well, my simple advice is for you to carry out your SWOT analysis very well. i.e your strenght, your weakness, your opportunity, and your treath

With great apology and gratitude, I say good morning friends.
I got caught in the face-off between opera-mini and airtel. My ovi browser refused to cooperate with me.
The last option was to download uc browser, but I have found it hard downloading any phone application on my phone. Please the gurus in the house should help me with this. It is a Nokia X2-01.

I am glad to be back. We shall continue tomorrow in full force. Thanks.

Hello friends. Be reminded that we intended defining some terms under start-up costs before the break.
As we pencil our start-up cost, we will get to understand the terms.

In determing the start-up cost, you need to list out materials or resources you need to turn your idea into reality.
For example, if you intend setting up an online business - what materials comes to mind? A laptop, a modem, and a generator among others.
In order not to discourage yourself, owning these items isn't a necessity for starting, the use of a cybercafe can start your business. However, the amount you spend will represent a cost which will be recurring or re-occuring as often as you visit the cafe - we will visit it later.

Other things which can make up your start-up list includes : advertising, packaging, expert services, labour, transportation, stock e.t.c
Note that startup needs differ for different businesses.

After itemising what I need to start my business, what next?
Let us meet tomorrow. Thanks.

Hello friends. Now that you have your list of materials and resources, what next?

Attach the price at which you will buy each of the item, calculate the
the total cost and sum it up to get the start up cost.
E.g
Item Qty Unit Total cost cost
1.Generator 2 30000 60000
2.Broom 1 50 50
3.Marketing
(Flyers) 500 0.50 250
4. License 1 100 100
5. Sugar(bag) 1 300 300

Qty = quantity of item needed.
Unit cost= cost of one item.
Total cost = Qty * unit cost

Sum up the total cost from above
60000+250+100+50+300= N60700.
What does this sum total represent? Meet me tomorrow.
Thanks.

Nice thread pls keep it on, also kindly send me a copy of your gift item my email is allabove16@yahoo.com.

Hello friends, sorry for being offline yesterday. @Dr Eva, thanks. Please start with this gift; the link is on post 37 of the thread. I am sorry, I do not know how to refer to a link on a phone.

Friends, the table I made to demonstrate the start-up costs did not layout well. I will try and get around that this weekend since we still have some tables to look through.

The sum total of N60,700 we calculated in previous post represents the start-up cost.
Is it all we need to start a business? No!

We 've got to estimate what it will take to 'run the business' after start-up.
Non-inclusion of running cost to business capital is recorded as a major reason for business failure.

No business makes profit(don't confuse profit with sales, the fact that you sell does not mean you've made profit) from day one, rather it will start, continue to run before it makes profit. Profit don't come for some until months or even a year. Hence, this cost will help you anticpate what you need to run during the 'profit-less' period and thereafter.

On Monday, we will look into the rudiments of calculating the cost of running a business.
Thanks and have a nice weekend.

Hello friends, I hope you had a nice weekend. This thread remains your information bus stop on business start-up leading to the ultimate multi-million naira brand.

Last week, we looked at how to calculate start-up costs - costs of items required to open a business concern.
Costs were attached to each of the required item; the costs were summed up to obtain the total start-up costs.

The next step is to calculate how you need to make the business run for at least 3 months before you have any size-able income to plough back to meet the running costs.

What does your running cost entail? These are costs that, whether you sell or not, you must pay for. E.g. Rent, utilities - water, electricity, fuel, internet access subscription, administration - stationeries, niche magazine/newsletter; quarterly seminars, capital expenditure, salary, wages e.t.c.
What you have as running costs would be a function of your business type.
Remember you have calculate the running cost for a minimum of 3 months so you don't find yourself out of business because of inadequate fund.

Now that you know your start-up costs and running costs, what other cost of doing business must you add to determine the required capital for your business?

Join me tomorrow. Thanks.

Hello friends, I hope you had a nice weekend. This thread remains your information bus stop on business start-up leading to the ultimate multi-million naira brand.

Last week, we looked at how to calculate start-up costs - costs of items required to open a business concern.
Costs were attached to each of the required item; the costs were summed up to obtain the total start-up costs.

The next step is to calculate how you need to make the business run for at least 3 months before you have any size-able income to plough back to meet the running costs.

What does your running cost entail? These are costs that, whether you sell or not, you must pay for. E.g. Rent, utilities - water, electricity, fuel, internet access subscription, administration - stationeries, niche magazine/newsletter; quarterly seminars, capital expenditure, salary, wages e.t.c.
What you have as running costs would be a function of your business type.
Remember you have calculate the running cost for a minimum of 3 months so you don't find yourself out of business because of inadequate fund.

Now that you know your start-up costs and running costs, what other cost of doing business must you add to determine the required capital for your business?

Join me tomorrow. Thanks.

Hello friends, I hope you had a nice weekend. This thread remains your information bus stop on business start-up leading to the ultimate multi-million naira brand.

Last week, we looked at how to calculate start-up costs - costs of items required to open a business concern.
Costs were attached to each of the required item; the costs were summed up to obtain the total start-up costs.

The next step is to calculate how you need to make the business run for at least 3 months before you have any size-able income to plough back to meet the running costs.

What does your running cost entail? These are costs that, whether you sell or not, you must pay for. E.g. Rent, utilities - water, electricity, fuel, internet access subscription, administration - stationeries, niche magazine/newsletter; quarterly seminars, capital expenditure, salary, wages e.t.c.
What you have as running costs would be a function of your business type.
Remember you have calculate the running cost for a minimum of 3 months so you don't find yourself out of business because of inadequate fund.

Now that you know your start-up costs and running costs, what other cost of doing business must you add to determine the required capital for your business?

Join me tomorrow. Thanks.

Good morning friends. I hope your needs are being met as we journey together to build a multi million naira brand.

The final cost you need to add to start-up and running costs is the cost of raw materials for the next two months. Remember, we did include the cost of raw materials in the start-up costs to perhaps meet the first month production. We need to plan and include its costs for the next 2 months to have a good estimate of the 3 month running costs; remember we are doing it to avoid being cash-strapped before we can generate sufficient income from the business.
Why can't we put it as a fixed item cost like rent, utilities e.t.c? Raw material costs will vary with how many product can be made and sold; hence, why it is called a variable cost.
Costs will vary for a seminar involving 20 people and 5 people.
A raw material is what you use to produce a product or service a customer.

What would be my capital requirement for transforming my business idea into a reality?
You will know tomorrow.
Thanks.

Good morning friends. I hope your needs are being met as we journey together to build a multi million naira brand.

The final cost you need to add to start-up and running costs is the cost of raw materials for the next two months. Remember, we did include the cost of raw materials in the start-up costs to perhaps meet the first month production. We need to plan and include its costs for the next 2 months to have a good estimate of the 3 month running costs; remember we are doing it to avoid being cash-strapped before we can generate sufficient income from the business.
Why can't we put it as a fixed item cost like rent, utilities e.t.c? Raw material costs will vary with how many product can be made and sold; hence, why it is called a variable cost.
Costs will vary for a seminar involving 20 people and 5 people.
A raw material is what you use to produce a product or service a customer.

What would be my capital requirement for transforming my business idea into a reality?
You will know tomorrow.
Thanks.

Good morning friends. I hope your needs are being met as we journey together to build a multi million naira brand.

The final cost you need to add to start-up and running costs is the cost of raw materials for the next two months. Remember, we did include the cost of raw materials in the start-up costs to perhaps meet the first month production. We need to plan and include its costs for the next 2 months to have a good estimate of the 3 month running costs; remember we are doing it to avoid being cash-strapped before we can generate sufficient income from the business.
Why can't we put it as a fixed item cost like rent, utilities e.t.c? Raw material costs will vary with how many product can be made and sold; hence, why it is called a variable cost.
Costs will vary for a seminar involving 20 people and 5 people.
A raw material is what you use to produce a product or service a customer.

What would be my capital requirement for transforming my business idea into a reality?
You will know tomorrow.
Thanks.

Good morning friends. I hope your needs are being met as we journey together to build a multi million naira brand.

The final cost you need to add to start-up and running costs is the cost of raw materials for the next two months. Remember, we did include the cost of raw materials in the start-up costs to perhaps meet the first month production. We need to plan and include its costs for the next 2 months to have a good estimate of the 3 month running costs; remember we are doing it to avoid being cash-strapped before we can generate sufficient income from the business.
Why can't we put it as a fixed item cost like rent, utilities e.t.c? Raw material costs will vary with how many product can be made and sold; hence, why it is called a variable cost.
Costs will vary for a seminar involving 20 people and 5 people.
A raw material is what you use to produce a product or service a customer.

What would be my capital requirement for transforming my business idea into a reality?
You will know tomorrow.
Thanks.

Good morning friends. I hope your needs are being met as we journey together to build a multi million naira brand.

The final cost you need to add to start-up and running costs is the cost of raw materials for the next two months. Remember, we did include the cost of raw materials in the start-up costs to perhaps meet the first month production. We need to plan and include its costs for the next 2 months to have a good estimate of the 3 month running costs; remember we are doing it to avoid being cash-strapped before we can generate sufficient income from the business.
Why can't we put it as a fixed item cost like rent, utilities e.t.c? Raw material costs will vary with how many product can be made and sold; hence, why it is called a variable cost.
Costs will vary for a seminar involving 20 people and 5 people.
A raw material is what you use to produce a product or service a customer.

What would be my capital requirement for transforming my business idea into a reality?
You will know tomorrow.
Thanks.

Good evening friends. I did a post yesterday - as it is my practice to review the previous post before doing a new post; but to my dismay I did not find the post.
Anyway, I will do a repeat of the content.

To have a fair estimate of what will be needed to begin the business, you add up the start-up costs; starting assets and starting expense costs, followed by the running costs and finally the variable costs.

What if you add up the costs and it seems you have to break the bank to get the money to start; what can you do to solve this problem?
Make it a date tomorrow. Thanks.

Hello friends. I hope our present topic is not too technical; or better still, too mathematical.
Friends, the truth is you can't start or do serious business without talking figures and numbers - afterall you will continue naira in numbers when it starts rolling in.

From the previous post: what do you do when the required business capital seems beyond your reach?
1. Go back to your estimations and see where cost reduction can be effected. The tendency is to over-estimate in a plan where estimation is required. However, be careful not to under-estimate.
2. Must you buy a brand new furniture, laptop or freezer to start-off your business? Must you rent an office space in a high-brow area?
Question your expenses and seek alternatives.
3. Is there a way to access micro-loan from family members or friends?

Let us meet on Monday for more practical approaches. Have a nice weekend.
Thanks.

Hello friends, quite late today.
I put myself up to the challenge of searching out ways to raise money; assuming I was short on business start-up fund.

Recall that today's post ought to look into practical approach to raising fund. I did come up with some ideas which I will share tomorrow.

Hoever, it is important to know this fact; we 've got to involve our mental capability in getting what we want; if not, most of our business ideas or dreams would be lost. The brain is the centre for wealth generation - its ability for this is quite enormous, as said by neuropsychologist.

Let's get to read the challenge tomorrow. Thanks.
Good night.

Hello friends.

The challenge: I live in a student environment - I asked myself what would I have done if I had to raise fund. These are raw ideas which I didn't filter.
1. Write term papers at a fee.
2. Write student projects.
3. Do research for a write-up.
4. Seminar presentation slides.
5. Note writing.
6. Errand services which includes cleaning, laundry and cooking.
7. Run date-matching service.
8. Run a bus charter service for the numerous associations, clubs and organizations for outings. This will be done with a bus chartering service.
9. Provide website/blog content for associations, clubs and organizations on a continuos basis.
10. Provide information on education abroad, scholarship opportunties and how to go about it - trust the youths, they all want to go for greener pasture.

Whaow! I 've gotten to number ten, can't believe it - took me roughly thirty minutes.
The point is, wealth comes from thought; the solution to your fund problem will come from your thought.
The brain is well equipped for this task, stretch it.

Anyone who needs to generate fund? let's looks through it. Thanks.

Hello friends. Another thing you ought to know about our mental capability is that the more you engage it in a task, the better you get at the task.

Let us task our brain with this mind game: within 10 seconds, think of 5 uses of a paper.

Join me tomorrow on pricing. Thanks.

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Hello friends, I would not stop this thread without informing you; I am really sorry for the cut-off in communication. For unknown reason, my bid to open and submit a post on this thread is being thwarted by a constant error message from the server.I had to come to a neighboring town to make this post.

I am looking for a way round the problem so that we can continue with your favorite thread. I promise to get back as soon as it is resolved.

Thanks @Jeremymona and gabriely2k.

I saw this useful material "WordPress Site Builder Video Package" in a paper I bought; it is entirely free with master resale right; text your email to 08055166529 to own this piece for free.

Hope to see you soon. Thanks.

Hello friends, I am back for real. The problem has been found to be more of poor network due to my location.

Anyway, I am glad to be back. We were about to discuss pricing before the cut-off; let us go on.

Why pricing as an element in the business plan? The reward for the risk you take as an entrepreneur is the profit you make. Where do you get the profit? From the price you set on your product/service.

In business, you could sell and sell like mad and have nothing to show for it. Without appropriate pricing, you can't make it.

In pricing, you need to account for cost, right from raw-material purchase or efforts required to getting the product/service to the customer.
Getting to the customer will include marketing efforts, phone calls, paper for receipt, toilet roll in the customer loo- if they come visiting, water to flush the loo-if you pay water bills, shop rent, seminar training to provide your clients with good service e.t.c
After you count these costs, you then factor in your profit.
Without this formula, it would be a matter of time before the brand collapses.

Despite the above, some factors still govern pricing; let us know them tomorrow.
Thanks.

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