3 Clever Ways Paxful Moms Talked Bitcoin With Their Kids

While even some adults have trouble understanding bitcoin, you may be scratching your head looking for ways to explain it to your children. Don’t sweat it—let’s look at how some real-life Moms had the bitcoin talk with their kids.

1. Let your child manage their own money

By this, we don’t simply mean giving your kids money, but rather allowing them to explore the idea of saving, the concept of online wallets, and the advantages of bitcoin.

“I teach my daughter about money by giving her her own bank account and a piggy bank. Everytime I get my paycheck, I’d transfer a small amount of money to her savings account. When we go to the grocery store, I let her keep the change so she can save money in her piggy bank.

Selfie of Shainne with her daughter

Regarding bitcoin, I simply explained that it is like the money in her piggy bank but inside her mobile phone. I also let her navigate my Paxful wallet account and explain to her some advantages of using bitcoin, including how much easier and more secure bitcoin is than money in the bank.” — Shainne, L3 Feedback Analyst

2. Associate bitcoin with what they know

Britta and her sons taking a stroll

Britta, our Senior People Operations Manager, has two boys that understand bitcoin as just another form of money (or more specifically, that bitcoin is Paxful!). Meanwhile, the children of Renata, our LATAM Marketing Consultant, think of toys when they hear about bitcoin. 

“Whenever I asked my Mom to buy me toys when I was young, she’d always tell me that she had to work to make money in order to buy me something. Now that my 4-year-old son, Dante, knows that I work at a crypto company, he’d ask me if I can save bitcoin to buy him toys. 

Renata and her kids

My 7-year-old daughter Teresa, on the other hand, seems to understand bitcoin a bit more and tells my mom that digital currency is what people use to buy and sell things without ‘touching.’ To my kids, bitcoin is this virtual money that I can use to buy them toys, which explains why Teresa asks me about how many BTC I’ve sold every day I come home from work!” 

3. Turn to real-life resources   

People say children learn when they experience things for themselves, so get ready to spend your money on online games and at restaurants that accept bitcoin. Here are some ideas and resources you can turn to:

  • Take your kid to a store that accepts bitcoin to show them how this digital currency is used in everyday life. If it’s as easy as scanning a QR code, let them do it! 
  • Get ready for Sesame Street to teach your kids about coding and blockchain.
  • Watch Billy’s Bitcoin cartoons on YouTube together. 
  • Introduce Minecraft to your kids where they can earn “bits” (small units of bitcoin) and spend them on in-game purchases for classes and additional gaming content. 
  • Let your kids watch you conduct a trade on Paxful. Then for your next trade, ask them to help you find a trustworthy vendor to trade with. 
  • Send your kid to a high school in Francebitcoin is officially part of the syllabus for economics and social sciences!

Cryptocurrency for kids is the future

Very soon, bitcoin may pervade every aspect of life, so prepare your children for a major change in the financial landscape. Try using games, TV shows, and other real-life examples mentioned above to introduce bitcoin to your children. 😉

How have you been teaching your kids about bitcoin? Let us know in the comments below!

The post 3 Clever Ways Paxful Moms Talked Bitcoin With Their Kids appeared first on The Paxful Blog.

Continue Reading 3 Clever Ways Paxful Moms Talked Bitcoin With Their Kids

Palm Oil Business – How to Start Palm Oil Business In Nigeria

The palm oil business is one of the lucrative businesses in Nigeria because of its diverse usefulness and the huge profit involved. In Nigeria, palm oil is one of the essential needs for cooking most meals. The interesting part of this business is that every part of the palm tree (fruits, leaves, trunks, and sap) is used for different things.

See Also: How to start Pure and Bottled Water Business in Nigeria

The palm fruits are processed to produce palm oil, the leaves on the other hand are used for roofing homes in rural areas. While the popular palm wine which is the sap is a refreshing and widely loved beverage in Nigeria.

Gone are the days when people think that the only sector to make cool money in Nigeria is oil and gas. Nowadays, industries that are being overlooked are the ones raking in huge profits for the business owners.

An aspiring entrepreneur must be able to look wide and deep when investing in a business. Not long ago, Nigeria was the third-largest producer of palm oil, with over 2.3million hectares (5.7×106 acres) under cultivation.

This article covers everything you need to know about starting and running a successful palm oil business in Nigeria. Additionally, you will also learn about the different areas of the palm oil business so you can choose the best that works for you depending on your start-up capital.

See Also: How to start Mini-Importation Business in Nigeria

Palm Oil Business Defined

Palm oil is an edible vegetable oil derived from the fruit of palm trees and it is reddish in colour. It is a native oil with rich components found in Nigeria and some parts of Africa. Palm oil can thicken when you store it in a cool place for a long time.

See Also: How to start Poultry Farming Business in Nigeria

Uses Of Palm Oil

A lot of people know palm oil to be used for cooking. Asides from being used for cooking, palm oil can be used for:

  • Prevention of vitamin A deficiency, cancer, brain disease, and aging
  • Production of soap, cosmetic, body cream, exfoliation cream, margarine, etc
  • Release of stomach pain
  • Production of drugs
  • Treating malaria, high blood pressure, high cholesterol, dementia, etc
  • Weight loss and for increasing the body’s metabolism
  • Water treatment
  • Production of dog and other domestic animal food
  • Preservation of food

See Also: How To Start E-Commerce Business in Nigeria

Requirements needed to start Palm Oil Business

The basic things you need to start this business are:

Capital

This is the money you need to begin your palm oil business. The cost to be factored into your capital should include:

  • Land acquisition or land rental cost
  • Cost of hiring employees
  • Farm maintenance cost
  • Cost of purchasing the seedlings
  • Processing machine cost
  • Cost of means of storage
  • Transportation cost

See Also: 100 profitable business ideas to start in Nigeria

Land

The scope of your business will determine the size of land to acquire. It could be a few acres of land or hectares of land.

See Also: 10 Business ideas to start with 100k

Labor

Here, you may need to hire people to assist you in doing the processing. However, you may go for part-time staff who will only work at different stages of the business.

For instance, you may need a tractor operator to clear the land, then hire other people for the planting process. And during harvest, you can hire workers for harvesting.

See Also: How To Start A Cleaning Service Company In Nigeria

How Profitable Is Palm Oil Business?

The palm oil yield per hectare is estimated at 8 tons per year at most. Additionally, the profit farmers make per hectare is around 3.4tons per year.

There are other factors that also affect the profitability of your palm oil business such as the effect of pests and other diseases. Hence, this should be taken into consideration because it can affect the overall profit of your business.

Importantly, the age of the palm tree also has an effect on the yield. Normally, the peak production period of oil palm plantation is between seven (7) and eighteen (18) years after which it started to decline.

See Also: How to start Printing Business In Nigeria

Steps To Starting Palm Oil Business

Step One: Choose The Palm Oil Business You Want To Invest In

Typically, there are three main types of palm oil business you can invest in. If you have the required capital, you can invest in the three. Otherwise, you can invest in one or two of the types explained below:

1. Palm Tree Plantation

Palm tree plantation is capital intensive and it requires patience. If you want to start earning from palm oil business immediately, this may not be the best option for you.

In this type of palm oil business, you will need to acquire a large expanse of land. Importantly, the soil must be tested to be sure it is appropriate for palm tree plantation. The land and type of soil used in planting and cultivating the palm affect the quality of the fruits.

See Also: Cheap Ways To Promote Your Business As An Entrepreneur

The location of the land is also important for easy access to customers. The incubation period after plantation of the palm trees can take five to ten years before harvesting. After harvesting, you can either sell the palm oil kernel seeds to those processing it or you set up a mill to extract the palm oil.

To plant, you will have to buy seedlings. Usually, one seedling in Nigeria costs N150 and you will need at least 1000 seedlings for a start. Importantly, ensure you give at least 8-9 meters space between two plants.

See Also: Top 20 Business Blogs In Nigeria Every Business Owner Should Follow

2. Set Up A Palm Oil Extraction Mill

The second type of palm oil business is the setting up of palm oil extraction mill. This is also capital intensive but not as expensive as palm tree plantation. All you need to begin is the installation of palm oil milling machines for the processing of the palm oil kernel seeds.

Basically, you can either use the milling machines for personal or commercial processing. You can rent out the machine to people who want to process their palm kernel. You can make cool cash from this business
if you are positioned in an environment where the machine is usually needed.

One thing to note however is that palm oil has its season. The peak season is between January to May. So, you may not make so much money during the off-season which is around July to December.

Alternatively, you can install the milling machine for your personal use, process the palm oil kernel, and sell the palm oil to consumers or resellers.

To process for yourself, you need to purchase the palm kernel in large quantities from harvesters and process them into palm oil in your mill, then sell to retailers.

See Also: 12 Eco-Friendly Business Ideas That Can Make You Wealthy.

3. Sales Of Palm Oil

Most palm oil business owners invest in this type of palm oil business because it is the cheapest and easiest part of the business. This business involves the buying of palm oil in large quantities and selling to consumers.

To get more profit from this business, you can store the palm oil in a cool place for months, then sell them during off pick period when the supply of palm oil has reduced and demand is high.

This guide will focus on this area of palm oil business.

See Also: Side Hustle Business Ideas You Can Start To Earn Extra Cash.

Step Two: Draft A Business Plan

As soon as you’ve selected your palm oil business niche, draft out a business plan that will guide your business transaction. While writing your business plan, you need to carry out a thorough feasibility study and market research to understand the nature of the business.

Learn about your competitions, the prevailing prices, and how and where to buy palm oil at a cheap rate. A business plan is a detailed document stating the short and long term objectives of your business and how to achieve them.

In writing your business plan, the following information should be included:

  • Executive Summary
  • Company Description
  • Team
  • SWOT Analysis
  • Market Analysis
  • Financial Analysis
  • Marketing Strategies
  • Competitive Analysis
  • Appendix

See Also: How To Write A Business Plan Step By Step For Your Business

Step Three: Register Your Palm Oil Business With CAC

At entrepreneurs.ng, we encourage aspiring entrepreneurs to structure their business as soon as they begin. The first step to structuring your business is to register it with CAC. There are several benefits you stand to gain when you register your business. One of them is that you can open a corporate account where customers can pay into.

Additionally, registering your business makes your customers trust you. To begin, run a name search on CAC’s portal to confirm if your chosen name has not been registered by another person. Thereafter, you can begin the registration process. With basic information like valid ID card, passport photograph, signature and personal details, you are good to go.

Alternatively, you can hire a lawyer to help you register it. One of the recommended firms that can help you speed up the registration process is ReDahlia, located at 43B, Emina crescent off Toyin Street, Ikeja, Lagos.

See Also: Top Legal Documents Every Entrepreneur And Start-Up Should Have

Step Four: Set Up A Storage Space

The next step is to set up storage space. Ensure the space is cool, safe, and dry. Rent a space or a room where you can store the palm oil while you wait for the right time to sell. Additionally, you will need to purchase kegs or drums to store your oil. Most times, people go for the 25litre yellow kegs.

See Also: Creative Business Ideas For Fresh Graduates In Nigeria

Step Five: Arrange With Suppliers

In case you are not the one producing the palm oil, you will need to have a solid arrangement with suppliers you can purchase from. If you carry out step two well, you will have the right knowledge suppliers to source your product from.

There are states in Nigeria that are known for producing palm oil in large quantities. Although there are several other states that produce palm oil, these states are seen as the largest producers of quality palm oil in Nigeria.

  • Delta State
  • Akwa-Ibom State
  • Cross-River State
  • Bayelsa State
  • Imo State
  • Rivers State
  • Ondo State
  • Abia State

You can visit the various states to connect with suppliers of the best palm oil.

See Also: Service Based Business Ideas To Start For Entrepreneurs

Step Six: Find A Good Means of Transportation

If you don’t know the right mode of transportation to use in transporting your goods, you may end up incurring huge costs that will affect your profit.

Hence, compare prices with several commercial carriers before settling for one. The easiest approach is to ask your supplier to suggest the cheapest, reliable, and safest mode of transportation to you as they’ve been in the system way before you. But, if you have your personal or company vehicle, you will not have a challenge with this step.

See Also: Home Business Ideas – 10 Profitable Home Business Ideas To Invest In

Step Seven: Source For Customers

The efforts you put into steps one to five will go to waste if this step is not effective. You need a solid marketing plan which should be part of your business plan to succeed in this business.

As a matter of fact, it is better to source for your would-be retailers before buying or processing your palm oil. This will give you a ready market when you are ready to sell.

You can find retailers amongst market sellers, cosmetologists, housewives, etc. To attract a larger customer base, you can explore other modes of marketing such as:

  • Online marketing (social media, google ad, etc)
  • Referral marketing
  • Newspaper marketing
  • Word of mouth
  • Collaboration/Partnership

Furthermore, you can also export palm oil as some international countries may have the need for palm oil, and Nigeria is known for its quality palm oil.

If you are considering exportation, one of the trusted place to find international buyers is Alibaba.com, a website known for connecting suppliers or manufacturers with buyers. Vconnect is equally a good place to try.

Apart from Alibaba and Vconnect, run thorough research for other platforms that can aid your palm oil exportation and go through our content on how to run an export business.

Finally, there are companies in Nigeria that buy palm products. Some of them include:

Phemson Nigeria Limited

A Lagos company involved in the purchase of palm oil and palm oil processing equipment.

Planet Oil and Chemical Industries Ltd

This is another palm oil buying company located in Abia State. They also buy palm kernel oil as well.

Sunny Oil Nigeria Ltd

This company is located at Mushin, Lagos. They also purchase palm oil products and palm kernel oil.

OM Oil Industries Ltd

Another palm oil buying company located in Ikeja, Lagos.

See Also: 14 Small Business Ideas For Entrepreneurs In Lagos

In conclusion, you cannot go wrong with palm oil business if you dutifully follow the steps highlighted in this article. As with every business idea we discuss on this platform, you can not substitute hard work and persistence. Work hard and stay the course, success will come.

Do you run a palm oil business and will like to share some insights? Do you want to start a palm oil business in Nigeria? We will like to read from you in the comments.

Are you doing something extra-ordinary in your industry and you want the world to hear about it? Reach out to us today to tell your story.

All the best!

The post Palm Oil Business – How to Start Palm Oil Business In Nigeria appeared first on Entrepreneurs In Nigeria.

Continue Reading Palm Oil Business – How to Start Palm Oil Business In Nigeria

New Pinterest Tools for Marketers

Welcome to this week’s edition of the Social Media Marketing Talk Show, a news show for marketers who want to stay on the leading edge of social media. On this week’s Social Media Marketing Talk Show, we explore Pinterest’s new shopping capabilities, Verified Merchant Program, and new marketing tools with special guest, Jennifer Priest. Tune […]

The post New Pinterest Tools for Marketers appeared first on Social Media Marketing | Social Media Examiner.

Continue Reading New Pinterest Tools for Marketers

Tips on Getting Drawing Ideas & Mastering Techniques With Apps

My close friend and I love to draw, we share drawing ideas and help each other when we are stuck on a certain technique like shading or perception. But we don’t always have the answer and can spend a lot of time browsing the Internet for drawing ideas or ways to improve our techniques. Recently, […]

The post Tips on Getting Drawing Ideas & Mastering Techniques With Apps appeared first on Oasdom.

Continue Reading Tips on Getting Drawing Ideas & Mastering Techniques With Apps

Using Facebook Ads in Uncertain Times

Wondering if you should make changes to your Facebook ads strategy? Looking for tips to guide your decision-making during times of uncertainty? To explore how to navigate Facebook advertising during the COVID-19 pandemic, I interview Amanda Bond on the Social Media Marketing Podcast. Amanda is a Facebook ads expert and founder of The Ad Strategist. […]

The post Using Facebook Ads in Uncertain Times appeared first on Social Media Marketing | Social Media Examiner.

Continue Reading Using Facebook Ads in Uncertain Times

Bulk SMS Business – How To Start Bulk SMS Business In Nigeria

Are you thinking of starting a bulk SMS business in Nigeria but don’t know how to go about it? This article is the complete guide you need to get started and grow your bulk SMS business.

See Also: Practical ways to reduce business expenses and increase your revenue.

The demand for custom bulk SMS service is on the rise because businesses, organisations, churches, associations always want to send SMS to a large number of people at the same time. Obviously, sending a normal text message can be quite expensive when you consider the number of people you are sending SMS to.

See Also: How to start mini-importation business in Nigeria

One of the advantages of starting a bulk SMS business is that it requires little capital to start. Also, you can make up to 200% profit if you know how to maximize the business.

Actually, the profitability depends on the business owner and other factors like knowledge of the business, market knowledge, competitive analysis, customer relationship, consistency, etc.

Do you want to succeed in the Bulk SMS business? There are steps you need to follow holistically to get the best of bulk SMS business.

After reading this article, you will be able to own your Bulk SMS website, buy and resell bulk SMS to your customers.

Before we dive in, let’s define Bulk SMS business.

What Is Bulk SMS Business

Bulk SMS Business is the business of sending constructed messages from phone or laptop to the phone numbers of a large number of persons at the same time through a bulk SMS website.

There are two major types of bulk SMS and you should be able to differentiate them.

See Also: How to start Export Business in Nigeria

Types Of Bulk SMS

1. Promotional Bulk SMS

This is a type of bulk SMS used to promote a brand. Promotional bulk SMS helps create awareness about a brand, product, service, and event to new and existing customers. It is also used to disseminate new information to customers or group of people.

See Also: How to start a Cleaning Service Company in Nigeria

2. Transactional Bulk SMS

This is another type of bulk SMS used to send alerts or reminders of events to customers or groups. It is basically used to communicate transactions with clients.

How Profitable Is Bulk SMS Business In Nigeria?

This is probably one of the questions you will ask yourself because every business owner is obviously in business for profit-making. Truth, Bulk SMS business is a profitable venture considering its high demand and usage by many in Nigeria.

Additionally, many establishments are turning to the use of bulk SMS as against traditional text messaging. Bulk SMS business is profitable because:

1. It is not expensive to start

Most aspiring entrepreneurs complain about start-up capital being the reason why they have not started their businesses. And if they eventually get the capital, it may take a while for them to break even in the business as they need to make back the capital before profit can be recorded.

But in bulk SMS business, there is no need for much start-up capital. With as low as N10,000 or less, you are good to go. Also, you don’t need to set up a physical office for bulk SMS business. You can run the business on your laptop, phone, or from a cybercafe.

If you have a full-time job, you can run the business part-time while you maintain your 9-5. Actually, the benefits of starting a bulk SMS business far outweigh any disadvantages you might think.

See Also: How to start e-commerce business in Nigeria

2. It is easy to set up

Bulk SMS business does not require much expertise to set up. In most cases, you will only pay money into the provider accounts and then your provider handles the bulk SMS portal design, installation, host, and also test run your new business before handing it over to you.

There’s absolutely no complex or technical skills required to start this business although having a technical skill is an advantage. Hence, you can save a lot of costs which makes the business more profitable.

3. It has a high customer base

With just a few clicks, businesses can send messages to a large number of customers at a low cost. Hence, the list of clients to attract is endless. And you know that the more the clients, the more the profit. Who doesn’t like easy?

See Also: How to start Printing Business in Nigeria

What You Need To Start Bulk SMS Business

To become a bulk SMS reseller, these are the basic things you need to start

  • Laptop, or desktop computer
  • Internet
  • Little start-up capital (N10,000 or below)

How To Start Bulk SMS Business In Nigeria

Step One: Feasibility Study

It is imperative that you conduct thorough feasibility study about your target market, the cheapest companies with the best reselling plan to go for. Find out those already in the business and the reseller plans they use.

Conducting a feasibility study will save you from spending unnecessary money or subscribing to a plan that’ll affect your profit. There are several reseller companies and if you are not careful, you can fall into the wrong or expensive hand.

See Also: How to start Poultry Business in Nigeria

Step Two: Create Your Own Bulk SMS Website

After a good feasibility study, the next step is to create a website for your bulk SMS business. If you are a programmer or web developer, you can create your bulk SMS website by yourself.

As a matter of fact, this is where the main work lies because the success of bulk SMS business is largely dependent on the responsiveness of your website.

Bear in mind that your website should have advanced features like automatically removing any duplicate number and the ability to integrate your API. You will also be at an advantage if your website is professional and welcoming.

Typically, if you are creating your website yourself, here are the basic steps you need to take:

  • Register a domain name for your website
  • Get a web hosting plan from a reliable web hosting company
  • Purchase an SMS Gateway Account from an SMS gateway provider
  • Link your SMS website to the SMS gateway provider with whom you have created an account
  • Purchase SMS units from the service provider

See Also: How to start Bottled Water or Pure Water Business in Nigeria

Alternatively, if you don’t have the required resources to build a website from scratch, you can go for the option below:

Register With A Bulk SMS Wholesaler Or SMS Service Provider

This is the easiest and cheaper option to go for as a beginner. With this option, you wouldn’t need to bother yourself about building a website or linking your website to a SMS gateway provider.

A lot of wholesaler websites create a reselling portal for its customers. Through this portal, you can purchase your custom SMS directly.

To register with an SMS wholesaler, there are certain charges you will be required to pay. The pricing differs based on the wholesaler’s platform you choose.

The results from your feasibility study should guide you in selecting a cost-effective and reliable Wholesaler or SMS Service Provider. Once you have made that decision and registered with the provider, move straight to step three.

See Also: 12 Eco-Friendly Business Ideas That Can Make You Wealthy.

Step Three: Purchase Custom Units

You are not in bulk SMS business until you fund your account. After registration, you will buy a specific volume of custom units to start.

This SMS unit is what you will re-sell to your customers. In most cases, the wholesaler platform gives the SMS units to you at a cheap rate that allows you margins for profit. Once this is done, the wholesaler will then forward your detail and the guidelines for setting up your portal to you.

See Also: 12 Online Business Ideas That You Can Start From Home And Become Rich

Step Four: Design Your Portal To Your Taste

At first, your portal will look like the wholesaler’s website so, you will need to customise it to your taste. Add the domain name of your choice, logo, and all other information that project your business identity.

Your site outlook and layout should be easy to navigate for customers. So, fashion that into your portal design.

Also, don’t forget to add contact information where prospective customers can direct their concerns and questions to.

See Also: 10 Business Ideas To Start With 100K In Nigeria That Will Make You Millions

Step Five: Register Your Business Name With CAC

This step is important because you need to open a corporate account that your customers will pay into. And, it’s impossible to open a corporate account in Nigeria without your business registration certificate.

In Nigeria, it is easy to get your business registered with Corporate Affairs Commission (CAC). All you need to do is visit CAC’s portal and follow the required procedures.

Most times, aspiring entrepreneurs find it difficult to successfully register their business themselves. In that case, you can pay an expert to help you register.

One of the firms you can trust is ReDahlia, located at 43B, Emina Crescent off Toyin Street, Ikeja, Lagos. With just N20,000, they’ll help you register your business. Another great news is that regardless of your location, your business can be registered and your certificate will be delivered to you.

See Also: Benefits of registering your Business with CAC

Step Five: Advertise Your Business

The next step is to promote your business to your prospective customers. Without promoting and marketing the business, nobody will hear about it which in turn means there will not be clients, sales, and any form of profit. Here are the sectors to target when sourcing for customers:

  • Banks
  • E-commerce and logistics
  • Advertising and Event Management
  • Airlines and Travels Agencies
  • Religious Organisations
  • Insurance Companies
  • Hotels and Resorts
  • Restaurants
  • Media and Entertainments
  • Political Parties
  • Academic Institutions

See Also: 100 Profitable Business Ideas For Aspiring Entrepreneurs And Investors

Start by promoting your business online because most of your customers are online. An active account on Instagram, Facebook, and Twitter is a good way to start. Google Ads is also very effective in this type of pf business. Offline advertisement is equally important when promoting your business.

Here are some of the marketing channels to explore:

  • Word of Mouth Marketing
  • Email marketing
  • Paid online advertisement
  • Social media influencer marketing
  • Referral
  • Newspaper advert
  • Blogging

See Also: How To Acquire New Customers For Your Business And Make Them Stay

Conclusively, before choosing the price to charge your customers per SMS, consider the amount you are paying for the units acquired from your service provider and any other cost you might have incurred. This will save you from undercharging and overcharging.

There you have it. You can start your Bulk SMS Business today! And we want to hear about your progress. We are here if you need to speak to a business consultant.

Are you doing something extra-ordinary in your industry and you want the world to hear about it? Reach out to us to profile your business on entrepreneurs.ng.

The post Bulk SMS Business – How To Start Bulk SMS Business In Nigeria appeared first on Entrepreneurs In Nigeria.

Continue Reading Bulk SMS Business – How To Start Bulk SMS Business In Nigeria

How to Increase Conversion Rate in your Business

If you want to increase to success of your ads, be it facebook ads, google ads, etc; most time it’s important to look elsewhere other than the ads itself; and by looking elsewhere, you might want to take a cue on your website or sales page.

If you can increase the conversion rate on your website or sales page, that means that more people will buy products from you. If more people buy products from you for the same amount of visitors, then that means that you’ll be able to earn more money from your site, which in turn will help with paying cheaper price per click from your ads.



That in turn means your ad will be seen more, bringing in more customers and scaling up your profits even higher. It’s a ‘virtuous circle’.



So how do you go about increasing your conversion rate? There are a few things you can do…



Sales Copy



The main thing that will help you to sell more from your site is good sales copy. This is the persuasive writing you’ll add on your website or sales page, that will convince people that your products are worth buying and that they should make a purchase right away.



So what can you do to increase that sales copy? A whole lot!



First of all, you need to make sure that your sales copy is gripping and that it is holding the attention of your visitors. People have very short attention spans online these days and if they have to wait more than a minute to find out what your site is about, then they’ll often just leave without waiting.



To grab them right away, one thing you can try is to use a narrative structure. That means phrasing your sales pitch like a story – perhaps telling the tale of how the product helped you or helped somebody else; trust me story sells!. We are naturally inclined to pay attention to stories, so if you do this right, then it will be hard for people to turn away.



Another thing you can do, is to make sure that your readers can skim through your content if they want to. These days, most people actually do not thoroughly read content and instead just briefly skim over it. That’s why you need to make sure that you are including all of the relevant information in each headline: so that people can read through quickly and still be sold too.


You also need to make sure you build trust, remove risk and remove ‘buyers’ guilt’. To do this, you can allude to stats and statistics and use ‘social proof’ (like reviews). To remove risk, you need to make sure that you are offering a comprehensive money-back-guarantee. And to remove guilt, you need to demonstrate how your product is of good value. Ideally, it should even be an investment!



The Value Proposition



Most important of all though is to have a ‘value proposition’, which will help you to sell the lifestyle and the emotion that your product is promising to deliver. How does your product make life better? What’s the dream? Make sure your readers can feel the emotion of being fitter, healthier, wealthier or happier!

The post How to Increase Conversion Rate in your Business appeared first on SME Digest!.

Continue Reading How to Increase Conversion Rate in your Business

How To Start A Football Viewing Center In Nigeria

Football viewing center business is trending these days. This is because football is one of the most loved sport with a large fan base all over the world. It is a form of entertainment for people of different cultures, backgrounds, ages, and gender.

See Also:  How To Start Mini Importation Business In Nigeria

Many young Nigerians leave the comfort of their homes to watch football matches with other football enthusiasts in public places. These public places; viewing centers, bars, or café make watching a football match fun because you have the company of club fans. Besides some people cannot afford a DSTV decoder coupled with the epileptic power supply that is prevalent in Nigeria.

As a result, operating a football viewing center has become a profitable business to venture into. International clubs like Chelsea, Arsenal, Manchester United, Man City, etc. all have fans who cannot wait to watch them play live. Also, the result of these matches determines the fate of bets.

This is a viable business opportunity for anyone to start especially if you have an interest in sports. In this piece, I will take you through the steps of starting a football viewing center in Nigeria.

See Also: How To Start An Export Business In Nigeria

Football Viewing Center

Football is a unique sport in the sports and entertainment industry. It is a team sport that involves varying degrees of actions like kicking a ball to scoring a goal. This game can be watched in a viewing center

Football viewing center is a place with an indoor facility where football lovers pay a certain fee to watch live football matches. It is driven by the need for customer satisfaction and can be operated as a sole business or with other complementary services like bars and café.

Also, it is a kind of business that thrives in high-spirited public places, residential areas, higher institutions, and every area dominated by youths especially males.

You might be wondering, is it easy to start? First, nothing is easy. You have to put in the work if you want a sustainable business. I will take you through the steps of setting up a football viewing center.

See Also: Top Legal Documents Every Entrepreneur And Start-Up Should Have

How To Start A Football Viewing Center In Nigeria

Have A Business Mindset

Every business requires strategic planning. Before you set out in this business, you have to have the right mindset and understand that you are not in for jokes. You have to come to terms with the fact that you are starting a business that has the potential to grow.

You have to understand what works and what does not work. Also, develop and learn people’s and management skills, because you will be dealing with diverse people of different cultures and orientations. Ultimately, you have to be professional and set ground rules right from the beginning.

Business Plan

Next, prepare a business plan. A business plan is a document that states the aims and objectives of the business. It contains the direction to your desired business destination which can be improved as time goes on. It involves goal identification, market research, and strategy, pricing, competitors analysis, financial analysis, etc.

Having a business plan ensures you have a road map and it goes a long way to ensure the success of the business.

Business Registration

The next thing you need to do is to structure your business by registering it with CAC. This shows you are running a business and not a hobby. There are many benefits to registering your business. Aside from being a trusted business, you can access loans and other benefits tailored to entrepreneurs from corporate entities.

To get your business registered and structured, go to the CAC website or contact companies like ReDahlia. ReDahlia is a solution center for entrepreneurs across the globe and offers business support services to entrepreneurs.

Capital

Capital is very important to start and run any business. Setting up a standard football viewing center might cost about 800,000 naira (more/less) depending on the location.

How do you raise the capital for this business? You can start with your savings, or money from family and friends. It may be a bit difficult to get bank loans for this kind of business but you can look for investors or seek out partnerships with persons who can fund your business.

If you are seeking funding from investors or from partners, make sure that terms are written down and signed. Please do not sign anything you don’t understand. Employ the services of a lawyer to help you out.

See Also: How To Start A Poultry Farming Business In Nigeria

Location

This is the most important thing in setting up a football viewing center. It is best located in busy and residential areas. The location should be safe from any hazard, crime, high tension cable, etc.

Also, a football viewing center can also be situated in developing or underdeveloped areas, and higher institutions where the majority of football lovers are without a cable network TV.

Your location determines how much profit you will make. A location where the prospective audiences can access easily will ensure you have a steady stream of customers.

See Also: How To Start A Wholesale Distribution Business

Set Up Venue

When you have found your location, build, or create a shelter. You can make a trampoline, or build a small hall based on your budget. Just ensure it is built in a way that onlookers who are not paying for the services won’t intrude.

Also, consider the number of people the building can accommodate and possible expansion plans. Create space for chairs, television set stand, e.t.c.

You can start with a space that can take 50 people if you don’t have much capital. The rule is always to start with what you have and grow from there.

See Also:  How To Start An E-Commerce Business In Nigeria

Equipment For Football Viewing Center

The basic items you need to operate a football viewing center are:

Television Set

Television is the most important item you need for this business. You can get two to three depending on the size of the space. For instance, there could be two to three matches going on concurrently. This way, viewers can view any match of their choice.

Even during a single match, these TVs can be positioned in places where people won’t have to strain their necks while watching the match. The bigger the screen, the better the view.

Quality coloured flatscreen television with a good sound system is better. Based on your budget, you can get a brand new or a fairly used TV that has the above qualities.

You can also get speakers to enhance the sound and a projector as the business grow.

See Also: Tips for making the best negotiation for entrepreneurs.

Chairs

This can be wooden or plastic depending on your budget. If you have adequate capital, you can get a very comfortable chair that suits the standard you want to create.

Fans or Air conditioner

Except you want the whole environment mopped up with odours, there is a need for ventilation. Depending on the size of the space, you can get 2-3 air conditioners or fans.

The center needs to be comfortable for continued patronage. Otherwise, people will leave you for the competition.

See Also: How to get Tax Identification Number (TIN) and open a corporate account for your business.

Decoder  

For this business, the best decoder is DSTV because they own the right to airing matches from most of the top leagues. You can do your research as things change every day. Get 2-3 decoders, so you can air different matches at the same time.

For instance, if in the Champions Lague, Liverpool vs Barca is scheduled to play at 2 pm and Man Utd vs Arsenal is also scheduled to play at 2:15 pm in the Premier League the same day, what happens? Remember that these are important matches.

Having more than one decoder will help you satisfy different customers at the same time. Make sure that the subscription you have with DSTV meets your need.

See Also: Tips on creating and delivering the perfect business pitch

Electricity

A standby generator is a must-have in a standard football viewing center. In case there is a power supply interruption, the generator will be a backup plan.

Also, you can invest in an interrupted power supply (UPS) system or affordable solar inverter. This is because a DSTV or Gotv loading time is about 3-5 minutes which can be frustrating especially during ongoing matches if there is a power interruption. Hence, a UPS or inverter can save you from the rebooting time before the generator is switched on.

Board

With boards, you can advertise upcoming match fixtures and time in order to keep viewers abreast of upcoming games. Specify the date in the West African time.

For the board, you can make use of a white or a blackboard, just ensure it serves the primary purpose. You can also use electronic ones if you can afford it

See Also: Cheap ways to promote your business as an entrepreneur

Other Equipment include;

  • Electric power stabilizer: To regulate the television in case of light fluctuation.
  • Air freshener: To make sure the center smells good.
  • Bulbs: To illuminate the atmosphere especially at night
  • Wire/Cables: To connect the TV, and decoder to the power source. Here, you must ensure that wire and cables are properly connected to avoid fire outbreak or explosions.
  • Tickets: As confirmation of payments for entry purposes. This is important so people don’t play smart on you. You can give printed slips as a receipt in exchange for cash at the entry point. This way, they are paying for the service you are rendering.
  • Extension Socket: You can make provision for as many sockets as you can so customers can charge their devices while watching football.
  • Table: This is optional except you intend to add other services.

See Also: How To Start A Cleaning Service Company In Nigeria

Marketing

As soon as the viewing center is ready, create awareness by telling your neighbors and friends first. Erect sign post in strategic areas within your environs so people from far and wide can be informed about the business.

At inception, you can offer free viewing for about two days and ensure to provide your best service. It is a way to get people to try your service and if they like your service, they will surely return.

Also, get listed on business directories, so you can be found by a football enthusiast who is new in town. These sets of people can do an online search to know the nearest football viewing center. You need to build your social media presence as well where you announce fixtures.

In addition, make sure your prices are competitive enough. They shouldn’t be too high so you don’t lose customers and should not be too low either so you don’t run at a loss. For instance, in some localities, viewing centers charge between 50 – 200 naira per match. So, do your research and price yourself accordingly.

See Also: Top Business Opportunities In Lagos And How To Clinch Them

Important Tips

A football viewing center is a business that can be operated with other complementary businesses. Football matches are seasonal, so you have to look for other viable businesses you can run alongside the football viewing center.

Some businesses that you can run alongside your center are: bars, pepper soup joint, café, betting house, games play station, movie viewing center, etc. Put on your thinking cap.

See Also: Working With Your Spouse Or Romantic Partner – Tips To Prevent Heartbreak

Conclusion

Running a football viewing center business requires certain skillsets like coordination, management, and a good client-centric approach.

Like we mentioned before, the center is home to many, therefore you have to pay extra attention to security. Most of the people may not be professional, they may be rowdy, and careless talkers, so you need to learn how to manage these sets of people without hurting your business.

As with every business, nothing is written on stone. You need to work hard and be determined to succeed before success will come.

Are you currently running a football viewing center in Nigeria? We will like to read how you started in the comments.

Beyond social media, you need to give your business more visibility. We are equipped to place your business on the world map. Call us now.

To keep track of our activities, follow us on Instagram

The post How To Start A Football Viewing Center In Nigeria appeared first on Entrepreneurs In Nigeria.

Continue Reading How To Start A Football Viewing Center In Nigeria