₦airaland Forum

marooh:
For nigeria everybody is a risk taker!

Bet9ja make me know that! and MMM

lool...abi naah

It is not an easy step taking a risk. A lot of entrepreneurs are afraid of taking risks. You need to know as an entrepreneur that not all risks that you take are dangerous and have negative consequences. Although some risks are bad and shouldn’t be taken, while others are beneficial and should be considered. Here are 8 (eight) different reasons why you should be taking risks in your business today.

You Learn From Failures

Failures are the best way to learn. There is a lesson to learn in every failure. Take a risk and from the outcome, you will figure out what went wrong or right. From the results, you will have the opportunity to find out new ways, technologies, and inventions about what you need to improve. Even the most successful business took risks to get to where they are. Amidst the failure, you have the chance to refine your thinking, reassess your goals, figuring out what needs to be done and understand your weakness and strengths.

You can learn new skills by failing which will help you grow as a business owner. Life, in general, is a learning experience and you need to learn to be able to do something new.

2. Nothing Succeeds Without Effort

With times often changing and newer systems and methods being implemented, you need to work hard and smart. Customers expect new innovations, customer service, and product upgrades. It is up to you to make sure that you make an effort to be able to deliver the best and this includes taking risks.

Implementing a new idea might not give you the outcome right away, but you need to try it out to know whether it will work or not. Success involves preparation, working hard and smart, and learning from your past mistakes.

3. Low Competition

A business that takes risks to certain levels tends to have low competition from other businesses offering similar services to a customer. Most business owners are scared of taking risks. If you can, you are left to outdo the others in the market once the risk that you took pays off.

4. It Helps You Stand Out

Refusing to be on the same level as others is a great step to take in business. It makes you exceptional and shows your level of confidence, making you stand out from your competitors. Find out what you can do that is unique from the normal and a way to market it to reach your audience. Aside from setting you aside from the competition, taking risks displays your leadership qualities and the ability to deliver the best to your customers.

5. Playing It Safe Doesn’t Guarantee Success

Folding your hands and fearing to take risks won’t bring you success in your business. You need to be willing to sacrifice to receive something better. Be ready to take risks to open more opportunities and possibilities as well as to realize your full potential.

6. To Overcome the Fear of Failure

The first thing that comes into the mind of many business owners is that there is a high chance that the risk they took won’t work. This is as a result of fear of the outcome. Fear pushes you down and prevents you from pursuing a way out of your first crisis or a way to allow for business growth. Though success and failure define us, learn to take risks and let go. You might not know if you made the best decision or not but don’t fear. Risks can result in losses, but you need to stop thinking of failure before you even attempt to try. Taking a risk means that you put aside the thought that you will fail.

7. Prevent Regrets

Have you ever hesitated and failed to do something and then, later on, wished that you did? This happens in many businesses and only you can decide to choose not to be in this place. There are plenty business opportunities that will expand your business, but in order for your business to grow, you need to be ready to take certain risks. Change in your business will also be a good move.

Not trying can lead to depression, especially if it would have made a huge positive impact on your business. To avoid this, it is good that you take the risk and not focus on the outcome.

8. It Boosts Your Self-Esteem

Though the decision to take risks is a difficult one, most people who are willing to take risks are contented with the outcome. Risks and challenges will always be there, but knowing that you can face them and walk through them is a great relief. Succeeding after taking a risk boosts your self-esteem and confidence. It changes your view of different challenges and setbacks that you might face later on giving you an upper hand in knowing how to approach any issues that might arise.

Stop hesitating and make the decision to take risks, both for your personal benefit and boost the growth of your business. Taking risks doesn’t mean that you should blindly take a step without making the necessary preparations. Don’t leave everything and start from the bottom. Know the type of risk that you are facing and how you will handle it.

Always keep your goals in mind, don’t just rush into it. Figure out the challenges that you will face and how you intend to discuss them. Spend some time calculating what you’re willing to risk. You can also seek expert advice before making the final decision.

Source: http://themoneyvillage.com/8-reasons-taking-risks-business/

So you’ve got this awesome business idea but it’s difficult to gather funds…business people face this problem every time. Although it’s true that a team of venture capitalists or a family member with large money in their bank account can make starting a business easier, still not having money shouldn’t be an excuse. If you have the motivation to start a business, alongside with a great idea and an incredible determination to succeed, you can start a business with little or no capital. You don’t need a miracle, but you need to follow certain steps to successfully start a business with little or no capital.

One key thing you should always have in mind is that if your idea and plan of implementation aren’t well planned from the beginning, no amount of money can turn it into a front-runner. If you are sure that you have a product or service people want, don’t allow the lack of capital to discourage you from your business goals. By being relentless, getting creative, and making yourself unique, you can make your way to a successful business. Funding isn’t always necessary. Following the few basic rules in this article makes starting a business with almost no money entirely possible. This start a business with little or no capital tips can help you get your idea off the ground with partial funds.

1. Start a service business

Alongside that amazing business idea of yours, you can start a service business. The money you make can then be used to sponsor your dream business. To start a service business you virtually need no money. The plain skill needed here is your ability to knock on doors and make sales. To start with, here are 22 service businesses you can start today.

* Affiliate marketing – you don’t need to own the product. You earn commission from selling other people’s products.
* Amazon reselling – in this case, you may or may not own your own product. You sell on Amazon’s platform.
* Baking – why not turn your passion for baking into a side business.
* Buy and sell domain names you don’t have to sell a domain name for millions for turning it into a successful business.
* Disk Jockey (DJ) – if you have the skills, love to party, and can work on weekends, this should be a good job for you.
* Ebay sales – This is similar to reselling on Amazon. You may or may not own your own product. You can make a lot of money from this.
* Ghostwriting – There are people out there who would pay a ghostwriter to write articles, projects, and so on for them. If you enjoy writing, then you should consider doing this to raise capital for your business.
* House painting – A lot of people out there don’t have the time to paint their own homes. If you’ve got the skill, don’t hesitate to throw yourself out there. You can earn a lot of money doing this.
* Instagram marketing – Register for an Instagram account. Study what’s trends at different times. Grow your fan base. A lot of businesses would pay you a lot of money to advertise their products to your fan base.
* Interior designer – a lot of people would hire interior designers to work on their homes. If you have the skill, you can make a lot of money doing this.
* Mobile hairstylist – If you have hair styling skills, why not make money offering this service to people?
* Mobile make-up artist – Many people want make-up artists to visit them before big events, such as weddings.
* Mobile laundry service – You can make money by doing this.
* Mobile mechanic – If you understand a car engine, then you can make money being a mobile mechanic.
* Modeling – If you love doing this, then why not get paid to do it? There’s a lot of money to be made in the modeling industry.
* Music instructor – teach music and earn money from it.
* Personal chef – if you enjoy cooking, offering personal cooking services might be a great way for you to earn extra income.
* Website designer – there’s a lot of money in this business if you have the skills.
* Web development – If you have the skills, throw yourself out there. A lot of web developers out there are making big money doing this.
* Wedding/Party/Event planner – If you can do this, then get paid to do it.
* Wedding photography – There’s a market out there for wedding photographers. You can make money doing this.
* Weight loss consultant – being a weight loss consultant is a good way to earn money. If you have the skills, then dive into it.

2. If you have a Job, don’t quit it

Starting your business in your spare time is the best. Do not quit your job unless your project is able to pay your salary. If your business doesn’t work out, you will still have your job. If it does, the transformation to being your own boss will be less risky.

3. Get customers to pay you upfront or at worse, half upfront, half later

This way, your costs are always covered. One thing with starting a business with little or no capital is that you should always make sure you get paid fast. That should help you generate income faster. You can get paid fast in various ways:

* Ask for at least 50% payment upfront.
* Offer incentives.
* Meet your clients in person if they are local.
* Send invoices at least once a week.
* Get your customers to pay with a credit card or electronic bank transfer.
* Get rid of customers who are chronic late payers.
* Set up automatic payment.

4. Build your business on the skills you already possess

Instead of venturing off into uncharted territory, why not build your business on your skills and knowledge? The less you have to rely on outside sources, the better. When your business is built around your own personal expertise you can eliminate consultants and outside assistance. What can you do that someone else might be prepared to pay for? Can you make clothes, paint and decorate, programming a computer, speak Italian? Do you think you can turn your hobby into a business? If you have a skill that other people don’t, or would need to invest time and money into while learning, that immediately puts you at a big advantage.

5. Get help

You can’t do it all alone. Nobody can. If you are starting a business with no money, you will need all the help you can get. Asking for help can help you in several ways:

* Some people in your network might be entrepreneurs who could give you some pointers about starting your business.
* You could find a co-founder. A lot of successful businesses are not started by one founder. With two or more founders you will also improve your chance of success. Tell people in your system that you are looking for a co-founder. Work with someone you trust. It’s a bit like getting married.
* A friend, family member, or coworker could teach you skills you don’t have and you might even find a free office space.

6. Do all the work yourself

Do everything yourself. Return all income earned straight back into the business. This way, you will be able to build up enough cash assets to finance in new kit or buildings, and so grow the business.

7. Use the free tools around you

Grow a website for little or nothing using an online website builder such as moonfruit or basekit. Get social and promote your business spending very little. Try signing up for Twitter, or create a Facebook page, and join LinkedIn.

To be successful in business isn’t about starting with a lot of money. It is about implementing the right approach, thinking your way around problems, and having the willpower to put the effort in and give it your best shot. What are you waiting for? Don’t let inadequate resources prevent you from taking a great idea and running with it. Will it be difficult and will you have some stressful situations? Of course, but that is part of entrepreneurship.

Source: http://themoneyvillage.com/start-business-little-no-capital/

Tosinex:
Nice one..

Thank you very much.

So you’ve finally decided to start running your own business but are at a bit of a loss when it comes to some of the basics including the fact that your budget is strict and limited? The process of starting a business from scratch at home without money is a really delicate and tense process. From registering your company to paying staff, it will save you time if you learn the basics first, that is, learning to plan, learning to make key financial decisions, and learning to complete a series of financial activities. You don’t necessarily need money if you have the right combination of skills, work ethics, and marketing know-how, determination, and motivation. The easy steps I’ve listed and taken time to explain below can help you plan, prepare and manage your business. You’ll find useful links buried in this article that would also be of great help. Be sure to check them all.

1. Try to keep your job

Business is risky especially when you start without capital. At least, start the journey by keeping your job for now. This will help to reduce pressure on you. Trust me on this one – at the early stage of your business, it’ll be wise not to walk away from a steady paycheck. This will give your business enough time to grow. You don’t have to worry about how you’ll pay your bills, your paycheck has got that part covered. Once your business is standing on her feet and has started to generate revenue, you can now start thinking of quitting your job.

2. Stick with something you know

Stick with what you know by building your business around your passions and experiences instead of starting outside your comfort zone. Build your business on your skills and knowledge. You can learn new skills, but that will definitely take time and will require additional expenses. You might have to take courses, get licenses, pay consultants, and so on. If you want to start a business quickly, you’ll have to focus on what you can do now not years from now. Besides, starting a business in a field familiar to you will give you additional confidence.

3. Do all the work yourself

I know that it can be exhausting to do all the work yourself, but right now, you’ll have to because you don’t have the budget to hire help. You won’t be paying an employee or an outside company, that way you will be able to put every dollar back into your business. It will be tough, but if you stick with it, you’ll eventually build up a cash reserve.

4. Offer a service

You don’t need money to start a service business. With an ability to knock on doors and make sales, you’re good to go. Use this means to finance your dream business. See 15 service business ideas you can start with below.

* Aerial film photography – Why not turn the use of your drone, into an aerial photograph business. Their services are widely needed in the real estate market and other businesses.
* Affiliate Marketing – Affiliate marketing gives you an opportunity to earn a ratio of sales without having to create a merchandise or maintain an inventory.
* Babysitting – Babysitting isn’t just for teenagers. Market yourself as an Au Pair to target a higher-end clientele.
* Baking – If you enjoy baking and can do it very well on a more professional level, why not turn this passion into a small business?
* Boat Cleaning – There are a lot of boat owners out there who only enjoy using their boats and not cleaning it. They’d rather pay someone else to do the cleaning than doing it themselves. You’ll only need to buy cleaning equipment and look for potential clients to get started.
* Bookkeeping – There are a lot of this kind of jobs out there. You can even decide to start your own Bookkeeping business. Businesses would hire you to keep their receipts in order.
* Business Consulting – If you have set of skills that can help build a profession, then there is a marketplace for your service. Businesses out there would pay you a lot for your services.
* Make your Own Beer – A lot of successful breweries out there started out on a small scale. You can also start this way. In the long run, you’ll make a lot of money and have a successful business.
* Tour Guide – Supervising tourists around your native area can be an amusing and a profitable way of sharing your local knowledge.
* Translator – Are you a multilingual person? Then translating business might just be your thing.
* Trash Removal – Removing trash is a filthy job, but it can also be a very profitable trade.
* Travel Consultant – Start up trips to popular destinations.
* Videography –Do you have a video camera and some directing talent? Then try making videos as a business.
* Virtual Assistant – People need virtual assistants to do all kinds of tasks remotely.
* Website Flipping – You buy a website at scrap value. You develop it and resell for a much higher price. With the right set of skills, you can turn this into a successful business.

5. Partner with an entrepreneur

Partnering with an entrepreneur is not a bad idea. There are a lot of entrepreneurs out there who are either too overwhelmed or simply burned out with their business that would need a partner to work with. Most of them would want you to buy yourself into a business partnership, but there are still ways for you to do this with little or no money.

6. Find a co-founder with money

We have a lot of successful businesses out there that are started by two or more founders. Starting your business this way will improve your chance of success and you wouldn’t have to bear the entire financial burden by yourself. Search for a potential co-founder. Make sure it’s with someone you really trust.

7. Get paid fast or upfront.

You need to get paid fast so your business won’t hurt. Slow payments will slow you down. If you can’t get paid fast, at least ask for an upfront. Try the processes below:

* Ask for at least 50% payment upfront.
* Offer incentives to pay early.
* Go to your customers, if your clients are local.
* Send invoices at least once a week.
* Tell your customers to make payment with a credit card or electronic bank transfer.
* Fire customers who are chronic late payers.
* Set up automatic payment.

The whole process might seem overwhelming at first, but it is do-able. Try taking it one step at a time. Be sure to track and measure your results. Rinse and repeat the ones that give you the best results. Easy isn’t it? Ever been in a situation where you didn’t have the capital to start your business?

Source: http://themoneyvillage.com/start-small-business-scratch-home-without-money-dummies/