TheTotalEntrepreneurs is a weblog for emerging entrepreneurs, startups and business gurus seeking new ways of exploring the internet world, new marketing strategies, latest business news etc. We provide relevant information, tips and business news for entrepreneurs. Also grant entrepreneurs interviews, share success stories and new technology trends.
Korean prosecutors yesterday conducted search and seizure against Upbit, the nation’s largest cryptocurrency exchange, on charges of fraud.
The financial investigation team of the Seoul Southern District public prosecutors’ office sent investigators to UPbit headquarters in the Gangnam District on the 10th of May 2018 to secure computer hard disks and accounting records.
Findings (Upbit Suspected of Fraud)
Upbit suspected of transferring customer funds from their cryptocurrency exchange account to a representative or executive account.
Prosecutors allege that the company has been transferring funds from customer accounts to a separate account. The separate account was suspected to be owned by a top executive at UPbit.
What will you do if you’re offered an advert free Facebook?
Will you be willing to pay a token to have an advert free Facebook?
There is rumor on the corridors of silicon valley Facebook could be set to charge monthly fee for an ad-free version of the site.
The social media giant has been exploring a subscription based model for her platform.
Facebook is reportedly considering charging users a monthly free to use an ad-free version of the site.
Facebook has been under investigation in recent months considering the way users are been targeted by ads, especially in regards to political messages.
The number one social media platform could look into using a paid subscription model according to some reports in the US.
The Chief Executive Officer of Facebook Mark Zuckerberg has also been forced to answer questions before the House of Congress after users’ private data was shared with marketing firm Cambridge Analytica.
All over the world, most people desire to own or operate their own businesses, and Nigeria is no exception.
As Nigerians, we all hope to someday control our own businesses. This ambition is not a crime and is fully accommodated in the constitution of the Federal Republic of Nigeria.
There are a number of ways through which you can achieve the goal of owning your own business. One of the ways through which you can achieve this goal is through a franchise.
Investing in and owning a franchise is a great way through which you can start your own business in Nigeria with a certain guaranty of success. You can leverage on the success of successful franchise in the country by buying into their brands.
If you are afraid of starting a business from scratch due to the heavy competition in the market, then you should consider investing in a franchise that is already experiencing success with their brand.
What is a Franchise?
A franchise simply refers to a situation whereby you or any other individual or group pays money to a company to enable them to use the company’s name, brand, and trademark to do business.
Examples of successful franchise in Nigeria include Mr. Biggs, Chicken Republic, Domino Pizza, Kentucky Fried Chicken (KFC), NNPC etc.
To be granted this right by the company, the group or individuals are required to pay a certain amount of money to the company in exchange for this right.
The money which this group or individual pays to the company is called a franchise fee.
When this business arrangement between the group or individual and the company is consummated, the group or individual becomes known as the franchisee while the company is then known as the franchisor.
Quite a number of companies operate the franchise business model. The franchise business model is mostly used in the hotel, food and restaurant industry.
Can I Make Money Investing in a Franchise?
Yes, you can. You can make money investing in a franchise. You can make money investing in a franchise in Nigeria especially if you do it right.
Across the world, people who have invested in franchises have made money with it, improved their life and have also grown their wealth from their investments in franchisees.
However, to maximize your potential for success investing in a franchise, there are certain things which you must know. With this information, you can greatly increase your success with your franchise investment.
The things you must know before investing in a franchise in Nigeria are:
Understand the Franchise Industry
The franchise industry in Nigeria is not very popular and is not like most other industries.
Before investing in a franchise in Nigeria, you should first understand the franchise industry in Nigeria and the unique forces influencing the industry in Nigeria such as state regulations, taxes and the level of infrastructure in Nigeria.
Understand the Cost
This is another thing you must look out for before investing in a franchise in Nigeria. Investing in a franchise comes with its own unique costs. So, you should know the cost of investing in the company (franchisor) which you are interested in. The costs would include a franchise fee which you must pay to the franchisor.
Other fees include a royalty fee, advertising fee and other ongoing fees which the franchisor demands from its franchisee. Investing in a franchise usually requires an initial huge capital outlay. Ensure to understand the costs before signing that cheque.
What is your Source of Capital
You know Nigeria is still a developing economy and our finance system is not as developed as what you would find in more developed climes.
So, you should be sure of your source of capital for your franchise investment. If your source of capital is through a bank loan, ensure to get your capital at the lowest interest rate you can find.
Study the Company
Before investing in a franchise in Nigeria, you need to study the company in which you are to make your investment in.
Find out what product or solution the company is offering and make sure it is a product that you can sell comfortably. Remember that you will be operating within the system of the franchisor, therefore, make sure to study the company as much as you can.
What Support Does the Company Provide
Before investing in a franchise in Nigeria, you need to find out if the franchisor you are about to invest your money in provides any form of support for its franchisees and the depth of the company’s support.
Before you invest in a franchise, ensure that the support which the company provides for its franchisees is well suited to meet your need for success as a franchisee.
Some of the support you should get from a good franchisor in Nigeria is telephone support and online support. A good company should also be able to support its franchisees with site selection.
A good franchisor should also be able to provide you with marketing support. So, before you commit that money to a franchise, confirm their support.
Know your Location
Location is everything. It is one factor that can either make your business successful or the opposite. Before you put your money into a franchise make sure that your location is right. The right location is a location where there is a high concentration of potential customer, that is, people who need the company’s product.
Does the franchisor provide training for its franchisees? You should ensure that the company provides some sort of training for its franchisees to enhance their success.
How Long is the Term of Agreement/Renewal?
This is very important. You don’t want a situation where you will be renewing your franchising contract every year. Some franchising companies give as long as 10 years before renewal. The shortest should be around 3 or 5 years.
Just make sure you do your findings. The longer, the better.
It is not in doubt that investing in a franchise is a great business opportunity, but, before you make that investment make sure that the franchisor’s system and product support the success of your franchise investment.
Hello beautiful people and hard working individuals thriving to provide solution to human needs (entrepreneurs), I greet you all and I want to say, NEVER GIVE UP.
I am compelled to write this short piece to correct an anomaly that is becoming very rampant online.
Some of you that own businesses online or even pages on Facebook may understand me better.
In today’s business dealings, promotion and marketing, reviews play a huge role in capturing new customers. And every one satisfied customer most likely means your business will keep being in existence.
Reviews are seen as an honest expression by a particular product user or visitor and most of the times, business owners do not have the capability to alter user ratings or feedback.
Via a review, it is expected that a customer or user shares there experience and will recommend your product or not.
Reviews also help a business to ascertain how the customer feels about their product, what they’re doing well or what they need to improve on.
This way, a company gets better overtime taking into cognizance the customer’s feedback.
Now tell me, how will you feel if I use your product or service and I was so excited about the service that I took time out of my tight schedule to write a lovely review about your service and at the end click one star instead of a well deserved five star at least considering the beautiful feedback I gave of your product or service?
This is exactly what some business owners and page managers face.
See Example image below;
Review Gone Wrong (Photo: Facebook)
So I beg to ask, is it that some of the online users tend not to understand the rating system or they’re just being careless?
Whatever might be the case; this is very bad for business owners.
It is also bad for people like me that value good ratings generally and have taken decision based on total rating of a business which might not actually be a true reflection of a product or service is in offering.
I am therefore suggesting these solutions to this anomaly on review gone wrong;
That online businesses / page owners find a way to educate their customers / users on how the review system works. Some businesses I will not mention here do it (nobody is paying me for promotion). All they do is ask you for feedback and explain to you that 1 star is the least (bad), 3 stars is average and 5 star the best (excellent).
Some reviewers actually understand the system but are just careless when choosing a rating which might not reflect their feedback. So, this is for the reviewers to please be careful when they choose their rating and be sure it reflects the feedback they’re giving.
Also, it is worthy of note that business owners who take their online review serious take their time to appreciate every feedback received, so they can go a step further to encourage the customer/reviewer to correct their ratings only when it does not depict the feedback they gave.
May our struggle to survive not be killed by another man’s carelessness.
You are about launching a new product to the market right? A successful product launch takes skillful planning, research and a knowledgeable marketing team. Your product launch can easily go the wrong way if not successfully planned.
In the old days, you can hire a good PR agency to create the awareness of your new product launch using press reports and everything will go smoothly. With the present changes in the marketplace, it is no longer so.
Before launching any new product in any market be it online or offline, in the United States, Australia or Nigeria, there are some vital things you must know so as to get a successful product launch. In this blog post, I want to share with you some top strategies used by top brands like Apple, Samsung and BMW to launch new product into the marketplace.
If you can successfully take note of these strategies, study them and put them to work in your business, you will for sure see success in any new product launch in your business organization.
Strategies to Launch New Product
Focus on the People, Not the Product
Today, consumers want products that satisfy them on different levels. If you must experience a successful product launch, you must focus on your target customer’s needs and not the features of the product.
Customers don’t care about what is contained in your product, they care about what the product can do for them. Customers don’t buy product, they but the experience.
You will have to first conduct a market research on your customers to gain valuable insight if they will welcome your intending new product. Your findings gotten from your research should tell you how you will position your product for easy acceptance; price the product, distribution channel and marketing strategies to use.
If you focus on what your product can do for your customers, it will help you launch a product that they will welcome with open hands. Have it in mind that the goal of a product launch is not necessarily to sell, but to educate your customers and build excitement for the launch.
Use Influencer Marketing
Cristiano Ronaldo endorsing Nike new product (Photo: Nike)
This is another strategy you can use to launch new product in your company. You must have watch one or two advertising that involves a celebrity like Michael Jordan, 2 Baba, C Ronaldo and others using a product and encouraging others to use it too. It works like magic and that is why top brands use it when they are launching a new product into the market.
If you have the budget, you should consider using this strategy as it can boost your sales and give a better return on investment.
Influencers are great resources you can leverage on for a product launch. Look for influencers with huge social following and influence and let them use your product, snap photos with it and talk about it on their various social media platforms.
Publish a Press Release
Press release is one way to announce the launch of a new product into the market. It can either be done before the launch or after. Press release is one way to build excitement about your product. If you can’t write a good press release, you can hire a freelance writer or a PR agency to help you out.
Get the media talking about your new product launch. Learn from Apple. Apple is one company that knows how to build hype for a new product launch using press release.
Collect Feedback Before the Product Go Viral
This is very important at the early stage of the launch. You may be happy that you have released a new product into the market and customers are loving it, but how would you know if they are happy with your new product or not?
You think because people are placing orders, and everyone is talking about it, it is good for the market? Your product maybe trending maybe because of the marketing strategies you employed towards it, and people are just buying to try it out.
To make sure you have had a successful product launch, you must collect feedback from your customers. One best way to collect feedback is through social media. You can just run a Facebook ad on what customers think about your new product.
Do it in a way that encourages them to drop comment about the product. This way you can ascertain whether your product is good for your market or not.
Sponsor an Event
This is one strategy used by most big companies. However, you must not have a big budget to apply this strategy into your new product launch. It might be a game show, local league or carnival, or any event that you know will involve a lot of crowd.
This way people will get to see your product and the date of launch to get themselves ready for it.
It should be possible that you share flyers about the product features and what it can do for customers at the event. You can create a stand at the entrance of the stadium or event and display a prototype of the product if necessary so customer can have a feel about it and even drop feedback.
Leveraging the Internet
This is another fast move on launching new product. You can run an online campaign letting people know about your new product launch. One way I see it mostly down on social media is that the company runs a contest for consumers who can share their post and have the most post impression to win free trail or the product when it is released.
Running banner and CPC ads is still another way to create awareness for your new product launch. Guest posting on a blog with your target customers is still effective.
Run Street Awareness
Photo: Elemental Awareness
You must have seen companies especially in the telecommunication industry doing street awareness about a new product launch. From experience, it is also an effective strategy. With street awareness, it is impossible to get the attention of the public if done correctly.
If you want to experience success when launching a new product, you should apply any of these strategies mentioned above. They are proven strategies that have worked for top brands and are still working.
Good day my wonderful readers, today I beg to digress a little as the state of things in my country Nigeria is getting out of hand hence this letter to my fellow Nigerian youths.
First, I want the young Nigerian to understand that only a Presidential thug can successfully invade the national assembly and snatch the mace away.
Therefore, let no one deceive you when they claim ignorance of the invasion.
Has anyone of you ever tried visiting the national assembly?
Do you know the kind of security checks you’ll pass?
Most times without confirmation from whom you’re coming to see, you are not allowed into the complex.
But some retarded thugs (mainly youths ofcourse) on jeep where expressly allowed into the assembly complex and inside the chambers and the mace snatched away?
The faces of these guys were not hidden, so why haven’t the working Nigeria Police arrested these guys?
Just this morning, Channels Television confirmed that the mace was found by a PATRIOTIC NIGERIAN and returned to the Nigerian police.
Hmm, who is fooling who?
All these because of election reordering.
See, let me tell you the truth, 2019 will shock many of us the young and only future hope of this entity called Nigeria. Except a drastic measure is taken against this failed government, we will be back to status quo after the general election in 2019.
This government is ready to do anything to retain power including but not limited to rigging, killing, propaganda, false accusations and intimidation of oppositions of all sorts.
This government does not value process, they do not value life, they do not value our economy and most importantly they do not take criticism likely.
This is the obvious truth.
What baffles me mostly is how the international community especially the UK’s Theresa May, and others buy the rubbish sold to them by this government.
We keep saying the world is watching, but the world is not genuinely ready to help Nigeria. They have their own problem and careless how our leaders lead us so long there interest is protected.
This is the obvious realty.
Nigeria is gradually turning to rot.
Bill Gates said Nigeria is one of the worst place to be given birth to, the good man is very very correct.
He came to Nigeria to advice the economic team for a better economy for our dear country, what he got in return is being called unprintable names including “school drop out”, just because he didn’t tell them what they want to hear. But this is the same man that will pay off some of our debt and spend so much towards eradicating Polio in Nigeria.
Presidents Accusations Against the Nigerian Youths
Coming to the accusation by the president that Nigerian Youths are lazy and does not want to go to school.
It’s in Nigeria that an Illiterate president who was a youth when education was almost free in Nigeria but refuse to go to school for reasons best known to him will go to the international community to accuse the ever hard working Nigerian Youth of being lazy, refuse to go to school and want everything free just because their country have oil.
Today, the universities in Nigeria can barely take in the applicants seeking admission.
Today, tuition fees are in there all time high.
Today, Nigeria minimum wage is one of the lowest if not the lowest in the world, yet, the insensitive president and his executives have refused to implement a new minimum wage, but they want every Nigerian youth to go to school.
Is tertiary education free in Nigeria?
Where are the parents going to steal money from to take all their wards to school?
Remember, the minimum wage in Nigeria is #18000 (About $60).
Meanwhile, wait, maybe I am misunderstanding the President; which Nigerian Youths was he actually referring to, because I know folks in the South do not joke with education, not withstanding the fact that the educational structure in Nigeria is wacked, the process of gaining admission, staying through school and graduating is very tedious.
The learning process and curriculum is out dated, yet universities mostly in the south take a very small percentage of total application yearly. While some not lucky go to nearby countries just to get educated.
This same Nigerian Youths do the nation proud in top universities of the world.
So which Nigerian Youths is he really talking about?
Youths and oil
Coming to the accusation that Nigerian Youths depend on oil.
Please I have one question for you the Nigerian youth, how has the oil in Nigeria benefited you?
What was in the President’s mind when he made such claim?
If we keep quiet, Nigeria will gradually die off like a burning candle.
Be you from the North, East, West please can you count what this government have done that you will forever be grateful of and remember in your life time.
Corruption fight claim
Fighting Corruption in Nigeria (Image: Punch)
The President claim to be fighting corruption but corruption have graduated so much today that virtually all institutions and agencies in Nigeria today are corrupt.
Here is my definition of who the present government call corrupt.
“Any Nigerian that is not a member of APC or this government, held public office in the past government and refuse to join this government, criticize this government, not ready to serve this government is corrupt.”
That is why any former PDP governor or senator that was alleged to have stolen and have financial crime commission investigating him will have there case files closed, witnesses disappear or cases dropped once they join the APC folds.
This is a big shame and have rubbish the image of EFCC. The word fighting corruption is now a mere slogan used against opposition.
Until the Nigerian Youths are ready to come together in one voice and say enough is enough, remedy will never be in sight.
What can they do without you?
I listened to the publisher of Sahara Reporters, Omoyele Sowore telling the Minister of Communication (Alhaji Shittu) how he played a major role in bringing this government in power and how before then, the minister was nothing in Nigeria politics and he therefore refuse to be called a nobody in politics.
If Sowore and few other young Nigerians can sell an Illiterate man to Nigerians and play a major role in making him president, WHY CAN’T WE DO SAME IN REMOVING HIM and electing a better candidate?
The minister could deny all he could but what Sowore said was true and even the wife of the President confirmed that majority of those in his husband’s government played virtually no role during the electioneering process that brought his husband to power.
My message to every Nigerian youth is this, let us remove religion, ethnicity and sentiment aside and for once do the right thing by voting out this government.
Only a lazy Nigerian youth will vote Buhari to power a second time just because he is expecting #5000 stipends from the government.
Any young Nigerian that will vote for this government in 2019 will only be confirming the President was right that he or she is lazy.
If you know you are not lazy, you should have registered and collected your PVC by now.
Thank Goodness, we have a lot of young enlightened and hardworking Nigerians who have shown interest in running for the presidential election in 2019. Let us keep party aside and vote the right candidate for the interest of the better Nigeria we all long to see.
Please reflect on these words and make the right decision.