Why you should be very careful while spending during this Xmas and New year

A very merry Christmas and a happy new year to all mylastkobo.com subscribers. This part of the year comes with a lot of financial obligations most especially for family heads and sponsors so it is always the case that after the Xmas and New Year celebrations most struggling families and business owners are left with little to face the realities of the new year. 




My advice, separate the money you would need for basic necessities in the new year from that which you would use for the Yuletide celebrations e.g keep the funds for children school fees, business start ups, business space rental bills, maternity bills(if there is someone pregnant in the family), business expansion, and so on keep these funds separately from the one you would need for throwing your family a big Xmas bash. You should only settle to celebrate during this Xmas period after you are sure you have met all your primary financial obligations for the year and that you would be able to meet new ones in the coming year. That is what we call responsibility you shouldn't deceive your family and dependents that everything is OK by throwing them a big Xmas bash only for them to enter the new year to start facing serious hardship. In life planning is very important future evil could be avoided by proper planning.




For business owners that are just starting up it would be foolhardy for you to deep your hands into money meant for the continued upkeep of your business or for the expansion of your business or it would even be far worst if you start borrowing to meet your family and religious obligations during this periods of celebration. Xmas will always be here with us and we all hope that our businesses would grow so that we can get to celebrate with our families in financial convenience but if while we are still struggling to meet our goals in business and other areas we start engaging in activities that are harmful to the future of our businesses and family then we may never get there.




Let us begin to accept facts for what they are 2016 will be a very harsh period for small business owners due to the nations economy and the kind of policies that are being made by the government, so it would be in our best interest if we start focusing on ways to protect our businesses from the predicted harsh 2016 business atmosphere. It is good to celebrate with family during this Xmas period but please do not use it as excuse to start borrowing or enaging in activities that would harm the future of your business and family. 

Finally a Merry Xmas to all our subscribers and non subscribers

RGDS

I.Stephen Azuka

Owner and founder of Mylastkobo.com

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Relief For Small Business As CBN Allow New Business To Borrow From N220bn MSME Fund

Under the directive of  the Governor of the Central Bank Of Nigeria, Godwin Emefiele the CBN has issued out its Revised Micro, Small and Medium Enterprises Development Fund (MSMEDF) Guidelines the guidelines were issued yesterday by the Development Finance department of the CBN in the guideline the CBN  said that banks and other finance institutions that lends to business start-ups under the fund will be allowed to access the fund at zero interest rate.

The fund was opened to existing businesses alone before but the new guideline have removed this limitation stating, “Participating Financial Institutions (PFIs) are required to fund start-up projects under the MSMEDF. To encourage Deposit Money Banks (DMBs) and Development Finance Institutions (DFIs), some incentives shall apply.

“PFIs are expected to accept charge on fixed and floating assets of the financed projects as collateral for start-ups. Collateral requirement from start-ups by PFIs (DMBs and DFIs) shall be educational certificates such as SSCE, National Diploma (ND), National Certificate of Education (NCE), National Business and Technical Examination Board (NABTEB), Higher National Diploma (HND), University degree (NYSC Certificate where applicable) and a guarantor.

The start-ups to access the MSMEDF must present their Bank Verification Number (BVN). Venture Capital Firms (VCFs) that wish to finance start-ups in form of equity participation shall be eligible to access the MSMEDF at 2.0 percent for investment in start-up projects. The collateral for such facility to the VCF shall be bank guarantee.
“Incentive shall be offered to PFIs that repay loans as at when due. a) Start-Ups (i) DMBs/DFIs playing in this space, shall access MSMEDF facility at zero percent interest for on-lending at 9.0 percent (all-inclusive) to start-ups. (ii) The PFIs shall qualify for a 50 percent risk shared on the net outstanding balance in the case of default. b) Other Incentives Microfinance Banks with PAR of 10 percent and below shall be exempted from providing financial assets as collateral to access facility under the MSMEDF.”

The CBN also reduced the interest rate it charges PFI's accessing the loan from 3.0 percent to 2.0 percent. It stated, “Interest Rates All PFIs shall access funds at an interest rate of 2.0 percent per annum and on lend at 9.0 percent per annum inclusive of all charges. The interest rate chargeable under the MSMEDF may be reviewed by the Central Bank of Nigeria from time to time.”
The decision to allow business start-ups borrow from the fund is aimed at boosting graduate employment by encouraging banks to lend to graduates intending to set up businesses.

You could recall the CBN governor recently said that the apex bank would soon introduce measures to generate one million graduate employments while addressing bankers at the 7th annual bankers retreat He said, “In 2016, the CBN is contemplating a programme that would support SMEs at concessionary pricing to our young graduates. We need to get more people to be employed. The central bank would over the next few weeks work out the initiative to create employment for at least one million graduates in Nigeria in 2016. That would entail the support from Nigerian banks and our development partners.”

download the  Revised Micro, Small and Medium Enterprises Development Fund (MSMEDF) Guidelines PDF

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Factors affecting the contributions of SME's to the Nigerian economy.

When we say small businesses are important to a nation's economy, just how important do we think they are? and in what ways do we think they serve this importance?

In a Nation where the Government does not pay attention to small businesses and produce few policies that will help protect and build its small businesses the small businesses in that country will end up contributing less to the nation's economy, why?

Poor policy making: SME's are supposed to bring about substantial local capital formation, they are supposed bring about an increase in rural and urban development but in the situation wereby a nation keep introducing policies that are inimical to the growth and development of its Small Businesses, that nation's small businesses will suffer and they will end up contributing less to the nation's economy.

Poor SME supporting infrastructures:In a place like Nigeria where most small businesses rely on private generators for electricity, the contributions of small businesses to the nations economy in the area of electricity revenue will be substantially reduced, SME's are supposed to be among the top customers of electric power distribution companies but due to poor electricity the distribution companies are being neglected by some businesses who would rather run on generators. If there is a good system of transportation in the country e.g railway, waterway and cheap air travel fairs, small businesses will greaty utilize them instead on relying on private transport to move goods and services around the country, this will not only increase the contribution of small businesses to the nations economy it will also help small business owners to carry out their business in an atmosphere of affordable comfort.

Access to low interest loans and other business grants: access to loan and other forms of funds is also one of the factors that would help small businesses perform better putting them in a better position to contribute to the nation's economy.


Illegal business practices: SME's operating outside the nations economy and legal structure will do little for the nations economy e.g SME's operating on banned products and services, tax evasion e.t.c this Businesses will do more harm than good to the nation.

Poor Taxation system: If a nation is unable to come up with an effective taxation system for the effective taxation of businesses within its borders, then it should be ready to accept less contribution from businesses within it to it's economy.

Indifference to changing trends: When small businesses in a country refuse to structure their business in such a way that it would reflect compliance to changing global and domestic trends, trends and mode of operation that would suit the national economy, such businesses may end up contributing less to the nation's economic growth.

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CBN To Focus on Strategies to develop Nigeria's Small Businesses

the Governor of the Central Bank of Nigeria, Godwin Emefiele said it will focus on strategies to address current constraints to the growth of SMEs he said this At the opening ceremony of the  2015 retreat of the bankers community which took place at Eko Hotel and Suites in Victoria Island, Lagos Thursday, December 10, 2015. The retreat which is the 7th in its series has the theme: Creating an Enabling Environment for SME Growth'. 

Emefiele who is also the Chairman of the Bankers Community added that the retreat will focus on the key infrastructures needed for SME growth in the country such as the issue of power and transportation, he talked about the opportunities in sectors like Agriculture, manufacturing and solid minerals.

Dignitaries present at the opening ceremony are:

the executive Governor of Lagos State, Mr. Akinwunmi Ambode; the Minister of Finance, Mrs. Kemi Adeosun; and the Minister of Transportation, Hon. Chibuike Rotimi Amaechi. Also present were Deputy Governors and Directors of the Central Bank of Nigeria as well as Managing Directors and Chief Executive Officers of deposit money banks, among many others.

The following persons are expected to make presentations at the retreat: 

Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola; the Minister of Agriculture, Chief Audu Ogbeh; and the Minister of Solid Minerals, Dr. Kayode Fayemi.

Personally I think it is a good thing at this time that the Nigerian bankers community is holding a retreat where issues that affect Nigeria's SME's will be among the subjects of discussions.

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SMEDAN Promise to Seek Finance for Brilliant Business Ideas and Bankable Business Plan

SMEDAN is notifying people with brilliant and innovative business ideas with a reliable business plan to contact them for financing. this information was placed in their website at http://www.smedan.gov.ng/

this was exactly how the Notification went:

  This is a special announcement from SMEDAN

 Do you have a good business idea?
 Have you a bankable business plan supporting the idea(s)?
 Do you also belong to a registered and functioning Cooperative society with feasible businesses?
 SMEDAN will provide you access to business finance through our partners.
 For more information, contact us at No 35 Port Harcourt Crescent off Gimbiya Street Garki Abuja or at SMEDAN Zonal offices across the six geo-political zones.

You can also visit our state offices throughout the federation or info@smedan.gov.ng

Remember, a good business plan is an essential roadmap for business success.

I think it would cause no harm to try this one oya make una start  write business plan make we see either this people go favor us.

 SMEDAN(Small and Medium Enterprises Development Agency Of Nigeria) is the agency estabished in 2003, to promote and develop an efficient structure through which Nigerian SME's can contribute to the Nations economy.

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See How Important Your Small Business Is To The Nigerian Economy.

According to the Central Bank Of Nigeria in its monetary policy circular  No 22 of 1988 it defined SME's( small medium enterprises) as business having a turnover not exceeding 500,000 Naira, also in 1990 Nigerian Commercial Banks defined SME's as companies with not exceeding 500,000 as total income.

Running your small business without getting any attention or support from government you may begin to question the importance of your business to the Nations overall economy but that is not always the case, small businesses are the bedrock of any Nations Economy. The SME sector is responsible for about 70% of the total industrial employment in Nigeria and between 10-15% of the manufacturing output, even the Nigerian Agricutural sector is comprised mainly of SME's and it is the sector promoting indegenous technology and innovative use of local raw materials. your small business is the greatest hope for the Nigerian Economy.

Small businesses like your own are very important for rural and urban development, The 2012 enterprise baseline survey revealed that there are about 17 million Small and Medium Scale Enterprise in Nigeria employing about 32.41million persons and contributing about 46.54% to the Nations GDP.

Small businesses are vital to any Nations Economy and this is the reason why Government of Nations always provide policies that serves to protect and develop their SME's.

SMEDAN(Small and Medium Enterprises Development Agency Of Nigeria) is the agency estabished in 2003, to promote and develop an efficient structure through which Nigerian SME's can contribute to the Nations economy.

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Factors Affecting The Cost Of Setting Up A Business In Nigeria

Doing Business in Nigeria is not easy and it may even get harder considering recent events, the devaluation of the nations currency, the gradual drop in crude oil price which is greatly affecting the nations economy, and the incoherent policy of the present administration towards the development of SME's in the country, this article will try to explain the factors that influence the start-up capitals of small businesses in Nigeria.

1.National Economy: Businesses operating within a Nation will be affected by the nations economy, if inflation is high in the nation then the cost of doing business in that country will increase because with high inflation comes an increase in the cost of raw materials that is needed by small businesses. just like other developing Nations Nigeria inflation rate is high rising from 6.8% in January to 8.7% in October 2015. This mean that SME owners will have to pay more for raw materials in order to keep their business going. When running business in a country where there is rising inflation business owners are faced with the uncomfortable dilemma of either increasing the cost of their product and services or accepting a reduction in profit and interest from sales.

2.Lack of Infrastructure: The lack of good roads, electricity, water, communication, internet facility and other basic infrastructure. Every business needs at least one or all of this infrastructures to function properly so in a situation where this is not readily available in the country or at your business location you may have to expand your business start-up capital to make provisions for this basic infrastructures, take for example if you were not planning on buying a generator set before you may need to make arrangement for that when planning to set up your business in Nigeria because of the very poor electricity distribution in the country. If you are setting up a business that is reliant on constant supply of water you may have to make private provisions for that too, and of course if your business will need the use of internet connection then you will have to make private plans for that while calculating your start-up capital.

3.The legal factors: The laws of Nigeria affects all businesses within Nigeria, and this includes the laws guiding taxation, payment of necessary bills and the law guiding the registration of companies as executed by the Nigerian Corporate Affairs Commission (CAC) the Agency in charge of the registration of companies in Nigeria. you cannot do business comfortably or successfully in Nigeria without first obeying the rules and principles of the country. for one to have his or her business legally registered in Nigeria one would have to register with the corporate affairs commission (CAC), the cost of registering businesses is fixed by CAC and it ranges from 5000+NGN, depending on the type of business you are planning to register.

4.Value of the Naira: Nigeria being mainly importation dependent most of the materials that may be needed for starting a business in the country may have to be sourced from abroad and when buying from abroad the value of your local currency matters a lot, if your currency is of low value you may have to pay more for products that you buy from abroad. so as the Nigerian Naira is depreciating the cost of doing import based businesses in Nigeria is also increasing.

5.Cost of Renting Office spaces and shops: When you go to big Nigerian cities like Abuja, Lagos, PHacourt, Calabar, Kaduna you will find out that the cost of renting just a few feets of business space is very expensive, take for example at Ademola Crescent Wuse II Abuja you will be very lucky to get a lock up shop space for anything less that 500,000 naira. so as big cities develop the cost doing business in them also increases.
Your start up cost can be affected by many factors most especially by the ones highlighted here.

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Will Buhari's Administration Favor Nigerian Small Businesses?

The last administration under President Goodluck Jonathan introduced several policies to enhance the growth in the Nigerian Small Medium Enterprise sector and one remarkable example was the YOUWIN Program and other programs, some of these SME oriented programs have since been abandoned by the present administration whose main focus is on the fight against corruption.

It is not too early to say that Buhari's administration may not favor the Nations struggling SME sector considering the Presidents body language towards policies that affects Small Businesses, first a Ban was placed on the importation of small generators which is the main stay of most of the Small Businesses in the country, a nation which is faced with severe electricity distribution problems, most Nigerian Businesses run on generators all through their Business hours and as if running a business in Nigeria was not hard already the Controller of Federation Operation Unit Zone A of the Nigerian Customs came out on Tuesday , November 17,2015 to announce that the federal government had placed a ban on the importation of low cost generators(i better pass my neigbour) due to the adverse effect it has on the environment, that was Buhari's first body language that suggested his policies may not be too fair to small businesses in Nigeria.

7 months after the inauguration of the new Government the President still haven't shown any sign of having a coherent policy directed at boosting Small Medium Enterprises in the country and in effect creating employment. Several commentators like Opara Prince from Naij.com and other commentators from Nairaland.com criticized this policy and described it as " a targeted action against a significant amount of some unfortunate /distinguished groups...most especially SME's.

The Nigerian Electricity Regulatory Commision under this present Administration is presently considering the increase of electricity tariff in 2016, this would mean that Nigerian Citizens and Business owners may have to pay more for electricity in the coming year.

The Present Administration is working towards removing fuel subsidy in 2016, this would have certain implications on Nigerian Businesses and Citizens as they will have to pay more for petrol and kerosine. those who live in Nigeria know how much the Nigerian People spend daily on petroleum to power their homes and businesses even while there is still fuel subsidy, most of us small business owners do not want to know what doing business in Nigeria would look like with a ban being placed on the importation of small generators, fall in Naira value and removal of fuel subsidy.

If the President continue with this kind of policy or "body language" towards SME's it may become harder to do Business in Nigeria under this administration.

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How the drop in Naira value might affect your Small scale Business

Nigeria is one of the most affected countries by the falling oil prices, this is simply because Nigeria depends on its trade in oil and gas for finance, so as the oil prices fall, our Naira will be devalued to meet up with global realities, Nigeria is solely dependent on importation of finished products and a lot of young Small Medium Enterprises may directly or indirectly be running a mini importation business or a business that is importation reliant.

When a nation devalues her currency she is deliberately trying to increase gain in tradable items but however cost of goods and services will become very cheap in the country compared to the other nations with stable currency, so when you want to use your currency to purchase from other Countries whose currency still have value e.g China, U.S, Japan and Germany, you will have to pay more every good you buy, take for example those running a mini importation Business that is reliant on buying things from China or the United States, if you were using 15,500 NGN to buy a 100 USD worth of product 2 years ago as the Nigerian currency is being continously devalued you may end up paying up to 20,000NGN for the same product in 2015.

So the fall in Naira value comes with certain implications for Nigerian Small Business owners and i think what Nigerian Importation based businesses need to be doing right now is to start seeking for locally available alternatives to foreign products e.g raw materials and some selected finished products that could be sourced locally.

The year 2016 may not come with new miracles for the Nigerian Naira or the Economy as the gradual fall in crude oil price is digging a deep hole in the nations economy and crude oil price is still even being predicted to fall further.for SME owners, the importation based businesses, internet businesses and bureau de change officials will be the worst hit by this development. And i think we should all gear up for 2016 because in 2016 comes more struggle.

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Mylastkobo.com to collaborate with WAMI and other for a one week free skill acquisition training in Benin

Mylastkobo.com in compliance with our commitment to building and mentoring young entrepreneurs, we will be joining efforts with other SME oriented organization to organize a one week skill acquisition training in Benin City, Edo State,Nigeria.  The event will take place in Ugbowo, Benin city in different training centers.

For those that live around this area, i would advise that we try to attend this wonderful skill acquisition program as it would be a free opportunity for everyone to get a thorough hands on training on different skilled professions, and the program is mainly based on practical training so you will be able to get at least a basic practical knowledge of various skills that would be enough for you to start up something.

I have met with Mr Eromosele, the CEO and Founder of West Africa Multi Star Initiatives(WAMI), an organization that is focused on training young people on different skills to place them in a better position in  our present competitive world. Mr Eromosele took me to most of the centers that would be used for the training and i was really impressed with what i saw at the centers, the centers have been carefully selected and arranged to ensure that each Participant get a first hand experience and benefits from all the activities taking place. I was even more concerned about the ICT training center because i will personally be overseeing that aspect of the training, from web design, database management to graphic design i will be the one managing that area, so i wanted to see the tools that are available for the ICT training, he took me to the hall scheduled to be used for the ICT aspect of the program and i saw that everything was so carefully planned that it would be possible to have each participant to a computer during the training.


As for the other packages like:
Bead making,
wire work,
Catering,
Decoration,
Makeup,
Hair Weaving,
Recharge Card Printing, 
Generator Repairs
Aluminum Doors,
Electrical Works,
Liquid Soap and Cosmetic production,
Photography and many other rich packages. 

if you are interested in any of this training please visit these registration centers in Benin:

1. Boiling Point Lectures @OPP. Uniben Zenith Bank, Maingate.
2.U.A Tutorial Reloaded, #240 Ugbowo Lagos Road, Opp
Uwasota Junction, Beside Nova Road Benin City.
3. Mega Lectures, 2 Lucky Str. OPP. UBTH Gate Benin-City.

Or call: 09033124969, 08189140877, 08071548097

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Insights into the success secrets of an Abuja based Fruit store

Attendants at the fruit store attending to customers

few people would want to open a fruit store in Nigeria considering the climate and the poor electricity distribution in Nigeria, fruits and vegetable tend to whither faster in hot climate so if there is no power to refrigerate them they may just all dry off.

So i was in Wuse 2 Abuja,Nigeria returning from a meeting i had with the manager of a top Nigerian investment house that was looking towards investing on small medium enterprises, i needed to get some fruits for the weekend so being new in Abuja i placed my eyes out in search of a fruit stand uknown to me i was about to uncover one of Abuja's biggest SME secret( the fact that if you are determined enough you can make any business sell in Abuja). while i was expecting to find a fruit stand i saw something different, i saw a fruit store i mean how innovative is that? very innovative. a place where you can drive in and park to buy fruits better than those roadside stands that may require you to flout traffic laws to buy fruits by the roadside, here you can park your car without breaking breaking any traffic law and buy fruits for you and your family before going home. 

But that alone isn't the success secret of this fruit store one big secret of this fruit store is its location, apart from the fact that it is located in a very busy area in Abuja where there are many supermarkets, restaurants and boutiques, the fruit store is located between two  important businesses that attracts prospective customers to the fruit store, by the left hand side of the fruit store is a very big supermarket that attract a lot of customers and most times this customers are converted into customers for the fruit seller because the supermarket does not sell fruit or vegetables, while by the right hand side of the fruit store is a bottled water depot where people come to buy bottled water in large quantity the fruit store also enjoy patronage from the customers of the bottled water business.

it was just too bad that i was unable to grant the young man attending to the business an interview because of language issues we were unable to communicate( i guess i would have to start working on my knowledge of the Hausa language) but all the same i was still able to uncover the business secret behind the success of this fast growing fruit store in the heart of Abuja.

A lesson for young upcoming Small business owners: there are few businesses that wont work in Nigeria so it is very easy to think of the one that would work, you just have to be able to think up something that would work and plan it up, i met two young joint owners of a mobile fastfood that told me they spent about six years planning and working up the money it took to establish their business. so as i have always believed funding shouldnt always stop people from developing their brilliant ideas because you will be depriving the world of your relevance when you refuse to act on your ideas.

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POPS'N'CHILLAS the success story of a small popcorn outlet in Abuja

Few people will choose opening a popcorn outlet as their

preferred choice of business in a large city like Abuja

where there are large eateries bakeries and cafe's all

around and the price of setting up business in Abuja is

among the highest in the whole country,

the questions one may want to ask are: how many people

dey chop popcorn?(how many people do buy popcorn?), how

much them dey even sell popcorn and how much gain i want

make inside?(how much do they sell popcorn and what

would be my gain for each sales?), shop money for Abuja

too cost shey na popcorn i want rent shop to sell?( the

cost of renting a shop in abuja is very high why should 
i rent a store and just sell popcorn?


are these the questions that come into your mind
whenever you think of going into such a business

venture?

Well mylastkobo.com bring to you the success story of

POPS'N'CHILLAS a small modern pop corn outlet based in

Abuja

On saturday i and a crew member of mylastkobo.com went

out to interview some small businesses and then we came

across one business that we couldnt afford to ignore,

from across the road, while we were exchanging contacts

with a young small business owner, we sighted a huge

popcorn cup atop the roof of a small cafe with disco

lights around it and we immediately decided that we will

go and see what was going on there that was how we were

able to get you this exclusive interview of a very

brilliant and innovative business venture in the heart

of Abuja







Mylastkobo.com: Hello we are from mylastkobo.com an

online magazine dedicated to telling the stories of

smallscale medium enterprises like your own to motivate

guide and encourage our young people to start up on

their own. We would like to ask you a few questions

about your business can we come in?


POPS'N'CHILLAS(Godwin): you can come in, although my

Madam is not around now so i will just answer the

questions that i think i can answer.


Mylastkobo.com: No problem sir, what is your name?

POPS'N'CHILLAS(Godwin): My name is Godwin.

Mylastkobo.com: how long have you been working here?

POPS'N'CHILLAS(Godwin): Well it has not being long that
we started so i have been around since the startup.

Mylastkobo.com: so you would be able to give us some

details on how it all started?


POPS'N'CHILLAS(Godwin): yes actually this popcorn is not

the nigerian kind of popcorn, my Boss must have come

across the idea from the internet, when we were about to

start she went for a training to learn how to make this
 
kind of pop corn, she had to go under training just to

have the experience and she put me through on how to

make it.

Mylastkobo.com: so how was it like when you initially

started, how was sales like for the business under your

management?


POPS'N'CHILLAS(Godwin):the issue of marketing, i think

that is one area that has been affecting us from the

start till now, although we have to give people fliers

and try to tell people about it but i think marketing is

one aspect of this business that we will continue to

focus on because some people are new to this kind of

popcorn so when you tell them the price they will say"

is it not just ordinary popcorn?" most people do not

fully appreciate the unique nature of our popcorn, but

those that are familiar with our product we usually do

not have any problem selling to them,

as you can see now we are preparing for an event, a

birthday party, and from there we also get the

opportunity to introduce our products to people most

especially the kids and young people.

Mylastkobo.com: So how affordable are your products?


POPS'N'CHILLAS(Godwin): As you can see we have the one of #200, we have the one of #400 and so the price
ranges, although we also sell other products apart from
popcorn like soft drinks, ice cream and we also do chips
and cheese so we have other products apart from popcorn.

Mylastkobo.com: So what do you see for the future in

this business and what efforts are you putting into

making the business grow?


POPS'N'CHILLAS(Godwin): well as for me i do a lot of

research, i try to find new ways to bring customers here

and make them interested in our products, i also

research on other products that we can add to our list

of products so they can bring more people here, for

example in the begining we were not selling anything

apart from popcorn but when i came i researched some

other products and talked to Her about it and She

agreed, thats why you see us selling Drinks and other

thing.

Mylastkobo.com: so you mean you were the one that

suggested those product to your Boss?


POPS'N'CHILLAS(Godwin): Yes.

 
Mylastkobo.com: well Mr Godwin we have come to the end

of this interview, we would like to say a big thank you

to you and your Boss on the behalf of mylastkobo.com and

on the behalf of all the young prospective business

owners out there that you have helped by sharing this

success story.


POPS'N'CHILLAS(Godwin): Thank you

we exchanged handshake and we left, i and my crew member

remained quiet for sometime while we walked away from

the outlet we were still very much surprised that people

could be so innovative to think of such a small and

profitable business idea in a place like Abuja where the

cost of renting a shop could get to a Million naira,

with this success story of POPS'N'CHILLAS i think people

should stop giving escuses and start setting up

something.

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Increase in Start-up cost for Nigerian Small Businesses as Government Ban the use of small Generators.

a small sized power Generating set

There are sometimes when Government would make some decisions and we will begin to wonder if they like us at all. Nigeria is known for one thing and that is poor electricity supply to its people and to its Industries and Businesses, this had been a major challenge for small Businesses But as they always say "in Naija Man must survive" so Small Businesses in Nigeria have to found a way of solving this problem by purchasing small power generators popularly known as "i pass my neighbour Generator" in Nigeria.

This have been the major power source for Nigerian Small Businesses but things are about to change, but with the recent ban of the importation of small generators in Nigeria one can only forsee the damage this will cause for our small medium business owners, Businesses will lose their only cheap source of electricity, the cost of setting up a small business in Nigeria will have to increase because newer businesses will have to buy bigger more expensive Generator set to power up their businesses.

this ban on the use of small generators will introduce small business owners into a harsh and unfriendly atmosphere were they will have to spend more to get power to run their businesses.
One option that would have been open to small businesses in Nigeria would have been solar power, but even that is very expensive. so this policy has in effect increased the cost of setting up a small business in Nigeria.

small Generators in use by Nigerian SME's

Government world over are known for creating an enabling and friendly environment because of its important in creating jobs for citizens and its input into the economy. but with this action by the presesnt Nigerian Government people are begining to wonder if the new Nigerian Government  is SME friendly and what the future of SME would be under his Government.

SME stand for Small Medium Enterprises

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Mylastkobo's exclusive interview with The young CEO of BETA LOOK Laundaries Kubwa Abuja

Mr Femi, the proud CEO of Beta Looks Laundaries in front of his office

The success story of Beta Looks Laundary is one that should motivate any prospective Small
Medium Business owner out there to start working hard to achieve the best. The most remarkable thing about this young Small Medium enterprise owner who finished his National Diploma certificate program in Rufus Giwa Poly Ondo State. Is that he never once mentioned, while he was being interviewed, He never once mentioned any instances when He went out for any so called job Interview or screening test. Here is the interview.

Mylastkobo.com: sir could you please give us a brief introduction about yourself?

Mr Femi:  My name is Emmanuel Oluwafemi and i hail from Ondo state. I completed my National Diploma certificate program in the field of Estate Management from the Rufus Giwa Polytechnic Ondo State, after which i came to Abuja for my Industrial training. After my IT in Abuja i moved down to Maraba to meet my Brother, there was no work so i followed my Brothers friend who is a Painter, i followed him to sites just to learn how to paint then like that, like that i learned how to paint and in two months i was able to carry "roller"(paint brush). i started going for my own Jobs and was earning just enough to keep me going that was how i started developing myself.


Mr Femi attending to questions from mylastkobo.com

Mylastkobo.com: So you finished from what department in Polytechnic?

Mr Femi: Estate Management.

Mylastkobo.com: Wow! so knowing that you did estate management whta made you to go into setting up a aundary outfit?

Mr Femi: After my National Diploma i wanted to push forward but there was no power(money).

Mylastkobo.com: but one would have thought that as you already have a degree in estate managemnet and experience in painting, one may have expected you to develope on your career in the lines of estate Management but what made you to realy choose laundary and dry cleaning as your preferred choice of Business, what made you to really go into this laundary business?

Mr Femi: what made me go into laundary? i was working in a site at one time in Area 2 so i met one Man called Labaran He is was the site Engineer at that site and we also worked in other sites. but the work was not coming that regularly again sometimes we only work once in a month and before the end of the month you dun spend the whole money finish.

An Array of carefully laundered suits at Beta Looks Laundary

Mylastkobo.com: Oh i understand. you people were not getting regular jobs again.

Mr Femi: Yes, so he told me that there was one plan he wants to lay down. He told me that he want to set up a laundary, Barber shop, Women Saloon and Massage parlour that he would like me to manage a department there in short he sent me to train for Laundary.

" it was very hard at first coping with the heat and stress of starching and ironing someone's cloths, infact i just had to manage, After my training he started a new shop in Kubwa here i moved down to Kubwa from Maraba and i just forgot about my house i was working and sleeping in the shop, i was doing everything in the shop like it was my house",

Then after a year when i believed his laundary is already moving, atleast i have laid a solid foundation for his business, i trained some guys for him.

Mylastkobo.com: so you have trained people?

Mr Femi: yes i trained some guys for him he even trained and became very professional, then he oopened another shop and placed somebody to manage it for him, he opened another one for NYSC and put one of the boys i trained there then i managed the head office at Dutse.
after i have gathered some money i had to tell him that i want to leave, that i want to set up something for myself and he told me that i cant go empty like that so he just had to support me

Inside the laundary

Mylastkobo.com: When you started off on your own what was the major challenges you faced?

Mr Femi: Eh! i have faced some major challenges athough i am very good at marketing so i had little problem in that area.

Mylastkobo.com: You know in Nigeria when you want to set-up anything you have to make your own private arrangements for electricity so that the poor power distribution in the country would not affect you, especially a business like yours that is dependent on electricity, so what was your plan in that area?

Mr Femi: firstly before we came down i looked round and saw that electricity in this( Kubwa) is still good and i noticed that the light here is a little bit stable atleast we have up to 18-19 hours of daily electricity which is ok.

Mylastkobo.com: yes that is Ok compared to the statistics from other area.

Mr Femi: So the matter of getting a good customer that was a big challenge but i have learned a lot, we do share fiers, house to house adevertisement, i come to your house, i dont care if you insult me because i am a laundary man or not, some people say " i have a laundary man where do you want me to put him? but sometimes, especially when i came around here people just kept coming they want to check how i work i looked at what they want and how they looked so i decided that i had to improve myself to serve this people and i had to ay a very good standard that in this environment i want to be the best, which i was very successful in that. so i think the packaging and the "perfect ironing", cleanliness of the environment and my way of approaching customers those are the things that made me unique.

inside the aundary(laundary equipments)

Mylastkobo.com: so do you have any strong competition in this area? that you think would be able to challenge your standard?

Mr Femi: ( laughs) in this environment? i dont, only my boys that i trained that can even try to move close to my standard. they will try but the difference is still clear(smilling). only if i just decide to overlook some work.

Mylastkobo.com: so if you want to encourage young people that are wiling to move into your line of business what will you tell them?

Mr Femi: You see, they have to go for training and this work you must love it, you must have the passion because if there is no passion you will just get tired of it and you may not be able to continue.
Mylastkobo.com: so are there sometimes that you feel that way?

Mr Femi: yes sometimes casting of light ( power failure) that may last for up to five days and we will not be abe to work because sometimes to get fuel for the generating set is an issue. and you will have a of cloths to deliver.

Mylastkobo.com: so you get a of pressure from the customers?


inside the laundary( Boys at work)

Mr Femi: ( exclaims) Heh! it is always very difficult. some come here and raise their voices on us, and you know when a customer is shouting in your businesss premises you dont know who is watching, a prospective customer might be passing by, a new customer may want to come in and you are shouting, so those times i sometimes feel like which kind work i even they do self i sometimes feel like closing up the business and find another way.

Mylastkobo.com: so how do you overcome this challenge?

Mr Femi: when they come i address them, some say nothing should be an escuse and some understand. i apologise to them and urge both of my workers to be up and doing in their presence.

Mylastkobo.com: so are you still planning to further your Education?

Mr Femi: i am already pursuing my HND so most times i am no always available i leave the bulk of the work for my young workers and i always try to encourage them, sometimes when i am around i give them 500 naira to go out for lunch, one of them even came to me and told me he wanted to write Jamb and i gave him the enrolment money without deducting it from his pay because i know that if he is successful in the Jamb it is my joy.

Mylastkobo.com: so how do you manage your workers when you are not around?

Mr Femi: you see this( he points to a notification written " call this number for your complaints and suggestions" my customers can always complain of any poor service by my workers to me directly on my personal line. and i always have this ( raising some sheets of paper) customer complaints form that i encourage my customers to use for their complaints.

Mylastkobo.com: so sir what final thing do you have to say to viewers out there about your Buisness?

Mr Femi: this is not an easy job and if you know you can do it then you must go for the training and even after the training you must have passion for the job or you will get discouraged along the line, most especially when the challenges start coming in.
Then to start this kind of business you have to have the money to get a decent shop, paint it, let it look neat and get an electric iron and a good laundary table for ironing the cloths even if you dont have money yet for washing machine for a start in the next three months if you are very good the washing machine will come. and you have to learn to be very careful with money, dont spend anyhow or you will pack up quickly. but there is one thing.

Mylastkobo.com: What is that?

Mr Femi: for a start you have to get support, if not for the support from my former boss i would not have been able to establish something like this with my little savings. and it is a very tedious business sometimes i sleep only for 4hours a day because sometimes we have to work allnight.

Mylastkobo.com: Well the truth is that you are reaping and you will continue to reap the fruit of your labour. i am very happy you granted us this interview, it will go a long way in guiding and motivating prospective Small Medium enterprise onwers who plan on going into this your line of business. Thank you very Much Mr Femi.

Mr Femi: thank you too. weldone.


inside the laundary( Boys at work)

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Mylastkobo.com will start its exclusive interviews of young SME owners next month.

When i started this blog i started it with the hope that i would be able to encourage young graduates to think out of the box and set up something of their own instead of venturing on long and sometimes unproductive search for ready made jobs.
       So far i have been committed to that plan, and have granted exclusive interviews to several young successful SME owners, through this interviews i have uncovered the success secrets of some of the young small business owners that we interviewed, through their stories i hope you would find yourself, overcome your fears and be motivated towards success in your own enterprise.

 i will start posting the interviews from the second week of November. do not be impatient. this is what you have waited for, for a long time. so please stay with me as i bring you the survival stories of Young entrepreneurs  from some of Nigeria's Commercial cities.

come second week of October we will bring you this exclusive interviews than i hope would give you a better knowledge on been an SME onwer in Africa's most populous nation.

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Cheap monthly data subscription for smartphones( suggested products)

The new Oldrafikki data subscription.

You can now subscribe directly from your mobile phone and pay securely with your ATM CARD (MasterCard, Verve, Maestro and Visa) using this easy steps:

Step 1. create a simple customer account with www.clubkash.com/Oldrafikki 

Step 2.Login to your new account with your phone number( your phone number is your username) and password.

Step 3. Once logged in you can choose to purchase any of the listed data plan. Just click on Buy now.

You will then be shown the option of choosing any payment option of your choice. 

FAQ's on the cheap data subscription plan.. 1. Can I use it on all devices including iPhones and modems for laptops?

     Answer: yes you can use this data for your iPhones, blackberry, modems,laptops and android devices. 

2. Can I check my data account balance once subscribed?

     Answer: yes you can do that by simply dialling *461*7# for MTN subscribers and *229*9# for our Etisalat subscribers.

3. Do I have to tweak or root my android device to use this dataplan? 

     Answer: No. This is not a cheat, so you do not have to tweak or run any reconfiguration of your phone to use this data subscription plan.

4.how long will my data last? 

     Answer:Your data subscription will last for 30 days and will be rolled over if you re-subscribe before it expires. 

( Note: we operate a 500 bit encryption security payment system that guarantee you a secured transaction with us. )

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Installing a new wordpress template on your wordpress site (for techpreneurs).

Installing a wordpress template:
 installing a wordpress template is easier than it is supposed to be,
of course those of you familiar with coding web pages with HTML and CSS would agree with me on this one.
 Installing a wordpress theme is so simple that you can try multiple wordpress theme on your site before choosing your preferable template,
 and the good thing is that all the wordpress template that you may need for building the site
 of your dreams are either free or goes for a little chicken change. now let get you to install a new wordpress template on your site.

 Visit the admin panel(dashboard)locate themes( under appearance) click on it and it will
 take you to a page with a list of your already installed themes and the option of adding new themes,
to install a new theme on your wordpress site click on the add new button at the upper left part of the page.

 It will take you to another page where you will find a lot of free but yet beautiful and professional wordpress templates
that you can use for your wordpress site, you can either choose to install them online or to download and upload later,
after clicking on install the installation wizard will take some time to load after which it will show you something like this

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how to create multiple blog sections on a single wordpress installation with categories(for techpreneurs)

using wordpress categories you can create multiple blogs on your wordpress blog, this would help you arrange your blog into different sections e.g for a news blog you can have a section for international news,local news or entertainment news. Now lets get right to showing you how to perform this wonderful wordpress trick brought to you exclusively by mylastkobo.com.

Open your admin panel(dashboard), go the categories page under posts,and create new categories for each new sections of your blog that you want to create.
After creating this categories, visit your admin dashboard and go to Menus—under appearance, when you get to menu you will see something like this(image 0.45)


1.    This area assists you in choosing the previously created menu  that you wish to work with, it also help you with the creation of a new menu.
2.    All the pages on your site are listed here(every page is added to your site menu automatically after creation)
3.    Wordpress presents you with the option of adding an internal or external page link to your menu.
4.    This contains a listing of all the categories on your site, as we move on in this part of the wordpress customization tutorial on categories i will show you what to do with the links on this list.
5.    You can toggle between different menu option that is if you have multiple menu on your site.
6.    This part contain a tabbed list of links to pages and categories already on your site menu.

To create sections on your website you will need to make some changes to your site menu, if you have been able to create new categories and if you have gotten to a page similar to the one shown in the image above then you are on the right track.
Now move to the category tab by the left side of the menus page. you will see a list of all the categories you have created, now click on any one of those categories that you want to feature on your sites frontpage menu. Drag the clicked category to the part labelled number 6 on the image and place it in a suitable position in your hierarchy of links. You could either place it squarely under another link to make it a secondary(child) category or just place it on its own to make it a primary(parent) category.
 

The above image is showing a list of categories according to their hierarchy from.
1a and b. These are parent categories: parent categories have child categories under them that often slide out when you hover above them with the pointer.
2. this is a child category under “our administrator in the image above”.
3. this is a child’s child category, i.e it would appear under a child’s category
Note:  a child category would normally drop down or slide out from a parent category. Depends on what template you are using.


Click on save menu to register the changes you have just made before leaving the menu page to preview your frontpage menu to see your changes.
 Now your site have different blog sections, you can blog on different topics and issues on various sections, by adding them to the related category.
When using categories ensure you clearly define the description of the category as this greatly affect the performance of that category and its contents on search engines.

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How to buy Data Plans/Airtime Recharge Cards at Cheap rates in Nigeria(suggested services)

We have always posted working internet cheats on this site. Free browsing cheats have always helped internet users to browse for free.
To see working internet cheats and cheap data plans, go here ,but cheats will not always be available and we will need a plan to fall back on
Data plans and internet subscription are quite expensive in Nigeria. For example MTN sells 750 mb for 2000 naira which is quite expensive.
The best option for people using the internet will be to buy data from data bundle resellers of which the most reliable of them all is OLDRAFIKKI DATA BUNDLES.
I am going to show you how to buy data plans at

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List of Top HTML tags that every blogger should know about.(for techpreneurs)

List of Top HTML tags that every blogger should know about.

 1.Meta tags. This tag should be the first thing you type on your post content field before writing      your post as this tags tells a search engine bot about the content of your post e.g
the meta description tag for this article should look like this:

<head>
<meta name=”description” content=”list of top html tags for bloggers”>
<meta name=”keyword” content=”html, blogging, seo, post formatting, editing posts,”>
<meta name=”author” content=”steve azuka”>
</head>
This way when a search engine sees the post it will find it easy to understand the content of my post and what it is all about. and with this you can also lay authorship claim on your unique content.

2.Bold/strong.  This is a basic way of emphasizing and emboldening your text and making it thicker than other text e.g a sub heading(if you do not want to use the <header> tag)  a text could be made emboldened by lacing it with this tag
<b> this text is bold</b>
or
<strong>this text is bold</strong>

3.links.

  (i) linking text:  there are two ways of adding a text link to a post:
                        1: just plainly writing the URL(uniform resource locator) e.g:  http://www.mylastkobo.com ( some sites demand that you use the href element to place any link)
                       Or
                        2: embedding it in a text: using the <a> (anchor ) tag and href element you can carefully embed your link inside a text < a href=http://www.mylastkobo.com></a>


(ii) linking an image: placing a link inside an image is not a very tricky thing to learn, you still have to use the <a> tag and href element but this time we will also be using the <img> tag and src element:
The image for this example is located here so we will have to copy it cus we will be needing it to complete the process.

<a href=http://www.mylastkobo.com> <img src=http://our image is located here.yipee /></a>.

Note: when linking people to other site ensure you put in target as blank, so that a new tab will be opened authomatically on their browser.

4.image. <img> as a blogger you will soon get used to typing and seeing this very  often. It is used for placing an image in a post either from your site or another site it is used alongside the element “src”
<img src=http://this is my image’s url.com/bighead.jpg width=” 550” height”400” border=”2px” /> the image tag is described as an empty tag in html so it does not need a closing tag but rather it closes itself.
The width and height element is used for deciding the dimension of the image.


6.blockquote. this is used for outputting a text as a quote it uses the HTML <blockquote> tag to output your text as quotes:
<blockquote> i want this text to be quoted because quoting is cool and i like it.</blockquote>

7.Underline. you use this HTMl tag to underine a text in a post;
<ul> i want this cool text to have a nice line under it</ul>

8.break. for those coding without a wordprocessor based text editor you will understand the need for this HTML feature <br /> it help you to break from one line to start writing in the other line it is an empty tag and it contain its ending slash inside the first tag.

9.italic.  you use the <i> tag to turn a text into the italic font style. This is usually used when you want to point a word out in a sentence. <i> italic is cool it makes the word wavy like elephant grass</i>

10. lists. The list tag is used to make a simple list of texts in a post. You will find that there are different ways of using the list tag, either by using the ordered list tag<ol>this output your list with numbers</ol> or by using the unordered list tag<ul> this outputs your list with bullets</li> you may also use the definition list<dl></dl> for making a list of definations like in a dictionary.
Using lists.

-Ordered lists:  <p>list of things i will buy</p>
     <ol>
            <li> tomato 50 naira</li>
            <li> bread 100 naira
<ul><li> agege bread</li>
        <li> tuntun bread</li><ul></li>
<li>macaroni 250 naira</li>
<li> bournvita 500 naira</li>
            <li>beans 300 naira</li></ol>

 -Unordered lists: <p> list of noise makers</p>
<ul>
<li>mayowa otularibo</li>
<li>Vincent ogunaiye</li>
<li>tomson otulei</li></ul>

This article was written for www.mylastkobo.com by the author steve azuka it is protected by copyright laws  to reuse this article you must abide by the authors term of retaining this copyright note along with the article or risk having your site or institution sued and reported to the appropriate authorities.

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