Feyi' Eniola

26/04/2025

21/04/2025

23/03/2025

sell smart .. sell experience

22/03/2025

failure is part of what you need to succeed.

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21/03/2025

Work Smart, Work Hard and Rest Well..

20/03/2025

Balance financial goals with a meaningful mission.

19/03/2025

🌟 𝐖𝐡𝐲 𝐘𝐨𝐮𝐫 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐬𝐧’𝐭 𝐌𝐚𝐤𝐢𝐧𝐠 𝐒𝐚𝐥𝐞𝐬 (𝐀𝐧𝐝 𝐇𝐨𝐰 𝐭𝐨 𝐅𝐢𝐱 𝐈𝐭!) 🌟

Fellow Naija entrepreneurs, are you tired of empty cash registers and silent phones? You’re not alone! In today’s tough economy, many businesses struggle but the problem isn’t you. It’s likely one of these common pitfalls that most business owners ignore. Let’s diagnose the issue and turn things around! 💼🚀

1. “My Prices Are Too High… Or Too Low!”
❌ Problem: If customers complain about costs or you’re undercutting yourself, your pricing is off. Inflation and sourcing challenges make this tricky.
✅ Fix:

Bundle products (e.g., “Buy 3 Ankara fabrics, get a free headwrap”).

Explain value: Use storytelling! (“Our soap is handmade with shea butter from Kaduna farmers”).

2. “Nobody Knows I Exist!”
❌ Problem: Relying on “word of mouth” alone in 2023? Big mistake.
✅ Fix:

Go digital: Post daily on WhatsApp, Instagram, or TikTok. Even a basic page works!

Collaborate: Partner with micro-influencers (e.g., a Lagos food blogger for your catering biz).

3. “But I’m on Jumia/Konga—Why No Sales?”
❌ Problem: Overcrowded marketplaces drown small sellers.
✅ Fix:

Create urgency: “Only 5 left in stock!” or “Flash sale ends tonight!”

Sell directly: Use simple tools like Selar or SendChamp to build your own store.

4. “Customers Don’t Trust Me!”
❌ Problem: Scams have made Nigerians wary. No reviews? No sales.
✅ Fix:

Collect testimonials: Offer a discount for honest feedback.

Show faces: Post videos of your team making products. Transparency builds trust!

5. “I’m Selling the Wrong Thing!”
❌ Problem: Are you pushing winter coats in Lagos? Misreading your market kills sales.
✅ Fix:

Survey customers: Ask, “What would make you buy more?”

Pivot smartly: A bakery in Abuja added sugar-free options for health-conscious buyers—sales tripled!

6. “Payment Wahala!”
❌ Problem: No POS? No transfers? Nigerians want convenience.
✅ Fix:

Accept all payments: Use tools like Flutterwave or Opay.

Offer installments: “Buy now, pay later” works wonders for gadgets or furniture.

7. “My Competitors Are Cheaper!”
❌ Problem: Price wars are a race to the bottom.
✅ Fix:

Compete on service: Offer free delivery, gift wrapping, or loyalty points.

Highlight quality: “Our bags last 5 years—cheap imitations tear in 5 months!”

The Bottom Line
Sales slumps happen to everyone—but they don’t have to last. Pick ONE of these fixes to implement today. Small changes = BIG results! 💥

👉 Your Turn: Which challenge resonates most? Comment below, and let’s brainstorm solutions! 💬



P.S. Share this with a fellow business owner who needs a sales boost! 🙌

Ready to level up? DM me for a free checklist: “10 Sales Hacks Every Nigerian Entrepreneur Needs!” 📥

19/03/2025

Early feedback is your greatest growth tool.

18/03/2025

Business Loan Is Meant To Be A Ladder, Do Not Turn It To Parachute.

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18/03/2025

𝐇𝐨𝐰 𝐭𝐨 𝐒𝐞𝐜𝐮𝐫𝐞 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐋𝐨𝐚𝐧𝐬 𝐢𝐧 𝐍𝐢𝐠𝐞𝐫𝐢𝐚: 𝐀 𝐍𝐨-𝐍𝐨𝐧𝐬𝐞𝐧𝐬𝐞 𝐆𝐮𝐢𝐝𝐞 𝐟𝐨𝐫 𝐇𝐮𝐬𝐭𝐥𝐞𝐫𝐬 𝐖𝐡𝐨 𝐖𝐚𝐧𝐭 𝐭𝐨 𝐋𝐞𝐯𝐞𝐥 𝐔𝐩

Nigeria’s business landscape is a jungle of opportunities—but to survive and scale, you often need cash. Whether you’re a “smallie” selling plantain chips or a tech founder building the next Flutterwave, loans can be your lifeline. Yet, many entrepreneurs crash into walls: “Banks no gree give me loan!” or “Na wah, the interest go finish me!”

Don’t worry—this guide breaks down exactly how to secure loans in Nigeria, with practical steps and insider tips. Let’s dive in!

Why Loans Matter for Nigerian Businesses
📣Facts:
☑️Over 40% of Nigerian SMEs fail within 5 years due to underfunding (PwC Report).
☑️Only 15% of SMEs access formal loans—most rely on personal savings or "family help" (SMEDAN).
☑️Banks charge 20–30% interest rates (or higher), but strategic planning can ease the pain.

Step 1: Know Your Loan Options
Not all loans are created equal. Choose wisely:

1. Commercial Banks (GTBank, Access, Zenith):
☑️Best for: Established businesses with collateral (land, property).
☑️ Interest: 20–30% per annum.
☑️ Pro Tip: GTBank’s SME Finance offers loans up to ₦50M for businesses older than 3 years.

2. Microfinance Banks (LAPO, AB Microfinance):
☑️ Best for: Small-scale traders, market women, startups.
☑️Interest: 5–10% monthly (yes, monthly!).
☑️ Example: Mama Nkechi borrowed ₦200k from LAPO to expand her Ankara fabric shop in Balogun Market.

3. Government Schemes (CBN AGSMEIS, BOI):
☑️Best for: Agri-businesses, tech innovators, and SMEs.
☑️Interest: As low as 5–9% per annum.
☑️Catch: Requires training and paperwork.

4. Fintech Apps (FairMoney, Carbon, Branch):
☑️ Best for: Quick loans (₦5k–₦5M) with no collateral.
☑️ Interest: 10–30% monthly (handle with care!).

Step 2: Prepare Like a Pro (No Cutting Corners!)
Banks won’t take you seriously without these:

☑️Business Plan: Not a 50-page thesis—just clear answers to:
What’s your biz? Who’s your customer? How will you repay?
Example: If you’re opening a bakery, show how “Detty December” weddings will boost sales.

☑️Financial Records: Even if it’s a “NEPA bill and market list” in a jotter. Prove you’re organized.
☑️Use apps like Kippa or QuickBooks to track sales and expenses.

☑️Collateral (For Formal Loans): No land? Try:
☑️Guarantors: A civil servant uncle? Banks love steady salaries.
☑️Fixed Deposits: Pledge a savings account (GTBank does this).

Step 3: Avoid These 4 Deadly Mistakes
1. Begging for ₦10M When You Only Need ₦2M:
☑️Banks distrust overambitious requests. Start small, repay fast, build trust.

2. Ignoring “Hidden” Fees:
☑️Processing fees (2–5%), legal fees, insurance—ask for the total cost upfront.

3. Using Loans for “Owambe” or Dubai Trips:
☑️Loan sharks love this. Don’t do it.

4. No Repayment Plan:
☑️If your biz makes ₦100k/month, don’t borrow ₦500k with 6-month repayment. You’ll choke!

Step 4: Negotiate Like a Market Leader
☑️ Play Banks Against Each Other: Got an offer from UBA? Tell First Bank to beat it.
☑️ Ask for Grace Periods: Some banks give 3–6 months before repayment starts.
☑️ Convert Short-Term to Long-Term: Struggling? Renegotiate before defaulting.

Step 5: Explore “No-Interest” Alternatives
☑️ Crowdfunding: Platforms like GoFundMe or NaijaFund let family/friends invest.
☑️ Cooperatives: Join an esusu group or industry association (e.g., Fashion Designers Association).
☑️ Grants: Apply for Tony Elumelu Foundation or Google Black Founders Fund.

Final Word: Loans No Be Magic—Na Strategy!
Securing a loan in Nigeria isn’t about luck—it’s about preparation, persistence, and patience. Start small, build credibility, and watch lenders chase you. As the Yoruba say: “Owo ni kò ní sí, àìlòwó ló lè sí” (Money isn’t the problem; not knowing how to use it is).

Your Action Plan Today:
1. Download a finance app and track your biz cash flow. ( READ MY PREVIOUS ARTICLE ON CASHFLOW)
2. Draft a one-page business plan. ( IF YOU NEED ONE, SEND ME A DM, I WILL GIVE YOU A TEMPLATE FOR FREE)
3. Approach one lender this week—even if it’s a ₦50k test loan.


“No let money wahala quench your hustle fire. Burn brighter!” 🔥🇳🇬