EVERYTHING YOU NEED TO KNOW ABOUT REAL ESTATE BUSINESS IN NIGERIA

Real estate business has always been among top lucrative businesses in the world. The business has been producing billionaires for a long time and it will continue to produce because of the vast opportunities in it as most of human transactions are done using landed properties.

Some of the  real estate moguls in the world are Wiang Jianlin, Michael Otto, Donald Bren and Stephen Rose etc. Some successful real estate investors in Africa are Sudhir Ruparelia, Samih Sawiris and Anas Sefrioui while in Nigeria include Mr. Jide Balogun, Prince Adetunji Ogunwusi, Femi Adewole and many more. They all started from the bottom and eventually made it made it to the top . 

Also read How to start up a travel agency business in Nigeria

Real estate business in Nigeria 

 Nigeria's population is more than 200 million people, the most populous black nation in the world and one of the fastest developing countries in Africa with emerging cities like Lagos, Port harcourt, Abuja, Kaduna, Kano and Ibadan etc. Which offered massive opportunities in real estate business to tap in. 

Majority of this population wish to own properties for comfort, business, security and other reasons best known to them, they are always in need of residential apartments, office buildings, commercial outlets, industrial sites and under developed lands either to buy, rent, lease or hire. These activities required the service of expert to facilitate transaction, as  realtors, this is where your service is needed. 

The real estate industry in Nigeria is fast growing and lucrative, it offers a lot of possibilities and financial freedom. If you think of making millions over the night, you are in the right place but you must have to establish yourself as the industry is very competitive and challenging, your ability to implement effective marketing strategies and goals will definitely distinguish you from others as well as enables you to make millions you desired. 

What is real estate? 

Real estate is also known as landed property. It's a property consisting of land and buildings such as commercial, residential, industrial buildings and farmlands. 

Examples of commercial buildings include: 

Hotels, bars, restaurants, shopping complex, malls, markets, offices, plaza, departmental stores, air and cargo ports etc. 

Examples of residential buildings include:

Apartments, houses, and townhalls etc. 

Examples of industrial buildings include:

Factories, agricultural lands and warehouses etc. 

What is real estate business? 

Real estate business refers to activities which involved buying, selling, renting, leasing, hiring, managing and investing in landed properties. 

Realtors, agents, brokers act as intermediaries between landlords, tenants, government, individuals, religion bodies, businesses and NGOs to facilitate exchange. These intermediaries assist through the process of buying, leasing, selling and renting of landed properties. 

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Careers in real estate business 

They are many careers in real estate business, some of  which include: real estate agent/agency property development , real estate brokerage, property/asset management, real estate investment etc. 

Real investment refers to acquiring and developing properties with expection of making profit when reselling, renting or leasing. 

It also means buying real estate shares from capital markets with expectations of making profit when the value of those shares appreciate

Property development means erecting buildings and selling or renting them out for profit motive. 

While property management mean maintenance of assets, keeping record of business transactions or the total upkeep of properties by third-party hired by the landlord 

Also read How to start up an advertising agency business in Nigeria

Guides on how to start up a real estate business in Nigeria 

Real estate business is a big industry, they are many product lines, each one of them has potential to make you a million, the industry is saturated with intense competition and challenges but there is Always a way out. The solution you are ready to provide will definitely bring you great fortune. Read carefully through the guides. 

1. Conduct feasibility       studies 

Embark on a thorough research about the business, gather accurate information as much as possible. Get connected with those who are into the business and ask questions. Understand the product line such as property management, real estate agency and investment. Each one of them comes with peculiar requirements, financial obligations, ethical standards, laws, rules of engagement etc. Feasibility studies will give you insights of what the business is all about and you will know whether you can actually meet up. You can take your time to read Nigeria real estate laws and regulations

2. Choose a niche 

Real estate is very wide, they are many careers in real estate business, you can pursue two or more Careers but it's advisable you start with one first, when you get conversant to the industry, you can add more careers or product lines. 

After conducting feasibility studies, you should be able to know about the product line, career or niche that aligns with your personal goals, passion, ambitions, start up capital, laws and economic policies then, you can arrive at chosen a perfect niche for yourself. 

3. Meet the start up capital

Real estate business is capital intensive and requires huge amount of investment depending on your chosen niche and how you intend to start. 

However, there is an opportunity for those who do not have enough capital to earn from this industry either as agents, brokers. With an office space, you are good to go. Without office, you can as well tap from this industry as freelance agent but you most partner with existing real estate firms in oder to build trust if not, it will be difficult for you to close deals because of trust issue as a result of fraudulent activities recurring in the country. 

4. Get trained 

Jumping into any business without prior and sufficient experience is very risky, it could cost you a lot. Real estate industry is big, they are many ups and downs that need critical attentions from experts. It is a business that can earn you millions of naira over the night but you must have to establish yourself first before achieving such heights. 

Real estate business is very competitive and challenging, it's advisable you run internship, get employed, consult or partner with any existing real estate firm. You can as well attend seminars, conferences, professional schools and also reads books that are peculiar to your industry. This will equip you with maximum skills to excel in the business. 

5. Register your business 

For your business to have legal backup and public trust, proceed to Corporate affairs commission (CAC) for your business name registration.

 Before you make a move, choose a perfect name for your business, the name must be easy to pronounce, recognizable and relate to your industry. Also decide the kind of organization you intend to start with. Either as sole proprietorship, partnership, limited liability company etc. Each of of them has parculiar requirements. 

6. Build the right brand

A business brand has a lot to offer and it shouldn't be neglected. All successful businesses out there have unique brands. 

Attributes of a business brand include: logo, trademark, slogan, colors etc. Build a brand that communicate your business to your prospective clients and distinguish your business from others. 

7.  Choose a strategic location for your real estate business 

A good location also make a lot of impact in a business. Choose the location that is best for your career and industry. A location that will be accessible, has a good network connection, regular power supply and a location that you will be able to maintain financially. 

8. Kick off with a realistic business plan

After all the above categories have been achieved, you can now prepare a well and potent business plan. 

The essence of the business plan is to guide you through the process of executing or conducting your business activities. 

Ensure you include your mission and vision statement, your corporate objectives, goals and target, the source and use of finance, marketing strategies and policies, human resource management and renumeration etc. work towards achieving every and each one of them. 

9. Promote your business 

If you don't really want your effort to be in vain, you must promote your business. The ensence of business promotion is to reach larger audience, make and retain customers, maintain good public image and add to your product's quality. 

Promotional mix includes: advertising, sales promotions, personal selling, word-of-a-mouth, discount etc. 

Some of the advertising media used in Nigeria include: radio, television, newspapers, billboard, bulletins, magazines, social media, internet, caps, t-shirts etc. Choose the one that is best for your real estate business. 

10. Build your online presence 

Nigeria is one of the largest users of social media worldwide. Our population is massive and majority of this population can be found on social media. 

We all know the power of social media. Make good use of it. Set up professional business pages and run consistent ads. 

Also set up professional website, mobile business apps to have consistent connection and engagement with your customers.

Learn ICT skills and get updated with the trends. You can also employ ICT experts to handle this aspect for you depending on your capabilities. You must not achieve all these before you start, start now with what you have and add more later as means of growing. 

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Tips on how to become a successful real estate intermediary (agent, realtor, broker) 

1. Be informed: have a good knowledge of the trends in your industry as well as your business environment. Know the streets, junctions, hospitals, markets, gym, shops, sport centre's etc in your neighborhood because you are going to answer your clients a lot of questions as they approach you to transact business. 
2. Respond promptly to your clients: do not delay in responding to their requests. Return their calls, reply to their messages, comments etc either through emails, social media, text messages or calls
3. Be reliable and available: biuld trust with your clients and give them enough reasons to comeback and connect you with others. Provide them with the kind of land, apartments, shops etc they want, don't extort or cheat them by collecting more than what you deserve and always make yourself available to them when you are needed. 
4. Leverage on technology: make good use of technological tools available for you. 
5. Caring and expert advice: your relationship with them is formal but you go extra mile to show you care for them but not just their money. Give them good advice and information, do not mislead them.
6. Have a deep knowledge of the property: know the conditions and worth or value of the property you're in charge of. 

Also read 8 proven strategies to market your products in Nigeria

TERMS IN REAL ESTATE INDUSTRY IN NIGERIA 

Each industry has unique terminologies or jargons. It is important you get used to these common words used in real estate business. 

1. Landlord - someone who owns a property and rent or lease it out. 
2. Tenant - someone who occupies a property and pay rent to the owner. 
3. Real estate agent - someone who facilitate transaction between buyers and sellers of properties. 
4. Real estate broker-an expert that represent either buyer or seller when transacting business 
5. Property - land or building 
6. Property listing. Property that is ready or  available for sell 
7. Inspection-physical examination of a property to determine its condition
8. Lease- an agreement between landlord and tenant that allows tenant to occupy property for a specific period of time usually from five year and above. 
9. Rent- money paid for occupying a property. 
10. Real estate developer - a person that develops real estate and sells them
11. Valuation - the process of accessing the value of a real estate 
12. Real estate appraisal - the process of determining the value of a property for the purpose of selling or mortgage 
13. Property rights - the legal rights of ownership and use of a property 
14. Deed of assignment - a legal document that transfers ownership of a property from one person to another. 
15. Title document - the legal document that prove ownership of a property 
16. Property insurance - protection against lose or demaged properties 
17. Comercial real estate - properties such as shops, office building, malls, markets etc used for commercial activities 
18. Residential real estate - properties such as houses, apartments, townhouse etc. 
19. Industrial real estate - farmlands, factories and warehouses etc. 
20. Mixed used real estate - the combination of both commercial, industrial and residential properties 
21. Realtor - a licensed professional who represents either buyer or seller 
22. Real estate manager - someone who keeps record of transactions, prepare documents, maintain properties on behalf of the owner 
23. Real estate firm- an organization that does real estate business 
24. Certificate of occupancy (c of o)- a legal document that gives one right to occupy a property 
25. Fractional home investment - the process in which small portion of property is been purchased to be shared among multiple investors 
26. Land use act- a Nigerian law that regulates the ownership and use of land
27. Developmental levy- a fee paid to the government to develop land
28. Agency fee- commission paid to agent either by the tenant or landlord whom he represent 
29. Building plan- proposed layout and design of a building 
30. Rent agreement- a legal document that spells out terms and conditions agreed by landlord and tenant
31. Mortgage - loan taken to obtain a property 
32. Property management - selling, renting, maintening, taking records of a property by a third-party 
33. Real estate law- laws that governs the conduct of real estate 
34. Real estate market- the total conditions of real estate industry in a particular location 
35. Real estate bubble -  the rapid increase in the value of assets follow by sudden fall in the prices 
36. Real estate syndication- the act of pooling resources together by two or more investors in order to invest in real estate 
37. Real estate speculation - the act of purchasing a property with the thought of appreciation in the value of the asset
38. Real estate portfolio - the collection of properties owned by companies or individuals 
39. Real estate investment - the act of purchasing properties or buying real estate shares for the purpose of making profits 
40. Maintenance fee- money paid for upkeep and maintenance of a property 
41. Property tax- money paid to government agencies on the value of the property 
42. Real estate investment trust - a kind of investment that allows investors to pool their resources together for investment purposes 
43. Purchase agreement - a legal document that spells out terms and conditions of obtaining a property 
44. Land receipts - a document that shows proof of payment for the purchase of land 
45. Survey plan- a document that shows boundaries or demarcation and measurement of land
46. Land certificate - a legal document that shows prove of land ownership 
47. Capital appreciation - the increase in the value of a property over time. 

Conclusion 

Nigerian real estate is indeed profitable. If you intend to secure your financial freedom, just make a step today. Real estate business is a business that can give you freedom and future but you have to be aware that nothing good comes easily. You must work hard for it. 

Choose a niche that is best for you, gather enough information and also build your network with people. Keep learning and be committed to succeed. 

I hope this is helpful!!! 

HOW TO START UP AN ADVETISING AGENCY IN NIGERIA

Advertising agency is also known as ad agency. It's one of the businesses you can count on in Nigeria. In as much as human beings exist, they must do business and those businesses need the service of advertising or ad  agencies for promotional activities, this is where your service comes in.

Some companies prefer to employ advetising or marketing personnels to handle thier advertising activities within the organization. This method is capital intensive, the cost of maintening  such a department is quite high, while other companies prefer to outsource advertising or ad agencies to handle thier advetising programs. This method is cost effective since they won't be tied down to regular wages and salaries

There are different kinds of advertising agencies such as full service agency, in house agency and media buying agency. 

*Full house agency; this agency create advetising campaigns, buy media space, placed adverts and monitor the performance of those adverts. They handle advetising programs from beginning to end. They have many subsidiaries and experts such as video producers, graphic designers, media buyers, content creators, copywriters etc. They also offer other specialized Services such as business analytics, sales promotion, marketing of Service etc.

*Media buying agencies; these agencies focus on media buying just like the name implies, media planning, scheduling slots and monitor if those adverts are broadcast appropriately.

*In-house agency; these agencies are employed by an organization and operates within thier ambient.

What is advertising? 

Advetising is a paid form of non-personal presentation, communication and promotion of ideas, goods or services by an identified sponsor. Advetising simply means informing the public or creating awareness about a product's existence, educating the public on how to use the product as well as its benefits and most importantly, persuading them to buy the product through paid form. Paid form here means an adverting must be paid for, it must not be done free. 

Advetising is done in order to create more sales, add to the product qaulity and also maintain company's image. It's the best way to promote your brand.

Also read; How to start up travel agency business in Nigeria

What is advetising or ad agency? 

Advetising or ad agency is an auxiliary or business service firm that provides advetising and other related Services such as branding, marketing, research and development, promotion, consulting, business analytics for business organizations. They plan, create, handle and implement advetising campaigns for clients. They 

are responsible for production and provision of advetising materials, supervision  and monitoring of adverts performance. In short they set advetising objectives, determine advetising budget, develop advetising copy and message, selecting and scheduling media and measure advetising effectiveness.

Types of advetising media used in Nigeria

They are many advetising media used in Nigeria such as television, radio, newspaper, catalogue, magazine, journals, bulletin, posters, banner, flyer, billboard, internet, social media, circulars, direct mail, t-shirts, caps, sign boards etc.

How do advetising or ad agency make Money? 

Advetising agencies make money in two different ways depending on the nature of adverts, some charge thier clients directly why others earn commission when they buy or sell a media space e.g newspaper, television, radio etc. Ensure you charge a competitive price so that you won't run out the business. If your price is too high, your clients won't come back for more, if your price is too low, you can't meet up with the cost.

Step by step guide to start your advetising agency in Nigeria

1. Obtain the certificate

Advetising agency business is a professional business that need expert Services, it's not a business for everybody but those who obtained first degree in business management, marketing, finance, ICT, public relation, accounting or any related courses, these agencies offered beyond advetising Services to research and development, business analytics, marketing of Service and lot more. These foundation process is expected to equip you with business management skills needed to implement effective campaigns

2 . Gain experience

Before you start any business, it's advisable to gain sufficient experience required in such a business. The experience and exposure will enable you succeeding, the rate of disappointments and frustrations will be minimal.

You can run internship, partner or get employed in  any existing advetising agency this will position you for success when you start your agency.

3. Learn ICT skills

All businesses are done using ICT nowadays. Both NGOs, government organizations, civil society organizations are into ICT in one way or the other "the world is a global village indeed" any business that doesn't intend to adopt ICT is planning for failure.

ICT greatly impacts advetising, advetising is a communication targeting audiences intending to persuade them in order to buy your products or ideas. The communication is done using Information Technologies such as graphics, videos, network etc, while audiences are also found on Information Technologies such as social media, internet, email etc. Advetising is rooted in ICT nowadays, if you want to your adverting agency to succeed, you must have deep knowledge of ICT and keep up with the trends.

Some of the skills you need to learn include; digital marketing, website design, blogging, AI marketing, branding, business analytics, graphic designs, video production etc. Digital marketing is a must, you must  have good knowledge of digital marketing ( social media marketing, Google marketing, Email marketing, SEM, SEO etc.)

4. Meeting the financial requirements

One  doesn't start a business with empty hand, if you are sourcing for this information, you might have a start up capital already or planning towards it. Well, the good news is, you don't need much to start an advertising agency. With your smart phone, laptop, good network you can start as a freelancer (working from home). If you have enough capital to rent an office, you just need office chairs, tables, secretary, printer and some other few office gadgets, ensure your office is located in strategic location.

5. Deciding an organization

Choose the form of business organization e.g sole proprietorship, limited liability companies etc for your business. Each one of them has advantages and disadvantages, analyse them all before you decide

6. Register your agency

Apply to Corporate Affair Commission (CAC) to register your business, also apply to Advetising Regulatory Council of NIGERIA (ARCON) to become a member. This will give your business legal protection, easy access to finance and other benefits.

 

7. Build your social media platforms

Most businesses are done online nowadays. Good online presence will help you reach large numbers of prospective customers, build engagement and maintain relationship with your customers. Before you make a move, you can start by creating professional business platforms (Facebook, Instagram etc.) And start building followers, you can covert your followers to your clients when you fully start up. 

8. Get your Team ready

It's  important you get more hand to work with you, only you cannot do everything. You can either give  some  of them a regular employment or outsourcing depending on your financial capacity. Since you are just starting, it advisable to do outsourcing. When you have a contract that deals with graphic designing, contact your graphic designing team to get it done, apply the same strategy to video production, music or record production etc.

9. Start up with a well prepared business plan

It's advisable you should commence your business with a business plan. The essence of business plan is to help guide you through. State clearly your vision and mission statement, your goals, objectives, marketing strategies, your start up capital, the source of your business fund and how to spend the fund etc. Align your business operations with the plan.

10. Promote your business

If you really want your business to be noticed, you will never get tired of promoting your business. Do not hesitate to use money in promoting your business. Run Facebook and Instagram ads, they are very affordable and a big opportunity for small business owners to harness. Tell your friends, family members, neighbors, colleagues about your business. Join your local business groups, attend business seminars and build a strong network.

ALSO READ; How to make customers patronise you

Terms used in advertising services 

Just like any other fields , they are professional words or jargons used in advertising. It's important you get conversant to them before you starting your agency. 

1. Slot: this is the period of time and advertising takes to broadcast on radio or television. The advertising media charged according to the period. 
2. Prime time: this is the best time for an advertisement to run. 
3.  Copy: it's the entire message of adverts written, design or recorded. 
4. Target: the intended audience or public. 
5. Reach or coverage: the numbers of audience that saw or listened to the advert. 
6. Frequency: the number of times an advert is delivered. 
7. Classified advertising: this is the type of advert that displays on a full page of a paper and displays regularly on a web page. 
8. Display advertising: this is the type of advert that on a full page of a paper and display occasionally on a web page. 
9. Airtime: an advertising space bought from media. 
10. Insertions: newspaper advertising team
11. Creative artists: a person that creates advertising content e.g graphic designer. 
12. Medium: it is the medium through which advert is placed. 

Conclusions

There is huge opportunities in advertising services to drive. Firstly, the business does not require much capital to start up, Secondly, it's not a kind of business that will tie you down to one location, you can cover many service areas as much as possible. Thirdly, advertising service will continue to be relevant as long as human beings do business. Social media has the largest numbers of audience, get yourself knowledgeable on social media space and updated with trends in technology as well experience in traditional advertising media and make a move today. 

   

HOW TO START A TRAVEL AGENCY BUSINESS IN NIGERIA AND MAKE MONEY

Travel agent or agency  is one of the fastest growing and lucrative businesses in Nigeria. As a travel agent or agency, you will help prepare traveling Services for your clients and get paid.

One thing I like most about the business is the variety of product lines ranging from visa processing, hotel and flight reservation, tour guide to foreign admission processing etc. If one doesn't bring you money at a moment another one must, another thing is, it does not require much startup capital to establish your agency. You can as well become a freelance travel agent with only your mobile phone and computer and start earning.

To book any flight of your choice right from your comfort zone, CLICK HERE

   WHAT IS TRAVEL AGENCY? 

Travel agency is an organization that organizes traveling Services or packages and tour for individuals, group and businesses etc. These organizations are familiar with different travel routes and destinations, transportation means,  customs of the localities, weather conditions, best tourist attractions as well as thier governments and security.

  

     WHO IS A TRAVEL AGENT? 

A travel agent is an individual who processes traveling Services or packages for clients and get paid. Travel agent works under travel agency or works directly between clients and airlines, hotels, foreign embassies, car rentals etc. In most cases, travel agents  owned travel agencies.

  WHAT IS FREELANCE TRAVEL AGENT? 

Freelance travel agent are individuals who act as middlemen between clients and travel agencies. They partner with travel agencies and get paid when closes a deal. This is the best method to gain enough experience if you intend to own a travel agency. As a freelance travel agent, you can work from your comfort zone.

WHAT SERVICES DO TRAVEL AGENTS/AGENCIES PROVIDE? 

Travel agent/Agency provide the following Services for thier clients;

1. Visa processing

2. Hotel reservation or booking

3. Flight reservation or booking

4. Foreign admission processing

5. Travel counselling or consulting

6. Selling events tickets outside the country

7. Tour guide

  

Do you know you can stay at home and book your best hotel in any part of the world? CLICK HERE

   REASONS PEOPLE NEED THE SERVICE OF TRAVEL AGENTS/AGENCIES

1. The save client' time and stress

2. They have better and more access

3. They provide recommendations and expert advice

4. They have deep knowledge of travel and tour

5. They are perfect for group booking

         WAYS TRAVEL AGENTS/AGENCIES MAKE MONEY

Travel agents/agencies sub charge thier clients by offering them the following Services;

1. Visa processing

The process of obtaining visa is tedious, time consuming and those who applied directly are misled  most times which could result in lost of money. This is where your service is needed. As an agent, you are expected to have many access and good knowledge of visa processing. You could charge your clients handsomely for your assistance with visa processing.

2. Hotel reservation or booking

Those who are traveling for the first time usually have many questions that needed answers; what is the best or affordable hotels to lodge?, What is the proximity of the hotel to airport or thier destinations? Those that travel frequently also might need reservations in the hotel of thier choices before it's filled up. You can help book hotels for your clients and get paid.

3. Flight reservation or booking

Those who are occupied by thier businesses or other activities might need your service to by flight tickets for them and you will get paid.

4. Foreign admission processing

Students that have intention of studying abroad might need your service to help them gain admission. You can sub charge them your desired amount for your services.

5. Travel counselling or consulting

As a traveling counselor, you will give important advice to your clients e.g the cheapest airlines, the best tours, affordable hotels, types and best  transportation means, foriegn languages, weather conditions, foods, cultures, schools and many more.

6. Tour guide

You can organize best attractions of tour areas e.g seaside, zoo, parks, mountains for those who enjoy spending holidays, vacations, excursions, events  and you will get paid.

7. Selling tickets abroad

You can sell tickets for those who intend to travel abroad for events e.g football fans that would like to watch thier favorite clubs, players, national team play live and music fans that intend to watch thier favorite international music superstars perform live on stage as well as wrestling, boxing and other events.

To earn money as a travel agent affiliate, CLICK HERE

STEP BY STEP GUIDE TO START YOUR TRAVEL AGENCY BUSINESS

1. Training

Starting a business you know nothing about is like testing the river with both legs. To avoid frustrations and disappointment, it's advisable to learn the skills in order to gain necessary knowledge and experience. It's better you start as an affiliate or partnership with existing traveling agency, you can as well choose to run an internship program or work voluntarily in any Traveling agency.  It will enable you to know in and out of the business to manage your own effectively.

2. Meeting the financial requirements

You don't need much to start your travel agency Business. At least, you must have a good phone, good network connection, computers, office space, office chairs, printer, table and few employees etc. As the business grows, you can add more hands and gadgets.

3. Conduct a feasibility studies 

The feasibility studies will help you gain insights of the business, it will enable you to evaluate the profit potentials, return on investment, cost and risk associated with the business, financial requirements of the business, documents needed before kicking off the business etc. This are some of the reasons it's advisable to start as an affiliate, freelancer, or internship to have sufficient knowledge of the business.

4. Choosing an organization for your business

Choose a legal form of organization for your business e.g sole proprietorship, partnership, limited liability companies. You have to consider advantages and disadvantages of each form of business ownership and thier requirements before selecting the right one for you travel agency.

5. Deciding the name for the business

Choose a simple name that can easily be pronounced and recognisable for your business. Let the name be capable to describe your business e.g longerthroat ( an advetising agency) or shindy travel ( a Travel agency). A business name speaks a lot about a business.

6. Registering your travel agency

Apply to CORPORATE AFFAIRS COMMISSION (CAC)

for registration and collection of certificate. To run a successful business in Nigeria, you must register your company. (Contact us at Info.longerthroat@gmail.com let's help you get your agency registered)

To book flights at cheaper rate, you must register and obtain license from IATA, it will also expose your business to more opportunities and protection as well as enable you accessing IATA data base.

To learn more about IATA registration, visit the website at www.iata.org

7. Write a Business plan

Start your traveling agency with a well prepared business plan. The business plan will help to guide the operation of your business, state clear vision and mission statement and align your business to the plan. You can prepare daily, weekly monthly or yearly business plan, you can as well prepare marketing plan, human resource plan, you can also integrate the whole plan in one single business plan.

8. Start organizing or mobilizing

After all the requirements listed above are been considered and obtained, commence your business operations. At this stage, you are expected to choose the right location, equipped your office with office gadgets, employ competent hands, open a business bank account and start to promote your business.

9. Promote your business 

We all know the power of social media these days. Set up professional social media business page or account and run consistent ads. Tell people about your business, never feel reluctant to advertise your agency business. 

Terms in traveling services 

These are some of the common terms used in traveling. Get conversant to them so that you will always sound professional. 

1. Consolidator:  a business that has contracts with airlines to sell tickets in bulk generally at a discounted rate. 
2. Class: seating arrangement arranged for travelers. These arrangements attract certain fare and they enjoy specific things such as foods, drinks etc
3. First class: the class which offers the most premium or prestigious services. Enhance seating, meal selection, drink selection etc. 
4. Waiver: a written acknowledgement that a passenger has declined something 
5. Tour operator: an individual which operates group travel program that provides a complete travel experience for one price. This includes transportation ( airline, rail, Motorcoah and ship), accommodation, sightseeing, selected media and escorts. 
6.  Business class: seating arrangement that falls between first class and coach. 
7. Cancelation penalty: a fee charged customers for canceling their flights after reservation. 
8. Exclusive fare: discounted air fares offered by consolidator. 
9. Base fare: it's the cost of an air fare before addition of fees such as taxes or surchages. 
10. Boarding pass: a ticket issued at airport check-in  which authorizes airplane boarding 
11. Bulk contract: an agreement which allows airline sell large block of seats at a discount for resale by a third-party 
12. Bulk fars: a reduced fare for a purchase of large number of tickets. 
13. Business travel : a travel for commercial, educational or governmental reasons 
14. Carrier: any provider of mass transportation usually used in reference to an airline. 
15. Chatter group: a group travel for custom itinerary. 
16. Itinerary: an established line of travel or access. 
17. Transit: journey 
18. Tariff: rates of fare quoted and established by a travel industry suppliers such as hotels, tour operators.
19. Press trip : a trip organized for travel writers and broadcasters to get them exposed to tourist destinations in order to develop accurate stories 
20. Passenger facility charge : an additional fee of the use of an airport 
21. Published fare: a fare offered for immediate purchase. This does not concern consolidation. 
22. Fam tour: a trip organized for travel agents, tour guides, tour whosalers and other menbers of travel trade for the purpose of educating and familiarizing them with tourist destinations. This is done to expose them to tourist attractions in order to answer customers' questions correctly. 
23. Feeder airport or city: an outline city which feed travelers to hubs or gataway cities 
24. Advance purchase requirements: a ticket must be purchased within a minimum numbers of day before the flight departs
25. Economy : the cheapest class that enjoys less premiums 
26. Tour wholesaler: an individual or company that sells tour products to travel agents 
27. Group rate: negotiated hotel rate for conventions, trade shows, meetings, tour or incentive groups 
28. Corporate agency: a travel agency that usually carter's to medium and large size businesses 
29. Net fare or net rate: the total price of a fare including commissions charged a client 
30. No show: when a traveler  doesn't come for a hotel, flight or car rental reservations
31. Non-stop: a flight that travels directly to its destination 
32. Leisure travel: travel for vacation or relaxation 
33. Lowest available fare:  the most inexpensive flight currently available 
34. Maximum stay : the longest period of time a traveler can stay at a particular destination and still qualify for the promotion or discounted rate
35. Layover: the period of time spent between connecting flights 
36. Occupancy rate: the proportion of reservations expected during any given time 
37. Off-peak: a period of time that is less expensive to travel as a result of low consumer volume 
38. Package: a fixed price for travel products that make it easy for a traveler a destination or several destinations including transportation, accommodation, feeding etc. 
39. Land arrangement: all non flying reservations upon arrival such as car rental, hotel and tourist reservation 
40. Hub: a city in which an airline has major presence or where an airline is formed 
41. AITAN: (international airline travel agent network) An association for international travel agents 
42. Interline connection: a trip with a connection flight from a different airline 
43. Incentive travel: travel offered as a reward for top performance and the business that develops markets and operates these programs. 

Conclusion

Travel services or agency business is a business that can fetch you millions of naira, you can start as an affiliate, partnership or work for any existing travel agency to get exposed.  You should also consult experts, ask questions and read blog post and books that deal with travel services. 

You do not need much capital to kick off, with a good working phone or system, you are good to go. The most important thing is to gain experience. Build a strong network and keep promoting your business. 

I hope this is helpful! 

ALSO READ: EVERYTHING YOU NEED TO KNOW ABOUT REAL ESTATE BUSINESS IN NIGERIA

ALSO READ:HOW TO START UP AN ADVERTISING AGENCY IN NIGERIA

ALSO READ: HOW TO MAKE CUSTOMERS PATRONIZE YOU ( FIVE PROVEN STRATEGIES)

 

      

Step by step guide on how to become a successful entreprenuer in Nigeria

An entrepreneur is a person  who identified an opportunity/need/business idea, first calculate risk, mobilize resources, set up an Enterprise and he/she is reward with profit. An entrepreneur simply means a business founder.

It's a dream of most people to become an entrepreneur because of the benefits that come with entrepreneurship, doing a regular job or salary job will never give you such freedom, independence, satisfaction etc. However, before you enjoy all these fringe of benefits, you must risk your resources.

ATTRIBUTES OF AN ENTREPRENEUR 

*He/she provides the initial capital needed for the formation of a business Enterprise.

*He/she mobilizes and controls other factors of production

*He/she takes takes decisions that concern the business

*He/she bears all the risks exposed to the business. If the business fails, he bears the loss.

STEP BY STEP GUIDE TO BECOME AN ENTREPRENEUR

To become an entrepreneur, you must follow the following steps;

1. Identify a need or business idea

Analyse your environment to identify economic needs, listen to the complaints of people and think about how to solve thier problems, think about the challenges you face when using certain products and think about how you can do magic to solve these problems, others might face the same problems too, look around your area and watch out for the businesses people do there and how you can do any of those businesses better or what new you can bring. 

You can create a new product that has not been existing, you can improve on the quality of a product that does not give maximum satisfaction, you can add new features to an existing product, you can create a product that could perform wonderful functions, you can as well give extra customer service that can win you a lot of patronage. It's all up to you. For you to be an entreprenuer, you must solve problem, Identify the problem you want to solve, learn how to solve it and put your resources towards solving it.

     2. Conduct feasibility studies

Gather data about the business idea you have generated, it will enable you to forecast if the business is profitable, the growth rate, how much money you need to start with, all the equipment you need to purchase, how your are going to produce, the level of risk that is involve in doing the business, how many products you need to sell before making profit, who and how to employ, the special skills ( computer and internet, communication and managerial skills) you have that could give you absolute advantage, also, evaluate your competitor critically at this stage.

 3. Choose an organization, business name and location

* Organization; choose the form of business organization you intend to establish: sole proprietorship (one man business), partnership ( a business formed by at least two persons to at most twenty people, private limited liability company 'LTD' ( a business owned by at least two persons to at most fifty people except bank). Each one of them has advantages and disadvantages, analyse them critically and choose the right one for yourself.

*Business name: choose a good and simple name for your business and product. The name draws attention, makes people to understand your industry and it makes it easier for people to know what your business does.

*Location; ensure you locate your business at the right place, what you produce determines where your business should be located, your business should not be located far from the source of raw materials, it should not be far from your house to avoid unnecessary spending and your business should be accessible for your customers, try to locate it where you will enjoy social amenities.

4. Proceed to CAC and register your business

5. Write a business plan 

Business plan helps to guide you or the operation of your business, you can prepare a daily plan, weekly plan, production plan, time and functional plan etc, you can also incorporate all plans into a single plan . Ensure you state your vision, mission, objectives , goals and Target and work towards achieving each one of them. They could be a lot of distraction when operating your business, be ensured you stick to the plans or adjust your plan a bit to meet up with the current situation.

6. MOBILIZE RESOURCES AND COMMENCE OPERATION

This entails bringing all the resources (materials, money, time and human resources etc) needed for the operation of the business and commence operation.

 SOURCES OF BUSINESS IDEAS

How to produce a quality product

Producing a quality product nowadays is very competitive, a lot of companies are springing out, offering the same and similar markets with astonished products. However, these are the attributes of a quality product( product mix)

1. DIFFERENTIATION

It is the combination of all the characteristics or features that differentiate a product from others. It involves sizes, shapes, colours etc that make a product easily recognisable. 

Be ensured you use appreciate combination of differentiation strategies to make your product look beautiful and unique.

2. BRANDING

Product branding involves product/brand name, slogans, trademark, logo, symbols etc.

Be ensured you have a nice brand name that is easy to pronounce and remember, good slogans e.g ( MTN everywhere you go!), have nice symbols and logo for your product.

3. PACKAGING

It has to do with developing containers, sachet, cartons etc for a product. It makes a product safe, easier to use and carry about. 

4. LABELING

It involves given necessary information and instructions on a product e.g usage, expiry date, manufactured date, registration number, ingredients used, batch number, benefits derived from using the product etc.

Be ensured you don't mislead your customers, provide accurate and adequate information and instructions on your product.

5. DURABILITY

It involves making a product last long. If you produce a tangible product, make sure it's well processed and preserved, if you produce a service, ensure you render astonish Service.

6. MODIFICATION 

It means adding unusual or certain features to your product that makes a product perform absolute and distinctive functions. 

If you offer Service, be ensured you focus more on branding, ( brand name, logo, slogans, symbols etc) and quality customer service.

These are some of the attributes that make a product possesses high quality. The combination of these attributes attract customers to your product and make them to buy and keep buying your product. 

I hope this is helpful!

What are the signs that your business is about to die/fail and how to revive it

Once your business is about to fail, it will show you some dangerous signals. Once these signals are identified, you must take corrective measures in order to stay in the business.

These are some of the signs that your business is failing;

1. REDUCTION IN SALES

If your business is failing, your sales will keep reducing. Some factors such as low quality product, high product price, poor distribution, ineffective promotion, poor customer service, irregular supplies of raw materials, little or no competition and inconsistent operation of the business could definitely reduce your business sales.

When such factors occurred, you must have to reposition your product.

Ensure you work on your product quality such as re-packaging, labels, size, colours etc.

Put more effort in promotion. Some promotion mix includes advertising, sale promotion, Public relations etc. Make use of them judiciously.

Improve on the services offered to your customer by given discount, credit sales, bonuses, timely delivery, home delivery, conducive business environment etc.

Choose effective distribution channels and ensure your products are delivered at the right time, in the right place and in good condition.

Make sure you have regular supplies and distribution.

 fix the right price, always make sure that your business is operating, monitor your competitors closely and try to outperform them. Once you can do all of these things appropriately, your sales will continue to increase.

2. REDUCTION IN PROFIT

If your business is failing, your profile will keep reducing as the result of high cost of operation. If the cost of materials is high, utilities and taxes are high, if you pay high salaries and bonuses to employees, if you are unable to track your credit sales and purchases, if you give to much discount and bonuses to your customers, if your employees are secretly consuming from the stocks, if you incurred a lot of wastages and spoilage these are big signs that your business is failing.

Ensure you operate carefully to reduce wastage and defection, monitor your employees, careful with how you sell on credit and how you purchase on credit, look for where you can get raw materials at cheaper rate, if there is need to reduce/retrench your employees do it, you can employ some on a contract or part-time basis, you can as well do outsourcing. Make sure you minimize cost as much as possible.

3. INCREASING IN DEPT

If your business is failing, your debt ratio will be higher than your current asset, you will be unable to maintain the equipment, you will be unable to pay staff, you will be unable to pay rent, your credit purchase will be high, your stocks will be too low. 

Once you experience these signals, borrow to finance your business, or you can go into partnership or diversification.

I hope this is helpful!

10 million naira international grant for serving corps members through SAED department

      

The Farmers for the Future (F4F) Grant is an Agricultural Entrepreneurship grant designed to support young people with viable Agri-Business with equity-free capital and other associated support they may require to scale their businesses.

The project is an initiative developed and sponsored by the British American Tobacco Nigeria Foundation (BATNF) in partnership with NYSC and implemented by Fate Foundation. It is targeted at currently serving National Youth Service Corps (NYSC) members – as part of BATNF’s drive to encourage and support the youth in sustainable agriculture.

Click here to apply https://f4f.wealthishere.org