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Starting A Small-Scale Business In Nigeria – Five Key Things to Note

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It is often said that Ideas are easy; Implementation is hard, this is true. Starting a small scale business is a challenging endeavor and it would be widely agreed upon that there are enough/ample evidence and case studies on business failures.

Fraught with a lot of uncertainties, the promise of a small scale business failing in its development stage is high – according to The Better Africa Report by Weetracker (an African digital media company), the average failure rate for start-ups in Nigeria is 61% from 2010 to 2018. The purpose of this article is to present some insights into how businesses can be guided for lift-off;

1. Refine Your Business Idea

You are thinking of starting a business, you already came up with an idea of what to do or what market to enter. That is great – business ideas are great, and they make us feel like we are on to something; something that we have always been passionate about. Now, you are so pumped to get started right away – which is cool- but this is not the smartest thing to do. It is best to take a step back before going all in. You need to refine and test your idea before you can build a business out of it.  

Do a quick research on existing companies in that industry; learn what they are doing and how you can improve on it. Understand the reason behind your idea. It is good to know why you are starting your business – in this process, it may be wise to differentiate what purpose your business serves (personal why or a marketplace why). When you are focused on meeting a need in the marketplace, the scope of your business will always be larger than a business that is designed to serve a personal need.

Next, survey your market place, set up a simple questionnaire to get a better understanding of your target customers – ensure your questions cover the most important things that would make you get a better idea of who your customers are and why you think they would want to buy your products or services.

2. Write A Business Plan/Pitch Deck

This is a very crucial aspect in the early stages of a business. It does not have to be a fancy 100-page document – It could even be in short slides.

The importance of this, however, is to answer the following questions; why are you starting? What makes your idea different? What solutions are you providing? What is your target market? What is your market strategy? How do you make a profit? It is also a good way to present your idea to potential investors.

3. Start Small

We all want our businesses to be successful, with a large customer base and lots of profit, however, you have to learn to walk before you can run – think small, one customer at a time.

Ensure that you can survive the unavoidable itch/hiccups associated with running a small business – recover and learn from your mistakes without incurring a lot of debts. This would help in the successful growth of your business.

4. Register Your Company

You must register with the government to become an officially recognized entity. The law that deals with company regulation in Nigeria is the Company Allied Matters Act (CAMA) and the regulatory body in charge of implementing the provisions of CAMA is the Corporate Affairs Commission (CAC). To get the step by step process involved in registering, please visit the CAC

5. Constantly Show Up For Your Customers

For anyone serious about growing a successful business, it is exigent to realize the importance of good customer service.

This goes beyond customers always been right; it is about how you treat your customers like family – by not talking down on them or looking for every medium to extract money from them.

It is about going out of your way for them. Delivering value starts by having your customers’ best interest at heart.

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Business

Top 3 Social Trading Platforms For Copy Trading

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social trading

Let’s talk about social trading networks, shall we?

Imagine earning from Forex or a trade without having to dedicate most of your time and resources. Imagine the ease of learning how each strategy works when it comes to trading. This is what social trading allows you to do and far more. What is social trading? You might ask, don’t worry, I will tell you.

Social trading is a form of investment that permits investors to watch the trading behaviors of both their peers and experts within the trading world. It allows you to follow their investment strategies using either copy trading or mirror trading.

This method of trading makes it easy for beginners to link their trading accounts to those of expert traders and imitate their trades automatically. It was even described by the World Economic Forum as a low, sophisticated alternative to traditional wealth managers. Little or no knowledge of the financial markets is needed.

Lately, social trading is being talked about as one of the best things to have happened to the online trading community. There are numerous Social trading platforms out there, it keeps increasing. However, here is our Top Three Social Trading Platforms with some of their main features;

1. Etoro

Founded and run by Yoni Assia, eToro is a great platform for starting traders. It provides a huge variety of investments and also a community of traders where users have the opportunity of interacting with each other like every other social media platform. With their News Feeds feature, users have the opportunity to monitor and manually copy any trader of their choice.

This platform has an interesting feature called the Copy Trading where users can automatically copy traders in bits thereby managing both exposures and risks. What I love the most about this platform is the free and unlimited demo account made available to everyone.

2. Naga Trader

They boast of having some of the best social trading features that include social networking, social trading, copy trading, and innovative investment services such as the NAGA portfolios.

Social networking involves, starting a unique project that traders from all over the world can join hands to work on. Copy-trading allows Naga traders to reproduce the success of elite traders and make it their trades.  These two practices have gained popularity within the global markets so much that Naga Traders were nicknamed – the “Tinder Of Trading”. This platform also gives you access to their social trading network where you meet, interact, and share with fellow NAGA traders

3. ZuluTrade

Founded in 2017, ZuluTrade is a Social trading system that works with dozens of brokers. It is best for hosting the most advanced social trading features. This platform works by gathering many elite investor trading data and records their trading strategies. You can analyze this in a minute and replicate their performance by customizing the risk and investment management. You can also have access to a free demo account, where would practically learn how to start and clarify your ideas.

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Business

6 Innovative Inventions That Changed Our Lives

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There are many inventions that exemplify innovation and have made strong contributions to life as it is now.

Our lives have been made healthier, safer, and more comfortable with these inventions. In this article, we would explore few examples of innovative inventions;

1. The Printing Press

The printing press is a device that makes mass production of uniform printed matter, mainly text in the form of books, pamphlets and newspapers possible. This device was designed in France, in 1440s by Johannes Gutenberg and has changed every aspect of our paper-based industry. Without it, books, newspaper, and many other typed resources would not be in existence.

2. Microwave

Reheating food has become so easy these days. Thanks to Percy Spencer, an American engineer who invented the modern microwave after World War II from radar technology developed during the war. We no longer have to go through the stress of using a gas cooker just to reheat leftovers.

3. Electric Iron

The Electric Iron was invented in 1882 by Henry W. Seely of New York City. Before then a variety of metals filled with hot materials or coals were used in straightening rumpled cloths. Imagine how difficult it would be if we were still using metals with hot coals to iron.

4. Personal Computers

You are likely reading this article on your personal computer and might find it difficult to imagine the times when information was not readily available at the touch of a button. This was invented in 1964, by Pier Giorgio Perotto.

5. Smart Phones

Smart phones are a class of mobile phones and of multi-purpose mobile computing devices. This, in comparison to the old land phones has made calling, texting and the likes easier. Although no one has been credited with its invention, it was invented in 1992.

6. Electric Light

It is so easy to take electricity for granted, but the next time you recharge your phone or do something with electricity, stop for a moment to think about what you would do without it. Thomas Edison is usually credited with the invention of the light bulb. Before then, candles and oil lamps were used for artificial lighting; later on kerosene lamps replaced it.

 

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