Category: Articles

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8 Signs Your Business Is Failing

Most failed businesses did not fail without prior notice. There are always signs but often we fail to see them. Below are eight sights your business could be failing. 1. Your sales figure is going down Are you doing poorly on sales. It could be a sign your business is failing. While now and then it’s possible to see sales slow down, if this persist for a long time, you need to take a concern look at the entire business to ensure the wheels are not losing.   2. Your available fund is going down Do you see the money belonging to your business going down. It could be a sign your business is failing. If you’re doing poorly on sales, and there are issues with other areas of your business such as operations, it will have a negative effect on your finance.   3. You’re becoming late on payments Once a business is doing poorly on finance, it begins to take a toll on payments. Do you find yourself becoming late on payments to your creditors, suppliers, employees or distributors, it’s a sign your business might need critical attention.   4. Creditors and investors are turning you down If you’ve been finding it easy to raise funding before, and now creditors and investors are reluctant to give you money, it’s possible there is something wrong with your business that you’ve failed to see.   5. Your best employees are quitting Because your best employees are quitting doesn’t mean they’ve gotten a better offer. It’s possible your workplace has become toxic which could be a sign of a bigger problem.   6. Your number of customer complaints is growing You find your customers are complaining unprecedently. It could be a sign something is not working as it should be. Your product or service quality might be dropping. How are you doing on customer experience. Remember, something leads to something. 7. Your most valuable customers are leaving you If you find your most valuable customers abandoning you for your competitors, it’s not necessarily because they got a better offer. It could be a sign of a failing business. A failing business will certainly lead to loss of valuable customers.   8. You’re facing constant issues with your products and services Poor sales, inadequate financing, unmotivated employees, poor management. These will all lead to the delivery of poor products and services.   Keep an eye on the various aspects of your business. No doubt, time to time you will find isolated problems in your business but isolated problems becoming prevalent or unsolved could lead to bigger problem. See your business like a machine with multiple parts working together for a common outcome. One part goes down unfixed and the whole machine could soon stop working.     Bloovera helps entrepreneurs across the world take care of all their business, creative and digital needs. Do you have any question or you want us to be of help to you, feel free to reach out to us through any of our contact channels.   Call/WhatsApp +23409053334874

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2 Steps For You To Make Money

2 Steps For You To Make Money A simple Google search for “how to make money” will return millions of result. While most of what you will see concerning how to make money is true, there are a few fundamental steps one can take to make money, regardless of your chosen field. 1. Identify a problem that needs to be solved Most of the time when people look for a service, it is because they need a problem that needs to be solved. Someone might need to get his or her car fixed or a company might be looking for a consultant to help figure out why their revenue has been declining. There is always a problem that needs to be solved. Even when there seems not to be a problem, there could be a want that needs to be satisfied. 2. Provide a solution to the problem Once you identify a problem that needs to be solved, the next step is to provide a solution. This could be in form of a product or service, such as a mechanic being able to fix a broken car, a dress that makes someone look smart, a product that allows customers make payment faster which leads to customer satisfaction etc. It’s all about developing and providing a solution that works. You might have to acquire some skills to enable you provide a solution while in some cases, you only need to be creative. Once you have a solution to a problem, you should get paid for it. In as much as you have a solution that works, people will be willing to pay for it.

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7 Differences Between A Business Name And A Limited Liability Company

Differences Between A Business Name And A Limited Liability Company In Nigeria, you can either register your business as a business name or as a limited liability company. While you can carry on business and open business bank account with both registrations, there are some differences between the two. Below are some of the key differences between a business name and a limited liability company. 1. Naming By law, it is required that a Limited Liability Company’s name ends with either “Limited” or “LTD”. Example of such is Blooms Universal Ltd. On the other hand, a business name does has no requirement, hence names such as BusinessPrints Nigeria, Bosset Cakes And Confectionery 2. Liability of Owner(s) Owners of a Limited Liability Company are only liable to the extent of the shares they have in a company, meaning they can not be liable for the company’s liabilities. For example, if the company has a debt which it fails to repay, the creditor can not seize the owner’s assets. For a business name, as the owner you are liable for all the liabilities of your business, meaning if your business takes a loan and fails to pay back, the creditor can take over your properties. 3. Shares Issuance A Limited Liability Company can issue shares, either to the owners, employees or to investors. By issuing shares, you can raise funding from investors who will receive a certain number of the company’s stock in return for money. An ordinary business name registration does not have shares, therefore when you only register a business name, you can not raise equity funding from investors. 4. Legal Status Under the Companies And Allied Matters Act (CAMA 2020), a Limited Liability Company is recognized as a legal entity. This means your Limited Liability Company can sue and can be sued. For a business name, it can not sue and it can not be sued. Instead, the business owner could be sued. 5. Governance/Management A limited liability company is required to have at least one director who is responsible for the governance of the company. A business name can not have a director or board of directors. A business name has at least one proprietor who owns and is responsible for the management of the business. 6. Ownership A limited liability company can have up to fifty (50) shareholers. A business name can have a maximum of 20 proprietors (partners), except for accounting and law firms. 7. Annual General Meeting A limited liability company is required to hold an annual general meeting where shareholders vote on key decisions. A business name is not requied to hold any meeting and is not required to vote before making any decisions. Bloovera helps entrepreneurs aross the world take care of all their business, creative and digital needs. Do you have any question or you would like us to be of help, feel free to reach out to us through any of our contact channels. Call/WhatsApp +23409053334874

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Why You Need To Get Your Business Name Registered

Many people have built successful businesses on social media platforms such as Instagram. Why this looks great, majority of these businesses are not registered. While the government will not come after you for not registering your business, except you’re running a regulated business, it remains to be said that you don’t really have a business. What you have is a trade. The government agency responsible for business registrations in Nigeria is the Corporate Affairs Commission (CAC). Without having your business registered with the CAC, you’re simply carrying out a trade. Below are some of the reasons why you need to get your business registered with the Corporate Affairs Commission. 1. It protects your business Because your business has one million followers on Instagram does not make the brand yours. Someone else could still go ahead and register a business with a name identical to your supposed brand. To protect your business from being snatched away, the starting point is to get it registered with the Corporate Affairs Commission (CAC). While there are other ways to protect your brand such as having a trademark, the first step is to get the business registered. Once your business is registered, no one else will be able to register the same identical name as the CAC will not approve it. 2. It allows you to open a business bank account Having a business bank is important, not just for accounting and financing purposes, but it also allows customers to trust your business. To open a business bank account in Nigeria, you need to have your business registered by the Corporate Affairs Commission. As regulated by the Central Bank of Nigeria, only a registered business in Nigeria can have a business bank account. 3. It gives legitimacy to your business The most important factor in business dealings is trust, be it between businesses or between a business and its customers. For people to trust your business, it has to be legitimate. The first step in giving legitimacy to your business is to get it registered. When your business is registered, it gives rest of mind to people dealing with you, knowing that they are dealing with a government recognized business. 4. It allows your business to enter into contracts As you build your business, you will time to time need to enter contracts with business partners. You need a registered business to enter into contracts. After all, you don’t really have a business until you have it registered. Some suppliers will not even agree to deal with you unless you have a registered business. No one will charge you for not registering your business but you will be missing the benefits that comes with having a registered business. It doesn’t cost much to get your business registered. You can proceed to the Corporate Affairs Commission to get started. You can also get in touch with us and we will help you get it done within three days. Call/WhatsApp 09053334874

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How To Appeal To People’s Self Interest

How to appeal to people’s self interst At some point in our lives, we all want something from someone. Maybe you need a colleague’s help or you come up with a beautiful idea and you tried to sell it to people only for them to turn it down. You wonder why they are not interested in such a great idea. After all, this idea will lead to the creation of thousands of jobs. It will bring in lots of money. It will elevate the society. Who cares? Let’s take away the fact that your idea might not even be great in the first place which could be a possible reason why they don’t show interest. I don’t care what you need from people or what kind of idea you’re trying to sell. Maybe to start a business, to form a drama group, to establish a charity foundation or you want to run for a political office and you need someone’s support. When you go to meet someone and try to convince them to buy into your idea. The first question on their mind is ‘what’s in it for me?’ Why should I buy into your idea? Why should I give you my money? Why should I give you my time? Why should I abandon my own project and support yours. Why should I risk my life for your cause? These are some of the questions anyone will ask when you try to sell your ideas to them. Mind you, most of the time, people will not ask you these questions directly. This is when you see someone turn you down without giving you a reason. This is because you failed to answer the obvious questions that they did not ask you. They don’t have to ask you. But you must give them the answers anyway. That is where you must make your research before you approach anyone. Find out what motivates each person so you don’t approach the wrong target. Below are some of the things to consider before approaching anyone. 1. Money Money is one of the biggest motivations in the world. Everyone wants to make money. At the same time, you should understand that we want it more than each other. While everyone wants money, some people get fired up the moment they hear there’s lot of money to be made. Money is what drives them. When you know this kind of people, then you understand you should not go and sell your charity idea to them. They’re most certainly not interested. If your idea has to do with business and there is high probability that money will be made, this kind of people will have your ears more than anyone else. 2. Publicity/Praise Some people just want people to talk about them or praise them for what they’ve done. They do not care how much they’re giving away to your cause as far as their name will be attached to the success of the idea. These kinds of people are best sold the idea of a social project. Something a community will benefit from. Something that will bring praises to the benefactor. Just remember, people must know the man who made it happen. 3. Power & Title Some people are motivated by power. Often money is not their problem. They most certainly already possess money. Now they want their money to bring them power, well, which can still bring them more money in the future, just on another level. These are the kinds of people you want to approach with a political ambition. But you should understand that there is one thing people like this don’t take for granted; loyalty. After all, how can your success bring them power if you’re not loyal to them. 4. Love Love is definitely one of the top motivations for doing things. Can you remember how many times you’ve done something for someone out of love? Take away money, take away power, take away humans’ greed, take away ambition. What else could make someone do something for someone if not love. This applies to everyone, partners, siblings, children, parents, even leaders. Why love is so strong as a motivation for doing something is because love itself is self-interest. After all, the subject is the one feeling the love. They want to help you because they love you, not because you love them. Can you possibly go and meet someone to do something for you because you love them. No. It’s the other way round. They do it because they love you. Learn to appeal to people’s love for you and you will be surprised at how willing they are to be of help. 5. The Need To be Successful You should know that some people just want to be successful and they will jump onto any project you brought before them, if only you’re convincing enough. Go beyond the big picture. Show them the pictures but break down the figures. These kinds of people are result oriented and you must convince them that you know what you are doing. 6. Passion Passion, just like love, is natural and it is a big motivation for doing something. When people do something they have passion for, they feel happy. This is what you’re appealing to. Look for people who have passion for what you want to do and there is high probability they will come on board. The more you appeal to people’s self-interest, the more you will convince them to buy into your idea or to do something for you. You should understand that everyone has something they want for themselves. Nobody does anything for free. It could be money, fame, need for success, happiness or power. You will only be deceiving yourself to think that some people do not want anything. After all, there are several religious people who will render help to you and not make it public. They don’t want to publicize it, saying they did it for

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Why You Fail To Act On Your Ideas

Why you fail to act on your ideas Ideas are great. Ideas made the world what it is today. Think about all the great inventions in history. They are all products of ideas. While ideas are so great, one would expect ideas to be something rare and difficult to get, like a gem. Fortunately, ideas are some of the cheapest things in life. We all get them every day. They are nothing until we bring them to life. As surplus as ideas are, many of us fail to act on them for various reasons. Maybe your idea will solve a problem facing people or it will add value to mankind. Remember it is nothing until you bring it to life. Here are the reasons why you fail to act on your ideas. 1. Doubts With every idea comes a doubt. Maybe it’s not a good idea. Maybe it won’t work. But how will you know if it will work or not. How will you know if it is a great idea or not if you refuse to act on it? The only way to confirm if your idea is good or not is to get up and work on it. 2. Procrastination Procrastination is one of the reasons why many of us fail to act on our ideas. While there is a difference between procrastination and being lazy, the two lead to the same result which is a lack of result. There are different reasons why people procrastinate. On top of the list is lack of motivation. If you lack motivation to act on your idea, maybe you should revisit why you came up with that idea in the first place. Did you intend to start a sea food restaurant because your community lacks one? That may be a reason but at the same time, it might not be motivating enough for you to act on the idea. Maybe you can’t do without eating sea food in a day. You spend a lot of money transporting to another community every day so that you can get your beloved sea food. At the same time, you noticed there are lots of people like you who enjoy sea food in your community. From this, there is more than one motivation. If there is a sea food restaurant in your community, you won’t have to waste money transporting to another community every day. You will save more money. Meanwhile, it is obvious there is a market for sea food in your community and there is zero competition. This is a great business opportunity. Revisit your idea. Ask yourself why you came up with the idea. Look for motivation. Even if there was no motivation when you first came up with the idea, begin to look at every possibility. Find motivation in it. The motivation will be the fuel you need to start acting on your idea. 3. Fear of failure A lot of time we refuse to take action because we are afraid of failing. Nobody enjoys failure. We all want to win. But if everyone should be afraid of failure, then none of the amazing inventions in history would have been possible. Look at the invention of electricity, aircraft and every other great invention. They all are products of many try and failures. Without failing, there can’t be winning. Looking at our sea food restaurant idea? Maybe you’re asking yourself, what if people don’t patronize me. What if I lose my money? Well, you won’t know till you try. Start small and validate your idea. You can decide to make a list of ten persons you know who travel to the next community to buy sea food. Tell them you can deliver them their beloved sea food at a very small fee. You go and get the food and deliver it to them. From ten persons, you can increase the number to fifteen, twenty and above. You can do this for a while before you decide to open your own restaurant in the community. Take away your fear of failure. Begin to work on your idea. If you fail, you will learn and improve on it. The more you fail, the more you get better and the more your idea comes to life. One of my most admired role models Elon Musk said, if you’re failing, you’re not trying at all. 4. Lack of knowledge Every idea requires some degree of knowledge to enable us execute on them. Without the necessary knowledge, you might not be able to bring them to life, or at best, you might end up with a mediocre product. But this shouldn’t stop you from working on it. Before you get started, find out what kind of knowledge is required to execute your idea. Is it a knowledge you already have. Do you need to acquire new knowledge? Or maybe your idea is bigger than you. In that case, you might want to consider looking for people with the right knowledge or skills to help you bring your ideas to life. The internet today has also made learning extremely easy. You can find several courses on different learning websites. You can watch unlimited educational videos on YouTube. For our sea food restaurant idea, you might enjoy the food but don’t know how to prepare it. What if you volunteer to work for free at your favourite sea food restaurant to gain some idea? I promise you they will be glad to take you in. From there you will gain the experience you require. You can also get potential partners who will be interested in joining your proposed restaurant. The most important thing is that you get started. Mark Zuckerberg said, if I had to know everything about connecting people, I wouldn’t have started Facebook. Most of the time, the little we know is sufficient for us to get started. As you work on your ideas, you will figure things out. 5. Listening to others While it is

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How To Start A Business In Nigeria

How to start a business in Nigeria If you are the kind who likes to be your own boss, or you have a unique business idea which you want to bring to life, then starting your own business is the right way to go. As exciting as this might seem, you have to take the necessary steps to ensure success at the end of the day. This article talks about how to start a business in Nigeria in general, assuming you have all it takes to start and run a business, including adequate capital. Some of my future articles will discuss how to start and run small businesses with little money. Starting a business in Nigeria has become easier in recent times, thankful to the advent of technology and government’s efforts in making it easy to start business. Below are how to start a business in Nigeria 1. Write A Business Plan Like anywhere else in the world, the first thing to consider while starting a business is a business plan. The importance of a business plan can’t be over emphasized. Your business plan should not be a fancy document with only big pictures of your dream but a detailed plan of what your proposed business is and how you intend to run it. A future article will discuss in detail all you need to know about writing a business plan. While writing your business plan, you must decide on the following 2. Choose A Business Location Your business requires a location, regardless of what type of business you are doing. Every business has target customers and they are based in a location. Choose your location based on the kind of business you are starting and the customers you are targeting. Make your location closer to your customers as much as possible. If your business deals with production, you might want to consider other factors such as closeness to raw materials. 3. Decide If You Require a partner A lot of people started their businesses without partners. But with today’s business environment, there is a big advantage to having a partner while starting a business. The number one reason you might want to consider having a partner is that a partner can complement your skills. This is often the case with businesses that require different skill sets. For instance one partner could be a technical person while the other is well grounded in business management. By bringing on a partner who has a skill which you don’t have, you would eliminate the need to hire someone. Though there are downsides to having a business partner, the advantages outweighs the disadvantages. You can always deal with the downsides by being professional in everything you do. 4. Raise Startup Capital Your business requires capital, regardless of its size. You must decide on where it will come from before you start your business. Business capital can come from several places but you should know that as a new business, some sources of capital will not be easily accessible to you, such as loans from commercial banks. The number one source of your startup capital is your personal savings. As an entrepreneur, you should be able to have some savings, no matter how small it is. If you can’t invest your own money in your business, why should anyone give you their money? Your second source of capital is friends and family. If you can’t convince your friends and family to invest in your business, or if they can’t believe in your plan, why should anyone else do so? Then you can consider other sources of capital. These include angel investors, grants and small loans. 5. Decide On A Business Legal Structure Before taking the step to register your business, you should decide on the legal structure you want for your business. There are three legal forms your business can take. These are sole proprietorship, partnership and corporation. The easiest of these is the sole proprietorship, with which you are the only owner of your business. In Nigeria, you can either register your business as a business name or as a limited liability company. You can read our article on the difference between a business name and a limited liability company. 6. Register With The Government If you’ve decided on your business legal structure, you can proceed to register with the government. The agency responsible for business registration in Nigeria is the Corporate Affairs Commission of the federal government. If you’re ready to take this step, we will help you get it done at the lowest price possible. Remember, it is very important to get your business registered. 7. Register With Tax Office Once your business is registered, do not waste time before you head to the Federal Inland Revenue Service office closest to your place of business. In Nigeria, you are required to pay tax if your business is making profit. You need to obtain a Taxpayer Identification Number (TIN). 8. Get A Business Account You should visit one of the commercial banks and get a current account with your business name. You do not want to be carrying out business transactions with your personal account. Before you proceed to open a business bank account, you should know that your business must have been registered and you need a Tax Identification Number (TIN). 9. Purchase Insurance Policy While this might seem unnecessary, it will protect your business in case of an incident such as theft or accident. 10. Build Your “A Team” Now it’s time to build your team. You will not just build a team, you will build an A Team. Every great business requires a great team. To build a great team, you must begin by selecting the right individuals. Decide on who is required. Start by making a plan. In the plan, you should identify what skill is needed, which position you need to fill, then you can look for the right person for the job. Remember that there