Crypto Updates

Tips to Start Crypto Passive Income In 2023

crypto passive income

Crypto passive income is the most sweetest part of crypto. It’s one aspect of crypto Investment that guarantees you some consistent income.

If you want to start earning money in crypto from the first day you started crypto Investment, tap into the passive income. It’s mostly referred as crypto daily free money.

And it’s not hard to find one. Your only challenge would be having the confidence to invest much money. Or not having much money to invest. This lesson will explain all about it and how you can journey into this world of crypto daily free money.

Earning passive income with your crypto makes investing in crypto sweet, while you wait for your token to appreciate. It takes away the frustrations of watching the flip flop side of crypto market volatility.

✅ What’s Crypto Passive Income?

For those who don’t even know what Passive Income means, let me explain briefly to a lay man’s understanding. It’s money you make while you sleep and do nothing.

It’s like a bank fixed deposit account, where you fix some amount of money and the bank pays you returns on daily basis. But the returns is based on a percentage of the amount of money Your deposited.

That means your returns is on your amount of investment. If you invest $5,000 for example, and you expect 1% daily returns: you will be earning $50 everyday or $1,500 every 30 days from that amount.

✅ Types of Crypto Passive Income

Depending on the project you are investing into, the type of passive income opportunity available may differ. There modus operandi may also be different but the results are the same – you will earn passive income daily.

Here are common ways to earn passive income with Cryptocurrency:

  • Pool
  • Farming
  • Savings
  • Lending
  • Mining

Each of these offers allows you to stake your crypto using any of the above option. You will earn based on the agreed percentage as specified by the project.

✅ How Crypto Passive Income Works

To invest for passive income earning it takes the following forms. You are either staking your tokens , saving it or lending it for interest on your crypto.

Pools and farming are almost the same but with slight differences. While pools allows you to stake a particular crypto, farming requires two cryptos paired together for the staking.

And that’s what’s makes the percentage returns different as well, with farming earning more than pool staking.

✅ Crypto Passive Income Calculation Model

The revenue model for crypto passive income is calculated in APR (Annual Percentage Return) and APY (Annual Percentage Yield). You should be mindful what you are being offered. They might even be used interchangeably but they are not the same.

Also, the percentage is not fixed in most crypto passive income. It’s allowed to fluctuate by the number of investors in the pool. That’s because the amount of total earning paid out daily is fixed in the pool.

That means the more people joins the pool the less everyone earns. You see that it takes a good heart for those of us who discovers this opportunity to share it with others.

✅ Difference Between APR & APY

The difference is huge if you understand them. While APR gives you the exact earnings per year if you had invested a particular amount; APY is about the compound earnings of that same amount if you had reinvested all your earnings daily or as described.

They can be confusing as well if you don’t know. You might be using APR to calculate earnings that should have been on APY.

✅ Steps to Start Passive Income Earning

Before you can start earning crypto passive income you need to discover particular projects with passive income opportunity. There are many of them right now, but you need to select sound projects with good prospects and equally interesting APR or APY.

✅ Some Crypto Passive Income

I’m listing some of these passive income cryptos as examples. DYOR (Do Your Own Research) before investing in any of them. Avoid follow-follow spirit. Learn to study and have personal opinion about where you invest your money.

See the list of cryptos I invested for passive income:

  • POSI – currently my best passive income earner
  • DogeEx – I haven’t mentioned this before but it has been building up
  • HODLX – another passive income project coming to us this year.

These are just a few I’m studying now. There are so much but it’s gradual. You take few and grow your investment and then go onto others later.

✅ Grow Your Passive Income

The strategy with crypto passive income is to keep growing it. Since the more people in the pool the less you are going to earn, if your investment remains the same level your earning will only reduce.

So, you have to keep growing your investment by either doing the following or any of it:

Set Investment target to add more funds to your passive income account. Reinvest most of your earnings or all of it as the case maybe.

Note: you need to take your passive income investment seriously. Some see it as their feeding money or house keeping income, while some sees the bigger picture.

You need to devote some time to grow it before you start eating it. I gave my POSI passive income at least 1 year committed reinvestment plan. If you want to be rich think BIG and long term.

Earn Daily Passive Income With POSI

POSI passive income is one of the most solid investment out there now. Part from the falling percentage, which is currently at 20% to 23% respectively; the project remains the best with the best team ever assembled for a DEFI project.

The project also boast of one the most all encompassing features, making it the only platform of its kind. Including the major success factor in any crypto project – which is marketing.

✅ How Much to Start With

It’s important I explain this to you because it has a lot of impact on your investment. How much you invest determines how much you earn. Don’t say what if I don’t have enough? It simply means you are not tired of poverty yet. If you are tired you will be more desperate for a change, and you will find money to invest.

If you want to be rich, no excuse is good enough. If you like be acting like I don’t know you are going through. You will still be going through it in the next decade if you don’t act now.

The right amount to invest in a POSI is $1,000. But you can do $500. The least if you have problem raising that much should be $100. You can then grow from any of these amount to at least $10,000 or more.

These are not fixed amount o. In fact you can do any amount higher. Don’t do lower because it will take you years before you can earn anything reasonable.

✅ Which POSI Investment to Start

POSI offers investors daily passive income for staking in their pools and farms. If you ask me which of the POSI Staking you should start with between the pool, vault and farm, I will say FARM. Here are my reasons:

POSI also have 2 farms. I will explain the two farms for you. POSI has BUSD and BNB farms. It means you will need to pair POSI with BUSD or BNB to stake in any of the farms. Anyone of this is fine. I will post a video link on how you can stake in this farms.

✅ What’s POSI – BNB Pair?

I’m avoiding using some tech words. Crypto farms are used for liquidity provision. This liquidity is what enables token swap. Remember to swap a token you need to swap it for another token. A pair means 2-in-1. But in this case both should be 50 – 50 equal.

So POSI – BNB pair or LP (Liquidity Pool) token is for swapping of either POSI or BNB tokens for each other. That means you provide liquidity for users who want to swap POSI to BNB or swap BNB to POSI. It’s like MONEY LENDING.

✅ Steps to Invest In POSI

Here’s how to go about in eating in POSI Farm. I will use POSI – BNB farm as example. The same process applies to POSI – BUSD as well.

  • Step 1: buy BNB from Binance or any other exchange and send it to your Smart chain BNB wallet on your Trustwallet.
  • Step 2: Calculate how to process and allocate the funds. You need to divide your capital into 2. For example, if you have $1,000 divided into 2 that would be $500 each. You should also make provision for network fees of at least $20. That means you will be needing $1,020 for this transaction.
  • Step 3: make your 2 two tokens ready for pairing. In this case you need bnb Smart chain and POSI token to create a token pair or LP token. Since you have the crypto in Smart chain, you only need to purchase POSI with have of your capital as I explained above to have your 2 tokens for the pairing.
  • Step 4: create your LP token using the LP creator feature on POSI site. (Watch the video for more clarity).
  • Step 5: proceed to stake your paired token in the farm. (Also refer to video demonstration for help).

✅ How to Connect POSI to your Trustwallet

You can be able to do any of this without first connecting POSI to your Trustwallet.

  • Open your Trustwallet app
  • Click on DApps to access the browser
  • Copy and paste POSI website address here:
  • Change the network logo from Ethereum to Smart chain
  • Connect and ok referral request

✅ Conclusion

I have taught so much about passive income since last year. I also did some practical lessons on how to invest in POSI passive income in December. You can find the lessons in the TELEGRAM group. You can also find more details searching through our Crypto and Business Update categories.

Finally, take this lessons on passive income seriously. POSI is just one of them. I will be explaining more in other updates. If you have any questions please ask in the comment box. Don’t procrastinate about this. You need to start earning money immediately.

Let me know if you are new and considering investing in crypto passive income, and what challenges you may have in the comment box.

Read More

Lesson 7: How to Sell Your Cryptocurrency

Sell Your Cryptocurrency

The best part of learning Cryptocurrency investment is to know how to sell your cryptocurrency when it’s profitable, especially when you live in Nigeria, where a silent crypto ban is in enforce.

You need to have options to convert your crypto into cash and receive it into your bank account. You should also apply caution due to the some government regulation when cashing out in country with crypto ban.

But this won’t even beginning to happen until you start making money from your crypto investment and you want to take some profit.

When that time comes, you need to know what you have to do. I strongly advice that you start making such preparations now. The reason being that centralized exchanges require you to do KYC.

This process might take a while to verify and give you proper access to the platform. KYC is required before you can move your crypto earnings to your bank account.

✅ Crypto Lessons Table of Content

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

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

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

✅ How Selling Your Cryptocurrency Works

To sell your Cryptocurrency you have to first identify the following:

  • Which exchanges works in your country
  • What’s the preferred transaction method
  • What’s the mode of payment
  • What’s the right currency of exchange

Once you can identify the crypto exchanges that works in your country, you go ahead and register with them. It’s best to register with multiple exchanges. You might need them at different times.

Some of these exchanges have services they maybe more better in, or provides cheaper and prompt services than their competitors. If you have these options it would help you switch exchanges when you have to.

Also, if you live in countries like Nigeria, where government is always dabbling with Cryptocurrency transactions for their selfish ambition, the method of transaction for each of the exchanges should be important to you.

A peer to peer (P2P) transaction may be ideal in such situation, protecting you from government prying eyes and sanctions.

✅ Understanding Crypto Exchanges

The first step on how to sell your Cryptocurrency for fiat currency is to signup for an exchange account. These exchanges acts like your normal banks – for your crypto assets.

They provide you with services to enable you buy, sell and exchange Cryptocurrency with fiat currency or transfer fiat currency into your regular bank account.

Here I’m going to make some recommendation for crypto investors in Nigeria:

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

Let’s do this after I have explained the basic KYC requirements. You will need to register first on these exchanges before you can proceed to withdrawal. And KYC is the go-between process that must be completed.

✅ Basic KYC Requirements

KYC (Know Your Customer) is just a legal requirement compelling some crypto exchanges to collect information to help identify customers operating on their platforms.

Although, KYC helps to prevent against fraud and scams, the main reason is government monitoring. However, you need to complete KYC to use any CEX (Centralized Exchange) around the world.

Here are the basic requires to complete a KYC application:

  • Personal (non-confidential) details
  • Residential or location address
  • Picture or/and video recording
  • Personal identification document
  • Utility bill with proof of address

The process of KYC is to ensure you are really who you claim to be, and you do not have a previous account or plan to have another account with the same exchange.

Contrary to what some Exchanges may tell you, it’s not for the security of your crypto assets. And this process is not always smooth or that simple. Sometimes it can take months before you get a verified KYC application.

✅ How to Cashout With Binance

The first exchange I’m recommending is Binance. It’s the biggest exchange with presence in many countries around the world, including Nigeria.

It also provides P2P services for countries with government regulations against crypto transaction.

Also, most of the tokens are built on its Smart Chain (BSC) Network. You will also find it’s coin BNB as a widely means of exchange for most tokens.

You need to have a verified Binance account to cash out your crypto profit. Follow basic KYC requirement above to verify your Binance exchange account.

If you have a verified Binance account here’s how to proceed:

  • Swap the tokens you want to cash out into BNB smart chain or BUSD or USDT preferably.
  • You need the correct wallet address copied from Binance for the coin you want to transfer.
  • Follow Trustwallet transfer process to move coin from Trustwallet to Binance Exchange.
  • Note that you will need BNB Smart chain coin to pay network transfer fees.
  • After receiving the transferred coin into your Binance wallet, you can swap it for fiat currency or sell it through P2P marketplace (depending on what works in your country)

✅ How to Cashout With Remitano

Remitano is not also different Binance in the way you can cashout your tokens. However, the exchange is limited to some target markets in Africa, South America and Asia.

Just like Binance it also has P2P marketplace to help customers in challenged markets like Nigeria to cashout their crypto earnings without flaunting government ban.

From my experience, Remitano P2P service is much faster and user friendly than Binance. But you will get less money for your cashout than you would get cashing out on Binance.

If you already have a verified Remitano account here’s how to proceed:

  • Swap the tokens you want to cash out into either of BNB smart chain or USDT preferably.
  • Copy the correct wallet address from Remitano for the coin you want to transfer.
  • Follow Trustwallet transfer process to move coin from Trustwallet to other wallets.
  • You will also need BNB Smart chain coin to pay network transfer fees on transactions on Trustwallet.
  • After receiving the transferred coin into your Remitano wallet, you can swap it for fiat currency or sell it through P2P marketplace (depending on what works in your country).

✅ Conclusion

The examples I used for cash out are not the only exchanges you can use. You can find others options suitable for you in your country of residence. These two options worked best for countries like Nigeria where there are government restrictions on crypto transactions.

Read More

Lesson 4: How to Trade Cryptocurrency

How to Trade Cryptocurrency

There’s a difference between buying/swapping Cryptocurrency to trading Cryptocurrency. Sometimes it’s often used interchangeably. But you need to understand the difference. When someone is buying or swapping crypto it’s not the same as when you trade cryptocurrency.

Cryptocurrency trading is usually misunderstood. I’m going to clarify it for you. Although, everyone involved in crypto business can be considered as engaging in crypto trading. But there’s such a thing known as trading cryptocurrency in the crypto ecosystem.

So, I’m going to focus more on just that aspect of crypto trading. These traders are only engaged in buying and selling as quickly they can spot tiny profits or suspect little losses. They can even engage in this using AI (artificial intelligence) called Trading ROBOT or BOT for short.

However, i have also included the explanation on buying/swapping of tokens before I explain on the trading. This would help further clarify them for you. The purpose of this lesson is to give you some knowledge on Cryptocurrency trading.

Below are the content of this lesson:

  • How to Buy Tokens
  • Payment Currency to Buy Cryptos
  • Exchanges to Buy Tokens
  • Introduction to Cryptocurrency Trading

✅ Crypto Lessons Table of Content

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

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

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

✅ How to Buy Tokens

By now you should know that there are two types of cryptocurrencies. They are called coins and tokens. They are the same but with a little difference, which is because one has its own Blockchain, while the other doesn’t.

I made this clarification because we are dealing with tokens here only. That means crypto that doesn’t have their own Blockchain yet.

But before you can start buying tokens there are things you will need to know and probably have. Here are a few lists:

  • Crypto wallet (Trustwallet or Metamask)
  • Binance Smart chain (BEP20) or Ethereum (Ether)
  • Access to decentralized exchanges

For crypto wallet, I strongly recommend Trustwallet and Metamask. But in Crypto Lessons we use only Trustwallet. You should have downloaded one by now.

But note that this recommendation is not made for Cryptocurrency trading. In crypto lessons we focus only on basic lessons for Beginners. It’s a do it yourself lessons. Crypto trading doesn’t fall within a do it yourself class.

✅ Payment Currency to Buy Tokens

When buying tokens you will need some coins to pay or swap for tokens. Depending on the token that you want to buy or swap, there are coins often used as mediums for such exchange. Here are the most popular ones.

  • Binance Smart chain (BEP20)
  • Ethereum
  • Binance USD (BUSD)
  • USD Tether (USDT)

In order to be able to buy or swap tokens you would need any of these coins. You have to find out which of the coins is acceptable for the token you want to buy or swap.

✅ Exchanges to Buy Tokens

The best place to buy tokens are on decentralized exchanges (DEX). There are many decentralized exchanges where you can buy tokens. Some of these exchanges may only allow you to buy or swap tokens built on certain Blockchain network.

For example, some Exchange may only allow you to buy or swap tokens built on Ethereum Blockchain. The same way for tokens built on Binance Blockchain network. As you progress you will understand all these more clearly.

Here are some popular decentralized exchanges (DEX) to buy or swap tokens:

  • PancakeSwap
  • Uniswap Exchange
  • Poocoin app
  • Dextool app
  • Position Exchange
  • Bogged finance
  • Sushiswap
  • 1Inch Exchange

✅ Tips to Trade Cryptocurrency

Crypto trading is the buying and selling of cryptocurrencies or exchanging of one crypto for another crypto assets or coins. The idea is to buy at a low price and sell at a higher margin.

There are different types of crypto trading strategy you can explore:

  • Day trading
  • Swing trading
  • Scalping
  • Position trading

✅ Day Trading:

This is the most popular trading style. Day trading, as its name implies, is the method of buying and selling crypto with in the same day.

✅ Position Trading:

This is to buy and hold strategy. This strategy is suitable for beginners. However, when it’s done by an advanced trader, it can be a form of active trading.

Position trading uses longer term charts, anywhere from daily to weekly to monthly in combination with other methods to determine the trend of the current market direction.

This type of trading may last for several days to several weeks and sometimes longer, depending on the trend.

✅ Swing Trading

Swing traders get in the game when a trend breaks. At the end of the trend, there is usually some price volatility as the new trend tries to establish itself. Swing trades are usually held for more than a day but for a short time than position traders.

✅ Scalping

Scalping is one of the quickest strategies employed by active traders. It includes exploiting various price gaps caused by bid-ask spread order flows.

The strategy generally works by making the spread or buying at the bid price and selling at the ask price to receive the difference between the two price points. Scalpers attempts to hold their positions for a short period.

✅ Crypto Trading Technique

If you want to start trading cryptos, then you need to figure out what type of trader you want to be. You should know the technique you will be using. It’s important for every trader to have their own trading technique that works for them.

Here are two main trading techniques:

  • Fundamental analysis
  • Technical analysis

You can use any of the techniques or both. It’s important that you discover what works best for you and stick with it.

✅ Crypto Trading Strategies

A trading strategy is a trading fixed plan designed to achieve a profitable return, either going long or short in Crypto market. There are four different types of trading strategy. You will need to decide the method you want to use.

However, for every trading strategy you need to define the crypto to trade, your entry and exit points, and apply your money management rules. A bad money management can make a potentially profitable strategy unprofitable.

Here’s how to formulate a trading game plan? You do it on paper before going into the market. This is where a lot of traders fail.

✅Types of Crypto Trading Analysis

After figuring out the kind of trade that you want to be the next thing you need to put in mind is type of analysis you’ll be using for your trade. We have to type of analysis and they are

✅ Fundamental Analysis

This is a method of measuring a coins intrinsic value by examining related economic and financial factor. The end goal is to arrive at a number that an investor can compare with the coins current price in order to see if the coin is undervalue or overvalued.

✅ Technical Analysis

Technical analysis is just the discipline that is used to evaluate crypto investment, and to identify trading opportunities by analyzing statistical trends gathered from trading activities. Here are the activities that are analyzed, price movements, trade volume, moving average, time frame and etcetera.

✅ Analyzing Coins

You must also know how to be able to analyze a coin, to know the ones that have great potentials for trade; by checking their market capital value, the volume of the coin, the most use of the coin, the team behind the coin, the technology behind the coin and how the coin is currently in demand.

✅ Risk Management

You need to know how to minimize your risk. Crypto trading is risky and the market is volatile. But by setting stop loss, having a plan and sticking to the plan, without allowing greed to control your trading, you will bulletproof your investment from unnecessary losses.

✅ Diversify Your Portfolio

Have a diversified portfolio. Don’t put all your money in one coin. Spread your money in different coins. Even if you have love in one coin, you can also gain in other coins to help cover the loss from one coin.

✅ Conclusion

Generally, Cryptocurrency trading is not for everyone. You need some technical knowledge to trade crypto. Although, you can buy and sell anytime you want. That doesn’t mean you are trading Cryptocurrency.

To really trade Cryptocurrency you have to use platforms that allows you to do so. But first, you have to undergo a training on trading. Because the risk of losing is higher than the gain of winning. And trading risks are permanent, unlike staking and farming that has impermanent loss.

It’s not advisable to engage in Cryptocurrency trading without adequate training on how to trade either of spot, features or even derivatives. If you know very little about Cryptocurrency it’s best to stick with more guaranteed investment options like staking and farming – that has little risk, which is also impermanent in nature.

Read More
Business Management

21 Reasons Businesses Fail In Nigeria

Reasons Businesses Fail In Nigeria

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

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

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

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

✅ Understand Reasons Business Fail

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

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

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

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

✅ Understanding Business Growth

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

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

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

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

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

✅ No Business Plan

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

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

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

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

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

✅ No Marketing Plan

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

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

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

✅ Not Understanding Your Real Business

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

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

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

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

✅ Not Defining Your Business Properly

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

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

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

✅ No Adequate Experience

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

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

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

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

✅ No Proper Funding

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

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

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

✅ Low Customer Retention

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

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

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

✅ Hiring the Wrong People

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

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

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

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

✅ Wrong Choice of Location

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

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

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

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

✅ Targeting the Wrong Customers

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

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

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

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

✅ Using Social Media Wrongly

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

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

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

✅ Not Understanding Your Best Marketing Channel

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

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

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

✅ Not Managing Cashflow Properly

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

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

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

✅ Too Much Overhead Cost

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

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

✅ Not Having Appealing Brand Image

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

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

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

✅ Poor Quality Products or Services

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

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

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

✅ Over Pricing and Under Pricing

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

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

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

✅ Bad Customer Reviews

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

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

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

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

✅ Selling With Fraudulent Intent

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

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

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

✅ No Customer Support

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

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

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

✅ Bad Service Delivery

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

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

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

✅ Using Wrong Data

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

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

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

✅ Conclusion

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

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

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

Read More
Energy Market

How to Prevent Gas Explosion At Home

Prevent Gas Explosion

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

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

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

✅ Tips to Prevent Gas Explosion

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

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

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

✅ The Nature of Cooking Gas

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

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

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

✅ Main Cause of Gas Explosion

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

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

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

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

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



✅ Steps to Prevent Gas Explosion

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

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

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

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

✅ Buy Only Ethanol Base Cooking Gas

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

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

✅ Avoid Cheap & Inferior Gas Cylinders

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

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

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

✅ Test Your Cylinder When Due

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

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

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

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

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

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

✅ Change Your Gas Regulator or Burner Frequently

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

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

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

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

✅ Regularly Replace Cylinder Head & Rubber

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

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

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

✅ Fix Any Suspected Leak Immediately

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

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

✅ Keep Your Cylinder in a Safe & Airy Spot

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

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

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

✅ Conclusion

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

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

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

Read More
Internet Marketing

Referral Marketing – How to Multiply Profits In 2023

Referral Marketing

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

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

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

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

✅ Referral Marketing for Beginners

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

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

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

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

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

✅ Cost of Customer Acquisition

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

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

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

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

✅ Why Marketing Is Challenging?

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

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

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

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

Here are key reasons why marketing is challenging:

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



✅ What’s Referral Marketing?

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

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

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

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

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

✅ How Referral Marketing Works

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

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

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

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

✅ Why Referral Marketing Works

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

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

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

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

✅ How to Use Referral Marketing

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

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

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

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

You will need a system that helps you:

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

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

✅ Cost of Using Referral Marketing

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

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

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

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

✅ Your Referral Marketing Plan

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

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

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

✅ Conclusion

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

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

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

Read More

Lesson 1: How Cryptocurrency Investment Work

crypto investment

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

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

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

✅ Crypto Lessons Table of Content

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

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

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

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

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

✅ Cryptocurrency Investment Versus Fiat Currency

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

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

✅ Control Over Your Money

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

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

✅ Future of Your Money

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

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

✅ Value of Your Money

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

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

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

✅ Investment of Your Money

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

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

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

✅ Security of Your Money

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

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

✅ How to Get Rich With Cryptocurrency Investment

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

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

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

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

✅ Guide to Crypto Riches

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

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

✅ What’s Coins and Tokens?

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

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

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

✅ What’s a Smart Contract?

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

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

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

✅ Different Types of Blockchain Network

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

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

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

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

✅ Difference Between Crypto Wallets & Crypto Exchanges

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

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

✅ What’s Cryptocurrency Wallet?

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

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

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

  • Trustwallet
  • Metamask
  • SafePal

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

✅ Understanding Crypto Exchanges

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

There are two main types of crypto exchanges:

  1. Centralized exchanges and
  2. Decentralized exchanges

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

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

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

✅ Conclusion

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

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

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

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

Read More
Farming Business

How to Start Your Own Cassava Production

Cassava Production

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

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

Do you know cassava would thrive anywhere in Nigeria as long as there is sunlight and adequate rain. That’s why Nigeria remains a major producer of cassava in Africa.

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

✅ Understanding Cassava Production

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

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

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

✅ Is cassava farming and production profitable in Nigeria?

Cassava farming is profitable in Nigeria. Its compatibility with the soil and its demand in Nigeria has resulted in it being available in large amounts. Also, Nigeria is among the countries that produce the most cassava. Our soil agrees with it and we consume it as a staple food.

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

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

✅ Some Cassava Products

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

✅ How Much Cassava Farms Make

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

✅ Tips to Setup Cassava Production

If you are thinking how can you start a cassava production business in Nigeria, here’s your guide. But the first step could be to choose with aspect of the Cassava value chain you would like to start from. While the first chain is the Cassava farm. Its highly advisable to start from the beginning of the chain.

Buying cassava from farmers for your production maybe wise if you lack the land needed for farming. But on a long run, farming the cassava yourself makes more sense profit wise.



✅ Get the Capital

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

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

✅ Siting of Farm

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

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

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

  • Manure: waste from animals and dead crops are a good source of manure. This would add nutrients to the soil, improving its productivity.
  • Mulching: mulching involves covering the top of ridges with dead vegetation. These are called mulch. Examples of mulch are legumes’ foliage, husks of rice.
  • Inter-cropping: intercropping with crops like legumes add to or increase the cultivation of the crops. Legumes add nitrogen to the soil, enriching it. Other intercrops that can be used are maize and rice.
  • Choose the best cassava species: choose the best of the cassava species you can find for maximum production and harvest. The kind of cassava it is would affect its growth which is why getting the best is expedient. Aside from good growth, get one that has disease resistance, matures fast, is edible and can stay in the ground as it matures without getting spoiled.

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

✅ Planting

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

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

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

✅ Harvest

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

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

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

✅ Processing the Produce

The process of converting cassava into garri for example has 4 processes aside from harvesting: peeling, grating, sieving, frying. In the peeling process, the skin of the cassava tubers is peeled with knives manually or with the use of peeling machines.

The grating process involves the grating, shredding of the tubers into much smaller pieces. It can also be done manually or with a grating machine. And the grated cassava is sieved to extract the cassava flour needed to make garri in the sieving process. A sieving machine or mesh can be used.

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

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

✅ Marketing

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

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

✅ Startup Cost And Requirements

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

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

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

✅ Challenges of Cassava Production Business

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

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

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

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

✅ Conclusion

Finally, do you have questions unanswered by this article? You can drop me a enquiries in the comment box below. However, consider this article a beginner guide to identifying the key areas of starting your own cassava production business.

Read More

Crypto Lessons – Learn Cryptocurrency Investment for Beginners

Crypto Lessons

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

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

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

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

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

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

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

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

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

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

✅ Crypto Lessons Table of Content

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

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

✅ Lesson 1: How Cryptocurrency Investment Work

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

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

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

✅ Lesson 2: How to Setup Crypto Wallet Address

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

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

✅ Lesson 3: How to Claim Free Cryptocurrency

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

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

✅ Lesson 4: How to Trade Cryptocurrency

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

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

✅ Lesson 5: How to Pick Cryptocurrencies to Buy

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

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

✅ Lesson 6 How to Farm Cryptocurrency

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

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

✅ Lesson 7: How to Sell Cryptocurrency

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

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

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


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

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

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

✅ Comments & Testimonials

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

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

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



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

Read More
Grow Your Money

Lesson 2: How to Setup Token Wallet Address

Token Address Setup on Trustwallet

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

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

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

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

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

✅ Crypto Lessons Table of Content

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

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

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

✅ What’s Token Address?

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

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

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

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

✅ How to Setup Wallet Address

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

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

Here are what you would need below:

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

Just for Example – NFTSEA Contract Aaddress on EtherScan:

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

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

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

✅ How to Find Token Contract Address

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

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

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

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

?️BSC Network:
?️Ether Network:

✅ Steps to Setup Token Address

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

token wallet setup


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

Token Address Setup 1

♦️Step 3; Select Token Blockchain Network

Token Address Setup 2

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

Token Address Setup 3

♦️Step 5: Click On DONE

Token Address Setup 4

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

✅ Conclusion

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

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

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

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

Read More
1 2 3 4 5 29