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April 11, 2022 6 Businesses You Can Start With Little Or No Money

6 Businesses You Can Start With Little Or No Money

"The country is hard" is an anthem on the lips of every Nigerian now. Nigeria is currently the third poorest country in the world and getting a means of income seems so difficult. With that said, having a side hustle in these times won't hurt.

If  you have always wanted to start your own company. You're sick of working for someone else and crave the freedom and responsibility that comes with owning your own business.

The problem is that you don't have a lot of starting capital—or any at all. That means you're probably out of luck, right?

Wrong! Here are 10 businesses that you can start for almost nothing (and those that aren't completely free are very low-cost). They do not necessitate costly training or degrees, expensive equipment, or a large amount of materials, space, or product.

Having said that, many of the businesses listed below require regular access to a computer, the internet, and possibly a car. However, if you already have those sorted, jump right in—you're bound to find a business idea that fits your skill set if you think creatively!

Here are 6 businesses you can start with little or no capital:

BLOGGING

While it is not a novel concept, monetized blogging is always a popular option for a low-cost business.

When it comes to making money from your blog, you have a plethora of options, such as affiliate partnerships, producing eBooks, and offering online courses and webinars. Some of these are more effective than others, as certain blog niches are more popular and easier to monetize than others. Beauty, food, and parenting blogs, for example, are among the most popular niches and, as a result, will be easier to monetize (though you will face stiffer competition).

It is worth noting, however, that monetizing your blog will work best if you choose a topic about which you are truly passionate and personally invested.

BLOGGING

 

FREELANCE WRITING/ FREELANCE EDITING

Are you a good writer? This one is self-evident. Consider starting a freelance writing business if you have strong writing skills.

Upwork, Fiverr, and Freelancer are popular freelancing sites for building your portfolio and client base. They can provide you with invaluable advice on what to do and what not to do!).

Similarly, if you have a keen eye for structural changes and enjoy editing for grammar and punctuation, you should think about starting a freelance editing business.

There will always be a need for editors as long as there is written content. If you have writing experience and a good eye, freelance editing could be a viable business option for you.

 

GRAPHIC / LOGO DESIGN

Consider starting a logo or graphic design business if you're creative and skilled with Photoshop. To begin, you can list your services on sites like Upwork, 99Designs, Fiverr or any of the other freelance sites available to help you build a portfolio and a client base.

For newbies who want to learn more about graphic design, you might want to check 'free' coupon courses on Udemy or Coursera to get a hang of the skill.

 

CONSULTING

Starting a consulting business is a popular free business to begin. The type of consulting you offer will be determined by your skill set; do you have a background in social media marketing, or do you have legal experience?

Examine your skills and previous work experience to see what you can bring to the table that others may not have.

 

WEBSITE DESIGN

If you know how to set up a killer website, you’re in luck—most people don’t, and the demand for high-quality business websites is only increasing.

According to research, the most significant competitor to your web design services is not other designers, but rather business owners who choose not to hire anyone at all. So, how are you going to make yourself appear indispensable?

PROGRAMMING

While it is possible to learn to code and create your own app, programming services will always be in high demand. If you are a skilled programmer, you can start a business offering your programming skills with no money.

WRITTEN BY PHILIP GEORGE AND TEMIDAYO ADEBIMPE

 

 

April 7, 2022 CBN Fines Three Banks N800m Over Crypto Transactions

CBN Fines Three Banks N800m Over Crypto Transactions

The Central Bank of Nigeria has imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies.

According to a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc.

The report noted that the penalties were part of efforts by the apex bank to ensure that banks implement an order to block trading in cryptocurrencies due to the threat they pose to Nigeria’s financial system.

The directive was contained in a circular issued by the CBN in February 2021.

In addition, the CBN had in November directed banks to close the accounts of two individuals and a company for allegedly trading in cryptocurrencies.

Despite these regulations, Nigeria accounts for the largest volume of cryptocurrency transactions outside the United States., according to Paxful, a Bitcoin marketplace.

The country also has the largest proportion of retail users conducting crypto transactions under $10,000, Chainalysis says.

The report stated that Access Bank was fined N500m for failure to close customers’ crypto accounts, according to a filing with the Nigerian Exchange Limited while UBA incurred a N100m penalty for digital-currency transactions by a customer.

It said that the Chief Executive Officer, Stanbic IBTC, Wole Adeniyi, during an investor conference call in Lagos on Tuesday revealed that his bank was fined N200m ($478,595) for two accounts alleged to have been used for crypto transactions.

Adeniyi said that while Stanbic IBTC followed the apex bank’s directive, the transactions it was sanctioned for might have passed through its system undetected.

He noted that the CBN was able to detect the relevant transactions using an “advanced capability” that Nigerian banks don’t have access to, and they’ve asked the apex bank to share the technology.

“It doesn’t seem that they are going to entertain a refund, but they are now sharing intelligence with us to be able to kind of deter clients,” he added.

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March 4, 2022 The Importance Of  Having A Business Plan

The Importance Of Having A Business Plan

A business plan is a 15-20 page document that details how you intend to achieve your business goals and includes information about your product, marketing strategies, and finances. You should make one when you start a new business and keep updating it as it grows.

Small business entrepreneurs usually use business plans to guide them rather than putting themselves in a situation where they may need to seek for directions or even circle back and start over. This allows individuals to see the big picture, plan, make critical decisions, and improve their overall chance of success

The Importance Of A Business Plan

6 Reasons Why You Need A Business Plan

You may be wondering, "Do I need a business plan?  It sounds like a lot of work, and I've heard they're out of date, and I prefer to figure things out as I go..."

The answer is that you do, in fact, require a business plan! "Going into business without a business plan is like going on a mountain trek without a map or GPS support—you'll eventually get lost and starve!" said entrepreneur Kevin J. Donaldson. Though it may appear tedious and time-consuming, business plans are essential for starting a business and ensuring success.

Here are Six (6) reasons why you need a business plan for your small business to highlight the importance of business plans and make the process seem less intimidating.

To Help Making Critical Decisions

The primary benefit of a business plan is that it allows you to make better decisions. Entrepreneurship is frequently a never-ending exercise in decision-making and crisis management. Sitting down and considering all of the implications of any given decision is a luxury that small businesses cannot always afford. That's where a business plan comes in.

Making a business plan allows you to anticipate the outcome of some of the most important business decisions.

To Avoid Making Big Mistakes

Only about half of small businesses have made it to their fifth birthday. While there are numerous reasons why small businesses fail, many of the most common are addressed specifically in business plans.

According to CB Insights data, some of the most common reasons for business failure include:

No Market Demand: There is no market need for what you're selling.

Cash flow issues or businesses simply running out of money are examples of a lack of capital.

Inadequate team: This highlights the importance of hiring the right people to assist you in running your business.

Tough competition: When you have a lot of competitors in your space, it's difficult to generate a consistent profit.

Pricing: Some entrepreneurs overprice or underprice their products or services, which can be disastrous.

The exercise of developing a business plan can assist you in avoiding these major blunders. Whether it's cash flow forecasts or a product-market fit analysis, every component of a business plan can help identify potentially critical errors before they happen. For example, don't be afraid to abandon a great idea if it turns out there's no market need for it. Be truthful to yourself!

You can also avoid these mistakes by reaching out to professionals today.

To Set Better Benchmarks And Objectives

Without a business plan, goals can become arbitrary, with little rhyme or reason behind them. A business plan can assist in making those benchmarks more intentional and consequential. They can also help you stay on track with your long-term vision and strategy, as well as gain insights into how your strategy is (or isn't) coming together over time.

 To Prove The Business Viability

Many businesses are founded on passion, and while this can be a great motivator, it is not a great proof point.

The most important step between concept and reality is figuring out exactly how you're going to turn that vision into a successful business. Business plans can help you confirm that your big idea is a good business idea.

The market research section is an important part of your business plan. Market research can provide in-depth information about your customers, competitors, and industry. It can not only enlighten entrepreneurs who are starting a new business, but it can also better inform existing businesses about activities such as marketing, advertising, and the release of new products or services.

To Be Financially Secure

Did you know that having a business plan increases your chances of getting funded? If you want to pitch to venture capitalists, borrow from a bank, or sell your company in the future, you'll almost certainly need a business plan. After all, anyone interested in investing in your company will want to know it's in good hands and will be profitable in the long run. Business plans are the most effective way to demonstrate this, and they are typically required for anyone seeking outside financing.

 To Have A Better Understanding Of The Broader Landscape

No business is an island, and while you may have a firm grasp on what's going on inside your walls, it's also critical to understand the market landscape. Writing a business plan can help you better understand your competition and the market you're in more broadly, as well as illuminate consumer trends and preferences, potential disruptions, and other insights that aren't always obvious.

 

 

 

 

 

 

 

January 26, 2022 CBN Assures Food Prices Will Moderate In 2022

CBN Assures Food Prices Will Moderate In 2022

The Central Bank of Nigeria (CBN) on Tuesday assured Nigerians that food prices would not accelerate the way people had anticipated in 2022.

The CBN Governor, Mr Godwin Emefiele, said this while answering questions from the press after presenting the outcome of the two-day Monetary Policy Committee (MPC) meeting on Tuesday in Abuja.

The MPC, at the meeting, retained the country’s Monetary Policy Rate (MPR) at 11.5 per cent and also unanimously agreed to retain all other monetary policy parameters.

The Cash Reserve Ratio (CRR) was, thus, retained at 27.5 per cent, Liquidity Ratio, 30 per cent and Asymmetric Corridor, +100 and -700 Basis Points around the MPR.

Emefiele, answering questions after presenting the MPC meeting outcome, said the MPC saw logistical challenges in moving food from farm gates to the market, and also the activities of hoarders and would do everything possible to stop it.

According to him, the CBN is looking at the issues involved and will come up with good stories to tell about the trend by the next MPC.

“We found out that prices at farm gates are in line with our expectations because they are somewhat moderated; However, prices at the markets where our statisticians take their survey are high.

“So, if prices at the markets are high, there is, therefore, some problems between the farm gates and the markets.

“So, we see logistical problems, essentially bordering on transportation, also bordering on maybe destruction of food produce or perishable items from farm to market.

“We are trying to encourage people who are interested in looking at how to resolve the logistical problems of delivering food from farm to market to come in and take advantage of some of the interventions that we have,” he said.

He said the MPC believed that the rise in food prices in December 2021 was temporary hence, the plan to look at it again in its coming meetings.

Emefiele said the MPC was happy about the Anchor Borrowers programme, which started last year, adding that it would help to moderate food prices and stop hoarding.

“Luckily, we started a programme last year where we said for our own repayment of our loans under the Anchor Borrower programs, we will receive the produce into our own silos and our own warehouses and we will dispose them and sell them to the real end-users.

“Whether it’s the rice millers or the feed millers who need them to produce, so that through that mechanism, we can be seem to be competing with the hoarders in the market to moderate prices,” he said.

According to him, it worked well in 2021 because between February and around August 2021, the central bank released on a monthly basis 50,000 tons of maize through those it recognised as feed millers.

The CBN governor also said the MPC had ensured that the Nigerian commodity exchange would come alive.

Emefiele said an independent board would eventually be inaugurated assuring that every support needed to play its role as a large commodity exchange that could hold different produce in the country and compete with hoarders, would be given to it.

On rice pyramid, the CBN governor assured Nigerians that soon they would be buying a bag of rice at a reasonable price.

“We will aggregate those rice paddies and we will sell them to millers and we would like to appeal to the millers that they should also be considerate.

“We are going to look at every transportation logistic that they are looking at but, Nigerians must receive rice in their plate on their dining tables at moderate prices,” Emefiele said.

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