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8 Tips to Make Cool Money From Bookshop Business In Nigeria

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How To Make Cool Money From Bookshop Business In Nigeria

I am not here to tell you how to start a bookshop in Nigeria. No! Rather, my mission here is to show you practically how to make money from bookshop business in Nigeria. You can always read about how to start bookshop business in Nigeria elsewhere, but here, I am considering the money-making aspect of the business and how you can be a beneficiary.

Welcome To The “Odd” World Of Bookshop Business: One Enterprise, Many Challenges

The bookshop business as far as Nigeria is concerned is more than what appeals to the eyes for the casual observer. It is difficult to start from a general point of view. To be successful in this business, you must realize and prepare against the unexpected.

There are many competitors in the bookshop business in Nigeria coming from different perspectives; the first is the already existing book stores looking for how to succeed. These are your direct neighbors in the same or remote location. They are known brands that have been selling books for years. It’s not always easy to break in if you have these folks around you. So, you must strategize how you are going to address these people and their competition.

See : How to Establish a Cocoa Business in Nigeria and Anywhere Else

Apart from these existing bookshop businesses in Nigeria, this is this other teething competition from online retailers who sell both electronic books and print books or put the other way, sell the same book you’re selling in your shop as softcopy or worst still as transferable hardcopies. These online platforms include Amazon, EBay, Apple iBook store, Okada books, and many others. These platforms sell their books to the general public directly and Information on Immigration Recruitment.

But that’s not all. You will also have the bestsellers also competing with you. Therefore, as a person just starting out, you should have the knowledge on the recent books that are being marketed, advertised; know the e-readers, on-line ordering, and have an idea of reading gadgets and how to use them. You also need to be updated on print-on-demand books. With this background, therefore, let us now see how to make money off bookshop business in Nigeria.

Ways To Making Money From Bookshop Business In Nigeria

  1. Leverage On The Benefits Of Social Media in Your Marketing

The many available social media channels help the would-be, just-got-started as well as the established book seller get in the direction of his/her target customer and also help in direct interaction with them. So, you should take social media serious in your book marketing efforts.

A number of the social media you could use include Facebook, Twitter, Pinterest, Skype, WhatsApp, etc. You can use them to promote your books to a much wider targeted audience and make good income from it. Certainly, majority of book shop business enterprises in Nigeria are retail bookshops. Keeping it as standard brink-and-mortal bookshop will do good but very little; not until social media is incorporated into the marketing efforts. Constant usage of the internet and the social media to advertise will be able to widen other strategies to achieve success within the bookshop enterprise in Nigeria.

  1. Cite Your Shop In A Suitable Environment.

The more accessible the location of your business is to people, especially a large number of passersby and vehicles, the better the prospects for your bookstall business in Nigeria. There is every likelihood that people would stop by to get a book if the bookshop is within reach and well-stocked. Did you get the last word I mentioned? I said, “Well-stocked”. Think over it.

  1. Introduce Delivery Service, Extend Your Closing Time.

With the way things are in the society, many people close for work late, are always on the move, and have very limited time to do the shopping. As such, it is really important that you include book delivery service in your business especially for customers who for any good reason(s) can’t just pickup from your shop.

See Also: How to Establish General Insurance Business in Nigeria

Also, it is important to always have your store open for some time past standard closing hours (6pm) so that readers who like to read in the evening or have time in the evening can come around and get the books they want at such times without breaking their personal convenience. You can include this time extension during the weekends, holidays, special occasions, etc.

  1. Market All Kinds Of Books.

There is a different book for a different season, a book for each situation, condition and time. As such, to earn extra money from bookshop business in Nigeria, I recommend that you sell an extensive collection and choice of books. These books should be of different types and with different titles which will attract a wide range of tastes, even though the books don’t attract to you as an individual. Remember, one man’s pill is another man’s poison; don’t let your personal opinions get in the way of your business.

  1. Hire A Crop Of Skilled Workers.

You should employ a good number of educated workers to take care of your bookstore. These will be the ones to sell to the clients, do the running around, keep the shop tidy, dust the books, stock them and do delivery services when an order is placed, etc. As such they have to be well informed, clever and alert and also have an idea of the book titles and contents so as to help novice or confused clients make the right pick while searching for books at your bookshop.

  1. Maintain An Effective Book-Stock System

The manner your books are organized in your bookshop to a large extent will determine if clients will remain in, leave, or return to your bookstore after the first and recurrent impressions they get when they enter your bookshop. The way you set up your books on the shelf matters a lot. For better sales, constantly maintain your bookstore in a well-organized fashion. All the books must be properly placed on the shelf.

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Thank God for technology. For instance, for easy management of sales and expenditure, you should install and use good software to successfully and seamlessly handle your bookstore stock system. Also, you should control your stock with the use of store management software. There are various brands and versions of this software in the market. Just go with the best ones and leverage them to make your business secure and efficient.

  1. Involve In Sound Marketing Campaigns

You could drive in a large influx of clients by means of engaging very good advertising and marketing campaigns to promote your bookshop. This may be through publicizing using manual and automated means, traditional and electronic media, give away, and special promotions.

Apart from this, you could involve famous authors to autograph books at your bookshop. People love it when the author himself autographs his book. It leaves a lasting memory.

You can additionally engage in demonstrations by inviting the authors of those books especially those on crafts, cooking, books that deal with the “How-to” topics, etc. This approach drives in a high crop of clients who come to look at the demonstrations and afterwards buy the books from you.

You could also set up unique interactive sessions like telling stories series for youngsters and seniors at which occasions you provide unique discounts on some of your books for a stipulated time frame.

You need to be involved in bonanzas, reward, or Loyalty packages like “Purchase Three Books And Get 1 Free”. This encourages more people to patronize your bookshop and want to shop for more books from you.

On the social media world, you should also to keep your audience happy by offering them special reductions when they do small tasks like filling a survey, answering some questions, or any such engaging activity.

  1. Maintain Affordable Pricing

It has been argued that minimum of 40% profit margin will be made in bookshop business. It implies that if a book is sold for two thousand naira, then the cost of purchasing the book is one thousand two hundred naira.

Whichever way, the expectation of the buyer determines the price tag of a book. If the price is very expensive, people will not patronize it which will lead to low income for the business.

However, if the book price is cheap, sales will increase, but it will also lead to reducing the book’s profit margin. This may as well have resultant negative effect on the bookshop.

Therefore, as a store manager or someone running a bookshop in Nigeria, it is your responsibility to regulate the pricing of your books in the store based on the financial level of your clients, their power of negotiation, and their area(s) of interest.

Conclusion

To this end, I have shown you here ways of making money from bookshop business in Nigeria. There are so many things to do as you have seen. So, take the ones that suit you best and run with it. I wish you the very best.

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Business Ideas

How to Start DJ Service Business in Nigeria and Make Money

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The entertainment industry in Nigeria is one ever-growing sector that reaches out to all regardless of their background and there are opportunities for youths in this business which are profitable.

If you love a kind of music and have a passion for sounds mix or beats, this is the business for you. You can start providing disc jockey services and get paid for it, as simple as that.

There are people who are already doing this just as a hobby without any idea that they can make money off this skill set and turn it into a business which is lucrative.

See: 5 Steps to Start a Distributorship Business in Nigeria

This is a business that involves mixing different music or sounds, pleasing to the listeners and for their entertainment at their event. You can mix up songs from a  different artist with use of turntable which produces awesome sounds and burns the mix into a compact disc and put them out for sale. Therefore people can play them in their homes, cars, stores or supermarket and so on and forth

If you have a  passion for music, you can start this business and this also goes for individuals who love to attend ceremonial activities and network with them.

This business can be done part-time with a very flexible schedule which is the amazing thing about this business. Therefore you can have a full-time job and by the side work out your disc jockey business, playing during the weekends at events. This is a business that enables you to plan your time of work to suit your circumstances.

Students can also be involved in this business especially those who want to earn little income while they stay in school till they graduate. They could raise enough funds from this business to develop further in the business

If the business is planned properly, it can develop into a successful one which will be very profitable.

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WHY THIS IS A DJ SERVICE BUSINESS GOOD BUSINESS TO DO PEOPLE LIKE MUSIC

People love listening to music be it on their mobile phone, at their events, and in their cars. People can go the extra mile to call a person who is willing to play great music to make their show or events a thrilling one.

The live band could play and sing the songs of other musicians, however, some people will like to listen to the sounds of their favorite musicians and since it is not possible to get the artiste to their event. The services of a disc jockey come into play as he scratches favorite songs from their favorite musicians.

SERVICES ARE NEED FOR VARIOUS PURPOSES

DJ services are needed to produce a means of fun and entertainment coupled with relaxation. Which is why the services of a DJ is needed on various occasions and ceremonial activities such as birthdays, weddings, anniversaries, burials, meetings, seminars, workshops and many more.

It is a belief that any event without a DJ dishing out good music is an incomplete event and makes the demand for the services of a DJ to have reason over the years.

TYPE  OF MUSIC AVAILABLE

An experienced DJ is versatile and has knowledge of all kinds of music and with great exposure, makes doing business easy for all kinds of events such as children party, business symposium, conferences etc.

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You can play soul, rap, rock, Hip Hop classical and a lot more local music too.

WHAT IS NEEDED FOR THE BUSINESS

GAIN KNOWLEDGE OF THE BUSINESS

Having love for music and passion for sounds is not enough to make you a successful DJ. You need to gain knowledge and have experience of its operations in order to succeed.

In acquiring knowledge, you’ll need to learn the types of equipment you need to use, where you can get, where you can use them and how to use them. You need to understand the type of songs that goes on air at certain events and how to get the proper mix to produce great sounds.

To gather this knowledge, you need a mentor or someone who has been in the business for a long time, someone you can learn from can understudy.

Equipment

What is the equipment you need as a mobile DJ?

Djs have lots of options in terms of selecting equipment and all these comes down to the taste of the DJ.

Most common set up is that of work with a laptop. The DJ moves with the laptop and when it’s time, selects the songs he wants to play and uses the wheels to spin the songs.

Some DJ may already have the songs on their iPods then just come over to the mixing dock and the events buzzing with unique sounds

Basically, you need a laptop, turntables to play music from and also a mixer with the very good speaker to produce quality sounds.

With the advancement in today’s technology, your setup can be easy and simple.

KNOW YOUR MUSIC

In this business you need to know your music very well, that is apart from knowing which equipment to use,  you have to decipher the genre of song that fits a particular event.

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Example there are certain songs you will be expected to play at a wedding ceremony which will not be needed at a birthday party.

This is an exciting business for individuals who like music and entertainment a lot. However, carry out a feasibility study to determine the gadgets you’ll need.

GET A SPACE

You can begin from your house for a start since you will be going out for events and parties. Ensure that your equipment is neatly kept safe in your house.

RECRUIT WORKERS

As your business begins to go grow and you finally have the capacity to expand, you can hire an assistant or a manager who will help in taking bookings, answering clients calls and listing.

PROMOTE THE BUSINESS

This can easily be done right now with the level at which the use of social media has increased. The business promotion has been made very easy, rather than the distribution of flyers, you can promote online and you can have access to your potential customers.

REGISTER THE BUSINESS

Get your business registered and make sure you meet the necessary criteria required by the government.

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Business Ideas

5 Steps to Start a Distributorship Business in Nigeria

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We are very much aware that the present economic situation of the country is a kind that you and I can not specifically point to when it will come to an end. As the saying goes that desperate situations require desperate measures, I guess you will agree with me that we need to do whatever it takes us to make money, as far as it’s legit.

There are some highly lucrative businesses in Nigeria today that we sometimes don’t pay much attention to and this might be as a result of financial constraint or other varying factors, but the truth is, we can always start any business as far as we have the information required to go about such business. This distribution business is very profitable when it comes to the high demand of widely used products especially in a country like Nigeria

Most Read: How to Start Diesel Business in Nigeria

This is the reason why I will be sharing with you, the processes or steps involved in setting up your distributorship business in Nigeria and I hope you’ll work towards setting up your distributorship business as soon as possible. However, the business is competitive but with the right plan and good mobility, you will be able to reach out to as many customers as possible.

A distributor can be anyone who has an affiliation with manufacturers which they stand for and most times buy from products from the manufacturer to deliver these items or products to the wholesalers or retailers, depending on the open market while sometimes the distributors tend to sell the product to the consumers when they are directly available. Simply put, the distributors purchase the product straight from the factory in large quantities and deliver them to the wholesaler or retailer, who then sells them to the consumers in little quantity. The distributor makes the product of the manufacturer to circulate in the open market regardless of the state of production; the distributor ensures that all products get to the strategic location for easy distribution to the consumers.

See: How to State a Crude Oil Business in Nigeria

As stated earlier, the business is lucrative but before venturing into this business, you need to understand how the market functions and the strategic plan to follow in order to make huge profits.

STEP 1- CONDUCT YOUR RESEARCH

As soon as you decide to start your own distributorship business, the first thing you shouldthink about is carrying out your research. What do I mean by this? All you have to do is look at your environment and look at what your community is lacking. For instance, if there are many schools around you, its an opportunity to become a stationeries distributor especially if they don’t have a good customer base, it will be a good opportunity for you. We have different publishing outfits such as Lantern books, Evans books, Literamed and so on. Type on Google to find out more about these publishing outfits or any businessthat interest you.

STEP 2-KNOWEVERYTHING ABOUT YOUR GOODS

Now you know the kind of goods you want to distribute but you don’t know how it works. You need to find out the pros and cons of being a distributor of your goodsand you also need to know how long it takes to keep such goods. You know that durable goods aren’t to be kept for too long unlike non-durable goods, so you need to know the kind of good you’re dealing with, in allits entirety. You need to understand every components of your product, so that when consumeinquiresre about them, you can give the correct answers promptly.

STEP 3- GET A STORE, WAREHOUSE OR A SHOP

Starting your distributorship business does not have to be difficult after having the information above in step 1 and 2. You can always start small and expand as time goes on and as such, finance should not be the primary determinant of how your business will thrive. Also, note thatGetting a shop shouldn’t be an hindrance to starting your distributorship business and as such, you can start without it if you don’t have the means right away, your home can serve as a store pending the time that you’re able to get your desired store, shop or warehouse

STEP 4- FIND YOUR DISTRIBUTOR

What else are you waiting for? You have created the foundation of your business and the next thing is to build on this foundation. The next thing you should do is just to find means of contacting your distributor and kick off on your long-awaited distributorship business. This shouldn’t be a hard nut for you to crack as you can always go online, search for the product and company you’re interested in and follow the steps you that will be required of you to be a distributor for them.

STEP 5- FIND YOUR CUSTOMERS AND KEEP THEM

The last but not least of these steps is to find customers for your goods. This is the most delicate and important part of setting up your business as this will determine the success of your business in the long run. Getting customers for your goods is not as important as keeping them and that’s why you need to work on your marketing skills and learn a few tips on how to get and keep your customers. The more customers you get require more expansion that is, you will need to be mobile whereby you can easily move products from one location to another.

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Items mostly distributed in Nigeria

  • Drinks
  • Noodles
  • Cars
  • Salt
  • Cement
  • Rice
  • Petroleum product and so on

Tips to successful distributorship in Nigeria

  • Maintain is a responsible, loyal and trust-worthy relationship with your good customers.
  • Rapidly grow the numbers of your customers. The idea behind distributing product is not about the product itself but about the customers you distribute to. The more customers you distribute to, the more money you earn. Therefore develop a strategic plan to increase your customer’s number.
  • Regularly reach out to customers and inquire about the demands of your customers.

Check also: How to Get Loans in Nigeria With or Without Collateral

Lastly, enjoy your business and make it grow by reinvesting your profit. Although the business is highly competitive but with the proper planning, you can break forth beyond your competition and supply widely to all regions possible.Wish you all the best!

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Business Ideas

How to Get a Job in Debt Management Office Nigeria (DMO)

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DMO Recruitment Guide – http://www.dmo.gov.ng

This guide covers all you need to know about the DMO Current Recruitment. With this Debt Management Office Recruitment guide, you will get to know about the functions of the Debt Management Office, the requirement, how to apply and other essential information on Debt Management Office recruitment this year.

See: How to Get a Job in Niger Delta Development Commission (NDDC)

Also covered in this guide is the DMO Recruitment Form, the DMO Recruitment portal, etc.

About Debt Management Office

The DMO was established on 4th October, 2000 to centrally coordinate the management of Nigeria’s debt, which was hitherto being done by a myriad of establishments in an uncoordinated fashion. This diffused debt management strategy led to inefficiencies. For instance, in the FMF alone, four different departments have functions for the management of external debt in the following format:

  1. External Finance Department: responsible for all Paris Club debts and for the management of public debt statistics;
  2. Multilateral Institutions Department: responsible for relationships with all multilateral institutions (excluding the African Development Bank and its subsidiaries such as ADF and the NTF, which is handled by the ABER Department). It is also responsible for managing and servicing multilateral debt;
  3. Africa and Bilateral Economic Relations (ABER) Department: responsible for liaising with the ADB and its subsidiaries, ECOWAS, and all non-Paris Club bilateral creditors;
  4. Treasury Department (OAGF): responsible for issuing mandate to the CBN for payment of all external debts;
  5. Foreign Exchange and Trade Relations Department: responsible for issuing reconfirmation for payment externalization to the CBN and for documenting repayment and servicing of external debts;

In the CBN, the following departments had some involvement with external debt management:

  1. Debt Management Department: responsible for the London Club debts consisting of trade debts, par bonds, and promissory notes;
  2. Debt Conversion Committee: responsible for managing various debt conversion options such as debt-for-debt, debt-for-equity, debt-for-export, debt-fornature, and debt-for-development; and
  3. Various departments: responsible for processing and effecting loan repayments on behalf of all the other agencies or departments of government listed above.

This diffusion in the management of public debt created fundamental problems, including the following:

Operational inefficiency and poor coordination;

  1. Inadequate debt data recording system and poor information flow across agencies with consequent inaccurate and incomplete debt records;
  2. Extreme difficulty in the verification of creditors’ claims due to conflicting figures from the various bodies handling the debt management function;
  3. Complicated and inefficient debt service arrangements, which created protracted payment procedure and often led to penalties that added to the nation’s debt stock;
  4. Inadequate manpower and poor incentive systems for the affected personnel, which affected outputs and performance;
  5. Lack of consistent well-defined borrowing policies and debt management strategies;

The consideration of these myriad problems led government to support the establishment of a relatively autonomous debt management office, which resulted in the formation of the DMO in October 2000. The need for the creation of a separate public debt management office was therefore aimed at achieving the following advantages:

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  1. Good debt management practices that make positive impact on economic growth and national development, particularly in reducing debt stock and cost of public debt servicing in a manner that saves resources for investment in poverty reduction programs;
  2. Prudently raising financing to fund government deficits at affordable costs and manageable risks in the medium- and long-term;
  3. Achieving positive impact on overall macroeconomic management, including monetary and fiscal policies;
  4. Consciously avoiding debt crisis and achieving an orderly growth and development of the national economy;
  5. Improving the nation’s borrowing capacity and its ability to manage debt efficiently in promoting economic growth and national development;
  6. Projecting and promoting a good image of Nigeria as a disciplined and organized nation, capable of managing its assets and liabilities;
  7. Providing opportunity for professionalism and good practice in nation building;

Debt Management Office Management Team

  1. Director-General:Ms Patience Oniha
  2. Director, Special Assignments, Director-General’s Office: MijiAmidu
  3. Director, Organisational Resourcing Department: Hannatu Suleiman
  4. Director, Policy, Strategy and Risk Management Department: Joe Ugoala
  5. Director, Portfolio Management Department: OladeleAfolabi
  6. Head, Debt Recording and Settlement Department: Alfred Anukposi
  7. Head, Market Development Department: Monday Usiade
  8. Head, Strategic Programmes Department: Elizabeth Ekpenyong

DMO Academic Recruitment Requirements

  1. Possession of B.Sc, HND, NCE, OND in any discipline from a recognized institution
  2. West African School Certificate (WASC) or Senior Secondary School Certificate (SSSC) with Credits in not less than three (3) subjects including English and at least passes in two (2) other subjects; or
  3. National Examination Council (NECO)/General Certificate of Education (GCE) Ordinary Level with passes in four (4) subjects obtained at one sitting or five (5) subjects obtained at two sittings including English Language.)
  4. National Diploma (ND) obtained from a recognized institution. National Certificate of Education (NCE) from a recognized institution; or
  5. General Certificate of Education (Advanced Level) in two (2) subjects obtained at one sitting or three (3) subjects obtained at two sittings.

Related Post: How to Get a Job in Bureau of Public Procurement (BPP)

Other Things You Should Know about DMO Recruitment and Employment

Given the nature of work at the DMO, the organization normally initiates an intensive background investigation on all prospective applicants after they pass their interview process before they are given a conditional offer of any employment.

The investigation includes the following:

  1. A test for illegal drugs,
  2. Credit and records checks,
  3. A medical examination,
  4. Verification of all employment documents submitted to DMO by the candidate.
  5. Applicants must provide originals of HND, OND, NCE or B.Sc. degree in any discipline from recognized institutions.
  6. It’s mandatory to provide NECO/WAEC with two sittings (English should be included).
  7. Extensive interviews with former and current colleagues, teachers, business associates, neighbors, friends, etc.

General Requirements

  1. Applicants must be a Nigerian, either by birth or nationalization.
  2. All applicants must not older than 35.
  3. Your willingness to push yourself beyond your comfort zone is your greatest strength.
  4. Applicant must possess a valid means of identification, Such as a Voters card, driving license or international passport.
  5. Applicants may be required to take an online qualifying examination.

How to Apply for DMO Recruitment

The DMO conducts recruitment into its establishment every year.we are very optimistic that they will conduct for this year too.

Although the Debt management Office Recruitment form for this year is not yet out as at the time of compiling this article, understand that registration for the job is always done online on their website at http://www.dmo.gov.ng/.

Please, visit the agency’s official website to apply for this job or for further details on the job.

Searches related to Debt Management Office recruitment

  1. domestic debt management
  2. public debt management in Nigeria
  3. fgn bonds
  4. nigeriaeurobond
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