The Worst financial Mistakes Made by Small Business Owners

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  When you are starting out, you may make some financial Mistakes in your business. But it's important to keep in mind that the choices you make today and the habits you form now can affect the rest of your financial life. Small Business Owners want to search for the opportunity to cross the frontiers and find out about the sectors they care for. They are good problem solvers, challenge their known bounds, cross borders, and sail to unspecified waters. This risk-taking tendency derives from a distorted understanding of the contractor that sometimes equates risk and chance. There are small failures and errors that can be resolved on fly. But some in particular will burn down the house quickly. This is a huge reason why many Small businesses struggle in their first few years. All of which is understood to have brought to their knees even the most ambitious young companies a flux that unexpectedly drowns, an enormous unforeseen cost and a fast accumulation of debt. The ...

HOW I PLAN TO MAKE 3 MILLION NAIRA IN 2021 WITH A FRESH UNI DEGREE

 

A man holding dollars and sleeping

As a Nigerian (Lazy) Youth and a fresh graduate with a computer science degree, the possibility of me meeting this goal (3 million naira) might be seen as a far stretch or an overambitious goal. What I feel is that with the right plan, timing, opportunity and a bit of luck (haha!!), I am sure that anyone can achieve this goal in even half a year.

You might ask, why is this guy writing this article then?

To keep myself accountable is the simple answer. I feel like writing this article would help me put my thoughts in order, help me be accountable to myself and to you (hoping you do decide to stay).

Now lets start with a little bit of research, from the 200 million people Nigerians or  possibly more that exists today, the average amount that a Nigerian makes is about 300k per year and the truth is there are more Nigerians earning less than 100k per year but this is just my estimate anyways. Knowing this and our goal of 3 million in a year that’s like 10x the average yearly income. Okay let me show you how I plan on making it without doing yahoo-yahoo hopefully.

The number one task on my list is

Web Design:

Web design is one of the things you would here almost any computer science student can do. So how generic of me right? Yes. I do plan on doing it differently tho.

Web designing is the ability to take a business content, voice , products and curate it all in such a way that it achieves the main goal that the business wants using their website. These goals can be downloads, signups, event participation and most of all money in their pockets.

I have built close to 30 websites at this point using Wordpress, Shopify, Bigcommerce and traditional HTML,CSS and Java. I have used the mentioned platforms to achieve custom portals and websites for my clients. So I do believe I can definitely make some good money building and improving my clients websites over the next few months of 2021.

I project to make about 1 million Naira using web designing in 2021 

Second on my list is:


CONTENT CREATION:

Now this seems like a wide one and it really is, so I would divide it up into Video creation and Blog Writing.

Blog Writing:
The blogging industry could be well worth over a trillion dollars with the amount of millionaires it has created in the past few years. But this isn’t my I have chosen to go into it and also help people write on my free time (away from making websites). Writing is slightly therapeutic for some of us and one of my favorite quotes goes thus: If you can do it for free, you should probably get paid to do it.

So, I have chosen this opportunity to kill two birds with one stone.

 Video Creation:
I would be working on video creation as I have learnt the skill of video editing and animation more for fun while in school. I have since then noticed that I can use this skill to make a whole lot of money in the content creation space.

I would be seeking out businesses and offering my services to create promotional videos, instructional videos and advertisement videos for them to use. This could be a onetime deal or over a period of time.

Under the content creation canopy of my road to 3 million naira, I project to make up to 600 thousand naira (600k).

 

SOCIAL MEDIA ADS MANAGEMENT:

Managing social media and social media ads has always been tough. The emotional turmoil starts when you have to answer, and make sure you give out good customer services to all the potential clients that like, share and comment on your ads in order to learn more about your business. Then you have to manage all your ads to make sure you are not wasting money on ads that aren’t working for you, then you have to come up with the right words to use to attract the right clients, the list of potential areas to mess up continues. So, that’s where I step in.

After managing about 7 social media accounts and ad accounts (google, facebook and tiktok) I have the right experience to help business owners achieve the best off the their ads on whatever platform they choose.

Under the social Media ads Management section I don’t plan to make a whole lot of money, but I do intend to help businesses as much as I can.

I project to make upwards of 400k (three hundred thousand naira) in the next few months of 2021.

 

If you have been counting so far, our 3 million naira goal is really looking achievable right? Lets not stop here, I would like to introduce you to the last part of my plan.

 

Music / sound editing services:

Another Generic one right (hmm) well I am not trying to reinvent the wheel. I am trying to make some mullah here

Now, yes I make beats and I also help people edit their podcasts and voice overs. This encompasses services such as making a jingle, making a beat for an artist up to recording and editing podcast or professional audio seminars for clients. This part of my plan is pretty explanatory and I don’t have much to say here.

With my music services I project to make about 1 million naira over the next few months in 2021.

 

Thank you for sticking with me up till this point. By now you would be wondering how does this guy want to manage his time well enough to make everybody happy? Is he planning on not working for any companies? The answer is YES.

One thing I have really liked about the new world that 2021 created is that no one needs to be in a specific place to do their job. Yes sometimes even doctors.

But with great power comes great responsibility right, this now means that everything I do is in my company’s name and when someone asks to speak to the boss, I am the BOSS!

If I don’t get my tasks done on time, I will definitely loose clients and might have trouble finding future prospects because unhappy clients wouldn’t give strong testimonials.

This whole dilemma would boil down to solving one problem

HOW WILL I MANAGE MY TIME.

Especially when I am working with no supervision very often. I might want to sleep so bad and it can be hard to fight off the urge to lay my head on the table or even fall to the ground and doze off or just go out to chill for a few hours instead of working.

 

Hand holding a stop watch
Photo by @morganhousel

5 WAYS I WILL MANAGE MY TIME TO MAKE 3 MILLION NAIRA IN 2021

  1. Tracking My Time Spent

    Time tracking would be essential for me as I do get engulfed in working on projects over time. (Basically I obsess over them until they are done) I sometimes even stay up all night into the early mornings. Using tracking tools would help me speed up my workflow and help me get paid accurately for the work done on a project. I can also estimate when the reward for a project isn’t paying out anymore.

  2. Prioritizing The Right Tasks at The Right Time

    With a huge line up of tasks due in very little time, I would need to spend my time on the tasks that are due sooner than the rest. It would make more sense for me to prioritize based on the date and the amount of time that each task will take so I don’t miss my deadlines.

  3. Using a project Management system

    This ties in with my second time management hack. Applications such as Asana or Clickup would be necessary for me to stay on top of my projects. They will act as a planner for me to set up tasks, due dates and compile all my notes/tasks in one place. The project management system will help me manage my time well, so I can easily start working on tough tasks earlier in order to finish them on time.

  4. Use a Custom Template for my projects and communication with clients

    Now not that I would just use the same generic words like an automated responder but I will create a template that would help free up bottle necks in my process of converting clients, reassuring clients about results or reaching out for a review from my clients. I don’t have a lot of money to invest in a CRM software like Honeybook but I would use a Google Doc with responses that I will edit and personalize to clients so I can save a little bit of time.


  5. Try Not to Get Overbooked at Any Time.

    This would be a great problem to have but also bad, because it would cause some clients to give bad reviews or just render them unsatisfied with the work.
    So for me I will bite only as much as I can chew, knowing I can handle only about 7 clients at a time I will stick with that as much as I can. I might sometimes have to say no to potential clients.

 

CONCLUSION

This is definitely going to be a whole new level of work for me especially the combination of my skills and trying to market myself to the world.

I know I would be low-balled and I would be rejected a lot (This is Nigeria), I am fully prepared for this and have my eyes set on my goal (3 Million Naira). It’s going to be tough but I know I would learn a lot along the line, I will have fun, I will have great and returning clients and most of all I would hit my goal of making 3 million Naira in 2021

This isn’t the end of this, I will update you on everything as much as can just keep your eyes on NMT for my update on how my journey is going.

 

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