HOMEPAGE Forums Business Clinic/Mentoring 👩🏽 💼 🏢 Starting a business: Basic structures for success

This topic contains 20 replies, has 12 voices, and was last updated by  oarhawarien 1 year, 6 months ago.

  • Author
    Posts
  • #10995
  • #11025

    Nnonye Enwonwu
    Participant

    Hello Bukky and thanks for this opportunity. I have a passion for making jewellery but I work in a 9 to 5 job so my weekend is when I make new items . After selling to family and friends, how can I expand my market and sell more?

    • #11111

      Hi Onye Collection. Thank you for that question. You need to make full use of the social media to expand your market and sell more. It’s free and effective. Make daily posts on the social media platforms to share benefits of your products. Keep talking about what you do or sell on social media. Instagram is especially helpful for marketing products because people can see what they want to buy.Finally, keep leveraging on your network of family and friends. You must also get feedback on every transaction you do to gauge customer satisfaction.

  • #11107

    Lakeside
    Member

    Hello bukky, kindly highlight the challenges you encountered starting a business like yours in terms of funding, training of techs etc

    • #11113

      @Lakeside, There are many challenges with starting a business and it is important for any new business to prepare for a fair share of failures, mistakes and disappointments. Funding is a major challenge for most start ups. I had to rely on personal savings and help from my family members to fund the business. Unfortunately, a new business does not qualify for a loan. In addition to funding, we also had challenges with manpower. We had to train our employees and change their orientation to understand that pest control goes beyond spraying of chemicals. We had both classroom and onsite training and even exposed them to international training to get them to the desired level. Most of our consumables are not manufactured locally, we source them from abroad and that imposes extra requirements and costs. Also, regulatory and permit requirements were not clearly defined.

  • #11114

    dbabybeads
    Member

    Hi bukky thanks for this opportunity. my challenge is how much does having a social media platform enhance a by the side HUSSTLE.been procastinating way too long.is there anotherway you could b reached.thank you.

    • #11117

      @dbabybeads, the social media is a GREAT help for marketing products and services and most importantly it is FREE. You don’t have to pay for it except you want a paid promotion. You can do different things with the social media – Facebook, Twitter, etc and also send out broadcast messages on BBM and whapsapp and daily posts on all channels. You just have to keep the conversation going about what you do or sell. You can also register on canva.com to create beautiful flyers for your products that you can post. I am available to discuss further with you, I can be reached by email on bukky.soleye@bugzappersltd.com

  • #11187

    oarhawarien
    Participant

    Dear Bukky, i want to say thank you for your concise replies. All my questions have been answered from reading your responses.

  • #11123

    isabellaom
    Member

    Hello Bukky. Thanks for the opportunity. Please I would like to know how you have been able to handle staff turnover. How do you retain your staff and keep them motivated and focused on doing their jobs effectively?

    • #11125

      @isabellaom, thank you for that question. We have had very low staff turnover. We made up our minds from the onset to pay above the average market rate. Also, health care benefits are provided for our staff and their family members even though it takes a toll on the company considering it’s a small business. Our employees are more than 5 and the law mandates that we enroll them in a pension plan; we are in the process of doing that. We also invested in our staff by training them and exposing them to international conferences. Once you treat your staff well, the turnover will be low. We actually operate like a small family and I have an open door policy.

  • #11124

    yanks
    Member

    Hello Bukky,

    I am currently in a paid job and looking to start my own gig. However, I am struggling with knowing the right time to quit my job to face my business squarely. do i manage the 2 concurrently until i have built my business to a level or do i take the leap of faith and quit my current job to face my business squarely..
    p.s. you are doing a great job. thank you for this opportunity 🙂

    • #11127

      @yanks, right time to leave paid employment differs from one person to another. There should be a plan for survival while building the business. I will advise that you save enough to cover one year living expenses before you go fully into business. You have to manage both your job and business until you get comfortable knowing you can survive if you stop your 9-5 job. Once you start to make consistent, good profit from your business, that is another indication that you can quit your job to focus on your business.

  • #11129

    Hello Bukky,

    Thank you for highlighting one part of self-employment that some people take for granted: staff welfare. Treating your staff well is vital to reducing staff turnover and ensure stability of the business. However, what happens when you provide the best renumeration package possible but they keep complaining about their package every month. What can be done to reduce because they sometimes complain in front customers.

    • #11132

      Thank you @gabufada, In as much as remuneration is an important aspect of staff welfare, there are other tools that can also be used for staff motivation. Staff appreciation and recognition of individual achievements help to motivate staff and reduce low morale. Training and attendance of conferences is also a great motivation for staff. Please bear in mind, that one can do all this and some people will still be dissatisfied.

  • #11130

    yvesa
    Member

    Hello Bukky, i’m looking to start my own hairline (weaves, hair care products, e.t.c)pretty soon but the FX volatility is really discouraging but i have a strong passion to forge ahead. Please how can i look past the current situation in the country and forge ahead with my business passion? Thank you for your time.

    • #11136

      @yvesa, thank you for that question. Despite the foreign exchange fluctuations, I think you should still go ahead with your plans. You can start with the hair products. You can source for the ingredients, produce and package locally. There are lots of locally produced hair products in the market now. For the weaves, you may want to wait until the forex market is a bit stable.

  • #11133

    tolufagbayi1
    Member

    Hi Bukky,

    A friend of mine recently started a business and she’s finding it difficult negotiating the tax system. She’s trying to do this on her own as she has no funding for an accountant.

    How did you cope when you first started your business and what would you advise?

    • #11140

      Thanks @tolufagbayi1. We still don’t have a full time accountant at http://www.bugzappersltd.com Initially, our accountant provided guidance on bookkeeping and filing monthly VAT returns, so we handle all that ourselves. At the end of the year, we transmit the records to him for annual accounts preparation. He also handles the tax reconciliation with the tax authorities.
      I will advise that your friend tries the same strategy. It’s more cost effective for small businesses. I am available if your friend needs more information. I can be reached through my email: bukky.soleye@bugzappersltd.com

  • #11141

    fsalamino
    Member

    Hello Bukky,

    I am just joining, thanks for all the good tips.

    What is the best way to deal with a rude client/customer? Having in mind that we need to always put our customers interest first?

    Thanks

    • #11142

      Thanks @fsalamino. The customer is always right and without them we won’t remain in business. No matter the temptation, one should never talk back at a customer. Listening to the customer is key, their concerns should always be addressed.

  • #11146

    ebunoluwa1
    Member

    Dear Bukky,

    I really want to start my own business earnestly but I do not have enough money to start and more so, responsibilities is really eating up my little savings. Please how best do I get disciplined with my savings till am able to start.

    Thank you

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