Easiest Ways to Get a Small Business Startup Loan in Nigeria

A large portion of the loan unavailability in Nigeria is not actually because there are no loans. In reality, loans are readily available for businesses in the country. However, these loans have strict criteria and qualification requirements. Therefore, it is for this reason that they appear to be unavailable. One of the strongest barrier startups face is in providing collateral for a loan. This is because startups, most times, do not have existing assets, which disqualifies them from the majority of commercial loans. However, here’s a list of institutions that provide startup business loans with no collateral in Nigeria.

Have you noticed that everyone has a small or micro business now? From the Iya Bobo that sells drinks to Abdullahi’s provision store, small and micro businesses are constantly popping up everywhere, even on Instagram. That’s why it’s no surprise that there are over 37 million MSMEs and SMEs in Nigeria

The Nigeria bureau of statistics has stated that these MSMEs and SMEs contribute to over 50% of the country’s GDP employing about 80% of the country’s workforce. Despite this, MSMEs and SMEs still struggle to access adequate credit, with only about 5% of these businesses having access to funding and credit.

These statistics are probably not so far-fetched as you may know a few yourself that haven’t been able to get credit. For this reason, many business owners have had to squeeze themselves dry to get started. They used their savings, borrowed money from family and friends, and even sold properties just to get some capital. Truth be told, finding credit can seem like looking for a needle in a haystack, but it doesn’t have to be.

In this post, we’ll teach you how to get a small business loan in Nigeria, so your small business can expand and truly reach its potential. If you are new to the business world, we will also talk about ways to obtain a loan for startup business in Nigeria.

Ways to procure loans for small businesses in Nigeria

Access to small business loans, especially business loans without collateral is not as common as most would think, but there are still a few safe and secure ways to get loans. We’ve outlined the main ones below.

Loan Apps

This is the fastest and most common way of getting a loan for start-up businesses in Nigeria. Loan apps usually take about 5 – 10 minutes to decide on your loan package and if you should be given a loan. Loan amounts range from ₦250,000- ₦10,000,000. Majority of the time, these apps don’t require collateral & offer collateral free loans for business. They only use your credit score to determine if you are likely to pay back.

Pros of loan apps

They are fast
They give substantial amounts of money
No collateral needed
No need to go to a branch. You only have to download an app

Cons of loan apps

They often have only one physical branch

You may not get the amount you want. The app decides the amount it can trust you with.

Even though loan apps give some of the best small business loans, you still need to do your due diligence. Do not download just any app on the app store instead, check out this list we’ve compiled on the top loan apps in Nigeria and pick a loan app partner based on your needs.

Banks

Before loan apps, banks were the number one place small business owners who wanted to grow their businesses go to get loans. Although they are trustworthy, loans from banks usually come with high-interest rates and a request for collateral. This often discourages startups from getting loans. However, start-ups can request business loans from banks, if the owners have a good track record and can provide sufficient collateral.

Pros of banks

Trustworthy
You may get more loans as you build credit with them.

Cons of banks

High-interest rates
Lots of documentation and need for collateral
Long processing time

Government loan schemes

The Nigerian government has established a few bodies to help MSMEs and SMEs. Examples of these bodies are the Bank of Industry (BOI), Bank of Agriculture (BOA), Development Bank of Nigeria (DBN), Nigerian Export-Import Bank (NEXIM), and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

They were established to give grants, and low-interest loans to MSMEs and SMEs in Nigeria. Here are their pros and cons.


Pros of Government loan schemes
They offer grants or low-interest loans
They focus on MSMEs and SMEs
They sometimes offer collateral-free loans for business

Cons of Government loan schemes
Competition is high, so they are difficult to get

Online apps for small business loans

Loan apps in Nigeria are known for their speed when it comes to loan approval and disbursal. They don’t require you to go to a place or present numerous documents. All you need to do is download the app, sign up and request a loan.

This is especially good for small businesses that need money to sort out business emergencies or for businesses just starting out with no social proof and no collateral.

Here is a list of the top loan apps that give loans without collateral:

FairMoney MFB: FairMoney’s main appeal is that it is a full-fledged digital bank that gives loans of up to ₦3,000,000. This means you can sign up to get a loan on the FairMoney app in under 5 minutes and increase your chances of getting a higher amount by banking with FairMoney and enjoying other benefits. Here is a detailed review of FairMoney. Check out more details about FairMoney loans here.

Branch: Branch prides itself on offering quick collateral-free loans. They have over 10 million downloads and their loans require no documentation.

Kuda: They offer loans called “overdrafts”. They can only be given to people who have been using Kuda for a while. The overdrafts typically accumulate a 0.3% interest daily.

RenMoney: They offer loans to both individuals and start-up businesses in Nigeria. Their loan offer is currently maxed out at ₦6,000,000

Carbon: Carbon typically helps customers buy commodities and allows payback in instalments at a later date. The repayment period is usually 3-6 months.

These apps have made it possible for the average credit-worthy Nigerian to start and grow business/businesses in Nigeria.

These institutions have made it far easier for citizens to access startup business loans with no collateral in Nigeria. If you intend to start a business, you should surely look to one of them for their services. 

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Top 10 Successful Startups in Nigeria to Watch out For in 2023

Nigeria has a population of 208.8 million people and a rapidly growing economy of Africa, Nigeria has become a key country for startups who are engaging massive funds to capture the overall market. Nigeria has developed itself as a battleground for the upcoming companies aiming at growth and establishing themselves for the future tech leader in the long run in startups in Nigeria. Apart from being the largest economy of Africa, mainly due to its high oil and gas production, it has also enjoyed a GDP growth of 6.9%. 

With recent openings, it’s much easier to do business in Nigeria than it used to be. These Startups in Nigeria have taken up the task and the challenge to build great companies. Being in the various platform of Nigeria and being involved in multiple industries. Startups in Nigeria are spreading their business through new technology and solving people’s needs. Startups in Nigeria are focusing on innovations and building new production systems. These startups are making a massive change in the industries of logistics, finance, hospitality, investment, automobile, etc.

Many startups are gaining immense fame in Nigeria by reaching a vast population by providing their service. With the tremendous growth all over Africa, some startups have taken their service worldwide and have successfully developed themselves as a brand. Below we’ve listed the top 30+ startups in Nigeria that will surely outplay the game in 2023.

Fintech companies are the most successful startups in Nigeria and they have attracted lots of foreign investors for funding. Also, healthtech business startups were the second most funded business startups in 2020. Online e-commerce startups are also among the fastest-growing companies for venture funding in Nigeria.

Here are some of the most if not all successful Nigerian startups:

Flutterwave

Flutterwave is a fintech company that ensures easy payment processing online across major African retail markets. It is the fastest-growing fintech startup in Nigeria and has closed multiple rounds of successful venture funding.

In 2020, it closed a total of $35 million venture funding round which is amongst the highest in the Nigerian startup ecosystem. Flutterwave is projected to begin active operations across Africa.

Paystack

This is another leading fintech and online payment processing startup in Nigeria. Paystack has secured the sum of $8 million venture funds and was partly acquired in 2020 for a huge sum of $200 million by Stripe company. This is one of the biggest business acquisition deals in Africa.

Remita

Remita is among the top online payment processing startups in Nigeria, and is responsible for the majority of local online payments. It is used by the Nigerian government to facilitate payment across numerous government institutions in Nigeria.

Flying Doctors

This is a health tech startup that offers air ambulance services to patients who need emergency medical attention. The company has expanded its services in Nigeria and has saved lots of lives due to prompt emergency health care services on demand.

Lifebank

Lifebank is a healthtech company that ensures patients in need of blood transfusion have access to blood products without delay. Lifebank has facilitated the delivery of blood products to rural areas and to patients who require emergency blood transfusions. The founder has also received international grants and awards since the onset.

Cars45

This is an online e-commerce company that connects owners of cars (sellers) with their buyers. Cars45 has raised a total of $5 million in venture funding.
The major business ideas in Nigeria

The Nigerian society has many challenges which provide business opportunities for startups. Here are some untapped business opportunities to consider:

Agricultural business

Nigeria has a large expanse of land for agricultural activities, and there is a constant demand for food crops and livestock products like meats and poultry because of the expanding population. The federal government plans to diversify the economy and reduce dependence on crude oil products by providing grants to agricultural business owners through the central bank of Nigeria.

If you have an agricultural business idea, you can access funds through the bank of agriculture of Nigeria- a bank dedicated to providing grants to agricultural entrepreneurs.

Oil and gas

The abundance of crude oil in Nigeria provides opportunities for entrepreneurs to start private businesses such as local petrol stations, manufacturing and sales of petrochemical products like engine oil, paints, sales and distribution of cooking gas, etc.

Transportation and Logistics

There is a need for transportation businesses because some manufacturing companies are situated far from retail outlets that are close to consumers. Logistics businesses are in constant demand to aid the transport of heavy goods and products from one geographical location to another. There are diverse markets you can choose to serve; for example, building materials and consumer product transportation.

Waste management

The government at all levels are overwhelmed by the level of wastes generated and the need to keep the environment clean. Poor recycling of wastes is a major problem in Nigeria. This provides a business gap for private waste management and recycling businesses to step in and carry out proper collection, recycling and disposal of individual and industrial wastes.

Real Estate

Urbanization has increased pressure on the available houses across urban cities. Individuals are consistently in search of houses either to rent or buy. Therefore, you can start a real estate company that provides house deals for people who want to rent or buy a house.

Fashion designing

Nigerians celebrate events like birthdays, anniversaries and burial ceremonies with a special local attire. If you are a good fashion designer, this is a lucrative business idea because these socialites need a fashion designer to sew the attire for each event. Also, there is an upsurge of private primary and secondary school institutions, and they may need fashion designers to make school uniforms for their students.

To run and grow your business successfully you need to learn and gain the following skills:

• Creativity: This is an essential skill because you need a consistent flow of ideas to give your business leverage over your competitors.
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• Marketing : You need excellent marketing abilities to acquire and retain customers.
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• Financial skills: Your ability to track and manage income and expenses determines your business growth potential.
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• Administrative/human resource: You require sound judgement and interpersonal skills to hire the right team to help manage and run your business effectively.
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• Resource management: Nigeria has limited resources such as power supply and capital. Entrepreneurs require the capacity to use the little resources available to serve their customers and achieve their business goals.

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10 Smart Ways to Generate Sales Leads in Your Small Business

Many successful small business owners are continuously looking to expand their customer base and grow their businesses. Business growth can be a difficult and long-term process, though. One of the foundational elements of growing a business is having access to a steady stream of sales leads. A lead is a person, or business if you have a company that sells to other businesses (B2B), that has an interest in the products or services you are selling.

Most successful businesses succeed because of their large customer base, the number of customers your business have will determine your sales to some extent. Although many small business owners find it very hard to get customers who will patronise their services. There is no need to worry if you are in this category. 

Experts say the best thing to do is learn how to generate sales lead as this is an integral part for any successful entrepreneur. Even though you do not consider yourself as a salesperson, you need to understand that the possibilities for finding new customers range from cold calling names from the phone book to buying lists of potential customers. You can also adapt to technology like search engine optimisation to drive new customer to your website. You need to know that sales and marketing are the engines of entrepreneurship. Although having these skills are not enough, you have to be expert in the ability to sell and market your products especially if they are intangibles products.

You must understand the intricate functioning of the human that’s making them happy, sad or arousing their passion. It is also important to conduct market research to understand your target audience and their needs, you need to know how to determine which lead generation techniques are best to broaden your sales horizons and how to increase sales by following several strategies to sell additional products or services to your existing clients. Below we are going to look at some of the best practices to adopt to find more customers and increase sales fast, boost your revenue.

Here are some tips for creating a system that will help you identify sales leads in your small business, and — with the right focus and effort — turn them into customers.

Optimize your social media profiles to attract ideal sales leads.

If you have a social media profile, you need to keep it up to date. Keeping your LinkedIn, Twitter, Instagram or other social media profile current helps you bring in more sales leads. The goal is to attract the attention of buyers and make it easier to connect.

• LinkedIn: Create a solid headline and description that will appeal to your target audience. Your headline and summary should describe what you do and who you serve. Focus on what your target buyer will be looking for, using keywords they would use. For example, don’t call yourself a “Sales Maven” – your headline should say something like “Sales Manager | Creating Solutions for Human Resources Managers in the Automotive Industry.”

• Twitter: In addition to your title and a link to your company’s account, include a professional profile photo, a link to your LinkedIn account and relevant hashtags that would matter to your target audience. Follow Twitter profiles in your industry and those of potential sales leads. Retweet and comment to keep your account active.

• Instagram: This social media platform is very visual. Include a professional photo, as well as attractive and relevant images, along with hashtags that would matter to sales leads. Keep it professional yet fun.

Identify your target customers

According to experts, before you find a new customers and increase sales, you need to understand who your customers is, what value preposition you offer to them and what your competitors is currently offering in the market. There is an underlying disconnect between your motivation to increase sales and your customers motivation to solve their problems. These are things which you must know at first in your bid to increase sales and attracting more customers is really about you listening to their needs or being a solution looking for a problem.

Landing page and form

Your landing page is the page the person lands on after clicking the call to action button for the offer. This page contains all of features and benefits of the offer, plus the form the user fills out to obtain it.

Tips for your lead generation landing pages:

Make sure the messaging is the same as the ad or piece of content leading to it.

Keep form fields to a minimum.

Test your forms to make sure they populate leads in your CRM.

Use anything BUT “submit” as your CTA button language

Create a Sales Funnel

Once you know who you are targeting and have determined how best to reach them, you need to have a plan for collecting contact information. The first part of the process involves funneling all prospects to a standard form or landing page that encourages them to share their contact information, generally in return for a free gift, a coupon, a sample or some other value-added incentive.

At this point, it is vital to have a customer relationship management (CRM) database that will help you keep track of potential customers through the process.

Know your regular customers

Knowing your regular customers will help you in developing a marketing plan to reach new customers. When you are developing your marketing plan, you need to understand who you are already selling to when trying to expand sales, you have to find out who your existing customers are, what are they demographics and what do they look like? For you to achieve this, it means you must carry out market research. It can be done quickly and inexpensively by sending surveys to your existing customers using one of the online survey tools available either by paid or free tool. If this is successfully implemented, it will give your business a great deal.

Ask current customers for referrals

Your current customers can be your best source of sales because they’ve already purchased from you, so they know your products and services work. Therefore, they should be an integral part of your strategy to attract new sales leads.

Warm referrals are more powerful than cold emails or outreach to prospects who know nothing about your business.

However, many businesses don’t take the time to reach out to current customers after the sale, beyond providing support or customer service when asked. They don’t thank customers for their business nor do they ask for referrals or help with generating more business.

Following some of these strategies can help turn current customers into a great source of sales leads:

• Ask your account manager to ensure that customers are satisfied with your products or services and customer support. Have them reach out to find ways to make the situation better.

• Set up a time to have a quick conversation with your customer, and thank them for their business. Ensure that they understand how much you appreciate their relationship and discuss how you can add value to that relationship.

• Ask for the names and contact information of business contacts or other companies that might need your product or service, as well as the reasons why they would make a good fit.

• Ask your customer to contact the prospect on your behalf, first through a short email or phone call. You can provide them with what to say in an email so that the sales lead understands the value you provide.

• Thank your customer with a thoughtful gift for the referral. Make it something personal rather than related to the company’s products and services.

Define the market for your business

You can use the information about your existing customers to develop a target audience for your business in its drive to win new customer s and increase sales. There are core customers you are trying to reach, there are other markets that are also important to address. Explain to your customers how your business will help them solve their problems. The value preposition of your business has to be spelled out clearly before an customer will visit your store. You also need to figure out where to reach these customers and whether there should be a marketing or advertising plan that goes along with that outreach. This is vital in business.

Pick Your Promotional Methods Wisely

In order to generate leads, you need a promotional plan that will get your products and services in front of members of your target audience. There are a number of ways you can promote your business, and again, you will want to use your marketing plan to identify the most effective methods for your business.

Some marketing ideas include an informational website, a blog, social media, speaking engagements, industry events, current customer referrals, pay per click (PPC) advertising, and traditional advertising.

Common Investment Errors Young Entrepreneurs Must Avoid

It is common to make mistakes when learning but when dealing with money such errors can have a very serious impact on your investment. It is best to start young when learning any skill or investing in your business. Entrepreneurs who begin from the scratch generally have the flexibility and time frame to take on risk and recover from their money wasting errors. It is also important to know the common mistakes to avoid in order to achieve a considerable level of success in your business. Below we are going to highlight some of the errors to steer clear as a young investor.

Poor investment knowledge

Poor investment knowledge is one of the common factors that often leads to the collapse of most young entrepreneurs many of these entrepreneur fail to painstakingly learn the ropes of their preferred trade before establishing it. They often end up burning their fingers and going back to square one before realising their mistakes. It is best to make mistakes while still learning than to suffer the repercussion of wrong investment decisions. Young entrepreneurs should scout for experts who have succeeded in whatever field they wish to invest. Learning from those who are doing will pay well at the end.

Procrastination

No serious minded entrepreneur will accept procrastination as favourable, procrastination is a thief of time and can be very detrimental while investing because the markets move so quickly. Good investment ideas are not always easy to come by, doing a research and a good investment idea arises. It is important to act on it before the market take note and beat you to it. Some of the young investors fail to act on their idea so quickly due to fear or inexperience. Missing out on a good idea can make a young investor revise his opinion upward and still purchase an asset when it is not warranted.

Over speculation

Instead of investing, these entrepreneurs sit back and speculate. Young investor is at an advantage in his investing life, an investor age affect how much risk he can take. Young investors can seek for bigger returns by taking bigger risks. Because if a young investor loses money, he has the time to recover it through income generation. This may seem like an argument for young investors to speculate but it is not. Most novice inclined toward speculation because they don’t fully understand the investment process. Speculation is often seen as equivalent to gambling as the speculator does not necessarily have the reason for a purchase except that there is a chance that it may go up in value. This can be dangerous as many other professionals are line waiting to take advantage of the less experienced counterparts.

Failing to ask detailed questions

It is important to note that it is your money that you are investing and even if it is not yours, you are accountable for whatever is spent on the investment and the outcome of it. You should be bold enough to ask all the necessary questions that you need to clarified on before putting down your money. One of the most important of forming investment decisions is asking why. Young investors who have not experienced the pitfall of investing can be particularly susceptible to making decisions without locating all the pertinent details pertain to the investment.

Not investing

Many investors has the ability to seek for more higher returns, and take on higher risks when they has a long term horizon. Investors have the longest time horizon, a higher tolerance for risk when they are young. They are less experienced with having money and as a result, they are often tempted to focus only on how the money can benefit them in the present without thinking on any long term goals. They over spend money instead of saving and investing which can lead to bad habit and this contribute to lack of savings and retirement funds.

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6 Money Management Tips to Improve Your Finances with Questions

With unemployment at all-time high amid the coronavirus outbreak we spent money on things we really don’t want at the moment.

You don’t need a higher-paying job or a windfall from a relative to improve your personal finances. For many people, better money management is all it takes to reduce their spending, improve their ability to invest and save, and achieve financial goals that once seemed impossible.

Even if you feel like your finances are stuck in a bad place with no way out, there are a number of things you can do to create a better situation for yourself. Here are seven to get you started.

You all know life is much easier when we have control over our finances and with a good financial skill you will be able to control and manage your spending. We all know that our money impacts our credit score and the amount of debt we can end up carrying may reduce if we plan properly. 

Now is a good time to make sure our finances are in order. Implement these tips one at a time to manage your money the right way and also learn to separate savings account so that you can easily separate your spending cash from long term savings. Make sure to take five minutes every day to check in with your budget.

Make a budget: This is one way to save yourself from spending excessively and unknowingly. Spend time reading books about budgeting. I never used to believe in budget until I started doing it and it so helpful, it let you know how much money you earned and how much money you are spending. It also allow you to see where you’re making waste like when you are wasting money buying unnecessary stuffs. In order to combat this, take time to make a budget. Plan out where you want to use your money. In addition to your everyday expenses, think about your savings goals for the future. You also want to find a budgeting method that works for you.

Eat out less: We are all guilty of eating out every now and then or more it’s not a bad idea though to eat outside but when it become really excessive that is when you should look into it and possibly change your habit of eating out. You can reduce the amount of time that you eat out; you can save some money doing a meal preamp.

Save lose chain: If you have like lose money $50, $70, $100 or even $200 find somewhere you can just toast the money in instead of lose all of them to unnecessary shopping and you will be amazed at the end of the months or year how much money you saved for yourself.

Make a plan: Without a plan, it is extremely easy to find yourself short on money. After all, the treat yourself logic is easy to embrace. If you say yes to too many unnecessary expenses, then you might be disappointed with your savings. You end up having nothing left on your saving. Sometimes we spend so much money without considering the impact it will have on our saving.

Invest in something: Find something that you can invest your money on and get percentage of your income. You can invest in Mutual Funds, Stock and Shares. You can get someone to advice you accordingly, you can just put your money in while you sit back and relax and see your money work for you. You can also get into partnership something that can help multiply your earning. Percentage of your income should be put into growing your money, don’t stress yourself just live your life like a minimum-less. Try to declutter like take away things that you don’t need, buy things that are only important for you.

Set money goals: If you are getting serious about your money, then setting goals is a good idea. It helps you focus. Think about where you want to be financially. There is no wrong answer but you’ll need to take a minute to think about your plans and how money would factor into them. Once you have an idea of how money will play into your life, make clear and specific goals for your money. What do you think about the post? Leave a comment below and share your thought with us.

Today we are going to ask questions that will help determine our financial strength and how you can improve yourself for better future. You can check my first article on cash flow management here before you can continue so you will have slight idea about this questions. Now if you can answer Yes or No to the following questions, your chances of living a better life of your dreams is sure. Remember your answer should be Yes, No or I don’t Know.

1. Do you know your present financial condition or networth?

2. Are you satisfied with your present financial condition?

3. Are you aware of the simple ways to increase your networth?

4. Do you have enough saving to see you through six months of normal living            expense if you lose your job right now?

5. Do you save money on a regular basic?

6. Have you form the habit of saving?

7. Do you have a well define documented financial goal?

8. Do you have a Bank Account?

9. Do you reconcile your bank statement every month?

10. Do you keep records of your income and expenditure?

11. Do you know how much you spend each month?

12. Do you spent less than you earn?

13. Do you have a household budget and are you successful at managing it?

14. Do you avoid major credit purchase?

15. Do you take advantage of all saving and investment opportunities that come          your way?

16. Do you have any investment that’ll help to reduce your taxable income?

17. Do you diversify your investment?

18. Are you satisfied with the contribution from your investment to your total              income?

19. Do you feel you have a brilliant financial adviser or team of financial adviser?

20. Do you feel you have sufficient life insurance cover?

21. Do you have a plan for your children college and university education?

22. Do you own a house?

23. Do you have a plan to retire in comfort?

24. Have you prepared your WILL?

25. Are you in control of your financial future?

26. Are you satisfied with the contribution you have made to the world?

Now here is the score guide:

If No or I don’t Know is between 0 and 4: You are in good shape.

If No or I don’t Know is between 5 and 10: You are on the right path but you need to improve.

If No or I don’t Know is between 11 and 12: You are on a weak point, something have to be done.

If No or I don’t Know is between 13 and above: You need help because poverty is knocking on your door.

That’s all for now, let us known what is your take on this by using the comment button below. If you have any question I promise to do my best to answer you.

Thank you for visit and your time for reading, hope to see you again. Please subscribe to receive our latest update.

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9 Benefits of Market Research to Small Business Owners

Market research is an essential part of any business activity starting from the time when the company has not even come into existence. Market research is very important for the success of both new and developed businesses. According to expert, researching your market prior to entering is a sound decision for any business owner. It is often overlooked ignored by many owners. Small businesses need to be aware of their market niche and the strength they bring to the market. Research can help entrepreneur to be conversant with the operations of the intended business.

Companies often undervalue the impact of a marketing plan on their own people who want to feel part of a team engaged in an exciting and complicated joint endeavour. Your marketing plan gives you troops something to rally behind. You want them to feel confident that the captain of the vessel has the charts in order know how to run the ship and has a port of destination in mind. Many people don’t understand financial projections but they can get excited about a well-written and well-thought-out marketing plan. Consider releasing your marketing plan, your employees will appreciate being involved. After you have written your marketing plan for a few years, you can sit back and review a series of them, years after years and check the progress of your company. Sometimes this is hard to make time for but it can provide an unparalleled objective view of what you have been doing with your business life over a number of years. It will also shape your focus.

Types of Market Research

Market research is a broad category. In fact, there are many varieties of market research that you can use to meet the specific goals of your business. Below, we’ll explore the different benefits of each type of market research.

Brand research: Brand research is focused on creating or refining your company brand to make a bold and favorable impression on your target market. You could look into the level of brand awareness among your target audience, how loyal customers are to your brand, what sorts of qualities people associate with your brand, and other aspects of customers’ relationship with your brand.

Marketing campaign evaluation: Some market research focuses specifically on marketing campaign effectiveness. You can evaluate how many people have seen your online ads and what the click-through rate has been, for example. This type of information can help you make adjustments if needed and inform future campaigns so you reach consumers effectively and keep customer-acquisition costs down.

Competitor research: Competitor research focuses on the competition to help you gain insights into how your company can pull ahead. Looking into a competitor’s marketing campaigns, brand reputation, revenue or sales volume, and other important data points can help you learn from their strengths and weaknesses.

Monitoring the activities of your competitors

Market research allows you to keep a close eye on the performance of your competitors and answers important questions like — Why do customers prefer a particular competitor? Are competitors selling more product than me? What do customers think of the competitor’s branding and marketing? This information can help you devise business strategies that keep you ahead of the game.

Customer segmentation research: An important type of market research, especially for new businesses, is customer segmentation. These studies divide your larger consumer base into different groups or personas. Understanding the different types of consumers you want to connect with can help you create individualized campaigns tailored for each group.

Consumer research: Nearly all market research involves the consumer in some fashion, but some research is focused specifically on understanding consumers within a certain segment better. You may want to learn about their purchasing habits, interests, motivations, and more. The better you understand your consumers, the more effectively you can appeal to them.

Product development: Developing products calls for market research first to ensure the concept has value and then to refine the product over time. For example, you may see sales dipping on a flagship product and discover that customers’ needs have shifted and this product should offer a new feature to be more useful or convenient.

Usability testing: Similar to product development research, usability testing is focused on products. However, the focus here is on how consumers use your product. You may release a beta version of your mobile app, for example, and get feedback from users to find out if there are any bugs or other problems you need to work out.

Requirements For New Businesses To Succeed

Poor administration and lack of a good business plan can cause an early death of a new business. Experts has reviewed that nearly 33 per cent of all new businesses fail in the first two years of operation. Businesses succeed as much as they fail. To run a successful small and medium business, apart from adequate capital investment, there are some basic criteria that must strictly adhered to by the entrepreneur. The neglect of these criteria contributes to the failure of most start-up business. Entrepreneurs who are just starting out in business must appreciate the fact that shrewd businessmen treat business failure as a milestone on the road to success. They must try to bounce back notwithstanding the fail. Real entrepreneur count on learning from their mistakes and use the experience to move to the next idea. Start-up owners should learn from the mistakes of others to avoid the pain and suffering associating with business failure. Entrepreneurs should consider the following when setting up a business.

A good business plan

Many entrepreneurs often neglect the essence of writing out a business plan for their business. You should not believe the myth that a business plan is not worth the effort. The time and energy put into writing a plan shows that the entrepreneur truly want to transform his idea into a business. It is one thing to come up with a business plan and another to astutely execute the idea, an idea alone is not really worth nothing. The idea is useless if not executed. 

Unlimited revenue sources

It is worthy of note to understand that even some non-profit organisation generate revenue or donations to offset operating cost not to talk of a business outfit established for the purpose of generating income. If your product is free or you lose money on every sale it will be hard to make it up in volume. Your product must be one that will attract customers with adequate purchasing power. If your customers have no money your business won’t last for long.

Develop your business

Increasing the size of your small business can be a daunting task, because unnecessary over-expansion can cause a business to collapse. Market research allows you to determine if an expansion of your business is the correct path to take, giving you the assurance that you need to invest wisely. It can help you develop new products or services, make changes to distribution channels, increase/decrease output and much more. Market research gives your business some certainty about the decisions being made.

Monitoring the activities of your competitors

Market research allows you to keep a close eye on the performance of your competitors and answers important questions like — Why do customers prefer a particular competitor? Are competitors selling more product than me? What do customers think of the competitor’s branding and marketing? This information can help you devise business strategies that keep you ahead of the game.

Passion

This is one reason why many entrepreneurs give in too early. The most common cause of start-up failure is when the entrepreneur just gets tired due to lack of passion for the business and shuts down the company. Despite setbacks, many successful entrepreneur remained committed to their vision until they found success. The reason why most first time businesses fail is as a result of limited business opportunities for their products or services. Some good ideas may not succeed in the end. Customers at times are indifferent to some products whether such product is great or not. That is why it is vital to conduct market research before manufacturing a product.

Strong competition

Too much competition for customers may signals danger for a growing business. Budding businesses which have so many competitors may find it hard to penetrate the market; this is why it is important to embark on thorough market research before starting up a business. An inexperienced team will drag a business aground, investors fund people and not ideas. First-time entrepreneur must get workers with requisite experience if he desires funding from investors. Investors look out for people with real experience in the business domain of the start-up. Investors want to invest in people with real experience when it comes to running a start-up business. It is important the young entrepreneur to partner with individuals with sound experience of the business.

Important tools

Some entrepreneur underestimate resource requirement for their businesses, a major resources for any business is cash funding. However, other resources such as industry contacts and access to marketing channels may be more important for certain products. The tools needed for the marketing of these products are also vital otherwise the business may collapse. You need to get the right tools as an entrepreneur to succeed. First-time entrepreneurs must also embark on aggressive marketing for their products and services. The word-of-mouth marketing strategy is not enough to make your product and brand visible to a large market. Take advantage of the media network, social media advertising and adopt other channels to make your product known and appreciated by the customers. Without effective and innovative marketing across the range of the media, you won’t have customers and this might lead to business collapse.

Lack of market research is responsible for most business failure today. There are endless possibilities of business ideas that range from products and services but however, many entrepreneurs forget the important component of their future businesses. They neglect checking if their ideas are still feasible to attract large and sustainable market by conducting marketing research as a result of this, many promising businesses crash due to the lack of business panache by the entrepreneur. Marketing research is the process of gathering data that can be used to make wise business decisions about what products or services to offer, who to market these to and how to best promote it to reach large audience. Conducting market research allows business owners to create products that meet consumer needs effectively, increasing the likelihood of successful product launches and increased profit spontaneously. Marketing research will help you to identify consumers’ needs, create products and services that appeal to them and improve existing offerings. Marketing research allow those tasked with marketing to make wise product packaging and promotional decisions, and to develop effective marketing messages.

Creating a market plan for your business

Business journals are also worth checking out. Look out for other local business and organisations that offer seminars and workshops for future entrepreneurs. You need to keep in mind that there is no easy way to success and that your effort is necessary to see the right results. Firms that are successful in marketing invariably start with a marketing plan while large companies have plans with hundreds of pages, small business can get by with a half dozen sheets. It is better to put your marketing plan in a three ring binder. You can come to it at least quarterly or even monthly. Things changes, customers come and go and market evolve. It is also important you create a section of your plan that addresses the medium-term future, two to five years down the road. The bulk of your plan should also focus on the coming year. Executing the plan has its challenge, deciding what to do and how to do it is marketing’s greatest challenge. Most marketing plan kick off with the first of the year or with the opening of your fiscal year if it’s different. 

It is almost impossible to do a marketing plan without getting many people involved, no matter what your size, get feedback from all parts of your company finance – manufacturing, personnel, and supply and so on in addition to marketing itself. This is important because it will take all aspects of your company to make your marketing plan work. Your key people can provide realistic input on what is achievable and how your goals can be reached and they can also share any useful insight they have on any potential dimension to your plan. If you are essentially a one person business operation, you will probably have to wear all your hats at one time but at least the meetings will be short for you.

Know the type of market research

There are two majors’ types of marketing research which are quantitative research and qualitative research. Quantitative research is designed to help discover statistical data such as how many people in certain demographics groups are likely to purchase a particular product or what percentage of current customers are first time clients. Multiple choice questionnaires and analysis sales data are examples of quantitative research techniques. Qualitative research is designed to provide information about why customers view products, services or marketing messages the way they do. Open ended survey questions and focus group are example of qualitative research.

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Top Insurance Companies in Nigeria [2023 Updated List]

One of the reasons Nigerians buy insurance is to protect themselves in addition to their properties against unforeseen circumstances.

These events can take up a large chunk of their finances, and they’d want to avoid that. Hence, the need for buying insurance.

Insurance helps individuals and companies safeguard their investments and properties against potential risks that could make them lose everything.

There are top insurance companies in Nigeria that help individuals looking to secure their future from such misfortune. However, you have to know what you are looking for, how the insurance agency works and pick the right one. In order to do that, there are factors to take into consideration before choosing an insurance company.
These factors are necessary to avoid being swayed by -for instance- fancy branding.

Factors to Consider Before Choosing an Insurer

1. The Company’s Image

You should surf the internet for reviews and top news about the brand. This is because the company’s track record should give you an idea about their strengths and capabilities.

2. Legal Accreditation

The insurance company you decided to go with must be legally accredited and certified by the Nigerian government.

3. The Coverage

This is a vital and necessary factor in selecting an insurance company. Select the coverage that best suits your needs. For instance, if the insurance company does not cover certain circumstances like business ideas you’d require, that’s a sign to take your business elsewhere.

4. Financial Strength and Price Factor

It’s important to find out how the insurance company fares during a bad economy and how that can affect you. Go through stock ratings and business resources to get the information you are searching for.

You may also want to consider the price factor when searching and eventually choosing your insurance company. In other words, if the price is affordable, go for it. If it’s not, go elsewhere.

1. AIICO Insurance Plc

AIICO Insurance Plc is an insurance, pensions management, and asset management Group established in 1963. It is of the top insurance companies in the country its key focus on, General insurance and special risks, Life assurance and annuity, Health insurance, Asset management, and Pension management.

They offer the following policies:

· Income investment plan

· Three payment plan

· Travel insurance

· corporate saving plan

· Education investment plan

· Flexible endowment plan

· Term assurance plan

· Electronics equipment policy plan

2. Lead Way Assurance company

LEADWAY offers services in both Life and Pensions and

LEADWAY Assurance (founded in 1970) offers insurance services in General business insurance and Life & Pensions. The Company also offers allied financial services such as Secured Credit, Bond, Miscellaneous financial losses and Portfolio management.

They are very active online, across various social media channels and have computerised most of their operations to boost effectiveness.

They offer the following policies:

· Family Benefit plan

· Lead way saving plan

· Term assurance plan

· Money policy plan.

· Educational saving plan

· Personal saving plan

· Deferred annuity plan

3. Custodian and Allied Insurance

Custodian and Allied insurance company provide a wide range of insurance plans to choose from. Each plan is tailored to the needs of their clients.

They offer the following policies:

· Investment plus plan

· Immediate annuity plan

· Tuition protection plan

· Auto insurance plan

· Travel insurance plan

· Capital plan

4. Cornerstone Insurance Plc

Cornerstone Insurance company was incorporated as a private limited liability company on July 26, 1991. Eventually, it became a Public Limited Liability and was quoted on the Nigerian Stock Exchange(NSE) in 1997.

Since its inception, Cornerstone Insurance has remained dedicated, putting their client first and creating solutions that meet their needs.

It is licensed by NAICOM -the National Insurance Commission – to do both Life and General business insurance.

They offer the following policies:

· Motor insurance plan

· Gadget protection plan

· Investment plan

· Halal Takaful plan

· School fee guarantee plan

· Goods in transit plan

· Home insurance plan

· Life insurance plan

· Annuity plan

· Marine insurance plan

· Travel insurance plan

5. AXA Mansard Insurance

AXA Mansard is a member of the AXA Group. AXA Group is a top player in insurance as well as asset management. The group of companies serves 107 million clients in over 60 countries.

The Company provides life insurance as well as on-life insurance solutions to individuals and organisations in the country.

They offer the following policies:

· Student protection plan

· Autoflex plan

· Equity income plan

· Auto classic plan

· Money market plan

· Easy care plan

· Life savings plan

· Instant plan

· Health plan

· Retirement savings plan

· General ( business/ tourism) protection plan

6. African Alliance Insurance Plc

African Alliance Insurance plc., was incorporated on May 6, 1960. The insurance Plc company has a reputation for being efficiencies and trustworthy in Life Assurance. In addition, they personalise their insurance products tailored for each stage of their clients’ lives.

They offer the following policies:

· Annuity assurance plan

· Group life assurance plan

· Esusu plan

· Direct debit form plan

· Individual assurance plan

· Investment assurance plan

7. Goldlink Insurance Plc

This insurance company was incorporated as a Private Limited Liability Company on April 15, 1992, It later converted to a Public Liability Company on May 11, 2007, and was listed on the NSE by an introduction on February 12 2008.

Goldlink Insurance Plc is licensed to do both Life and General Businesses. These include plans such as Motor Insurance, Fire and Special Perils, Oil & Gas, Life & Pension, and Travel Insurance.

The insurance policies they offer include:

· Group Life Insurance plan

· School Safety plan

· Compulsory Insurance plan

· Oil & Gas plan

· Engineering Insurance

· General Accident plan

· Individual Life Insurance plan

· Reinsurance plan

· Liability Policies plan

· Marine & Aviation plan

· Motor Insurance plan

8. Continental Insurance

Continental Insurance is the private sector leader of the pan-African insurance industry. The Company provides life and non-life insurance solutions to its clients across the continent.

They offer the following policies:

· Business Insurance plan

· Insurance plan

· Auto Insurance plan

· Home Insurance plan

· Pet Insurance plan

9. Industrial and General Insurance Plc

The insurance company was incorporated as a private limited liability company on October 31, 1991. The Company got registered as a public limited liability company in 2007. After that, they commenced operations in Life and General insurance, in addition to Pensions and Special Risks in January 1992.

Industrial and General Insurance Plc offer tailor-made insurance solutions to match their client’s unique needs.

The policies they offer are:

· Group Life Products plan

· Mobile Phone Insurance Plan

· Aviation Insurance plan

· Engineering Insurance plan

· General Business Insurance plan

· Health Insurance Plan

· Marine Insurance plan

· Oil & Energy

10. Lasaco Assurance Plc

Lasaco Assurance Plc was incorporated on December 20, 1979, under the Companies Decree of 1968.
At that time, the Company, was called Lagos State Assurance Company Limited. Eventually, they got License as an Insurer on July 7, 1980, and commenced operations on August 1 1980.

The insurance policies they offer include:

· Motor insurance plan

· Aviation insurance plan

· Marine insurance plan

· Professional indemnity insurance

· Fire and Special insurance plan

· Personal accident plan

· Bond insurance plan

· Money insurance

· Householder’s Insurance plan

The companies mentioned above are some of the top insurance companies in Nigeria in no particular order. In other words, you can go with any of these companies, knowing you’re in safe hands. Some others worthy of mention include: Allianz Nigeria Insurance.

Frequently Asked Questions

What is the name of the first insurance company in Nigeria?

Royal Exchange Assurance Agency created in 1918 was the first insurance company in the history of insurance in Nigeria. However, the oldest indigenous insurance company in Nigeria was called African Insurance Company Limited. It started providing services in 1958.

What are the types of insurance companies?

They include standard lines, excess lines, captives, direct sellers, domestic, alien, mutual companies, stock companies, Lloyds of London and more.

How did insurance begin?

Insurance began in the 17th century as a coffeehouse patronized by merchants, bankers, and insurance underwriters.

Is there health insurance in Nigeria?

There are free health care provided. This is provided through a special health insurance scheme for government employees as well as private firms entering contracts with private health care providers.

What is NHIS in Nigeria?

This is an acronym for National Health Insurance Scheme. It is a body established under Act 35 of the 1999 constitution by the Federal Government of Nigeria to subsidize health care for Nigerians.

When did NHIS enter Nigeria?

It was launched on the 6th of June, 2005 . Till date, the scheme has issued 4 million identity cards, registered and accredited 62 HMOs.

How can I register NHIS in Nigeria?

You can register online. Go to nhisonline.com.ng and click on ‘Register’. However, details such as surname, NHIS number and date of birth are required in order to register online. That way, you will be able to manage your account and see the information of your dependants.

What is the role of NHIS?

It protects families from the financial hardships of huge medical bills, limits the rise in the cost of health care services, and ensures equitable distribution of health care costs among different income groups.

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4 Ways that Poor Cash Flow Can Damage your Business

If you are among those who selling on credit and never get paid back or you are cash strapped and unable to pay taxes, rents and staffs salaries. All these challenge can ruin your cash flow if not identified or response to promptly in the financial management of your company and addressed adequately, may lead to liquidation of the business. 

The inability to manage the financial aspect of business has led to failure of some small enterprise and entrepreneurs. Many companies do not have the record of the account receivables, expenditure and income return, other records that do not correspond with cash at hand. Women in business are guiltier of not keeping enough adequate record of their business operations and often use their personal account for business which is very wrong. 

Businesses that are unable to manage their cash flow may not be able to access funds or attract investor and make investment when the need arises. Most entrepreneurs are not aware that they need to acquire financial management skills that would help them overcome risks. Some development financing institution in most country emphasis that business manager seeking funding should acquire training from its accredited entrepreneurship development centres to equip themselves with requisite for good financial management.

What is cash flow management

Cash flow is the revenue or expense stream that changes a cash account over a given period of time. Cash flow usually arise from one of three activities which are financing, operations or investing. Although this can occur as a result of donations or gifts made in the form of personal finance. It is important for business manager to track their revenue and income streams weekly, monthly or yearly. A positive cash flow can arise when accrued revenue from sales and accounts receivable exceeds the cash outflow from accounts payable, overhead expenses, salaries, taxes thereby leaving a wide profit margin. On the other hand, negative cash flow ensue when the cash inflow is lower than negative outflow and in a well-managed cash flow account will show the signs of declining profit before it is too late to remedy.

Essentials of financial management

A fair understanding of accounting, bookkeeping and finance can help change the fortune of your business. Every business owner must have at the click of an eyes his company key financial data such as values of receivable, current inventory level, monthly revenue, monthly profitability and business asset and balance sheet. If you are a business and can not provide these data about your company in minutes then you have a very serious work to do. If you decide to employ an accountant or outsource the finance function, it is still important for you as business owner to have a fair knowledge of finance. It will really help you. 

You must find way to earn more

Earning more as well as reducing overhead cost can make business transactions easier as long as the delivery is satisfactory, money will keep flowing in and the hearts of more clients will be won. To achieve this, you need to strategize on other possible ways of raking more income. Taking time to think critically on how to leverage the existing clients base offer other service can also prove valuable. Spending more time to develop a new product or service in line with the present business and the launching them will also prove more profitable.

Manage your company debt effectively

Starting a business with a loan or funds from venture capitalist has been discouraged by business consultants the plan of most entrepreneurs is to start big and this prompts them to seek funds with attendant interest without having an understanding of the business structure or terrain and the risk associated with it. Businesses that have to purchase expensive capital equipment or make commercial mortgage payment should have equity stake and then seek long term loan with single digit interest rates. Before committing to a loan examine the ability of your business to repay the loan and the interest on it within the stated number of months or years. Assess your debts on a regular basis. Look at repayment costs and see whether you need to reduce or increase your debt funding.

Get your pricing right

Companies that experiencing cash flow management problems may have to under-priced their products and services to satisfy their customers. Increasing your price may lower your sales volume slightly but will enable the business manager to make up for decreased volume with higher profit margin. Lowering your price can as well increase profits because the level of patronages will increase significantly. Market response to higher prices should be tested by changing price in the targeted area. You should also consider price review on an annual basis. 

Starting Out In The Equity Market

Investing in the stock market is a great way to plan for your long-term goals. Trading in stocks is a good long term investment but you must first understand how to invest to avoid losing your hard earned money. When it comes to investing, experts often mention stock’s as an option. Unfortunately, for many people the idea of investing in stocks is like an attempt to become a professor of mathematics and they don’t think they can comprehend it. Although the process is pretty straightforward and with the right approach, tale of success and not woes will be the outcome.

The option of investing in stocks is often put on the table because not only can it be profitable but it is easy. If you are ready to invest in stocks, it is important to understand the basic of how stock market works for you to maximize the profit. One of the thing you need to understand as an individual before investing in stocks is to save enough money. Without money to spare, there will be nothing to invest. Experts stress that it is important for people to ensure that they have built up some form of savings and have stable sources of income before they start investing in stocks. This is because investment in the capital market is best viewed from a long term perspective and not as a short term or get rich quick perspective. It will be unwise for anyone to invest in stocks with the intention of pulling out the investment after just a month or few.

Get enough information

Information is important, there are many people who have invested in stocks without having a clue on what the stock market is all about and what risk they must take to achieve success. They don’t have any prior knowledge to stock market terminology and when they get information which ordinarily should be very useful to them they can’t make sense of it and sometimes they don’t even bother to seek clarification from the professionals.

Understand the investment purpose

The first you need to do when investing in stock market is to think about why you decide to investing. Some want something that will generate an average dividend for them on constant basis. They are some people who actually invest for the future. After you might have decide why you choose to invest, it is important to determine if there are sectors in which you have preferences. 

Get a professional help

A professional help is vital when investing in stock market, while the process of investing may be simple, there are technical aspects that an investor may not understand and need not be bothered with. This is where the professional comes in. you need to invest with someone that can properly guide you through the process.

The process of investing

Once you have decided the purpose for the investment, what sector you want to invest in and save money for the investment, you need to approach the stock broking firm. The firm will then guide through and open a stockbroking account for you and an account with the Central Security Clearing System. When that account is opened, just like a normal banking account, you will need to make a deposit with the stockbroking firm and then you agree with them on what to buy. When all that is in place, they go ahead and buy shares for you and after about three or four days, the stocks would have reflected in your account after which you will get a CSCS statement and also the contract note for the transaction. Whenever you want to buy again, all you need to do is to deposit the amount you want to use to buy stocks and then you specific the stock you want for them; if you don’t want them to make a choice for you.

Diversify your portfolio

This is to help the investor reduce the risk, to diversify your portfolio, it is important to note the preference you have for a particular sector. If there is no preference for a particular sector, it is always better to diversify the sectors. This doesn’t mean buying the shares of different companies. You don’t just buy the shares of different banks and think you have diversify your portfolio. You need to look into each of the sectors and pick the best from those sector at least you can still remain afloat as you have reduced your risk. As much as you are buying into established companies, there are those that are just coming up and you can also put your money there but make sure to make right decisions first.

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How To Earn Your First Money With Affiliate Marketing

Affiliate marketing is a type of performance-based marketing in which a business rewards a certain percentage of commission for each product bought by the customers who are brought by the affiliate's own marketing efforts.  It shouldn't be a surprise to you that affiliate marketing is one of the best ways to earn a reasonable income online. In this post I felt like sharing with you the easiest method to make money with affiliate marketing whether you are a beginner or pro in the business.

Mind you that this content is going to be kind of long and I promised you it going to worth your time but anyway, if you don't read long content you can bypass this one. So, to start with affiliate marketing, you need to look for affiliate network to join. And don't forget that you're promoting digital products here. For the purpose of this post, I’m using Warrioplus as an affiliate network. And make sure you follow this simple guide if you really want to get good result. 

Register With Warrioplus: Warrioplus is one of the largest affiliate products marketplace outside Clickbank. And even if you're a complete newbie you can start with Warrioplus, so if you want to go into affiliate marketing Warrioplus can be the best place for you to start with. The reason while I personally recommend Warrioplus is because most of the products sold on Warrioplus are digital products such as books, video courses, software among others. And for you to start earning from the platform or to start as an affiliate, you first need to have a Warrioplus account.

Registration is 100% completely free of charge, all you need is a functional email address, Your name and if possible PayPal account, But notwithstanding, you can also receive your commission from Warrioplus directly into your bank account. Once you are done with the registration, then chose to promote based on your niche of interest, and not only that, promoting products that you have a passion for can give you less stress. It is also important to promote a product you've a passion for so that they can motivate you to keep on pushing it.

Get a Domain Name For Your Business.

The mistake a lot of people are still making when it comes to affiliate marketing is, not taking building a blog serious. To succeed with affiliate marketing you must need a blog, "IT IS A MUST" whether you like it or not. So, the next thing is to set up your blog.

Because to be successful in affiliate marketing you need to present yourself as an authority figure in your niche. The people who view your products should have confidence in you on what you do because the first step to earning the trust of your target customers is having a blog of your own. And there are many web hosting providers that are even cheap that you can start with, I personally recommend Namecheap because it's very affordable and it the cheapest web hosting services. You can go ahead to purchase a domain from them at as low as $8 per year.

Once you have your domain set up and your blog goes live. Then it time to begin to join many other affiliate program and write about them on your blog with your affiliate tracking link paste on the body of your content. Get Free Stock Images from pexels, I see a lot of people written good content on their blog without a single image. I'll prefer not to post content on my blog if I'll not add image to it. The secret to selling anything online still lies in the images, yes. You need quality images that clearly depict a product you're writing about or the content. And there are many sources of images. 

In fact they're so many reliable source for free images which l recommended earlier like pexels. You can get free images from that website for free on any niche you can think about. All you need to do is to signup and start using the available free images and you're good to go. You can use the images to design your blog, design your adverts, use for your blog content and other purposes. Remember a picture speaks 1000 words. If you cannot explain yourself in words, try using high-quality images on your content.

Promote With Free Traffic

Well, if you don't have money to build a blog of your own you can also promote with free traffic. You can simply advertise or promote using classified ads at adlandpro, Classfiedads. Now for you to start promoting the product you requested to promote from Warrioplus and make some cash. You need to advertise your classified ads at adlandpro or Classfiedads, It's actually the best place to post classified ads for beginners. And the good thing is that you can post classified ads absolutely free of charge. And you've the option of customizing your target audience based on the products you're promoting and it is important also to narrow your target audience to a specific countries.

However, you can also use the paid classifieds to increase your sales if you want fast result. But, if you're going the way of building your blog, once your blog is set up and everything is in order, it is your duty to keep on creating content on your blog. And if you decide to also use social media sites for your promotion, it is also important to treat all your social media platforms as marketing tools to keep on increasing sales and building relationships with your audience.

If you can follow all that I just shared with you here I can assure you of making your first commission from Warrioplus or any other affiliate network you decide to promote as an affiliate marketer. 

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