Being an entrepreneur is not a child’s play. It takes a lot of guts and conviction for you to take the bold step to become an entrepreneur. More so if you are in Nigerian.
When these entrepreneurs are eventually successful, there are certain things that they do or have in common that result in these achievements. So what are these things?
Jumia Travel, the leading online travel agency identifies the 6 things successful Entrepreneurs have in common
1. They believe in their ideas
Successful entrepreneurs don’t wait for anyone to validate their ideas. This is because they have invested a reasonable time in researching the workability and practicability of the ideas before sharing it with potential investors and friends. So, whether your friend or investor believes in your idea, they are not worried, they pursue it to a viable conclusion. Their positivity will always rub off on those around them.
2. They find solutions to problems
Entrepreneurs easily find solutions to problems and provide answers via a product or service. This is why it is essential to conduct market research to test your solutions. When you have a market, be sure that your solution will solve the problem your target market has.
3. They delegate
Successful entrepreneurs don’t do everything on their own. Except you want to experience entrepreneurial burnout, you will always delegate. What you should delegate are the things you have little or no knowledge about.
4. They go the extra mile
Entrepreneurs are never satisfied with doing things haphazardly. They are exhaustive and if they need to go the extra mile, they will. In going the extra mile, they sacrifice a quite a number of things.
5. They schedule everything
As a business man, your schedule is always tight. You are always in one meeting or another. The only way you can manage yourself and time is by scheduling everything. Don’t postpone anything. Be at home when you are supposed to and go on vacation to Obudu Resort when you are meant to.
6. They invest in their own skills
Whether you are an entrepreneur or not you should always hone your skills. Successful entrepreneurs never hesitate to educate themselves.
So, whenever you are asked on the things which Successful Entrepreneurs Have In Common, you will be in a better position to enlighten your audience.
5 Cash Flow Problems Your Small Business Is Likely To Experience
Cash or money is important to the proper, effective and smooth running of any business or enterprise. It is, therefore, safe to say that without money, your business will collapse.
As a result, Jumia Travel discuss Five cash flow problems that are likely to affect the smooth running of your business. This will ensure that you are fully prepared for any uncertainties.
1. Delayed payment
After providing a service, you expect to be paid immediately, this is not the case most times. You offer your service and get paid later. However, this is not good for your business. In fact, if your clients pay very late, your debt profile will steadily rise. To reduce the effect of late payment, set a timeline for your clients or customers to make payment and use your relationship with the manager to encourage him or her to pay you as early as possible. You can also reduce the credit you offer your customers.
2. Decline in sales
The reduction in sales can have a huge impact on profit. As soon as you notice a decline in sales, you may need to check your marketing strategy again. You can also take advantage of social media. You don’t need to break the bank to boost sales again.
3. Low profit
Profit is directly linked to sales. You should not be too surprised if your profit has been hit. The Nigerian economy is trying to recover from its first recession in 22 years. Besides, some businesses have declared losses. This is why the business should have savings to cushion the effect of the lack of profitability. Also, you may need to adjust your growth forecast.
4. Seasonal demands
There are some businesses that are seasonal. Seasonal in the sense that there are certain months there is a monumental spike in turnover and in other months, it will reduce. For example, there is always an increase in hotel bookings during public holidays and the festive period. This is same for transport. You have to plan your cash for this period so that there is no lacuna.
This usually affects small businesses that are just opening a shop. Most times, these businesses invite customers and friends and offer them a good discount to promote patronage. The turnout may be massive and it may affect your cash flow because so many people are taking advantage of the discount. The rule here is to try as much as possible to make your launching very simple and don’t offer any crazy discount.
5 Reasons Your Business Needs a POS Machine
There are businesses or stores that are skeptical about using a Point of Sale Machine because of trust issues, the bank charges, and the expenses involved in getting one.
Regardless, what they don’t know is that there are so many advantages to using a POS machine especially if you are doing a business that involves cash.
Therefore if you are any doubts about using a POS machine, Jumia Travel gathers 5 reasons your business should have a POS machine.
1. It is safe and secure
It is very risky to have physical cash in your store because you never know what will happen. It is better to be safe than sorry. In addition to this, it is very safe and secure because the likelihood of theft is very low.
2. Attracts more customers
Nigerians have largely embraced the idea of using ATM cards for transactions. Consequently, not many Nigerians carry cash around. Your business should move with this trend so that you will not lose your customers. For example, what will you do if a customer who booked Epe Resort on Jumia Travel and wants to pay with her ATM card? The fact is with your POS machine, you will no doubt attract more customers.
3. Simplify accounting process
With a POS machine, you can easily give an account of your turnover. Also, you will get receipts and alerts for every transaction made via the POS. With these receipts, you can balance your account without wasting too much.
4. Better customer experience
Customers will all return if they have a wonderful experience. Imagine if you go to a store and want to pay with your ATM card and there is no POS machine, you definitely not be happy. Some customers will gladly go to the ATM machine to withdraw, others. In addition to losing customers, they are a bad customer experience.
5. Your business will appear serious
Businesses that have an ATM machine will arguably be taken seriously compared with the one that does not own one. Note that there is nothing wrong with collecting cash, but your business will appear more professional and serious if you accept payments via POS.
8 WAYS TO USE TWITTER FOR BUSINESS
Twitter is a place for people to connect, share opinions and keep abreast of happenings around the world.
In addition to this, Twitter can also be used as a powerful tool to market your business because there is a prevalent discovery mindset in people when they are on Twitter, which makes them open to interactions.
Jumia Travel, in this first part, shares 8 ways you can leverage Twitter to drive traffic to your business and bring new life and ‘renewed business purpose’ to your Twitter efforts.
1. PAY ADEQUATE ATTENTION TO YOUR BUSINESS TWITTER PROFILE
First, the name of your twitter handle should help people easily find your business. Also, your profile photo should visually represent your business brand and should be consistent. You shouldn’t constantly change your business profile photo.
Your profile bio should let people know all they need to about your business and why they should follow you. It should contain useful information about your business and a link to your website.
Your header image should basically be considered as a ‘billboard for your business’. You can use twitter to feature products, highlight your employees or spotlight events, promotions or product news. In addition, pin an important Tweet at the top of your timeline and use the feature to ensure visitors to your profile don’t miss out on the latest news, products, offerings or events about your business.
Lastly, make sure you tweet regularly. Regular tweeting is a sign of an active profile and it helps you stay relevant on the Twitter medium. Daily postings and engagement is recommended to help you remain ‘top of mind’ on a consistent basis. Be sure to Tweet relevant, useful and engaging content.
2. REGULARLY INTERACT WITH THE INFLUENCERS AND EXPERTS IN YOUR TARGET AREA(S)
You can use a ‘Twitter Search’ or a tool like ‘Topsy’ or ‘Followerwonk’ to discover these influencers and experts by searching keywords that relate to your industry. You should then follow and interact with them regularly. In your interactions with them, try to be casual and helpful, rather than promotional. Build a relationship with them first, before seeking for ways to collaborate with them. Remember to be wise and prudent in this pursuit, as much as you are to interact with them and build a relationship, don’t overdo it. Manage your interactions with them properly so they don’t end up seeing you as a pest or stalker.
3. PAY ATTENTION TO YOUR CONTENT
Try to create tweets that incite conversations and keep your followers, visitors and audiences engaged. You can do this by keeping your tweets short and focused on a specific message. If you have a longer message, include a link to your blog or website on the post. Also try to use visuals (images, videos or GIFs) in your tweet. Visual posts are usually more engaging and help to increase Tweet engagement rates.
In addition, try asking questions and running polls to interact with your audience, bring readers into the conversation and understand people’s opinions. Polls will help you to survey on specific responses.
4. REMEMBER YOUR CO-WORKERS
Marketing your business on Twitter doesn’t have to be a ‘one-man’ or ‘one-department’ effort; you should try to get your co-workers involved in the process. Encourage them to follow your business Twitter handle and tweet, retweet, like and engage with the business’ Twitter content. This will help to further build your business brand and increase your visibility on Twitter.
5. BE GENEROUS TO YOUR TWITTER FOLLOWERS
Offer discounts and special deals to your Twitter followers. Do this from time to time, alongside ‘Twitter contests’ to drive traffic to your handle.
6. BE INTERACTIVE
From time to time, ask for some ‘Twitter love’ and ask followers to retweet, mention and like your tweets. Track brand mentions and keywords about your business to know what is being said about you. Respond in a polite and professional manner to replies and mentions, especially because many customers now post complaints and queries on Twitter.
You can also set up Twitter searches for terms relevant to your brand, and follow relevant trends/hashtags to monitor conversations relevant to your business brand. Try to occasionally jump into these conversations when appropriate. For example, if your brand is a hotel booking brand in Lagos, you can type in relevant search terms like ‘hotel booking Lagos’. Then, when you see a tweet there like, ‘Is there any good hotel booking portal that I can use to get a nice hotel for my sweetheart and I this Valentine, at an affordable price?”, you can jump in with something like, “Of course there is, visit [insert your website link] for the best and most affordable hotels in your area. You are guaranteed 100% satisfaction!”
In addition, retweeting and liking the tweets of some of the influencers and experts you follow, including some of your own followers, can go a long way in help to build good relationships with them. You can also tag your posts with one or two relevant and trending hashtags to help you increase your visibility and reach out to new users. But only use this sparingly, because overdoing this can be seen as ‘Twitter Spam’
7. USE TWITTER ANALYTICS
Twitter analytics can help you grasp what is and what is not resonating with your audience. It helps you understand how the content you share on twitter grows your business. The analytics dashboard gives you information that can help you determine the best days to tweet, the type of content that’s more favoured by your audience and the demographics of followers that are interacting with your posts. This can help you determine and replicate what’s working for your business brand, and revaluate and rework what isn’t.
8. INTEGRATE TWITTER WITH OTHER MARKETING EFFORTS
There is no rule that says your Twitter marketing efforts must stand alone. Twitter marketing efforts are much more effective when integrated with other marketing efforts. For example, you can occasionally let your email subscribers know about Twitter promotions and contests that you are running.
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