Dear Entrepreneur,

Would you love to learn how to retain your existing customers, upsell them and get them to even tell their friends and family to patronize you?

Listen,

Whenever a Customer is satisfied with your products/services, he goes on to tell his friends who also go to tell their friends and the circle of customers keep growing unending but what happens when that Customer is not satisfied?

He also goes on to spread the word to his friends who do to theirs and that's how you loose an inflock of new customers.

Learning Excellent Customer service is a Necessity for any business that is serious about increasing sales and scaling. If this sounds like something you'll be interested in,we'd like to urge you to sign up for our upcoming FREE webinar on Customer Service strategies.(link in bio)

In this FREE webinar,you'll be taught how to:
1.Ensure customer satisfaction in your business even when you have too many customers to attend to.
2.Handle Difficult Customers without making them enemies
3.Solve your customer's challenges & make them happy without so much stress on your part.

This will make your customers Returning customers and advocates for your Business which results in more money for you!

Date for this event is this Friday the 30th of October and venue is

https://us02web.zoom.us/meeting/register/tZ0lde2vp

Tell a friend about this,bring all your questions,see you in Class!

Ever wondered how to tell the world that you are “open for business?” Most business owners will tell you that starting a business is not an easy feat. It requires action and commitment even in difficult times. So, here’s a big thumbs up to all SME in Africa.

However, opening your business doesn’t automatically guarantee that customers will start trooping through your door. Marketing plays a huge role in the success of any business. Hence, the need to go creative when announcing that you are open for business.

We have carefully put together 10 creative ways that you can announce your business opening below:

1. Send Direct Messages To Your Phone Contact
Ever heard the popular saying “Charity begins at home”? This is specifically true when it comes to marketing your business. A lot of business owners tend to think about reaching out to the endless pool of potential customers ahead of looking through their phones. However, you will be surprised by the number of loyal people you already have on your contact.

Continue reading at:
https://www.sme360.ng/2020/10/24/sme-in-africa-10-creative-ways-to-announce-youre-open-for-business/

If you are the owner of an SME in Africa, then you must have heard about the SMEDAN certificate of registration. We shared some information about the SMEDAN mass registration for MSMEs in Nigeria. This process aims to get a comprehensive list of all the MSMEs within the country. SMEs that register with SMEDAN are bound to enjoy certain benefits.

About SMEDAN
SMEDAN is a body that was established by the government of Nigeria in 2003. The sole aim at the time was to help with the development of MSMEs within the country. SMEDAN stands for Small and Medium Enterprises Development Agency of Nigeria.

Upon establishment, SMEDAN had several objectives that hold to date. They include:

a. Monitor, stimulate, and coordinate MSME development in Nigeria.

b. Initiate policy ideas and articulate them to ensure the proper development of MSMEs within the country.

Continue reading at:
https://www.sme360.ng/2020/10/26/all-you-need-to-know-about-the-smedan-certificate-of-registration/

By the middle of last year, so many business owners had plans ready to take the world by storm in 2020. Fast-forward to March this year and all we were thinking of was getting through COVID-19 alive and well. It is interesting how the pandemic has affected our lives, especially where business is concerned.

As we prepare for live post-COVID-19, the question is what are the top business ideas to explore post-COVID 19? This is a very important question to answer considering the economic effects of the new coronavirus. You might need to make some adjustments to your business plan or model to flow with the trend.

Unique Business Ideas to Explore Post COVID-19
Here’s a list of unique business ideas you can explore for life after COVID-19.

Freelancing
It is no secret that many companies are downsizing and transitioning to the work-from-home model. While this may be bad news for some individuals, you can be smiling to the bank.

What marketable freelancing skills do you have? Copywriting, graphic design, logo design, website design, blogging, etc. You can make money on any of the freelance platforms with these skills. Examples include Freelancer, Fiverr, Upwork, etc.

App development
We live in a world that is being taken over by technology. Smartphones are the order of the day with so many people spending more than 3 hours on smartphones daily. The pandemic has even made it worse because of boredom.

You can create apps that will help individuals work from home and enjoy some entertainment as well. Decide what kind of apps you want to create, study your market, and start coding.

Affiliate marketing
Despite the pandemic, people are still making purchases. You can link them up to companies that sell what they need. In turn, you’ll be smiling to the bank with your commissions.

Several websites offer amazing affiliate marketing opportunities. Examples are CJ, Amazon, and eBay.
Blogging
Are you a good writer? Do you like to share information with others? You can start up a blog to provide information and keep people occupied.

To make the most from your blog, you can ensure SEO-compatibility on each post and also try Google Adsense. This will ensure that you earn a lot of money in the nearest future. Soon you can become one of the top bloggers in the world.

Web Design
Now that many companies are working from home, the need for web design is very high. Many of these businesses need new websites or upgrades on their current designs.

You can avail yourself of this opportunity by offering your services. If you have web design skills, you can send proposals to some of these companies. You should get a handsome reward for each project you complete.

YouTube Channel
This is one of the unique business ideas you can explore post-COVID-19. YouTube is the world’s biggest video search engine and the second largest search engine. People consult YouTube for all kinds of videos meaning that you can earn regardless of your content.

Start a channel in an area of interest, create quality content, and start posting. Make sure that you advertise your content via social media to attract more views. As you know, the more views you have, the more you earn. Click here to see the list of top YouTube earners in the world to inspire you.

Social Media Management
With so many companies working from home, they need hands to handle their social media handles. We all know that social media has become a formidable tool that helps businesses expand their customer base.

You can explore this idea to make lots of money every month. Imagine managing the social media accounts of 5 companies for a token. It means that you will be earning from 5 different companies or individuals at the end of the month.

Fashion Design
Do you have strong fashion design skills? Why leave them to waste when you can hone these skills to make money post-COVID-19?

People will always need clothes. You can become their clothing plug by advertising your skills and taking contracts. Your closest ally in this sense will be social media, especially Instagram. Post pictures of past jobs and watch your customer base grow geometrically.

Continue reading at... https://www.sme360.ng/2020/08/29/top-business-opportunities-to-explore-post-covid-19/

Finding work can be a huge challenge, especially during a pandemic like COVID-19. Some employers are even cutting down salaries. This means that you will need some extra income.

One of the ways you can raise that extra income is to start a side business. What better business to start than a VTU business in Nigeria? Surely, this isn’t the first time you are hearing about this.

VTU businesses cater to customers who need to pay for data bundles, airtime recharge, electricity bills, cable subscriptions, etc. Guess what, you can start this business with just N1000. Read on to learn how.

Explaining VTU and how it works
What exactly is VTU? VTU is an acronym that stands for Virtual Top Up. Many people also know this business as Recharge and get paid. It is one of the most famous businesses among young individuals in Nigeria.

So how does this business work? It involves a dealer recharging the line of the service subscriber through the dealer’s account number. This process doesn’t require the use of a recharge card or USSD code.

Why start a VTU business in Nigeria?
You must be wondering why you should start a VTU business in Nigeria. There are tons of reasons why but let’s share a few with you.

Instant notifications
When you carry out a transaction, the client receives a notification almost instantly. With this, you are sure that there will be no arguments with your clients.

Convenience and security
The VTU business is one that offers you lots of convenience and security. You can run your business from any location and you don’t even need to meet the client physically. The business is also very secure since you have security codes that protect each transaction.

Requires little capital
This business is perfect for individuals who don’t have so much funds to begin. With as low as N1000, you can start a VTU business in Nigeria. We will show you how before the end of this post.

High demand
People will rather make purchases from their homes than step out. VTU business meets this need which is why there is a high demand for its services. Another reason for the high demand is the flexibility of the platform. You can recharge less than N100 using VTU. Of course, you cannot buy any recharge cards from vendors at that amount.

How to start VTU business with N1000
By now, you must be itching to know how to start VTU business with N1000. We will show you how in this section. So far, we have established one fact, this business is one of the cheapest to start and run in Nigeria.

Here’s all you need to start your VTU business:

An internet-enabled device
This business cannot run without an internet connection. You need a device that connects to the internet. Most people make use of a smartphone for this purpose. You’ll also need to subscribe to internet services with any of the service providers in the country.

Instant messaging account
You need an account through which your clients can reach you. Like we stated above, many times, you will attend to customers virtually. As such, you should have Whatsapp, Instagram, Twitter, and Facebook accounts.

Funds/Capital
This business isn’t one that requires much capital. With as low as N1000, you can start your VTU business.

A physical shop
Though this is optional, it works well for this business. People tend to trust you more when you have a physical store even if they’ll never come there. You can partner with a phone or phone accessories seller to share their stand if you don’t have enough funds.

Cheapest VTU Platform in Nigeria
For now, the cheapest VTU platform in Nigeria is Jumia. It presents you with an app known as the Jumia One app. Once you register on this platform, you can start running your VTU business. the steps below should make the process easy:

Step 1 – Go to the Jumia official website to register. If you have been looking for how to register as a VTU agent, that’s your clue. Within a few minutes, you should be done.

Step 2 – Download Jumia One to your smartphone.

Step 3 – Log in using your registration details on Jumia (from step 1).

Step 4 – Pick the service you need. There is a wide range including airtime recharge, cable TV subscription, and electricity bills. In this case, we will work with airtime recharge.

After doing these, you are ready to begin your VTU business. Now, let’s show you how to start selling.

Step 1 – Select Airtime from the options on Jumia One.

Step 2 – Choose the service provider that you want to top up.

Step 3 – Provide the phone number of the customer and enter the amount of airtime they need.

Step 4 – You’ll see a confirmation page that requires you to provide your ATM card details. This page also requires you to approve the transaction. After confirming, click/tap on “Pay Now.”

Step 5 – Provide the OTP sent to your mobile phone via SMS to affirm that you initiated the transaction.

Step 6 – The transaction is done and both you and the customer receive a notification.

Do you know that you can make between 3% and 5% of the amount you recharge depending on the amount?

Continue reading at... https://www.sme360.ng/2020/08/21/how-to-start-a-vtu-business-with-n1000-in-nigeria/

Nigeria’s fashion industry is one of the most thriving in Africa. It is continuously evolving and becoming a notable industry worldwide. The business of fashion is exploding fast, and you may just want to hop aboard. The business ideas that can be ventured into under this industry are endless. Below is a summary of business ideas in the Nigerian Fashion industry x-raying that you can venture into and become a fashion entrepreneur

1. Fashion Blogging

Fashion blogging is still a current trend, and it involves a wide range of activities such as tailoring tutorials, to sourcing affordable material stores. You could even teach how to combine outfits for various occasions, combine various colours or how best to handle patterned materials. There are some already established fashion bloggers – Igee Okafor, Hadiza Lawal , Grace Alex, Maryam Salam amongst others.

2. Starting an Online Design School

A lot of people want to learn fashion designing but cannot afford it or do not have a flexible timetable that would enable them to engage in it full time. Be affordable for a start; make sure your classes are planned and informative.

3. Making Children’s Clothing

If you decide to go into children’s clothing, you must give your prospective customers a reason to patronize you. Children’s wears can be costly and scarce, depending on your location. Making your goods affordable and of high quality would get you the customers you desire.

4. Owning a Clothing Line

Owning a clothing line involves creating a collection of clothes that serve a particular purpose and in some cases, pass a specific message. This is a very classy and lucrative option if you can create a system to facilitate sales through publicity.

5. Clothe Rentals

Designers rent out some very elaborate outfits to people for occasions, mostly things that cannot be worn regularly. Having a stash of elaborate and valuable clothing would come in handy when starting a clothing rental service.

6. Making of Handbags

Another great idea in the fashion industry is making handbags. You can make bags generally or make a particular kind of bag. Materials like leather and ankara are popular when it comes to bag making.

7. Production of Wedding Gowns and Bridal Accessories

If you desire to go into this area of the fashion industry, there is a substantial market for you, considering how many people get married weekly. In executing this business idea, you must be creative and learn to pay attention to details.

8. Open a Boutique

A boutique is a typical fashion sales outlet, and any entrepreneur can easily open one without much stress. The major requirements for this business are a strategically situated store and good clothes for sale. You can decide to specialize in men, women, children or baby clothes or just sell all kinds of clothes. Your store must be organized and ready for display.

9. Selling Perfume

This business is simple to start and doesn’t necessitate owning a shop or having a workspace you can always order and sell from your phone.

10. Starting an Online Retail Store

To start an online retail store, you need to open a social media account on Instagram, Facebook or WhatsApp. Build your followers by making authentic and interactive posts. The more traffic you generate, the more sales you are likely to make.

11. Fashion Designing

Knowledge of how to sew clothes and do so creatively is crucial. Being a talented tailor, you should know what suits every body type and have them readily available. I would like to add that you should try and meet deadlines, do not join the bandwagon of tailors who disappoint their customers.

12. Retailing of Corporate Outfits

Getting a supplier who has affordable corporate wear such as shirts, pant trousers, suits, skirts etc. you can sell at retail price is needed for this business. You need not rent a shop in the early stage of your business, going to offices to advertise your goods would generate sales.

13. Become a Make-up Artist

An essential part of fashion today is make-up artistry. This can be self-taught or learnt from an experienced make-up artiste. The major challenge people have in starting this business is how expensive good products can be. Buying in bits and pieces while you learn is the best way to equip yourself. Buying everything is burdensome for most people.

14. Become a Jewelry Retailer

Both men and women accessorize, becoming their plug would now depend on market tactics. Sell things that are not overly expensive, and you are sure people would like.

15. Make Native attires

Nigerians love wearing their indigenous outfits; you can start making native wears and put them for sale at reasonable prices.

Continue reading at... https://www.sme360.ng/2020/08/15/20-business-ideas-in-the-nigerian-fashion-industry/[code][/code]

Leadership is more than just leading people. It entails having qualities required to achieve a desired result through people successfully. There are different leadership styles, it varies based on individual personality, and some leaders might even adopt more than one style. Below is a list of leadership styles for entrepreneurs to decide what best suits them –

Types of Leadership Styles

1. Democratic Leadership

Democratic leadership is one of the most effective leadership styles an SME in Nigeria can adopt for a successful business. It puts the people first; especially the employees. While the leader has the final say in any decision making, he or she consults with the employees first to give them a say in the outcome. Democratic leadership is highly effective as it gives all employees equal chances in every decision-making stage which gives them the exposure required for managing senior roles in future.

A perfect example of democratic leadership will be a board or business meeting with employees; and the employer allows them to share their individual opinion. At the end of the meeting, the leader puts into consideration every single opinion and makes a final decision.

2. Autocratic Leadership

Autocratic leadership style is a type of leadership where decision making is solely up to the leader. The leader does not take input from subordinates.

If the business is pivoting and changing its focus, employees are not consulted before such a decision is made. Once an autocratic leader makes a decision or gives an instruction, employees are expected to follow suit. A simple explanation for this leadership style will be when the working hours of employees in an organization is being changed without first consulting with the employees directly involved.

3. Transactional Leadership

A transactional leadership is a type of leadership that rewards employees for work done. In other words, a transactional leader rewards employees with bonuses and other gifts when they achieve a particular goal. This reward is meant to motivate them to do more and better. This type of leader can go as far as giving incentives to employees when a project is about to begin. The incentive is a way of motivating them to take their assigned duties seriously.

According to an article published by Boundless, “transactional leadership includes: clarifying what is expected of followers’ performance; explaining how to meet such expectations; and allocating rewards that are contingent on meeting objectives.”

4. Laissez-Faire Leadership Style

Laisez-Faire also known as the ‘Delegative’ style is a type of leadership where the leader does not offer ample direction. Instead of direction, decision making is left to the group or employees. For an SME in Nigeria, this comes with its pros and cons. It is effective when you have highly skilled employees who can take initiatives on your team. However, where the reverse is the case, choosing this style of leadership might ruin the business in the long run. To effectively lead with this style, it is crucial to constantly monitor employee’s performance and provide feedback regularly.

Continue reading at... https://www.sme360.ng/2020/08/14/an-insight-into-leadership-styles-for-entrepreneurs/

Many business owners in Nigeria don’t know that they are more than just entrepreneurs. Every entrepreneur doubles as an investor. This means that since we have more than 37.07 million SMEs in Nigeria, we have about the same number of small business investors. Imagine that this number of SME owners understood how to invest in their businesses the right way. The Nigerian economy would be buzzing with more established businesses. The investment decisions you make for your business will determine how fast it grows.
How business owners in Nigeria can invest in their business

Savings

This is one of the most popular and least-expensive methods of investing in your business. Most SMEs in Nigeria use this method even if they weren’t aware that it is a way to invest in their business. Start by depositing money in a dedicated account. Speak to your account officer to find out the best saving plans with fantastic interest rates. Saving is cheaper than getting bank loans or other forms of private equity investment.


Remortgages

In layman terms, remortgaging involves using a new mortgage to pay off an old one. The result of this is better access to equity and more favourable repayment terms, which allows you to use the same property as security. This method of investment helps you raise a lot of money to start and run your business. However, you may not be able to raise funds until you have paid a considerable proportion of the old mortgage. Remortgaging is also a great way to amass savings to run your business. This method isn’t common among SMEs in Nigeria yet, but it comes with incredible advantages.


Private Borrowing

Private borrowing is a cost-friendly way of investing in your business. The logical method is to approach the bank for a loan. Getting bank loans may be difficult for new businesses because of a lack of credit history. This is why you should consider private borrowing. Private borrowing is simply borrowing from family members or friends. This presents you with a cheaper option for investing in your business. It comes with pros and cons, so you need to be careful.

Pros of Private Borrowing –

a. It is a flexible investment option.

b. Little or no interest rates.

c. Lender benefits

Cons of Private Borrowing –

a. Lack of clarity.

b. Tax issues.

c. Social awkwardness.

When considering this option, ensure that you are as clear as possible with the terms. It is advised that you draw up a contract and be honest with communicating risks.


Online Loan Platforms

If you are not too sure about private borrowing, you can consider using online loan platforms. Many of these platforms do not require you to provide collateral. Instead, you need to build your credit score and in some cases, provide certain documents.

Advantages of Online Platforms

a. Saves time, especially when you need to invest in your business quickly.

b. A straightforward process with very little or no paperwork.

c. Convenience as you can apply on the go.

d. Allows you to compare several lending platforms.

This method is not without its disadvantages; the most prevailing is the high-interest rates. To beat this, you need to survey several platforms and pick the most favourable one for your business. Notwithstanding, using online loan platforms is a very reliable and convenient way to invest in your business.

Angel Investors

The idea of angel investors is not new but many SMEs in Nigeria haven’t tapped into its benefits. Angel investors are people that invest in a business by providing the funds for start-up or expansion. Of course, they don’t invest for free. They get to own an equity share in the business. Finding angel investors isn’t the easiest task, and it requires you to convince the investor to inject funds into your business.

Continue reading at... https://www.sme360.ng/2020/08/12/practical-ways-business-owners-in-nigeria-can-invest-in-their-business/

The music industry in Nigeria is laden with lots of challenges, variables, reactions, stories, and drama. More than this, this industry is one of the biggest contributors to the Nigerian economy.

Did you know that revenue from the Nigerian music industry is projected to hit N18 billion ($50 million) in 2020? This industry is expected to experience exponential growth in the nearest future.

Are you gifted in music or you have a passion for the music industry? Do you think you have what it takes to run an SME in Nigeria that is music-inclined? Check out our list of 20 business ideas in the music industry.

Music-related Business Ideas for SMEs in Nigeria
Record Label
Starting a record label isn’t an easy task, it may even be more hectic than writing the songs. It also helps you gain recognition and fame. The idea is to finance the careers of budding artists and gain a commission on their earnings. So if you have the funds, rather than stick to writing your music, this might be the way for you.

Write Songs for Artists
Do you know that not all the top artists are great at writing songs? Not every songwriter becomes a big artist as well. You can write the music behind the scenes and sell for huge sums. Some songwriters make up to $52,000 in one year. You can take a cue and begin to sell your songs.

Booking Agent
Contacting artists to perform at shows and concerts can be very difficult. This is because of the busy schedule of these individuals? Well, you can bridge the gap and become a booking agent. Your job will be to act as the middleman, contacting the artists on behalf of the organizations. You will earn a commission from each deal.

Disc Jockey (DJ)
These individuals don’t make music, they play music. You have them at parties, clubs, and other hangouts. If you are good at mixing songs then you can thrill guests at different locations with your skills. All you need is a laptop, sound equipment, and a turntable.

Artist or Band Management
Some individuals love music so much but cannot sing. However, they are great with management. If you fall into this category, you can make a fortune from managing artists or bands. It becomes your responsibility to promote, project, protect, and represent the artist.

Music Teacher
Many people want to know how to sing or play an instrument. They are ready to pay to do this and you can seize the opportunity if you are skilled in this area. From voice training to teaching songwriting and playing an instrument. You can even begin your training center from your home.

Talent Scout and Manager
If you have the funds, you can start your talent hunt show to find new musical talents around you. From here, you can pick a few, groom them, and begin managing them. This will fetch you a lot of profit in the near future.

Recording Studio
You don’t need to be a producer or sound engineer to start your recording studio. All you need is to set up the studio and hire the services of a good producer. This could bring you to the limelight of the music industry in Nigeria.

Rent out Rehearsal Space
This is more important for dance and music groups. Before they record or perform on stage, they need to rehearse. You can set up a location solely for this purpose. If you already have a space for this, then you only need to fill it with the required equipment.

Music Event Planner
Are you seeking to be a music-related SME in Nigeria but you don’t know how? You can become a music event planner. It makes more sense if you are good at planning events already. How do you make your money? By planning concerts, shows, and award ceremonies. You’ll also earn from ticket sales.

Continue reading at... https://www.sme360.ng/2020/08/03/20-business-ideas-in-the-music-industry/

The Federal Government has announced plans to roll out a N2.3 trillion stimulus package and survival fund for Micro Small and Medium Enterprises (MSMEs) to stay afloat amid the economic challenges imposed by the pandemic.

The survival fund includes payroll support for three months, and guaranteed off-take scheme among others, all under the National Economic Sustainability Plan (NESP).

President Yemi Osinbajo, who also heads the Economic Sustainability Committee, disclosed this at the 2020 edition of the Micro MSMEs Awards which held via video conference

Speaking during the virtual conference, Osinbajo noted that the plan had been approved by the President and the Federal Executive Council to help small businesses pull through these challenging times.

“In that plan which essentially envisages an overall N2.3 trillion stimulus package, we made extensive provision for financial support to MSMEs, ranging from a guaranteed off-take scheme to a survival fund that includes a payroll support programme for qualifying businesses.

“The guaranteed off-take scheme seeks to provide support for MSMEs, manufacturing local products by guaranteeing the purchase from them of qualifying products such as face masks, hand sanitisers, Personal Protective Equipment (PPE) for medical workers among others” he noted.

These products will then be distributed to Nigerians, institutions, and entities that need them.

The provisions of the recently signed Finance Act also provides for “graduated company income tax rates with zero rates for small companies and a rate reduction for medium-sized companies” he added

Criteria

To benefit from the scheme, MSMEs would have to go through a rigorous and painstaking verification process which will be based on certain criteria.

MSMEs that have between 10 to 50 staffs are qualified for this fund. The businesses must make their payroll available to the government for verification while applying for the fund. Once qualified, the MSMEs will be eligible to have their staff salary paid directly from the fund for 3 months.

Continue reading at... https://www.sme360.ng/2020/08/01/msmefg-rolls-out-criterias-for-n2-3-trillion-survival-funds-for-msmes/

Palm oil in Nigeria is used as a native oil for cooking. With its high production rate, it has become one of the most popular oil crops across the world.

Palm oil business in Nigeria has become one of the most lucrative businesses, and as time passes, more people are venturing into this gold mine. It will however yield the desired results only when ventured into appropriately.

For SMEs in Nigeria on the lookout for business opportunities to venture into, palm oil business is worth giving a try.

How Profitable Is Palm Oil Business?

According to The Business Alert, “The palm oil yield per hectare is estimated at 8 tons per year at most. On average, most farmers record a profit per hectare of around 3.4 tons per year.” This implies how profitable the palm oil business is.

However, the profitability of palm oil business is hinged on some other factors especially the effects of pests and diseases. These factors should be taken into consideration as they have an impact on the profitability of your business.

All things being equal, the business of palm oil is very profitable and SMEs in Nigeria looking to venture into this business have high tendencies of making huge profits on the long run.

Steps To Starting A Palm Oil business in Nigeria

For SMEs in Nigeria looking to venture into the palm oil business, there are a couple of things to put in place to guarantee success. These include:

Carry out market research
Adequate market research is necessary to go into any business, the palm oil business not being an exception. Market research comes with an understanding of the nature of the palm oil business and how it is being run in Nigeria.

While conducting market research, SMEs in Nigeria should be able to answer the questions of: where can cheap palm oil be gotten in the country? How do you preserve palm oil for a long time while maintaining its taste? How much time is required to run a palm oil business in Nigeria?
Having answered these questions, it sets the pace for every other thing that comes ahead. Your market research should also include a proper study of your competitors.

Source for Capital
Market research sets the pace for figuring out how much capital will be needed to run a palm oil business in Nigeria. Your capital should cover expenses such as:

Building: Your business requires a physical space that will serve as a warehouse for storing the palm oil.
Storage and security: Palm oil need to be stored in conducive containers such as kegs or jerry cans. In addition, there is the need for tight security to safeguard your warehouse.
Purchase: If you are purchasing palm oil from farmers at wholesale value, then you will be needing capital to sort that out.
Sort out your mode of transportation
Running a palm oil business in Nigeria will require good and stable transportation services to move your product across locations. In a situation where you can afford to buy your vehicles, that’s a great start.

However, not everyone can afford this luxury. If this isn’t you, then you will have to source for competent drivers to get the job done.

Hire skilled labor
Employing the services of trained and experienced hands to run your business is vital in starting a successful palm oil business in Nigeria. While employing, ensure you hire workers who have undergone all necessary training with respect to operating machines in your plant.

In addition to hiring skilled workers, you also need the services of professionals such as engineers. Their expertise is required in carrying out maintenance when needed.

Source for contacts
For SMEs in Nigeria, the importance of having contacts in strategic places cannot be overemphasized. Different suppliers exist across different states and you need the contacts of these suppliers for the purpose of your business.

Getting these suppliers contacts isn’t enough, you also need to ascertain they are reliable. Furthermore, you should be able to vouch for the quality of palm oil they supply.

Get a suitable location
Starting a palm oil business requires a vast area of land. The number of acres then depends on how large or little the scope of your business is.

Getting a suitable land to startup will mean sourcing for one with soil fertile enough to accommodate the palm oil plantation. It is advisable to hire the services of soil experts to carry out proper examination of the soil.

Continue reading at... https://www.sme360.ng/2020/07/30/steps-to-starting-a-palm-oil-business-in-nigeria/

Are you aware that there are countless profitable businesses in Nigeria, yet to be explored? Do you know that Nigeria is a land filled with lucrative business opportunities? Do you want a business that will bring you lots of profit and don’t know which to choose?

In Economics, the major goal of any business is profit-making. Profits are the very lifeblood of any business. Without profit, a business cannot survive. Profits must be made to ensure that a business grows and expands over time! Other objectives of your business are majorly hinged on your ability to make profit. Any business owner desires to engage in a profitable business and that is why you are reading this article!

Here are 20 Profitable Businesses in Nigeria that will get you on your way to making the big bucks! Let’s dive right in!

1. Oil and Gas

Nigeria is blessed with huge deposits of oil and the oil and gas sector contributes massively to the Nigerian Economy. There are many opportunities you can leverage in the Oil and Gas sector. You also have a large market, as many Nigerians need fuel for their cars, kerosene for their gases and diesel for their generators. You can start distributing oil and gas to different consumers or set up your own filling station. Perhaps you could start selling kerosene or cooking gas to consumers! This business is very profitable.

2. Food/Catering

There are lots of profitable opportunities in the food business. No matter the state of the world, food is a top priority for anyone. Food is in demand every day. You can get lots of customers to your business with the right location and cooking skills! You can decide to open up a franchise like Mr. Biggs or the Chicken Republic. Nigerians love to buy from brands like these. You could also decide to open a local restaurant that specializes in some kinds of food, like for example, opening a restaurant that specializes in making Calabar dishes. You can also decide to make and deliver food for parties and events. Believe me, there are no limits to succeeding in the food business!

3. Agriculture

As a business owner, going into agriculture is one of the most profitable decisions you will ever make. Agriculture contributes largely to the country’s GDP and is ever on demand. The government is looking to diversify the Nigerian Economy and agriculture is of keen interest to the government. The Agricultural sector is blessed with lots of profitable opportunities you can choose from. You can decide to go into cassava farming, poultry, snail farming, palm oil business, and many more. The good news is there are accessible loans financed by the government for SMEs in Nigeria that specialize in agriculture.

4. Real Estate

Real Estate is no doubt one of the most profitable businesses in Nigeria and the world. Real Estate is as relevant as ever because people will always need a place to stay. As the population of Nigeria continues to increase, the need for housing continues to grow. There are several opportunities to choose from! You could decide to work as an agent, helping people find homes while you earn a commission. You can also develop properties for sale or rent or decide to invest in a property and make a profit over time.

5. Transportation

This is another very lucrative business in Nigeria. You can decide to start a taxi business to help move people in and across states in Nigeria and make lots of profit.

6. Haulage services

Most goods in Nigeria are transported from manufacturers and retailers to consumers through road transportation. The cost of a trip is between 20,000 naira to 200,000 naira per trip. You could start providing Haulage services for firms to transport their goods and services and makes lots of profit!

7. Carwash Services

This is also a very profitable business in Nigeria. There are millions of car owners in Lagos and Nigeria. Most car owners don’t have the time to get their car washed. You can set up a carwash shop and spread the word through platforms like social media, get clients, and over time you will make a very good profit.

8. Fashion Designing

If you love fashion, then this is a good business to start. Nigerians love to wear traditional attires for weddings or parties. You can set up your own fashion business, design clothes for your clients, and ultimately make money.

9. Tutorials

Another very profitable business in Nigeria is tutorials. You can offer your tutoring skills to students that need them. You can specialize in teaching specific subjects. You can conduct master classes on social media platforms like WhatsApp, Instagram, and so on. You could also upload your courses on sites like Udemy and get paid for them!

10. Social Media Marketing

Social Media is on the rise now and businesses are taking advantage of the benefits that social media provides. Social media is a massive tool for businesses to generate leads and ultimately create conversion. Starting your own social media marketing business will make you smile to the bank. You can start your social media marketing business, get clients, and help them market and manage their business through social media and make money.

11. Writing

Writers are in high demand today. Businesses are looking for writers who can provide content that is valuable for their target audience. You can start your writing business, be it copywriting or content writing, and write for different businesses and brands and make a profit over time.

12. Graphic Designing

If you are great at designing pictures or concepts then this business is for you! You can start your own graphic designing business and help design concepts for different brands or businesses. The good news is all you need is a laptop and design software like Canva or Photoshop!

13. Blogging

In today’s world, we prefer to get the latest news online. Gradually, blogs are taking over newspapers. You could start your own blog and release valuable content to your audience with as low as 30,000 naira and make millions over time!

14. Tech Business

With the rise of technology in different sectors in Nigeria, it is not difficult to see that technology is the future. You can start up by investing in a new tech startup company with potential and as they expand, you also expand and make money in a few short years.

15. Dry-cleaning

You can start a dry cleaning business right from your home. With as little as 20,000 naira, you can get your washing machine, wash, iron, and deliver clothes to customers and make a profit over time!

Continue reading at... https://www.sme360.ng/2020/07/24/20-profitable-businesses-in-nigeria/

Did you know that according to research, In 2018, Nigeria had 92.3 million internet users? Its two years down the line and internet users in Nigeria have increased! The online market is heavily saturated and now more than ever, especially with the emergence of the COVID’19 Virus, many businesses have moved from just having physical locations, to building an online community.

Are you a business owner and want to start an online business and don’t know which? You probably have heard of how much money your friends and colleagues are making having started their online business and want to know how to go about it. Starting online has lesser risks than having a physical location. You also have the opportunity to get your product or service out to millions of potential customers while you spend so little on costs! Exciting right?
Here are some of the latest online businesses you can start with as little or less than 5000 naira! Let’s jump right in!

Content Writing

It is no surprise that this is number one on the list of the latest online businesses to start. With the rise of online marketing by SMEs in Nigeria, content writers are in high demand. If you love to write, you can start on websites like Upwork and Fiverr and build your portfolio or write and get paid per article. You can also build your own website with your writing on display for potential customers.

Copywriting

This is a skill-based business on the rise in Nigeria. Copywriting involves writing for advertising or marketing. Many SMEs in Nigeria, need copywriters to help boost increase click-through rates on their websites, lead generation, and ultimately sales. You can start a copywriting business, help businesses advertise their products or services, and help increase sales.

Blogging

This is also one of the latest online businesses in Nigeria that you can start with less than 5000 naira. If you have heard of Linda Ikeji, then you will understand how profitable this business can be. You can start blogging about topics that you have a good knowledge and passion for and start driving traffic to your site. Once you are approved by Google, you can start earning monthly. As your website continues to grow, your income continues to grow as well!

Proofreading

If you have an eye for noticing little errors, this is another skill-based business you can start! You can offer proofreading services to online publishing companies and make money.

Social Media Consulting

This is a very popular business venture in 2020! Many SMEs in Nigeria are building online communities especially on social media and they need the expertise of a social media expert to help them navigate through the online world and ultimately help them achieve their business objectives. You can help businesses craft strategies and manage their social media accounts.

Online Business Consultant

You can offer consultancy services to online businesses, keeping them up to date on the latest development within their industries.

Online Tutorials

Now more than ever, there is a need to learn new skills to catch up with the ever-evolving world. Are you an expert in any field? You can take advantage of such skills and start online tutorials to help those in need of such a skill. You can conduct masterclasses on Youtube or Whatsapp and make money.

Vlogging Business

Have you noticed the rise in video content online? People now prefer to watch short videos than read long content online. Businesses have also turned to Video Ads rather than TV commercials. You can start making video content with value and offer them to businesses who need them and make money.

SEO Expert

One important goal of any SME in Nigeria is to gain visibility. Any business owner wants to gain visibility in order to attract the kind of customers they want. Any business will pay to make sure their business ranks online. All you need for this business is the skill. Get the skills and step out to the online space.

Virtual Assistant

This is one of the latest online businesses today. This is a business similar to a personal assistant, though in this case, it is online-based. If you are good at organizing and can efficiently carry out tasks, then this business could be for you. Many online platforms offer this kind of job opportunity. Such platforms include Zirtual,Upwork and PeoplePerHour.

Graphic Designer

Do you have an eye for designing? This is another business opportunity you can take advantage of. All you need is your laptop and a design tool like Canva or Photoshop and the skills of course. If you have the skills, you can design for different businesses and brands and make a lot of profit.

Continue reading at... https://www.sme360.ng/2020/07/25/latest-online-businesses-to-start-under-n5000

People talk about many ways to make a sale but not a lot about keeping a customer. Getting an individual to patronize you once most times can sometimes be a struggle.

I must say that a faithful customer is an assurance of income for every business owner. In this article, I would be showing you some tips on how to provide great customer service.

The experience you provide a customer with would either chase them away or make them come back. Customer service is the lifeblood of every good business. Good customer service is all about making that customer come back. Below are 5 tips to enable your customer service more effective:

Listen to your customer

This is where a lot of business owners do poorly. We sometimes want to do what we have in mind and not what our customer wants. Some customers are very vocal while some are withdrawn; you need to learn to understand body language as well. Everyone wants an environment where they are listened to and given attention. Human beings generally will always differ, so try to listen to that customer before going ahead to do as you please.

Put a smile on your face and be friendly

I am aware of how tough the country is right now but if you intend to keep that customer you would wear a smile. Be the first to greet if you encounter a customer, offer assistance if they are in any way encumbered. Compliment them and most especially attempt to start relatable conversations. I can assure you that with such a conducive atmosphere that customer would definitely want to see you again.

Don’t make promises you cannot fulfill

This is a very important tip. Principled people are turned off with disappointments, so do not be that vendor who says he can deliver in one day and delivers in five days. It gives a long lasting impression of unreliability which ends the relationship automatically.

Deal carefully with complaints

When a customer comes around to complain about your service or product, be courteous in your explanations and try not to be overly defensive. Apologize severally and make efforts to attend to that complaint. These kinds of customers are important, considering the effort used in complaining. He could as well have written you off. Watch out for such customers and hold them tight, they complained because they believe you can do better.

Go the extra mile

Everyone appreciates effort just like that your customer. To make them stay back they should be able to perceive how much you are willing to satisfy their needs. If they ask for a glass of water get a bottle if they want to see your products always make them available.

I believe these tips are straight forward and easy to apply. I hope you enjoyed your read. Good customer service is good business.

Continue reading at... www.sme360.ng/magazine

The Japan International Cooperation Agency (JICA) that coordinates official development assistance for the Japanese government in developing countries, has announced the launch of the NINJA Business Plan Competition for businesses emerging during the COVID-19 outbreak. NINJA is short for Next Innovation with Japan.

The NINJA Business Plan Competition will target startups and organizations from 19 African countries. The application is open for startups/organizations in all sectors with a specific focus on emerging businesses in COVID-19-related fields including, but not limited to:

For health, online healthcare support, disease-testing solutions, medical data sharing and privacy protection solutions, distribution of drugs and medical equipment, IoT, including 3D printers, in the medical field.

Disaster management, Geo-tracking during disasters, emergency information dissemination.

Those who provide business services, support for remote workers, efficient management/operation of online events

The education remote learning support. Food and agriculture, those efficient food/commodity distribution technology. Finance Contactless transactions/payment, lending/insurance services to SMEs and individuals.

Logistics delivery service, urban mobility management

Others are those substituting imported goods with local innovative technology.

Those who can apply are organizations with their head office or a branch in one of the target countries.　

Profit/non-profit organisations registered as an independent legal entity. Proposals from individuals will not be considered.

Companies with a very strong management team of at least 2 people.

Businesses that have an innovative product(s) or service(s), in response or adaptable to the Pandemic and post-pandemic society or have a feasible business plan to create prototypes (MVP).

Applicants must meet all criteria mentioned.

The Prize winners from each country will be given a chance to sign a work contract with JICA for their innovation(s).

Winners will be eligible for equity/debt-free sum of up to USD 30000 by JICA for covering costs associated with the proposed activities including, 1) remuneration of staff, 2) other expenses, and 3) indirect local tax.

Winners may also get the opportunity to travel to Japan for further investments and business partnerships sponsored by JICA.

Continue reading at... https://www.sme360.ng/2020/07/13/african-startups-invited-for-business-plan-competition-in-response-to-covid-19/

Every day, new small and medium enterprises (SMEs) spring up to satisfy consumer’s needs and demands. In a saturated market, there is a need for competition with new businesses being pioneered. And some of these SMEs either offer or sell the same services and products. The real problem isn’t sameness but the need to be different and stand out as a Nigerian Brand.

To be ahead of the competition, especially in the area of innovation, brands need to implement strategies that can help them stand out in a crowded market. As a Nigerian brand, the key to standing out isn’t imitating your competition but finding one of the best ways to stand out so as to gain brand recognition. Even if the market is saturated, there is always room for a unique business model in a competitive market.


You can’t sell sameness and expect to have customers. As a Nigerian brand in a saturated market, your best bet is to tweak your product strategy and differentiation to keep your customers coming.

Here are some of the ways you can stand out as a Nigerian Brand:

How to stand out as a Nigerian Brand

1. Unique Selling Point

As a Nigerian brand doing the same thing that nine of ten businesses do, it’s important for you to be creative and figure out the unique selling point of your brand. One of the biggest mistakes SMEs make is copying their competition instead of mapping a selling point while promoting their business. Finding a unique selling point needs a little bit of thinking outside of the box. For example, fintech startups sell the idea of a free transaction fee to their customers unlike traditional banks, it’s a unique selling point which helps them stand out from the normal banking system that requires you to pay a fee for every transfer. A unique selling point sets you apart from your competitors; the problem that your business has to tackle the solution in a way that it’s so much better than your competitors’.

2. Focus on Customer Feedback
It is critical you listen to what your customers are saying as a Nigerian brand. Becoming more interested in customer feedback would help you better improve your service or product. Focus on what your customers are mostly complaining about, not just good reviews about your product and services. Invest in social listening and have your social media team track your brand’s mentions on all your social media platforms. The more effort you make to ensure customer satisfaction, the more you will stand from the competition. Use customer feedback to fix the issues regarding your brand and improve your product.

3. Add Value

Another strategy to stand out in a saturated market and from other businesses is to add value to your customers. You can offer incentives and value-added services which are not part of your original service. These incentives or value-added services can be rewards, frequent buyer programs or home services. Not only does adding extra value to attract more customers for you, it strengthens customer retention, which leads to long term growth of your business. If customers perceive more value in the product or service you are offering than your competitors’, they are more likely to purchase from you because you are standing out.

4. Create a Memorable Slogan and Tagline

Create a slogan or tagline that simplifies the essence of your brand. A slogan or tagline is a phrase that speaks your brand identity and personality, and when it’s memorable you get to stand out from other businesses. For example, Nike’s slogan is “Just Do it”, and although these three words have nothing to do with shoes, it’s memorable and conveys the essence of the brand. It motivates and stands Nike out from other shoe brands. When you create a slogan for your business, make sure it conveys positivity, it differentiates your brand from the other brands, explains a key benefit and it’s unforgettable.


5. Your Brand Should Have a Personality

It’s important to determine the personality of your brand. A brand with a personality easily connects with customers and could be what stands you out from other brands. Are you a fun or serious brand? Or accessible or exclusive? Any personality you decide for your brand should be authentic and speak to the target customer. While having a brand personality will help you engage in a true conversation with prospective leads and existing customers, you get to stand out.

6. Offer Excellent Customer Service / Experience

Remember your customers are kings, so treat them like royalty. Your customers always have a high expectation of great service. In this age of social media, when you make customers wait so long or receive poor responses from your customer service representatives, your brand reputation will be at risk and you can hardly stand out. Around 75% of customers state they consider customer service a true test of a company’s competence. As a Nigerian brand, the one thing that can surely set you apart from your competition is how you treat your customers. If a customer has had a bad experience that remains unresolved with your brand, it might be a threat to your brand especially as it can reduce the number of referrals your brand can get or chances of standing out boldly.

7. Build an Online Reputation

Another way to stand out as a Nigerian brand is to stand out is to build an online presence. You need to project your brand reputation online. Apart from delivering information about your brand’s new product, event or to keep your followers updated about your brand’s progress, it’s a great way to stand out by creating exceptional content that blends with the brand and customers can relate to. In this era of digital media, staying off online is the biggest mistake a Nigerian brand can make. Remember out of sight is out of mind.

8. Make Buying Process Seamless

Simplify the buying process and eliminate third parties. By doing this, you reduce time wastage and avoid abandoned carts. Not only that, as a smart strategy, when your business offers easy payment methods like mobile apps, or even a Paystack integration which will ease the customer’s shopping experience and it will ultimately make your brand stand out because of the ease of shopping with your brand.

Continue reading... https://www.sme360.ng/2020/07/13/10-ways-to-stand-out-as-a-nigerian-brand/

The global pandemic has led to many new online businesses in Nigeria emerging and making old ones going stronger than ever. With an outbreak that requires less physical contact with people, many brands have pivoted to new ways of doing business, either by offering a new service or product closely related to their brand to fully running their operations online.

We are now actually living in a time that’s ripe with opportunity and the potential for monumental business growth at a scale never experienced before. The commerce being conducted online has experienced explosive growth with the use of internet and smartphones. However, even though brick-and-mortar sales still comprise the majority of consumer’s spending, it’s only expected to grow at roughly 2.8%. Clearly, what’s driving much of the present eCommerce growth is the smartphone market.

Having a business online can be lucrative and requires less risk. Even the cost of starting an online business in Nigeria isn’t as expensive as setting up a physical shop or store. With the nature of online businesses, it is easier to reach millions of potential customers without a huge marketing budget. You don’t need extensive knowledge of digital marketing or social media to launch a business online.

Emerging Online Businesses in Nigeria

When starting a business online, have an idea of what you wish to offer whether in the form of product or service. There are many online business ideas you can explore, with little or no capital, which are very profitable. Here are a few selections of emerging online businesses in Nigeria, you can start.

E-commerce and DropShipping

Ecommerce is also known as electronic commerce or an internet business; it is the process of buying and selling of physical products using the internet. While dropshipping is where you are able to sell merchandise to your customer without holding any inventory, while you act as the third party.

There are online platforms like Shopify and WordPress, you can leverage on them to start an eCommerce store. It is so easy for anyone to set up eCommerce in minutes with these platforms. Only you need to is to sell high demand products. On the other hand, dropshipping is when you create an online store to sell other people’s products to get a commission for a sale. One of the advantages of dropshipping over traditional e-commerce business is that you don’t have to risk buying up stock in a product and losing money if it doesn’t sell.

Selling Ebooks

This requires very little capital; it mostly requires your expertise and knowledge of a subject. You can package that knowledge into a high-value course or e-book and sell it online to people that are seeking the knowledge that you’ve acquired. Even after years of publishing an ebook, you can still be making passive income from it. With just a bit of marketing budget, you’ll be able to continue to sell and make money from them. If you don’t already have an audience, it might be better to self-publish on websites such as Udemy and Amazon first, to validate your idea and grow your fan base.

Social Media Management Services

Many businesses are struggling to emerge online, and are looking to utilize social media to its fullest potential to propel their businesses to the next level. Social media marketing is still very new to many people and is constantly evolving in Nigeria – leaving several brands confused. So, to tap into the potential of social media management services for brands is a very lucrative business. Research and find businesses you are looking to expand their online presence. Or the brands who can’t actively handle their social media marketing responsibilities themselves and are ready to outsource, then make a business out of it.

Affiliate Marketing

Affiliate marketing is one of the various ways to make money online by promoting products or websites to earn a certain percentage as a commission from sales made. It is important to note that affiliate marketing is different from get-rich-quick-schemes.

As an affiliate marketer, the products and services that you promote are provided by others and not necessarily you. The only duty you are required to perform is to provide a marketing or sales outlet such as a blog, email list or social media.

Digital Marketing Agency

Traditional marketing is quite an expensive way that brands can use to gain visibility. Most times, small business owners can’t afford to use those marketing channels such as radio, TV, billboards or newspapers advertise their products and services, However, embarking on digital marketing can help businesses reach a large audience and get results that are measurable with little marketing cost. But before starting out in this business, you must have registered with the Corporate Affairs Commission and issued a certificate of incorporation and must have acquired the critical aspect and expertise on digital marketing.

Continue reading... https://www.sme360.ng/2020/06/25/fastest-emerging-online-businesses-in-nigeria/

Did you know that MSMEs (Micro, Small and Medium Enterprises) make up 84% of total jobs in Nigeria? SMEs in Nigeria are major drivers of innovation and growth in the Nigerian economy. According to the Ministry of Industry, Trade, and Investment, Nigeria has over 37.07 million micro, small and medium-scale enterprises (MSMEs). The ministry claimed that MSMEs account for about 48.5 per cent of the total GDP in Nigeria. So what is an MSME?

MSME (Micro, Small and Medium Enterprises) are generally referred to as businesses with up to 250 employees. In Nigeria;

· Micro Enterprises comprises of 1 to 9 employees.

· Small Enterprises comprises of 10 to 49 employees.

· Medium Enterprises comprises of 50 to 249 employees.

Are you a new or existing company in need of funds to expand your business using brand new equipment or technology? Ever heard of the BOI Loans?

In this article, we will be educating you on all you need to know about BOI Loans in Nigeria. We will be defining what a BOI Loans is, take you through the steps of applying for this loan as well as inform you on the collateral requirements.

What is BOI Loans?

The Bank of Industry (BOI) is a development finance institution focused on giving loan credit facilities to industrial equipment. The bank of industry targets businesses that are involved in manufacturing and processing activities. They target sub-sectors like Agro-Processing, Information technology, Solid minerals, Creative industry and Oil and Gas.

The Bank of Industry is the largest and oldest form of development finance institutions operational in Nigeria today.

The BOI Loans is a loan provided by the federal government for the establishment of Large, Medium and Small projects in Nigeria. It is also provided to already existing enterprises for the expansion and diversification of their business.

These loans are not given out to the borrowers, but to the suppliers of the equipment, the loan application is for. If perhaps you are into the production of agricultural goods and you need equipment to handle the processing, the BOI will issue out the loan to the supplier of the equipment.

The BOI Loans provides loans starting from 5 million nairas for SMEs in Nigeria. However, loans lower than 5 million are provided through schemes and funding platforms in collaboration with the state government.

Requirements for Micro Enterprises

· Formal Letter of Application
· Photocopy of Certificate of Registration
· Constitution and Bye-laws of Cooperative Society (only for Cooperative Societies)
· Business Plan
· Four (4) passport photographs of the Promoter (business owner)
· Photocopy of the Current Tax Clearance Certificate of the Business Enterprise and the Promoter.
· Photocopy of International Passport or Driver’s License or National Identity Card of the Promoter.
· Bank Statement of the Business Enterprise for a period of one (1) year (for an existing business)
· Sales record for six (6) months and operating expenses.
· Evidence of availability of Collateral Security (e.g. landed property, Individual Guarantor, etc.)

Requirements for Small, Medium & Large Enterprises

· A formal letter of application
· Photocopies of Certificate of Incorporation and Certified True Copy of Memorandum and Articles of Association of the Company.
· Photocopies of the Certified True Copy of Forms C02 and C07.
· Business Plan.
· Photocopy of title documents to the project site (Statutory Certificate of Occupancy or Deed of Assignment).
· Photocopy of Title Documents (Statutory Certificate of Occupancy or Deed of Assignment) to the Collateral Security. (This must be a landed property in an urban centre).
· Approved Building Plan (If new building).
· Bill of Quantities or Contractor’s Estimate of Cost to be incurred on Factory Building.
· Valuation Reports on Factory Building(s) (for existing projects) and property offered as Collateral Security.
· Quotations for items of plant and machinery (at least 3 quotations from different sources).
· Three (3) years most recent Audited Accounts of the company (for existing company).
· Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors.
· Four (4) recent passport photographs of each of the two Directors and the Company Secretary.
· Evidence of appointment of a Company.
· Photocopies of Certificate of Incorporation and Certified True Copy of Memorandum and Articles of Association of the Company.
· Photocopies of the Certified True Copy of Forms C02 and C07.
· Business Plan.
· Photocopy of title documents to the project site (Statutory Certificate of Occupancy or Deed of Assignment).
· Photocopy of Title Documents (Statutory Certificate of Occupancy or Deed of Assignment) to the Collateral Security. (This must be a landed property in an urban centre).
· Approved Building Plan (If new building).
· Bill of Quantities or Contractor’s Estimate of Cost to be incurred on Factory Building.
· Valuation Reports on Factory Building(s) (for existing projects) and property offered as Collateral Security.
· Quotations for items of plant and machinery (at least 3 quotations from different sources).
· Three (3) years most recent Audited Accounts of the company (for existing company).
· Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors.
· Four (4) recent passport photographs of each of the two Directors and the Company Secretary.
· Evidence of appointment of a Company

Continue reading at... https://www.sme360.ng/2020/07/04/all-you-need-to-know-about-boi-loans/

With the interest of doing Business Initiatives with ease, the Corporate Affairs Commission (CAC) will now work with the Federal Inland Revenue Service (FIRS) to issue Tax Identification Numbers (TIN) along with the Certificate of Incorporation.

This will save companies and small business owners the troubles of applying separately to the FIRS for their Tax Identification Numbers.

This was contained in a statement signed by the Corporate Affairs Commission (CAC) on Monday, June 29, and seen by Nairametrics.

Conduct advanced financial calculations using Nairametrics Calculators

The statement reads in part “Certificates of Incorporation of companies registered under part A of the CAMA will henceforth carry Tax Identification Numbers (TIN) issued by the FIRS”.

With this development, companies and business owners can now proceed to open a corporate account upon receiving their Certificate of Incorporation, rather than waiting another week or more for the issuance of Tax Identification Numbers.

This also allows them to easily request loans and credit facilities from financial institutions and dispenses the need to visit the FIRS office.

For the revenue collection agency, the development is set to improve the accuracy of its database of registered businesses operating in the country and can aid it to widen its revenue net.

Read more at... www.sme360.ng

According to the DBN, Nigeria has more than 37 million MSMEs but not up to 5% can access credit. When you consider this rate, it easy to see why many of these businesses pack up within a few years.

Capital is very important to running any business and credit is one of the chief ways to raise capital. Considering the role SMEs in Nigeria play in supporting the economy, the DBN was established to loans available to SMEs. The question now is how can you access a DBN loan?

About the DBN
Before we discuss how to access a DBN loan in Nigeria, let’s briefly discuss the DBN. DBN stands for the Development Bank of Nigeria and it is a financial institution established by the Federal Government of Nigeria. The FGN established this bank in conjunction with several development partners worldwide.

This financial institution has one key objective, alleviating the financial constraints that MSMEs in Nigeria face. They intend to achieve this by providing financing as well as partial credit. The DBN believes that SMEs in Nigeria suffer stunted growth because they lack access to equity, payment services, and credit.

Some of the products and services of the DBN include:

a. Wholesale lending

b. Capacity building

c. Partial credit risk guarantees

Click here to find out more about each of these products and services.

Who can access a DBN loan?
It is important to answer this question because not everyone can access a DBN loan in Nigeria. These loans are designed to help SMEs in Nigeria majorly. So for starters, all MSMEs can access these loans. It doesn’t matter if they are existing or at the startup stage, as long as they carry out productive activities.

The DBN provides risk-sharing guarantees and funding via Participating Financial Institutions or PFIs. These PFIs in turn lend the funds to eligible loan applicants. This means that individuals or businesses cannot submit loan applications to the DBN directly.

Since you can only access a DBN loan through PFIs, what bodies fall under this category?

PFIs include but are not restricted to the following:

a. Commercial banks

b. Microfinance banks

c. Development Finance Institutions (DFIs)

A couple of other financial bodies also fall into this category. You must be interested in the loan tenure for loans from this financial institution. Well, the loan tenure is quite flexible. That should be great news if you are planning to get a loan from the DBN.

First, you can enjoy a moratorium of up to 18 months. Then you can pay up the loan over about 10 years. A Moratorium period is a time after getting a loan that the borrower isn’t required to make any repayments. It extends to a few months after the loan was disbursed depending on the body providing the loan.

The DBN believes that within these 18 months, the business should have gained some ground. Interest rates are also not over-burdening for SMEs. They are financially sustainable and market-conforming.

Getting a DBN Loan
In this section, we will share with you the steps you should take to access a DBN loan in Nigeria. They include:

Step 1 – Visit a Participating Financial Institution. This can be your commercial bank, Development Finance Institution, or Microfinance Bank. When you do, you can express your intention to access a loan.

Step 2 – Submit your loan application along with the necessary documents.

Step 3 – The PFI assesses the loan application. This includes appraising the business you run and the purpose of the loan. If it deems it fit, the PFI applies for funding from the DBN.

Step 4 – The DBN further appraises the loan application and the business. If it sees the application as worthy for a loan, it makes the funds available to the PFI. The PFI then makes the loan available to the qualified borrower.

Click here to get a full list of the qualified PFIs from which you can access a DBN loan in Nigeria.

Continue reading at... https://www.sme360.ng/2020/07/02/how-to-get-a-dbn-loan-in-nigeria/

By now you must have heard about the CBN COVID-19 Intervention Fund. It’s been all over the news and on social media. The CBN is making N50 billion Targeted Credit Facility available to SMEs and households hit by COVID-19.

Evidently, the new coronavirus has hit all businesses and crippled several SMEs worldwide. This is large because of the reduction in the demand for products and services and hindered production.

It is clear that SMEs in Nigeria needs help and the CBN has come to your aid. However, many business owners don’t have the slightest clue on how to access these funds. If you fall into this category, this post was written for you.

Why the CBN COVID-19 Intervention Fund?
Before the CBN made this announcement via its circular, many Nigerians had begun clamoring for Government support. This is because of the crippling effects of the virus on individuals and SMEs in the country.

It is no news that there are over 41.5 million registered MSMEs in Nigeria. This number could easily be higher if you consider the ones not registered. To cushion the effects of the new coronavirus, the CBN announced its targeted credit facility. This facility will provide support to different sectors including SMEs.

As a result, such businesses that have suffered setbacks resulting from the pandemic can get back on their feet. They’ll access funds to purchase new equipment, increase production, and improve research and development.

Who can benefit from the CBN COVID-19 Intervention Fund?
When the CBN released its circular, it provided a list of participants that will be eligible for the TCF. Check out the list below:

a. Households who have proof that the pandemic had affected their means of livelihood.

b. SMEs in Nigeria with evidence that the pandemic crippled their business operations.

c. Agricultural value chains.

d. Hospitality industry.

e. Airline service providers.

f. Health (medical supplies and pharmaceuticals)

g. Manufacturing and value addition.

h. Trading and any other activity that generates income as described by the CBN.

What is the Source of the Targeted Credit Facility?
This scheme will receive funds from the Micro, Small, and Medium Enterprises Development Fund (MSMEDF). As a result, NIRSAL Microfinance Bank (NMFB) is the eligible financial institution to handle the funds.

What this means is that the CBN will administer these funds via the NFMB. Therefore, applicants have to submit their application through this bank to be considered for the loan.

Accessing the CBN COVID-19 Intervention Fund
To make the process of application and disbursement more organized, the CBN has split the modalities of the process. They now apply to SMEs and Households or Corporate Entities. Let’s take a brief look at both below:

SMEs and Households
a. Submission of loan application to NFMB. This must contain business registration details and business plans (where applicable), BVN numbers, and clear evidence of the effect of the pandemic on the business.

b. NFMB appraises the application and conducts due diligence.

c. NFMB forwards the application to the CBN upon satisfactory appraisal.

d. CBN reviews the application and provides a final verdict for loan disbursement.

Corporate Entities
It is the same process for Corporate Entities, however, applicants may have a few issues with the NFMB regarding communication gaps. Nevertheless, the process shouldn’t be cumbersome. You can begin your application here.

Loan Terms
It is important to find about loan terms before applying for any loan. In this section, we will discuss the loan terms of the CBN COVID-19 Intervention Fund for SMEs in Nigeria.

Limit
The CBN measures limits based on certain criteria. As a result, not everyone will get the same amount. Let’s look at the criteria for SMEs.

The amount an SME can access is a function of the business activities or operations, segment/industry size, and cash flow. However, SMEs can get up to N25 million. Households only have access to at most N3 million.

Interest Rate
According to its circular, the CBN states that the interest rate for the first year, until February 28, 2021, will be 5% per annum. This rate is all-inclusive however, it will revert to the regular 9% for government loans from March 1, 2021.

Loan Tenor
The guideline for the CBN COVID-19 Intervention Fund states that working capital has a maximum of a one-year tenor. There is no roll-over option for this loan. On the other hand, the term loan extends to 3-years maximum. This loan has a moratorium period of 1-year, at least.

Continue reading at... https://www.sme360.ng/2020/07/01/how-smes-in-nigeria-can-access-the-cbn-covid-19-intervention-fund/

Women who reside in rural areas, have attested to the fact that those of them who are rear local chickens as means of livelihood are flourishing in the business. As it’s impacting positively on their families. Experts say local or native fowls are self-sustaining; that is they can raise their own replacement stock.

A veterinarian, Mrs. Eunice Jonson, who grows local birds, said they fetched more money than exotic birds. Some of the rural women that are into the business are of the view that rearing of local or native fowl requires low maintenance which can be done at the corner of one’s home.

A poultry farmer Erdoo Chia, who lives at Adeke village in Makurdi, Benue State, said that she sold her native fowls in the village market easily. She said , “I used to have as many as 50 chickens, but now they are almost double in number. I let them loose most of the time to find food around the vicinity because things are hard now.” For Mama Onyebe, who rears chickens in her compound in an Otukpo village, local fowls play an important role in the livelihood of her family, just as they do for most rural families. Mama Onyebe explained that the cash investment required to keep her local breed which tolerated harsh conditions and diseases was less than that needed in other ventures. She said the native chickens could feed on cheap and locally available feeds, adding that they also required less supervision and other forms of care. She added that, “As a start, a farmer will need one cock for at most 10 or 12 hens, water and containers, housing space such as a cage or a space close to the kitchen and the shelter should be well ventilated.” The woman, who said she started her chicken business with 20 hens and three cocks, further informed that the cost of starting a chicken farm actually depended on one’s location. In her estimation, the land for chicken farming remains cheaper and readily available in the rural areas. Mrs. Oine Audu, another rural woman who rears local chickens in her compound, said her farm was started with less than N30,000 and 200 chicks. Mrs. Audu said, “Some people come to my house to buy the chickens when they grow up, while I take them for bulk sale at the Nkwo market most times. I sell the chickens to augment my husband’s pension. “We use the money derived from the sale of the chicken to feed and do other necessary things in the house. I often sell the matured native fowls at the cost of N1,500 or more for each.” Mrs. Ruth Ebine in Kuduru community near Bwari in the FCT, said with less than N10,000, one can start raising local fowls. Mrs. Ebine said, “I started with N8,500, and as at today, I have close to 120 fowls, which I sell every Bwari market day. “Let me tell you, sometimes at the Bwari market, I sell up to N10,000 fowls, which, in my own case, is enough to keep my family.’’

Click on the link to continue reading... https://www.sme360.ng/2020/06/26/how-local-fowl-farming-can-lift-rural-women/

How Successful Entrepreneurs Avoid Common Business Pitfalls

At the beginning of an entrepreneurial journey, it is common to re-adjust strategies to attract better customer and make better profits. Successful entrepreneurs of today have gone through this phase at one point or the other in their journey.

However, the journey doesn’t come without its pitfalls and mistakes. This is because entrepreneurship has its upsides and downsides. Navigating through it well breeds a successful entrepreneur.

Below is a list of how successful entrepreneurs have been able to avoid these common business pitfalls.

1. Separating personal bias from marketing
More often than not, entrepreneurs share a personal connection with their businesses. While this is not such a terrible idea, it becomes a problem when marketing gets hinged on the entrepreneur’s own opinion.

Successful entrepreneurs understand this and let go of their personal bias when marketing products. Product marketing shouldn’t be centred around what the entrepreneur thinks to matter the most.

On the contrary, it should prioritize customers wants and as a result, will be able to solve customers problems.

While successful entrepreneurs believe so much in their products, they understand that doing the work of convincing customers based on their terms is the only way to get things done.

2 Delegating
One great way to let go of things beyond your control as an entrepreneur is by delegating. However, some entrepreneurs are so engrossed in running a one-person business they hardly delegate. This has thwarted so many businesses.

Successful entrepreneurs take delegation seriously and know how to maximize the 24-hours they get in a day. Letting other people share in the responsibility comes with numerous advantages, achieving more in less time is top on the list.

Furthermore, delegating promotes healthier mental health and allows operations to run smoothly. This is one sure way to avoid common business pitfalls.

However, delegation does not mean completely outsourcing every single task, including those you should handle yourself.

3. Not getting distracted by the competition.
One significant trait of successful entrepreneurs is their ability to remain focused on important things rather than worry about what competitors are up to out there.

A common pitfall some entrepreneurs make is fixing their attention on competitors’ strategies and lose sight of their market. Learning not to lose sight of the position they occupy in the market is a common trait of successful entrepreneurs.

Now, this isn’t to say entrepreneurs should ignore their competitors. However, it is crucial to let go of things beyond our control to focus on what truly matters.

4. Not getting caught up in the idea.
Usually, coming up with an idea is the first stage of the entrepreneurial journey. However, that is not all there is to it. Money doesn’t come with mere ideas; it comes with the execution of such plans.

Successful entrepreneurs understand the importance of idea implementation and do all it takes to make it possible. They carry out appropriate market testing of such idea to evaluate its value in the market.

Also, they don’t get all caught up in the idea and lose sight of other promising opportunities that can be explored.

5. Carrying out necessary research
When it comes to entrepreneurship, a common pitfall is a lack of or inadequate research. One primary reason an entrepreneur gets all caught up in their ideas is failing to carry out the necessary research.

For successful entrepreneurs, they avoid this pitfall by doing proper market research and testing first before venturing into a business idea. In cases where funds are available, the services of a market research company can be hired to carry out the job.

Market research should be carried out first before carrying out market testing. There are more chances of failure when research is not properly carried out first. Before market testing, there should be a close connection between your customers’ expectations and the problems you would like to address as an entrepreneur.

Continue reading at... https://www.sme360.ng/2020/06/26/how-successful-entrepreneurs-avoid-common-business-pitfalls/

In regards to the pressing challenge of obtaining funding faced by small businesses, PricewaterhouseCoopers (PwC) has come up with strategies to ensure sustainable growth for Small and Medium Enterprises (SMEs) in Nigeria.

In an annual report titled “PwC’s MSME Survey 2020- Building to last”, it said Nigeria has the largest economy in Africa but the country lags behind South Africa, the second-largest, in terms of the tax to GDP ratio. Whereas Nigeria’s tax to GDP is estimated at about 6%, South Africa’s is 28%, while the average tax to GDP in Sub-Saharan Africa is 17%.

Nigeria probably has more tax authorities than any other country in the World with the exception of the United States. Yet, unlike Nigeria’s tax administration system, the United States has a much more robust database of taxpayers and payments. Furthermore, the United States’ tax to GDP ratio is 26% – over 4 times higher than Nigeria’s.

Results from our survey reveal that multiple taxes & levies, lack of coordination of federal & state agencies, and the absence of a central technology platform for the ease of payment of taxes, are some of the challenges faced by MSMEs.

According to the annual PwC report, Ease of paying taxes 2020, it took, on average, 343 hours for entities to comply with tax payments. This was the time taken to prepare, file and pay value-added or sales tax, profit tax, labour taxes and contributions. Furthermore, most businesses made, on average, 48 tax payments to the tax authorities in a year. An interesting observation over the years is that countries which ranked low in paying taxes, had a direct correlation to the drag in the GDP of the economy.

In 2015, a drive to harmonise taxes at the federal, state and local government levels resulted in a review of the Taxes and Levies Act which lists the approved taxes to be collected. The amendment resulted in a long list of approved taxes from 39 to a staggering 61, mostly at the state and local government levels confirming the cost of tax compliance especially for SMEs. Without a doubt, this is a problem for SMEs.

Some notable recommendations were made for higher tax revenues and more profit for SMEs in Nigeria,

Review the Constitution and tax laws: Multiple taxes remain a problem as the Constitution gives the 3 government tiers distinct taxing powers. Businesses will continue to struggle with this problem unless something more concrete is done about excluding overlapping powers e.g. with consumption taxes. The tax laws should be reviewed and amended annually through Finance Acts. Over time, Nigeria can lean towards a lower direct tax on income and more indirect tax on spending as we find in developed economies.

Centralised administrative system: Deploying a single centralised technology platform for tax administration in the country will help to improve tax collection, enhance ease of payment, reduce the cost of tax collection, as well as plug or eliminate the leakages in the system. The time saved in paying taxes could be put to more productive use by businesses and the nation as a whole.

Single Tax Authority: Most countries adopt the model of a single tax authority for tax administration of both corporates and individuals. This is the case with the UK’s HMRC and South Africa’s SARS. Both countries have significantly higher tax to GDP ratios than Nigeria. Companies are run by individuals. Linking both provides much gain in closing gaps on non taxation or evasion. The reverse is the case when information is disaggregated across several tax authorities.

Continue reading at... https://www.sme360.ng/2020/06/24/tax-enhancement-strategies-for-sme-growth-and-sustainability-pwc/

Do you feel unchallenged and dissatisfied with work? Do you feel like you don’t fit into the 9-5 work schedule? Are you feeling frustrated with it all? Maybe you have a disruptive idea you know in your heart can impact your society? Just like you, the million-dollar serial entrepreneur, Dan Lok had this to say;

“When I was a teenager, I used to work in a grocery store as a grocery bagger, getting paid minimum wage. I realized after a few weeks, that even if I worked harder, I wouldn’t get paid more. On top of that, my manager was always yelling at me to do more work, even though I was the fastest worker there. One day, I got frustrated with it all and decided to quit and pursue my dream of becoming an entrepreneur.”
If this looks like your story, perhaps it’s time to start your own business!

Today, Dan Lok is a millionaire entrepreneur, speaker, best-selling author, and one of the world’s leading experts in Internet marketing and is worth $50 million!

Starting your own business might rock the boat a little and get you out of the comfort of a stable income every month but there is no better time to start your own business than right now!

Nigeria is the largest economy in Africa and remains one of the fastest-growing economies in the world. Investors and entrepreneurs are scrambling to invest in Nigeria.

Nigeria is also populated with over 150 million people, making the market large enough to absorb any product. Scattered across Nigeria are problems that need to be solved. This spells opportunity for any entrepreneur. Starting your own business in Nigeria is one of the most profitable decisions you will ever make!

There are no right or wrong reasons to start your own business, but here are 10 inspiring reasons you NEED to start your own business today! Let’s dive in!

1. You are Your Own Boss

According to a global survey presented by the academic International Entrepreneurship and Management Journal in 2008, being independent was one of the common reasons people start their own business. Being the boss of your own business means you make decisions on how best to operate your business daily. You decide when to work, how to work, and what to work on and ultimately you are the driver of the culture and brand of your business.

2. You Can Balance Work and Personal Life

Most salary earners will complain of a similar struggle, and that is finding time to balance work at the office and personal life. One of the biggest benefits of starting your own business is that you have more flexibility. You can choose the hours you work and the hours you don’t. You can create time for your family and friends and have a more balanced and fulfilled life!

3. You Choose the People You Work With

Owning a business means you choose the people you want to work with. You can hire whoever you want. You can choose to surround yourself with like-minded people who understand your vision and exclude negative people from your space. This is something you cannot do working at a job.

4. You Can Grow and Challenge Yourself

Starting your own business means handling a massive amount of responsibility. But this is where the fun part is. You get to face, accept, and conquer challenges as you run your business. You get to learn something new every day, whether it’s about sales or management or innovation, there are enough opportunities to grow and develop yourself.

5. You Can Follow Your Passion

Starting your own business is an opportunity to do something you are strongly passionate about. Most entrepreneurs who love what they do, see their work as fun because they are passionate about it. Are you passionate about something? You may have a special talent in writing or perhaps baking. Start your own business today and begin the pursuit of a more fulfilled life.

6. You Can Earn more Income

Starting your own business gives you a higher chance of earning more income based on your efforts and successes. A successful business can bring you lots of money. The founder of Microsoft, Bill Gates is worth $81 billion. However, this is not the case when working at a job where you are given a salary structure.

7. You Are an Employer of Labor

One major economic issue in Nigeria is that of unemployment. Starting your own business means you can employ labor, give people a means of livelihood, and ultimately address positively, the issue of unemployment in Nigeria. Noble right?

8. You Can Improve Your Industry

One major driver of economies around the world is innovation, through new technology. Starting your own business allows you to be innovative and solve new problems in your industry and ultimately the economy. Who knows? Your business could be the solution to a lifelong problem in Nigeria.

Continue reading at...https://www.sme360.ng/2020/06/24/10-reasons-you-need-to-start-your-business/

Owning your own business would always be a good thing, many times it would have its ups and downs just like some other things in our lives. The truth is that many small business owners at various points are prone to making mistakes. I mean mistakes are part of life, right?

That is why materials like this are made available to you, to reduce your exposure to these mistakes. Some of which can be very costly to your business. StatisticBrain in a widely cited statistic, reports that over 71% of startups die out or churn within 10 years.

Noteworthy is the fact that small businesses are vulnerable to failure the moment the correct measures are not taken. Failure is part of the journey but we do not always have to learn from experience. I put it to you that experience is not always the best teacher. Imagine how many F’s a lazy student could have avoided if only he studied hard? Imagine how many mistakes you can avoid if you read this article attentively?

Hence, this article is necessary for small business owners as I will be letting you in on top mistakes that could affect your business.

1. LACK OF PREPARATION

It is often said that “if you fail to plan then you plan to fail” as cliché as it sounds, it is completely true. Many small business owners make the mistake of not planning adequately before jumping into the market, only to discover how unprepared they were. Every research that can be possibly done about the business you want to get into should be done! Researches that have to do with how your prospective consumers will accept your business and what performance you should expect within a particular period of time must not be overlooked.

Starting out your business without adequately preparing in terms of a good business plan, financial plan and marketing plan is a way to downhill as fast as you started.

Hence, plan as much as you can; take surveys making considering the location and the nature of your business.

2. BAD BUSINESS NAME IDEAS

A lot of people say that a business name has nothing to do with the success of a business. Let me debunk that notion. The type of business you plan to go into should affect your choice of the business name. For instance, we all love how Chicken Republic and Shoprite sound and it is so easy to relate to them because they are catchy and represent appropriately the brand they stand for.

3. BAD MONEY MANAGEMENT

As a small business owner who spends money without caution, please be equally prepared to stay in business as long as your money management skills. The money gotten from a growing business is supposed to be used to boost and bring more returns. However, most new business owners who begin to make money get overly excited by their returns and spend lavishly.

You should be put your business revenue to good use.

4. POOR MARKETING

For any business to thrive and be widely accepted, marketing is paramount. Not just marketing, but well-strategized marketing. Why is this important? You don’t market, no one knows you, no one knows you, no one buys from you, no one buys from you, your business dies.

Therefore, you cannot be slack or just plan your marketing strategy shabbily. There are various platforms that are great for marketing, do yourself good to utilize such platforms for advertisement. Funny thing, social media is there for you. Facebook, Instagram and Twitter amongst others can be used to amplify your business, create awareness today!!!

For instance; have a social media presence, get a website – take advantage of technology to its fullest! Don’t complain about the cost; just as I stated in the previous point; your returns should be used to boost the business so go all the way with it!

Continue reading at... https://www.sme360.ng/2020/06/23/7-mistakes-small-business-owners-make-in-nigeria/

In a bid to hasten the economic recovery of businesses in Oyo state, the state Governor, Seyi Makinde, has inaugurated a N1 Billion Micro, Small and Medium Enterprises (MSMEs) Development Scheme.

Makinde said the scheme was part of the state’s post-COVID-19 economic recovery plans.

The governor, while carrying out the symbolic presentation of cheques to some of the beneficiaries, said the scheme would not only stimulate the economy of the state but create more jobs for its teeming youths and make owners of MSME to be self-reliant.

He urged all beneficiaries to make judicious use of the loan by abstaining from ventures and activities that could ruin their businesses.

The News Agency of Nigeria(NAN) reports that Olarinde Olakunle, Ruth Adeniji and Taofeeq Oladimeji were among the beneficiaries that received N2.5 million, N3 million and N3 million, respectively.

Speaking on behalf of the beneficiaries, Olakunle appreciated the Makinde-led administration for deeming it fit to provide them the loan and promised that the loan would be used judiciously.

Continue reading at... https://www.sme360.ng/amp/2020/06/22/gov-makinde-inaugurates-n1bn-smes-development-scheme/

Starting a consulting firm in Nigeria can be a heinous task like starting any firm at all but what makes the experience easier for one and more difficult for another is information.

We at SME360 are here to provide that enablement through our articles. Today, we would be sharing 7 steps involved in starting a consulting firm in Nigeria. Be assured that after reading this up you would be better equipped to start that consulting firm of yours. To go into consulting as a business you must understand that companies could need you for guidance in strategic planning, expert knowledge and management skills to fix or improves aspects of their business or lifestyle.

It is important to note that to be a consultant in any field you must be on a permanent quest for knowledge and expertise. This is a business that relies mostly on personal skills, knowledge and experience for it to be successful. You should consider this if you have a good level of experience in any field because today experts are sort after on a daily basis.

The categories of people who will need you are endless, from starting businesses to already established ones also some individuals. The services of a consultant are needed in all areas and sectors of the economy ranging from education, health, science, banking, fashion, entertainment e.t.c.

1. IDENTIFY YOUR AREA OF SPECIALISATION

Before thinking of starting a consulting business, you must be an expert of some sort and if you are an expert in various fields it is advisable that you decide which you would like to major in. What would you like to consult on? Most times consulting firms are started by retirees or experts who lose their jobs. This is an opportunity to start on your own.

2. BE CAPABLE

It is not advisable to start a consulting firm without the necessary knowledge and skill required. This is a business that requires you to have a good amount of knowledge or skill in the area. In clearer terms, if you lack this capacity do not start a consulting firm so you do not jeopardize your clients businesses or companies. This point is the most essential of them all and must be keenly adhered to. All other factors are hinged on this one.

3. BUILD A STRONG NETWORK WITH OTHER EXPERTS: you cannot start a consulting firm without having a network of experts at your disposal. To have an influx of clients’ means you need to have a large network.

4. WRITE YOUR BUSINESS PLAN

This is a crucial ingredient in starting your consulting firm. You have to outline everything and be realistic. This would help you see the feasibility of your business idea and make business planning manageable and effective. In some cases attract investors, this is the point where you dot your Is and cross your ts. Let someone more knowledgeable than you analyze this business plan of yours to cub unforeseen pitfalls to your soon to be firm.

5. REGISTER YOUR BUSINESS

Before you start this firm ensure you register your business and fulfil all requirements set by the government and law of Nigeria. Adhere to these regulations to avoid any problem in the future. This is where you get to chose your business name. At this juncture, I would like to give a little advice. When choosing a business name, be creative and try as much as possible to keep it simple so it registers easily in the minds your future clients.

Continue reading at... https://www.sme360.ng/2020/06/16/7-steps-to-starting-a-consulting-firm-in-nigeria/

Imagine someone talked about running a business in a virtual space some five decades ago. People would have termed that person crazy and the person would become a laughing stock. The internet has changed the system of things and now people earn lots of income online.

For example, at least 30 million Americans run online businesses. We might be able to provide a figure for Nigerians working online but we are certain many businesses are making the move. Have you been thinking of the best online businesses to operate? We have put together a couple in this post to help you out.

Why you should start an online business
Before we discuss online business ideas in 2020, let’s talk about why you should start one. There are tons of reasons.

Imagine reading through this post and in the next few hours, you have a business running online. This is what the internet has helped us to achieve. Here are some of the important reasons why you should run an online business in 2020.

Low capital requirement
One of the constraints of starting a business is raising capital. Online businesses don’t require as much capital. In fact, you can start with nothing or very little and grow into a huge empire.

Most online businesses require less than $100 (N38,797.40). Why does it cost so little? You don’t need to pay rent, hire staff, or spend on running an office.

Freedom
This is one of the greatest benefits of running an online business. There’s something about being able to choose where you want to work from and how many hours a day you’ll dedicate to working.

When you have this sort of freedom, there’s no cap on your creativity. Amazing right?

Unlimited income potential
A regular 9-5 job has a specific income potential, with the best online businesses, the case is different. It is simple, the more clients you get, the more income for you. Better still, you determine the price of your products or services.

Side hustle
Let’s face it, while some of us don’t like a day job, some people are in love with theirs. If you fall into the second category, you can keep your job and run an online business as a side hustle. This flexibility is why many people prefer online business models.



Best Online Businesses to Start in 2020
By now, you must be itching to start an online business. Way to go, friend!!! Hold on, what online business can you pick up?

Not to worry, we have put together the top ten online businesses currently. Choose one that you have a passion for from the list below.

Affiliate Marketing
Many of us do this already without knowing, even though it’s not online. Remember when you help a friend recommend their products to others and gain a commission? That’s affiliate marketing.

To do this, you need to sign up for an affiliate program first. Many companies are in search of affiliate marketers and pay heavily for this service. Upon signing up, you get an affiliate link.



Share this link via your social media handles and when a person buys through your link, you get a commission. It’s that simple. You can do this through a blog, social media site (Instagram and Facebook), and YouTube.

Start a Blog
How do you get in-depth information online these days? From blogs. Many people will rather read a blog than read a book.

Seize the opportunity to make some money for yourself. What will you write about? Anything you feel like. However, it is best to check out the top trending blog niches and focus your writing on one of the niches.


Some ways to make money from your blog asides traffic include sponsored ads, affiliate marketing, selling digital products, and Google Adsense.

Freelance Writing
This is one of the best online businesses for individuals that have a knack for writing. Can you write? Have you been keeping a journal forever? Your writing skill can become a money-spinner.

Sign up on freelance sites and start selling your services. Most of these sites allow you to sign up at no cost. You can make a huge amount of money every month from freelance writing.

Consulting
Do you know why consulting is a great business? There are no limits. People consult about anything. From relationship issues to anger management, from starting businesses to personal development.

What are you passionate about and feel like an authority in? Start an online business around this.

Tutoring
What skills can you teach? Tutoring online is simple and comes with lots of fun. Technology has made it easy to run classes from the convenience of your home.

You can make use of several apps like Skype, Zoom, VIPKID, etc. to run your classes. Another way to continue earning as a tutor is by signing up on a study platform. Examples include Udemy and Skillshare.

Take Surveys
One of the ways big brands get customer data and improve their products is running surveys. They are ready to pay you to carry out surveys on their behalf.

Surveys don’t pay so much but the cumulative income is what matters. This is a great idea if you have a regular job and need a side hustle. Spend a few hours running surveys and make some money on the side.


Build apps
We’ve got apps for everything these days. If you can build apps, then you should jump on this idea. All you need to do is find a sector or business that needs your services and build an app to solve their problem.

On the other hand, sign up to freelance sites for programmers and bid for gigs here. This opens the door to unlimited income from your home.

Continue reading... https://www.sme360.ng/2020/06/15/10-best-online-businesses-to-start-in-2020/

The Ultimate Guide To Getting Business Loans In Nigeria

The importance of loans to small businesses cannot be overemphasized. A small business is one with less than 500 employees. So if your business falls into this category, getting a loan at some point might be helpful.

There are several reasons why you need loans. From raising working capital to expansion, inventory to cash flow. However, one thing businesses forget is that taking loans helps to boost creditworthiness for the future.

In this guide, we will show you all you need to know about getting a business loan in Nigeria. Why not grab a cup of coffee and let’s walk through this guide together?

Where to look for business loans in Nigeria
Where can I get a business loan in this country? If you haven’t asked this question before, you know someone who has.

For many people, this is the most important part of getting a loan and we agree. If you know where to look, then you can find out about their criteria. We’ve done some research on your behalf so here’s a list of places you can look.

Commercial Banks
The first place to look for most people is a commercial bank. If you consider this option as well, you are not far from the truth. Many commercial banks in Nigeria have loan packages for SMEs. Top examples are Guaranty Trust Bank, Stanbic IBTC, First Bank, and Access Bank.

As you can tell, commercial banks are quite strict with their criteria. They will consider your business plan thoroughly checking for profitability indices and financial projections. More than anything, they want to know that you can service the loan.

Here’s our advice. Before settling for one bank, try a few to see which one has the best conditions for your business.

The Government
There are several initiatives designed by the government to make funds available to businesses in Nigeria. Some of these initiatives come up only once a year while others are constant. A few years ago we had YouWin, a program designed to assist budding and existing businesses.

Now you can get loans from NIRSAL MFB which is released by the CBN as a government initiative. Currently, you can access up to N25 million COVID-19 credit facility. This geared at supporting businesses suffering setbacks resulting from the pandemic.

N-Power also offers loans as well as training to young business owners. Let’s not forget the Bank of Industry as well. An SME can get up to N10 million from the BOI once the requirements are met. Government loans come with very low-interest rates, unlike bank loans.

FIN-TECH Companies
Many businesses complain about accessing loan facilities from commercial banks and the government. This need gave rise to a whole new industry, FIN-TECH Companies. These companies have grown in number exponentially over the last few years.

Now you can access a small business loan straight from your mobile phone. It’s that easy. Background checks are easier and criteria are less stringent. Here’s a list of quick loans you can take advantage of from FIN-TECH companies.

We should warn you that there are so many frauds out there. Be careful who you share your details with so you don’t get caught in the web.

Microfinance Banks
These banks are very similar to commercial banks, the difference is they focus more on SMEs. As a result, interest rates are lower and the process is shorter.

A huge differentiating factor is that these banks are more lenient if you default. One of the most famous microfinance banks in Nigeria is Lapo Microfinance Bank. You will find a couple in your State of residence.

What do you need to get business loans?
Finding where to get loans is just one side of the coin. If you don’t meet their criteria, the knowledge is useless. Meeting the criteria tells the lenders that you can handle the responsibility of servicing the loan.

Truth be told, each body has its requirements. However, here is a list of common requirements:

Business Documents
The lender needs to know if you are the owner of the business or the business exists at all. Here is a list of documents you should prepare before attempting to submit a loan application.

– Title documents

– CAC documents

– Business plan

– Bank statement for between 6 months to 1 year

– Tax statement for at least two years (depending on how long your business has been in operation).

Most FIN-TECH companies don’t require these documents.

Credit Report History
In some cases, you will be asked to present old receipts. This is a way to check your credit report history. Your credit history gives a clear picture of the state of your business and how frugal it is.

Online platforms can generate this automatically when you submit an application. They use this to measure how much money they are willing to release to your business.

How to avoid lenders declining your loan application
It is not uncommon to hear entrepreneurs lament about declined loan applications. You may even fall into this category. While many businesses complain of this problem, many others get loans daily.

What do they do that you don’t?

– Submit loan applications early. This is very important if you plan to source loans from commercial banks or the government.

– Possess the required collateral. If you need a loan of N5 million, you need collateral in like amount. It is impractical to present collateral of N200,000 for such a loan.

Conitnue reading at... https://www.sme360.ng/2020/05/11/the-ultimate-guide-to-getting-business-loans-in-nigeria/