Doing Business In Lagos #Part 1

"Good evening Abiodun. My name is Kazeem (name changed), I have a LPO from a fast growing eatery in Lagos Nigeria and I need the sum of N5,000,000 between now and tomorrow".

The time was 2:34pm and I sat with this middle-aged man looking all sweat in an air-conditioned office, my office.

This is one of the many request I face everyday from total strangers who approach  my financial institution when in  need of funds to argument their business.

Kazeem supply eggs to wholesalers within Lagos Metropolis, his sojourn pitched him with a contact and after few discussion, he was given an appointment and the outcome of the meeting was a LPO for the supply of 6,800 crates of egg.


That day was the first day I met Kazeem, I can't describe or point to his business, his account or transaction is not with my bank.

How do I help Kazeem achieved his objective?

Diversify Your Income Sources Not Just Your Investments and Assets

Everyone talks about diversifying your investments but few people seem to talk about the equally-as-important job of diversifying your income sources to create passive income. 

If you want to enjoy financial independence, this should be on the top of your list.  It's closely related to a concept called The Berkshire Hathaway Model - taking a two-bucket approach to your personal finances and not something you should brush off.

FROM SMEs to BLUE-CHIPS… Here is how By Odedeyi Abiodun

The best of business widely found in developing countries are sales of finished products.

These products, irrespective of their origin of manufacture, are becoming a mainstay of economies of these countries.

These transactions affect GDP, international trade balance, international politics, among others.

But when the difference in value between a country's imports and exports, regarded as balance of trade is not favorable to you and your country (trade deficit), there is a gap of either an opportunity or problem.

BREAKDOWN of Balance of Trade

A country that imports more goods and services than it exports has a trade deficit. Conversely, a country exports more goods and services than it imports has a trade surplus. The simple formula for having the upper hand (trade surplus) is to export more than import.

Not that developing countries are not producing at all but narrow range of primary products and few export markets cannot sustain the chuck of raw cash huge importation is draining from their economy.

In the face of recession, cash straps, technical know-how, a vital ingredients to achieving this giant height is fearfully edging to the cliff.

How then can the balance of trade reflect positive?

BoI, RUFIN seal pact on soft loans for 100,000 new small businesses

The Bank of Industry, executor of MarketMoni, one of Federal Government’s social intervention programmes, has sealed a pact with the Rural Finance Institution Building Programme (RUFIN), an initiative of the Federal Ministry of Agriculture and Rural Development (FMARD), to provide access to soft loans to 100,000 small businesses.

The partnership is part of the Federal Government’s activities to stimulate the Nigerian economy and deepen financial inclusion for the economically active rural poor.

The partnership also signals the commencement of events by BOI to reach 100,000 new beneficiaries of MarketMoni through RUFIN across Nigeria’s six geopolitical zones within the second quarter of 2017, as accredited individuals will have direct access to quick, easy and interest-free loans of between N10,000 to N100,000 for up to six months at no other costs except a one-time five per cent administrative fee.

LAGOS, it intervention fund and you by Don Abiodun Odedeyi

Today, the protocol of writing formally went through the window before I open my computer

Introduction

The LSETF is the Lagos State Employment Trust Fund, a N25billion set aside simply for the growth of smes, creation of business, making dreams come true.

Why should I dwell on why Lagosians seems to miss out in benefits when we've not yet touched why you are here (How you can participate).

But really, where have you been before now… where have you been when others are already getting theirs? Anyway, let's skip that and go to the business of the day.

Screenshot of application page and requirement on lsetf web page

The LSETF is not for established businesses alone but also for business idea that need fund to become reality.  The bottom-line is simple – create/empower self-employed, sme so that they become companies that fend for themselves and employ people.

Become an Inverter agent, reseller or Consultant. THIS IS HOW (Part 2) by Don Abiodun Odedeyi

let's continue to make business borderless irrespective of location or status. 

Read profit making inverter business previous edition by clicking here

2. Battery

You don’t just buy an inverter, you also need to buy an inverter battery as that is where the power inverter derives its energy.

The best battery for your inverter is the SMF deep cycle inverter battery. SMF stands for Sealed, Maintenance Free. Though you can use the normal car battery, but they emit poisonous fumes which could have long term impact on your health. 

This means an SMF battery can be installed indoors making them very convenient.

An inverter is usually rated in this pattern X VA/Y V, where X is the rated power output and Y is the input voltage required.

For example an 800 VA/12 V inverter will give output power of up to 800 VA and require an input voltage of 12V. 

Similarly, a 1.5 KVA/24V inverter will output 1.5 KVA (1500 VA) and require 24V input.

Since batteries usually come in 12 volts voltage, the 800 VA/12 V will require a minimum of one 12V batteries, while the 1.5KVA/24V inverter will require a minimum of two 12V batteries connected in series.

In the same vein, a 3.5KVA/48V inverter will need a minimum of four 12V batteries.

When you buy an inverter, make sure you know the minimum number of battery required.

Battery capacity

Become an Inverter agent, reseller or Consultant. THIS IS HOW by Don Abiodun Odedeyi

Business is border-less and one way of making money is by solving people's problems.
The issue of power outage is a problem many Nigerians are seeking solution for. If the option of inverter can be sell successfully, many will be back in business, many business will be happy referring your company to their friends.

The first question to ask your client is "do you actually need an inverter"

The ideal person to buy a power inverter is someone or company who has at least 12 hours of power supply per day or has a power generator, but wants a noise free alternative. (note: the generator also charges the inverter battery while it is on)