NAIJAMESSAGEBOARD

Many people dream of their business. At the same time, the reasons why people decide to open their own business are different for everyone. For some, this is an opportunity to realize oneself, for others it is a way to earn money and be independent, for the third – this is the withdrawal from unemployment. Desire, this is just the beginning. And what to do next? With what to begin, to whom to go? LSBC prepared for you 10 steps of a beginner businessman. 1. Answer your question – are you ready? The business, especially at the very beginning, is fraught with many problems, huge time investments and expenses, and only then it brings income, freedom, independence and everything else. Ideas of business from scratch. Prospective American start-ups | You will have to work hard at least 10 hours a day and without days off, because the business at the initial stage is extremely unstable and prone to bankruptcy. 2. Determine what you want to do! If you have alrea...

If you’ve been enjoying success in your business, but are as of yet still only operating in your local area, you may be looking to extend your reach out of town or indeed across the country. This can be a daunting process – are you truly ready? How much do you need to invest in this growth, and how can you be sure it will pay off? Who can you employ to help deliver your ambition in the best way? While all business ventures require some amount of risk, grit, and optimism, you can also prepare yourself thoroughly and take the right steps to ensure yourself success. If you’re looking to go nationwide with your local business, here’s what you’ll need to consider: Who is your new customer base? In order to make your larger business a success, you’ll need to affirm that there’s a need, from a willing audience, in the space you’re advancing in to. If you’re aiming to launch into an untapped market – such as a new city or releasing a product that’s tailored to a slightly di...

Are you a dynamic entrepreneur whose ultimate goal is to turn your passion into reality? Are you looking at starting or expanding your small and medium-sized enterprise (SME)? Do you believe that all you need is a push to fulfil your dreams? In that case, you can look at any of the several sources of business loans – banks, non-banking finance companies (NBFCs), government institutions, venture capitalists –  that are here to work with you as a partner to help actualise your business ideas. In the current economic climate of India, SMEs are in constant need of funds to expand their businesses, meet working capital needs, or make optimal use of business opportunities.  Business loans, either from traditional sources or from FinTech companies such as Capital Float, can provide an optimal solution to meet such financial requirements. Such loans, besides their obvious benefit of the right funds at the right time, carry several advantages that make their choice a good one....

Most small business owners I encounter do not have longevity as a focus. The two common reasons for this are: The business was setup as a lifestyle business or The entrepreneurs do not have the know-how to develop a solid succession plan Working sustainability into your business strategy is a must (even if you have a lifestyle business – after all, there is no reason the next generation must not benefit from all your hard work). Below are some recommendations for getting started: Commit to making longevity a key business focus Mentally committing to making your business outlive you means that you will not take business decisions that threaten long-term goals. Get a board or advisory team that will hold you accountable to this goal. Get help This can come from the board or advisory team you have assembled. You can also get external help (consultants and experienced executives who have helped other companies create effective succession plans). For young businesses and st...

For even the most organized and motivated entrepreneur, writing a business plan can be a daunting task. After all, your business plan is your first opportunity to make critical evaluations of your idea, and to view it from the perspective of different stakeholders. Below, we will discuss some of the universal best practices that apply to any business plan. To ensure that we’re promoting the most up-to-date best practices for writing a business plan, we asked a few successful business strategists and financiers what guidance they have for entrepreneurs new to formal business planning. Bertie Stevens, Co-Founder and CEO of Flubit.com Keep it simple:  Creating a coherent plan doesn’t mean writing a 100 page tome. Getting your idea down on paper will help you formulate your thinking and will ensure you have thought through how you are going to get your business off the ground, what resources you need and what your objectives are. If you are looking for inves...

It is set to be a good year for business. According to forecasts by The World Bank, this year will see  global economic growth  hit 3.1 percent following a surprising year of stronger-than-expected recovery in trade, manufacturing and investment in 2017. In particular, growth in the emerging market and developing economies is expected to strengthen to 4.5 percent in the coming 12 months – and these patterns of strong business growth will, apparently, be replicated worldwide. And the ways in which businesses will grow are surprising. While in recent years growth hack techniques were fairly straightforward to business owners… we’re talking creative marketing, market  survey incentives , double-edged referral schemes and perhaps the introduction of CSR initiatives… in 2018 things will become a little more complex. In the marketing space, consumers will see more personalization of marketing than ever before in 2018. A strategy by which companies leverage data ana...

Some businesses are  inherently more profitable  than others. This can be due to expenses and overhead being low or the business charging a lot for its services or products. Still, all businesses, no matter how profitable they are, can be a challenge getting started. Most Profitable Small Businesses If you yearn to run a profitable business (don’t we all), take a look at the following 20 most profitable small businesses. Tax Preparation and Bookkeeping Without needing fancy premises or expensive equipment, tax preparation and bookkeeping servicescome with low overheads. Furthermore, the standard rate for quality tax preparers and bookkeepers is a decent salary to live on. That said, if you’re not good with numbers, preparing people’s tax and keeping their finances up-to-date, won’t be the business for you. Catering Services You don’t need expensive premises to run your own catering business and could even operate your service from home, keeping ove...