The Worst financial Mistakes Made by Small Business Owners

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 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:
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).
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.
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.
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Photo by @morganhousel |
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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