Nigeria just celebrated its Independence Day. If Nigeria were a person, it will be the birthday bash of a bubbly 62-year-old But instead, this birthday no get joy.
Why should it? Businesses are struggling with record-high inflation which means that the price of goods and services is increasing at an alarming rate. The worst part is salaries and profits are still the same. Nigerians are pricing anyhow and sales are low.
Even as the country dey carry us where we no know, several Nigerian business owners are still working to stay open and keep running. We asked 3 business owners to share the difficult business decisions and tricks they are using during these times.
Self Denial
“I cut down on a lot of things like buying Aso-Ebi”
Store Owner
You to Aso-Ebi
Owanbe Saturdays are fun but when business is tough, it might be a better decision to find a similar fabric colour and save money. Letting go of the things you want is tough but it is a necessary sacrifice to help you keep your business on track and save some extra cash.
Through self-denial, extra cash can be used to increase your inventory or put aside to purchase equipment that makes your work easier.
Savings
“I no dey use all my hand dey eat ”
Auto-Mechanic
That feeling when you get a credit alert makes everything worth it. Suddenly, all the body pain disappears, and you start missing your favourite neighbourhood restaurant. Remember- Money slow to enter but money quick to go.
COOOL DOOWN
When you receive a credit alert is when it’s time to get serious. Don’t claim the entire alert as profit. Remove an amount that goes back into your business immediately. I know it's tough and there are bills to pay. But this discipline in organizing your money is what will keep future credit alerts coming in!
Learning new skills
“You must learn new skills that will make people patronize you ”
-Salon Owner
If you want to stay relevant and expand your business, then learning new skills is the way to go. Learning new skills allows you to create an extra source of income or charge more for your service because you can offer better value than your competitors.
Time to get new skills
If you are a makeup artist, it can be learning how to tie gele, if you are a hair vendor, it can be learning how to revamp wigs. Just look for an extra skill that gives you an advantage!
Add an extra source of income
“Making extra money as a business owner is easy”
-Kippa Pay
Your customers already come to you because they know you offer the best products or services. Take it one step further by offering them a reliable network for financial services where they can withdraw money, make bill payments, transfer funds or open an account when you become a KippaPay POS agent.
Extra cash with no stress
KippaPay offers POS services so that agents can make money on our reliable network. For every transaction your customer makes, you make money!
To get started on KippaPay, simply, download the KippaPay app, on Playstore and set up your account in 1 minute. Click on the Settings button - click on “Add Terminal”- fill in all your details accurately, and click “Submit” to request a POS terminal. You can also make a request via live chat on the app, or by calling 0803 234 2081 or 08103037691.
