.

booblacain:
Do you know any interesting and educative whatsapp or social media group for small businesses (smes) out there to join. Please suggest one or more here. I would really appreciate this my people. Thank you.

Sorry OP, I don't know any. If you're looking for information to help you manage your business successfully, you can checkout ACCOUNTING WIZARDS' BLOG

You'll be inspired, better informed and educated!

The person will help me share my articles on social media: facebook, twitter, whatsapp, etc, with a link back to my website.

Please contact me if you have what it takes, let's discuss the task and your pay.

I am working on a shoestring budget, so do not contact me if your services are not affordable.

The email is: patrickokunima@gmail.com

Did you find the article to be helpful?

You're welcome.

IamKollinx:
Nice one. Thanks

I have an idea for an IT business. The services to be provided include:

1. IT Audit
2. IT Consulting
3. IT Project Management
4. System Administration
5. Hardware Maintenance, Etc.

Send me a PM, if interested.

wisdom4today:
Fine tips. Thanks OP.

You're welcome

Op, drop yours and others will follow.

Do you know any challenges of starting a business? Please feel free to contribute to the topic.

Many people dream of starting their own business, quitting their jobs and becoming their own boss, while doing something they love and are passionate about.

Starting a business can be very challenging but it’s always worth it in the end.

Unfortunately for most people, their dream of starting their own business only ever remain a dream and is never brought to reality due to obvious challenges that is sometimes beyond their control.

The good news is that there are actually steps you can take to overcome these challenges and finally start your own business.

Being informed beforehand can put you in a better position and save you the stress of having to deal with these challenges without adequate knowledge and guidance.

In this article, you are going to discover some of the biggest challenges of starting a business and ways you can overcome them.

1. Capital

Capital is one of the biggest challenges that many entrepreneurs face when starting a business. Most businesses (if not all) require some level of financial investment during their early stages. Some require large sums of money while others do not require much.

The importance of capital in any business cannot be over emphasized, you need capital to acquire a space for your business, equipment needed for running the business, and even to pay your staffs at the initial stage until the business is able to sustain itself.

Raising capital to start a business is one of the biggest obstacles that prevents entrepreneurs from starting and running a business.

There are quite a few ways you can raise capital and start your business, we are going to look at some of them below:

Find a Partner

One way to get capital to start your business is to find a rich partner who will invest his money into the business and join you in running the business, and in return you will share ownership of the business with him.

Apply for Business Grant

There are many government agencies and international institutions that are giving grants to entrepreneurs with good business ideas and well thought out plan on how to execute the business idea. You just need to know where to look and find them.

It is important to note that grants are not like loans where you have to pay a percentage of interest monthly but rather it is like free money given to you to start your business.

Ask Friends and Family

Your friends and family are people who already know you, they care about you and they want you to succeed. They have a strong connection with you and may not mind giving you their money to start your business even though it’s a risk on their part.

So go ahead and ask your friends and family members, they might be more than willing to help.

2. Getting The Right Team

Many entrepreneurs say their biggest challenge when starting a business is finding the right people to work with. As a startup, finding the right team to work with is crucial to the success and growth of your business.

The problem is some members of the team are not (or may never be) as committed to the success of the business as you are, to most of them it’s just a job or a way to pay their bills and earn a living.

Finding the right people to work with also requires a lot of effort and sometimes it might mean constantly recruiting and firing your staffs until you find the right balance.

Alternatively, you might want to save yourself some time and stress by hiring a Human Resource Professional to do the work of finding the right team members for your business.

3. Acquiring Customers

Without customers, no business can survive. Customers are the bread and butter of every business. Established businesses are leveraging on the trust they’ve already earned to acquire more new customers and they are also doing all they can to maintain their existing customers.

As a startup, it is even more difficult to acquire customers no doubt, given the fact that you have not earned people’s trust yet and you have no track record and established businesses in your niche are not letting their customers go away.

So what can you do to get customers for your business? Well, there are few ways you can overcome this challenge as an entrepreneur:

Give your product or service away for free

Giving your product or service away for free is one of the ways you can gain loyal customers at the initial stage of your business. These customers will use your products, approve of you, tell their friends about you and even become your brand ambassadors.

Sell your product or service away at very cheap prices

You can gain customers by selling your product or service at a lower rate than the market price. Customers who are looking for cheaper solutions will find you and patronize your services and if they are satisfied they will remain your customers.

4. Fear

You have a high paying job, you are doing well at your work place, you are living well, paying your bills is never a problem, and you have a burning passion to start your own business but you are afraid of one thing – the unknown.

You are thinking, you may have to quit your job to focus on the business, what if it doesn’t work, what if the business fails and you now have to back to where you started.

Don’t worry. You are not alone, FEAR is one of the challenges that stop many entrepreneurs from starting their business.

However, there is a way to deal with fear: by simply being prepared for the worst thing that could possibly happen, you will be able to eliminate fear to a great extent.

Also, acquiring business education and better preparing yourself on how to run a business successfully will give you more boldness and confidence to start your business.

Arming yourself with proper business education will prepare you to tackle business challenges as they come.

In Conclusion…

Don’t let anything stop you from achieving your dreams, to achieve success in anything, you must overcome challenges. Most times the challenges we face are not meant to break us but make us stronger and prepare us for the future ahead.

Starting a business has its challenges, but knowing those challenges before hand gives you an advantage over them. So, go ahead and start your business and use the information you’ve gotten from these article to overcome those business challenges. Wishing you all the best.

SOURCE: Accounting Wizards’ Blog

cc: Mynd44, Dominique, Lalasticlala

Thank you

Donald3d:
cool

I hope you enjoyed it?

Okay, you have a really brilliant idea and you are very optimistic and passionate about it. You are certain that your idea will be the next big thing that everyone will be talking about and now you are ready to launch your new business.

Starting a business can be a very exciting and fulfilling venture. However, what’s more important is staying in business and keeping the business running.

According to statistics, eight out of ten startups fail within their first eighteen months of operation, but I’m sure yours will not be among the eight, not after reading this article.

If you’ve started your business already or you are in the process of starting your business, BRAVO!.. You have certainly made some decisions to have come this far but the truth is, to keep your business afloat, you’ll have to put in more thought and make even more tougher decisions on a daily basis as you journey through your entrepreneurial career.

Below, I am going to point out 5 mistakes that you must be aware of and avoid if you must take your startup to greater heights.

1. Lacking Focus:

It is very important not to lose focus on the very aim and purpose for which you started your business. Obviously, every entrepreneur is in business to make profit but, often times they get carried away in their bid to make more profit and lose focus on the core purpose for which the business was started.

If care is not taken, you might fall for the temptation of chasing after every opportunity (note: opportunities that are unrelated to the company’s core function) to make more profit and forgetting the core purpose of the business, this will in turn affect the overall progress of the business and might eventually lead to failure.

To avoid falling for this trap, before starting a business, you should already have in mind how you intend to make your profit from the business, then stick with that system and continue to improve on it.

2. Zero Customer Base or Target Market:

Don’t just start a business without a clear definition of who your ideal customers are or a set of people who are already waiting to purchase your product after launch.

Many startup entrepreneurs fall for the illusion that everyone and anyone is their ideal customer, this is not true. By taking a closer look you might discover that people from a particular demographic, who are of a certain gender, have a particular interest and are of a certain age range are the ones who patronize your product or service.

Putting your product in front of people who are not interested is a waste of time and resources, and this can lead to frustration.

Take the time and define who your target audience are, then present your product or service to them and you will have better results.

3. Working Alone or With The Wrong Team:

Yes you have the idea, you carry the vision, you are very enthusiastic, you even have so much energy and do virtually everything alone, therefore, you handle all operations of the business all by yourself.

Bravo!!! But, this isn’t the best route to take, in fact, you are actually slowing down your business. As an individual, there is only so much you can do alone within every 24 hours but when you work as a team, so much more can be achieved within the same space of time.

Just as vital as it is to work with a team, working with the wrong team can be worse than working alone. Not everyone who wants to join the team is as passionate and interested in the vision and goals of the company as you are. Some people just want to get a steady paycheck at the end of every business month and that’s all they care about.

When choosing your team members, be very sensitive during the selection process and choose only people who can help the business realize its visions and goals.

4. Partial Involvement:

Okay, you’ve started your new business, you’ve also hired your superb team members to handle all the day to day operations of the business, so you can go back home and relax while watching your favorite TV series (Wrong).

Your business is still in its startup stage, you still have so much to do and so many decisions to make. To make good and well informed decisions and take the right actions, you need to get firsthand experience of how the business runs on a daily basis which can only be achieved if you are present in the business and involved in its daily operations.

Moreover, as the founder of the company, you are the man with the vision and dream of the business; no one can lead the team better than you.

5. Poor Funds Management:

Every company requires proper fund management to be sustained, otherwise it will be out of business before anyone realizes. As a startup, you have to carefully watch your expenses and only spend money on what is necessary.

Some entrepreneurs start out with buying high-end office furnitures and renting overly large office spaces which adversely reduces their initial capital.

You have to spend your money very wisely. Try and keep your expenses as low as possible as long as it does not affect the day to day operation of the business. Hiring a financial advisor can come in handy if you are having a hard time deciding what to or what not to spend money on.

In Conclusion…

There you have it, 5 mistakes you must avoid as a startup and how you can avoid them. The journey of growing a startup can be quite challenging and overwhelming, arming yourself with the knowledge of the mistakes you should avoid and avoiding them will surely set your business on the path of continuous growth.

SOURCE: Accounting Wizards’ Blog

cc: Mynd44, Dominique, Lalasticlala

Open.

Open.

Are you an IT specialist willing to work part-time?

Do you have experience in the following areas:

1. IT Consulting
2. IT Audit
3. Website Design and Development
4. Mobile Application Development
5. IT Project Management
6. System Administration
7. Database Administration
8. System Analysis
9. Computer Network & Security
10. Spyware & Virus Removal
11. Computer Hardware Repair & Maintenance
12. Data Backup & Recovery
13. System Installation & Upgrade

Are you based in Lagos?

Send your CV with the subject "Part Time IT Specialist" to patrickokunima@gmail.com

Are you an IT specialist willing to work part-time?

Do you have experience in the following areas:

1. IT Consulting
2. IT Audit
3. Website Design and Development
4. Mobile Application Development
5. IT Project Management
6. System Administration
7. Database Administration
8. System Analysis
9. Computer Network & Security
10. Spyware & Virus Removal
11. Computer Hardware Repair & Maintenance
12. Data Backup & Recovery
13. System Installation & Upgrade

Are you based in Lagos?

Send your CV with the subject "Part Time IT Specialist" to patrickokunima@gmail.com

Does anyone know?

I will very much appreciate your inputs.

His mother is from Epe, while his father is not from Lagos.

Agbaletu:
Forget about any useless document. Ambode is from Epe in Lagos State.

Bank (Micro Finance and Commercial)

Seniorcitizen:
please, where can one get loan to start a business?

Real Estate is the safest investment. Do you concur?

Real Estate is the safest investment. Do you agree?

The Real Estate Industry in Nigeria is fast evolving and is considered to be one of the safest, due to the appreciating value of property in the country. No doubt, the sector has advanced from the stage of newspaper prints, magazines and flyers to the use of Real time (online), Real Estate tools such as property websites, blogs, social media like face book, twitter, goggle +, pinterest, linked In, instagram e.t.c. Interestingly, when compared to other forms of investments, the real estate depreciation rate is very low. Just like food, water and clothing, shelter is one of the basic human needs. It would be nearly impossible to survive on this earth without a roof over your head. Everybody needs a home. This is ideal for prospective investors to generate profit through rents or leases of varying lengths. The boom in Nigeria’s real estate market is a juicy opportunity for entrepreneurs to exploit and become successful property owners.

In case you’re planning to invest in the Nigerian real estate sector, kindly check the following under listed steps on how to go about it. Many upcoming and successful investors have make use of the guide and they already making their way through.

1. Setting investment goals is the first step to put into consideration. There are two primary approaches to profit from any land you purchase: offer at a higher cost or lease it to acquire enduring streaming month to month/yearly salary. Which of these will be your objective? What’s your arrangement? It is safe to say that you are making arrangements for retirement and need a wellspring of wage to manage you when you are no more working? Do you plan to leave your place of employment one day to seek after your genuine interests however require a standard wellspring of pay other than a vacation? Possibly you truly needn’t bother with a consistent salary. It may be the case that you are searching for okay and long haul venture sometime and give a superior return. You need something with speculation gives back that are unsurprising than stocks.

Whether you will probably purchase keep and offer later or to acquire enduring rent wage, it is imperative that you have an arrangement and stick to it. This is the first and most essential thing to do before putting resources into land.

2. Having set the goals, who to buy from and how to find them is another important steps to consider. There are generally two gatherings who offer a large portion of the land you need to purchase-how about we call them open and private. The fundamental people in general gathering are the administration. Governments regularly offer land to normal individuals and organizations for private or modern improvement. At the point when governments offer land, it for the most part offers at a lower value contrasted with the overarching market costs. The private gathering is principally comprised of people and corporate associations. On the off chance that you look in the classifieds segment of your neighborhoods daily paper, you are prone to discover adverts for land properties at a bargain. Be perceptive and give careful considerations to your surroundings.

3. It is also pertinent to make a few inquiries. Tell individuals you are in the business sector searching for properties to purchase. Your neighbors, office associates and companions can be rich wellsprings of land data. You should simple inquire. Enroll the administrations of a land specialist. These operators are experts who help customary individuals like you locate the sort of properties they need.

Meanwhile, before you buy, do your research very well, I’m certain you would prefer not to get included in a property that is subject of a battle or fight in court. You should make sure of the right state of any bit of land you are keen on.

4. Lastly, having done your research, ensure you get the necessary titles and government approvals. By enlisting title and getting the important endorsements, the administration perceives your responsibility for property and shields you from any battles or debate that regularly appear in a player on the planet.

SOURCE: Accounting Wizards’ Blog

cc: Mynd44, Dominique, Lalasticlala

You omitted INTEGRITY.

I often meet with people who want to leave the corporate world to work for a start-up. And as a professional who made the leap from the traditional corporate life to work for a start-up, I can tell you that it’s been an extremely rewarding experience. The job description usually include phrases like “casual, fun office environment” and “room for rapid advancement.” And as you answer questions on their non-traditional job application (“If you were a reality TV show star, which one would you be?”), you imagine yourself balancing on a stability ball in yoga pants and a t-shirt, collaborating with like-minded colleagues. Indeed, working for a start-up can be fun, smart and even life-changing move. I have worked for a start-up in the past and must say that it was one of the best experiences I have had, while also being the most challenging. There are key things that I can share with you, based on my experience, when it comes to working at a start-up.

1. EXCITEMENT

In a start-up company, you will find an excitement and enthusiasm that you don’t typically find in larger, more established corporations. This is simply because a start-up is something new and fresh. It is a dream that owner is turning into a reality and the employees are all working together as a team in order to make it happen. When building something from scratch, you must have this excitement and passion that you will discover in most start-ups. If you are tired of the structured and staunch corporate environment, you may want to consider the fresh beginnings of a start-up.

2. THE COMPANY GIVETH, THE COMPANY TAKETH AWAY

Start-ups love to reward employees for their willingness to abandon office formalities like lunch breaks and personal space. When the company is relatively small, the executives might be dole out perks like weekly happy hours, catered lunches, and tickets to local events. But as the company grows, the leadership might realize that they can no longer afford or manage these types of luxuries. A free drink may have once been the only respite in your otherwise hectic day, so when the freebies disappear, it can be disheartening. But fear not: the departure of these gifts usually means the arrival of more practical bonuses, like health insurance and others.

3. IT’S ALL HANDS ON DECK

You have to be a team player, dive right in, roll up your sleeves, and get your hands dirty, there’s an endless number of clichés to explain that you’ll be required to do, when you work for a start-up. While you may technically have a title and a job description, your everyday activities will likely vary depending on the project. You may have never imagined a day in which you stuff envelopes, pick up pizzas for lunch, answer phones, and present a proposal to the board of directors, all within a matter of hours, but the phrase “This isn’t part of my job description” should never cross your lips. Expect that you’ll be performing a variety of tasks, both mundane and challenging, and be ready to do them. No doubt, start-ups are well stocked with driven, eager employees and those that aren’t willing to be flexible or to put the company first, will be swiftly offloaded.

4. ABILITY TO EXPRESS IDEAS

When working for a start-up, you will quickly notice that it is welcome and even encourage employees to express their ideas and solutions. I worked for a start-up company for over 4 years and for the majority of my time there, employees were encouraged to use our brains in order to think things through and come up with solutions. There were many times when we were faced with urgent matters that required quick decisions and action, but the owner was on in a meeting. In those instances, he was relying on us to assess and make the right decisions. We were given printouts to hang in our cubicles, reminding ourselves to ask the following questions when faced with a decision: Is it right for the company” is it right for the customer? If we could answer yes to both of these questions, then we had the green light to move forward.

5. YOU’LL NEED TO BE COMFORTABLE WITH CHANGE

Lastly, unlike seasoned companies that have well-defined processes and procedures and hundreds of employees conditioned to repeat the same behaviors day after day, start-ups are able to make changes quickly. Things like job titles, desk assignments, reporting structures and project plans are changed more frequently than the filter in the office coffee pot. At the start-up I work for, I’ve moved offices three-times under six months, and had a grand total of six different desks in the process. The constant change can be frustrating, especially when you’re just getting acclimated to the place or ways. But to succeed at a start-up, you need to embrace chaos. Start-ups have their pick of motivated young professionals, and they’re certainly not afraid of personnel shake-ups. Showing that you can easily roll with the punches is one way to ensure your success.

SOURCE: Accounting Wizards’ Blog

cc: Mynd44, Dominique, Lalasticlala

Please, feel free to add yours, if you know any other success tip for business owners.

FrankTalk1:
Great points! Very informative and useful. Thanks OP.

You're welcome.

Thank you.

Olayinka777:
Beautiful! This is the best business tips I have read so far.

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