There are no defined tips on how to become a billionaire. Most billionaire didn’t even know they were going to become billionaires.

The only way to be a billionaire is to build wealth. When wealth grows, it can grow into billions. It’s the wealth billionaires built that they scaled up to become billionaires. So, if you want to become one of the billionaires, start with building wealth.

And that’s what the best billionaire advice is about, how to build wealth. Until you know how wealth is built you are not going to be rich. And nothing of that scale happen as a mistake. Every billionaire knew what contributed to their vast wealth.

If you follow this advice you will be successful this year.

{1} Make 3 Good Decisions Per Day

Everyday is an opportunity to become a billionaire. And that starts with the kind of decisions you make each day.

The first billionaire advice I have for you is to make 3 good decisions everyday. Just 3 good ones. That’s not to say you may not make any mistakes. But be conscious to make at least 3 good ones each day.

And it’s not just about any good decision. It must be decisions that would help you in your journey of success. That means you must focus on decisions that impacts your life in the area of your dream.

Tips on making good decisions:

The Entrepreneur gave 5 tips you can apply when making decisions. It will help you when making your 3 decisions per day.

  1. Stop seeking perfection.
  2. Be independent
  3. Turn your brain off
  4. Don’t problem solve, decide.
  5. Admit your mistakes.

{2} Don’t Forget To Think Ahead

Coming up with the right decision for each day shouldn’t be something you do in a hurry. Billionaires have long term mindset. They recognize that wealth is built overtime. That way, they focus on the activities that will give them long term results.

That’s why you too should also learn to think ahead. For example, billionaires invest in real estate because the value appreciates with time. They pick their property investment with future expectations in mind.

So, those good decisions should be things that helps you get ahead in life.

Steps To Thinking Ahead:

  1. Start With Little Things
  2. Consider every angel and options
  3. Consider its future relevance
  4. Think about unintended consequences.

{3} Do Important Things Early

Once you know the 3 best decision for the day, based on what’s important for your long term goal, then it’s time to do what’s most important first.

So, my next billionaire advice is to do important things early. That brings us back to the first billionaire advice, the 3 decisions per day. Find the most important and do it early.

How you know the most important is by prioritising the decisions that holds the key to fulfilling the other decisions. Ones you know what decision would affect your other decisions, thats what you must do early.

{4} Always Follow Your Guts

The decisions you do early is based on your personal decision making mechanism. You are the one to decide what’s more important to do early. So, you have to learn to trust your guts to guide you.

Do you trust yourself enough to make important decisions that holds the key to other equally important aspects of your life and success? That’s for your guts to say.

How you trust your judgement is important to how committed you will be in executing it. That’s where your guts comes in.

{5} Get A Full Night Rest

If you are so sure of your decisions, you won’t have a problem getting a full night rest. That’s why billionaire advice number 5 is about resting. You can’t rest when you aren’t sure of the decisions you have taken.

The good decisions you make guarantees you a great future. And when you are sure of the future it takes away fear and anxiety. If nothing is a threat to your future success, it puts your mind at rest.

So, get your full night rest. It also prepares you for the next day decisions. Waking up every morning after a good night rest stimulates your brain power and it’s a good recipe for making important decision for your success in life.

Tips On Getting A Full Night Rest

The National Sleep Foundation listed 11 tips on healthy sleeping habits that you need to know.

  1. Stick to a sleep schedule of the same bedtime and wake up time, even on the weekends.
  2. Practice a relaxing bedtime ritual
  3. If you have trouble sleeping, avoid naps, especially in the afternoon.
  4. Exercise daily
  5. Evaluate your room.
  6. Sleep on a comfortable mattress and pillows
  7. Use bright light to help manage your circadian rhythms.
  8. Avoid alcohol, cigarettes, and heavy meals in the evening.
  9. Wind down.
  10. If you can’t sleep, go into another room and do something relaxing until you feel tired.
  11. If you’re still having trouble sleeping

{6} Start Small And Build

Finally on the 6th billionaire advice, start small and build. Every successful life’s journey starts with small beginings. If you want to build something big, find your small beginning.

For example, to build wealth it starts with having a Cashflow from where you can plan your investment strategy. It’s with your income that you begin to build wealth. If you miss this point you cannot build a sustainable wealth.

The journey of a thousand miles begins with a single step.
What is the business you want to start? Begin from what you can possible do now with what you currently have.

Conclusion

The best billionaire advice is not how to get capital, even though that is good. Rather, it starts with making decisions. Because you can achieve whatever your mind can conceive if you commit to it.

And billionaires don’t focus on the now. They prepare ahead for the future. Their reason is simple. Every seed has its germination period. So is your decisions, each one has its time of fulfilment.

But in these billionaire advice, until you start and build, you are not about to see results. Nothing grows in a vacuum.

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