Small Business 247

How to start a small business in Nigeria: Step by step Starting a small business in Nigeria can be challenging, but with a clear guide, you can navigate the process successfully. Here's a step-by-step guide to help you get started:  Step 1: Research and Choose a Business Idea 1. Identify your passion: Think about what you're passionate about and what problems you want to solve. 2. Conduct market research:  Understand your target audience, their needs, and the competition. 3. Choose a profitable idea:  Select an idea that has a demand in the market and can generate revenue.  Step 2: Develop a Business Plan 1. *Define your business model*:  Outline your business structure, mission, and vision. 2. Set clear goals and objectives:  Establish specific, measurable, achievable, relevant, and time-bound (SMART) goals. 3. Create a marketing strategy:  Outline how you'll reach your target audience and promote your products or services. 4. Develop a financial plan...

Elon Musk advises all immigrants to work very hard, while in America, to earn his respect. "We named @Tesla after Nikola Tesla, one of the greatest engineers ever." --Elon Musk

Learn from your past mistakes an d improve your performance. A toddler cannot jump up and start running overnight, when he/she has to fall several times before standing firm; and then start walking. Mistakes are what we encounter in our everyday attempt to do a new thing. Somebody who never made a mistake has never tried anything, and there is no way one can improve if not by learning from mistakes, both from himself and other people. Mistakes can make someone to fail a mission, but when you fail, there is no other option than to rise. So mistakes and failures are seen as the best teachers in life; from them we get a lot of experiences and wisdom.  When we fail we observe the mistake that caused the failure, learn the point we should amend and move on. You shouldn’t ever want to repeat a particular mistake, but if you fail two times in a row, and the failures are not caused by repeating one particular mistake, there is no problem.  Just keep on trying a...

This is what founding a business is all-about. Laying a strong foundation of your business on the immediate business is all about making thorough research, decision and conclusion, based on you ideal product, vision, business true-value, economic chain and your rewards after-all.—clarity on your ideal products, suppliers, ideal market, customers, partners and financial support sources. No matter what your aims for starting your own business are, development of the foundation is likely to be the same. Laying of strong foundation is both mental and paper work, containing your business structural plan, and proper execution plan. This is all about checking through all the channels on which your business will be flowing to and fro every day. It gives you the ‘road-map’ to follow as you build your business.  Reason why you must make a paper work business foundation plan is because action takes longer than thoughts or words. On the process of executing a plan you d...

Give gifts to your customers, to maximize sales. Everybody love to receive gifts, you are not exceptional and so are your customers not exceptional also.  And unconsciously or consciously perhaps, we all love to go where we receive something free. And when you give us free gift that we will frequently be using at homes or offices, it reminds us of your helpfulness.  And we will like ly want to come again to receive. If the gift that you are giving you customers has your business logo, name, and contact information, you are probably setting traps to attract whoever that came across such gift, as you spread the awareness of your business firm. Sometimes, we customers don’t come to buy, we just come to receive gift and therefore, decide to buy more.  This is a beneficial reason you should get more gift for your customers. Gift sharing is a very effective means of advertising that also reminds the receivers that their businesses are important to you. This is a positive feelin...

10 things to do to prevent failure when your business is beginning to fall back:   How to get your falling business back; up and running   Is your business having a problem?    Depending on where you get your self, you can start building up again and this time it is actually going to be a lot easier process than before. because you already have experience from the first try. It is normal to have an initial failure in business, because with this you are going to learn your lessons with which you will overcome future hindrances.    1. Make sure that you have some money remaining in your hand:-- Revisiting your back-up treasure.   At times the major cause of business failure might be out of lack of proper funding. it may occur due to insufficient capital or manager's ignorance. So, it is left for the manager to check whether the business is lacking funding in any way, and seek a solution for that, which is to look for an interne=al or external source to g...

Prayer helps you to close tie with your business and ignite your passion for it. Pray for your business The distance between your problem and its solution is the distance between your knees from the floor; the man who kneel down to pray to God about anything is the man who can stand up to face anything. When I was a kid, under my parental closest care, my mother always tell me something anytime that things got too tough especially concerning school issues. She says that “The road that seems unknown to human beings is clearly seen by God”.  This makes me to understand that God knows what we are, human beings don’t know; according to Isaiah 55:9 which say that “as far the heavens are higher than the earth, so are the ways of God higher than our way, and his thoughts than our thoughts”.   So, when you think that you have reached dead-ends, God knows the next way out! So pray. My mum says I should pray whenever she spoke about that road. So with deep e...

How to build product and services that can sell themselves without much pitch. Be optimistic and fantastic You are indeed the first fan of yourself, product or services.  With your belief, confidence, and dedicated effort in your offers, you as an entrepreneur or your products and services will always be called for without crying out loud. Do you understand the law of attraction? In sales, it exists in the form of optimism and fantasy. By this, the seller can predict the future. Optimism makes your vision to turn to reality. Clear expectation that someone has, do come around most of the times.  The power of every sales person to attract more good luck lies under optimism.   So says the law of attraction; that what you think about most are the things that come your way most. If you think about money, you won’t fail to pick the chance and try, whenever an opportunity that will bring out money comes.   But if you think about games, stories, and uncertainti...

What to know about market research Market research is the most crucial role of an entrepreneur. It means the study of one’s market, competition and the proper customer or target customer for a business by its owner or manager. It consists of the accurate enquiry, study, trial and observation of certain task based on the Market. Conducting market research helps you pin-points exactly what your Prospect actually wants or even discover if a product will be successful before you launch it. Just to identify what really works out.  Why is market research so important? Now, look at this, there is one productive company I know, along Onitsha-owerri road in Onitsha here.   This company once made a product and packaged it into a pretty-sachet, hailing themselves; yeah, at last we have made it, we have created a product that has no substitute in the market.  Truly, the product will not have substitute if the natural one is limited or no more there. And the form they made the product...