How to apply for government loan

It is easy to access information through an online database for various loans. The process of applying for a personal government loan is easy and straightforward.

You don’t need a third party simply go to the government website. Some provide microloans, help subsidies new businesses or operate small business incubators.

Steps

1. To effectively apply for the loan you need to research your cost and expenses. You need to state how you will use the loan and why you need the loan. It is important to have well-research figure.

2.  Develop a business plan that explains your business structure and ideas. The detailed account should specify how the money will be spent. It must show how the business will generate income and pay off the loan.

3. A business plan developed with small business association assistance will go a long way. Try to emphasize on the returns and potential for success.

4. There are different types of loans for rural business development, minority business and agriculture. You need to learn which loan best applies to your business.

Make sure you speak to an SBA official and obtain an SBA loan application. The loan should address your specific needs or circumstance.

5. To obtain information on government loans go directly to the government website. Avoid third party website that demand some fee because this information is free.

6. Once you have found what you are looking for choose the best agency from the list of government agencies offering loans. Focus on the one that represents your needs. Select the appropriate agency from the government loan homepage.

7. Before applying for the loan view the terms and conditions. Make sure you are eligible for the personal government loan. Read the terms carefully then make your selection. Focus on the loan that meets your eligibility or industry.

8. The next step is to prepare the attachments and supplementary form

9. You need to write a cover letter and executive summary with reasons for requesting the loan. Submit your business plan or business profile.

10. Did you know you can take advantage of non-profit organization mentorship program to review you application and get it proofread?

The next step is to apply to county incubators. Once properly prepared submit the application form. Each loan has a unique submission process for personal government loans.
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How to Create Streams of Income from Feed Mill

The agriculture sector is a driving force in most countries. It supports the local economy and adds to a country’s GDP. It is a good employer of skilled and unskilled labor contributing 1/3 the labor force.

In rural areas it is the main source of livelihood and of great importance to the local community. Third world countries have failed to utilize the great potential to transform the economy.

Farming is still rural based with smallholder farms providing 90% of produce. An important sector agriculture is the feed mill. Feed mill business is very lucrative and capital intensive. An entrepreneur needs determination, courage and tenacity.

Challenges

There are different challenges that contribute to poor harvest and slow growth of the sector. Challenges include poor government intervention, climatic change, and lack of fertilizer.

Others include reliance on manual labor, high energy prices. Funding is a major hindrance to the development of the sector. This is because there is a huge financial gap in the industry.

The rural farmers are poor illiterates with no knowledge of modern trends. Other mitigating factors are lack of adequate water supply, inadequate utilities, unable to afford farming machinery.

•         Poor government intervention

•         Climatic change

•         Lack of fertilizer

•         Reliance on manual labor

•         High energy prices

•         Low funding is a major hindrance

•         Rural farmers are poor illiterates

•         No knowledge of modern trends

•         Lack of adequate water supply

•         Inadequate utilities

•         Unable to afford farming machinery

Feed formulation and milling

The primary function of a mill is feed formulate. Feed is an important food for livestock and commercial fish production.

Formulating high quality grain would position the factory for profitability. The cost of the grain should be competitive to meet customers demand.

Funding

Funding is a huge challenge for feed mills. An average feed mill requires about N10 million to operate. To acquire funds use personal savings, partnership of borrow. The loan should be low interest, long termed.

Acquire machinery

The type of machinery will determine the level of production. Purchase high quality machinery and employ highly skilled technician.

Machinery you need are mixers, conveyor. Others include crusher machine, feed mixing machine.

•         Feed mixing machine

•         Crusher machine

•         Mixer

•         Conveyor

Hire professionals

The feed mill business requires skilled professionals. Hire experts in the field to work in the production area.

Source raw material

The source of the raw material would affect the quality of the feed. Buy only quality grains free of insecticides or other preservatives. The main difficulty is the seasonal nature of the raw materials therefore getting the right mix is difficult off season.

Other challenges are fluctuating price of raw material and cost of transportation. Always strive for quality to differentiate your produce. Make sure the feed for the commercial fish farmer or chickens are of high quality.

Types of raw materials

Sourcing the right material is very important. Common ingredients are palm kernel cake, soya beans. Others are limestone, rice grains and maize offal.

•         Palm kernel cake

•         Soya beans

•         Limestone

•         Rice grains

•         Maize offal

Waste management

Waste from the factory on the environment should be minimal. Feed formulation does not generate harmful waste.

Marketing

There is a huge demand for quality feed. Most feed in the market are low quality so good feed easily stands out.

Farmers are ready to pay the extra cost for faster growth of their livestock. A small feed mill can sell an average of 200 bags per day.

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When to Open Multiple Bank Accounts

Your financial personality and saving habit will determine your financial position. Opening multiple accounts for various savings target is an effective way to avoid debt and create wealth.

There are different types of accounts to consider. We have savings account, fixed deposit, join account and current account. Financial experts recommend opening multiple accounts for target savings.

Multiple accounts are ideal for highly organized individuals. Before opening any account compare interest rates and fees on all the accounts.

Write a budget

The first step is to list your income and fixed expenses. The income is the amount for each paycheck while fixed expenses are mortgage, utility, and rent.

There is also the fluctuation expenses like grocery bills, medication. Write a practical budget to track your earnings and expenses for two months. The entire exercise is to create room for savings.

Fixed expenses

•         House

•         Rent

Fluctuating expenses

•         Medication

•         Grocery bills

Automate the transfer

A very effective way to increase savings is to automate transfers. Instruct the bank to automate transfer of funds into your savings account. The amount could be a fraction of your earning depending on your comfort level.

Open a fixed account or money market account

If you constantly spend funds from your target savings account you need an account that would restrict access. A money market account limits the number of times you can withdraw from the account.

 Another account is the termed fixed deposit. Early withdrawal of funds from a fixed deposit would attract penalties. A fixed deposit could be for six months, one year or five years.

Why multiple accounts work

Multiple accounts offer individual savings goals like paying off the mortgage, buying a car. Online banks have made opening multiple accounts easy. You are at liberty to use one financial institution or multiple institutions.

Different accounts offer multiple savings options, goal, better tracking. You can open an emergency account, long or short termed fixed deposits. Another advantage includes better interest rates, multiple perks or account opening bonuses.

Advantages

•         Individual savings goals

•         Easy to open

•         Use one or more banks

•         Multiple savings options

•         Better tracking

•         Better interest rates

•         Multiple perks

Disadvantages of multiple accounts

The major disadvantage is the lean spread. The individual will not benefit on high interests on cumulative funds. Others difficulties is tracking each account and confusion.

There is also the difficulty in reaching minimum balance, low interest rates on loans. The person can lose money on transfers, complicated automatic transfers, and higher fees.

•         Lean spread

•         High interests on cumulative funds

•         Difficulty in tracking funds

•         Confusion

•         Difficulty in reaching minimum balance

•         Low interest rates on loans

•         Lose money on transfers

•         Complicated automatic transfers

•         Higher fees
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10 Signs you are heading for Bankruptcy

When a court enters an order of relief when a bankruptcy charge is filed. It is very painful to sing for the facility but sometime it is inevitable.

The first sign is when your credit card balance is at its limit. Others include zero savings, inability to earn enough to pay down debt. More are when you forgo necessary items or take loans against you retirement account.

A bad sign is when you use your life insurance to stay current debt, are not credit worthy or you rob Peter to pay Paul. Another sure sign is when your account goes negative during the month, you are behind on home/vehicle payments and debt collector comes calling. . Here 10 signs you are heading for bankruptcy.

Signs of impending Bankruptcy

•         Credit card balance is at its limit

•         Zero savings

•         Inability to earn enough to pay down debt

•         When you forgo necessary items

•         Take loans against you retirement account.

•         When you use your life insurance to stay current debt

•         Not credit worthy

•         Rob Peter to pay Paul

•         When your account goes negative during the month

•         Behind on home/vehicle payments

•         Debt collector comes calling

1.Creditors Rage

A sure sign you are heading for bankruptcy is when creditors come calling, sue or send letters. This is a bad sign because it means you have defaulted far enough to be labeled bad debt.

The lenders send debt collectors in a vicious and persistent cycle to collect the loan. The creditors result to harassment, intimidation and levies. The final assault would end in court.

2. You are behind on home loans

You know you are heading for bankruptcy when you get behind on home loans. Home loans are lifetime investment and a place to live. Mortgage default is a serious indication of impending trouble.

3. You are behind on vehicle loan

Getting behind on vehicle loan is not that terrible except if it is commercial vehicle and your source of livelihood. The car becomes a priority and default has dire consequences.

4. Negative bank account

If your bank account goes negative during the month you are in trouble. Bouncing payments before next paycheck is bad.

This is a sure indicator of overspending, bad planning and bankruptcy. If the trend is not checked you are advancing towards total penury.

 5. Incessant Borrowing

I know an individual who makes good earnings yet is always broke. This is because of huge expenses spent on his large family and outstanding debts. The person borrows from one source and pays to the other.

Robbing Peter to pay Paul is a very bad strategy. The individual has serious cash flow problems. Taking from one creditor to cover some bills and paying another is very bad economics.

6. Creditors refuse to approve loans

You are heading for trouble when creditors see your debt and determine that the odds of paying back is remote.

If your overall debt load is high, creditor see you as a risk. This might occur despite balancing payment, you are refused loan approval.

7. Using life insurance and retirement account

Having a life insurance or retirement account is to facilitate a source of income in your old age. But if you find yourself taking out loans against insurance policy or retirement account to service a loan you are in trouble.

Large monthly payments are automatically deducted from your paycheck to service retirement account loans. Using this will provide added problems of large retirement account loan payments.

8. Foregoing necessary items

When you find yourself forgoing necessary items like toothpaste, soap, foodstuff you are in trouble. If you can’t maintain your vehicle or pay health insurance that is a bad sign.

Skipping basic necessities to keep up debt payments is a sure sign you are heading for bankruptcy.

9. Low earning

If you are unable to earn enough to keep up with your debts you are in trouble. If the minimum cost to maintain the balance on your credit card is lacking bad omen. Some people work two to three jobs or overtime yet the debt persists.

10. Poor saving culture

Saving is a good way to keep some money for the rainy day. You earn low interest and gradually increase the account.

If you have no way to save each month your finances is in trouble. A sure sign of bankruptcy is when your debt gobble up your earning leaving no room to save

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Tips on How to Open a Toy Store

Proper inventory management is important in the toy store business. Ordering the right products, stocking and selling popular toys can increase the business profitability. Profitability depends on many factors such as cost of toys, regular patronage and operational costs.

Over the years big box toy stores have competed to open retail stores or connect with distributors. Variable estimates in recent years from 2012 to 2018 are 2.5 to 4.5 percent.

A store owner should be people oriented, interested in toys and collectibles. They need proper networking, distribution deals and unique ideas.

How does a toy store make money?

The store makes money through the sale of toys. They can focus on personalized services, home delivery, vending machines, and paid store games.

•         Sale of toys

•         Focus on personalized services

•         Home delivery

•         Vending machines

•         paid store games

Steps to Opening a Toy Store

The first step is to write a business plan. Make sure you form a legal entity, register for taxes and open a business bank account.

Other steps involve setting up a business account and getting insurance cover. More considerations are establishing a web presence, define your brand.

•         Write a business plan

•         Form a legal entity

•         Register for taxes

•         Open a business bank account.

•         Setting up a business account

•         Get insurance cover

•         Establish a web presence

•         Define your brand
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Cost of opening a store

The cost of opening a store depends on many factors. The costs include location, type of inventory, local taxes, insurance, leasing. Others are cost of customizing the store, staff wages, advertisement.

•         Cost of location

•         Type of inventory

•         Local taxes

•         Insurance

•         Leasing

•         Cost of customizing the store

•         Staff wages

•         Advertisement

Learn the trade

You need to have previous experience working in a toy store or hospitality industry. It is important to have quality mentorship and basic business knowledge. Learn through apprentice programs, seminars, trade workshops.

•         Gain experience

•         Get quality mentorship

•         Attend seminars, trade shows

•         Develop business knowledge

Expenses

Toy store expenses are utilities, rent, and staff wages. Others include insurance, local government levies, advertisement costs. More are cost of decoration, phone calls, store expenses and transportation.

•         Utilities

•         Rent

•         Staff wages

•         Advertisement costs

•         Store expenses

•         Transportation

•         Purchase of inventory

•         Tax

•         Government levies

Charges

The manufacturer fixes the retail price of the toy. Therefore charges depends on the price of each toy.

The toys attract very small margins and stores need to sell huge volumes. There are low cost toys and expensive toys. some stores supplement income by selling non toy related merchandise.

Storefront

To operate a store out of a physical location you can acquire the property or lease. To purchase the property you need a certificate of occupancy. The business should conform to zoning requirement and building codes for renovations.

Legal Requirements

You need a license and permit to operate. The business requires sales tax on the products. Register the business as a limited liability company and you need local licensing.

Staff

Many smallholder stores are one man businesses. However retail business requires a store clerk, bookkeeper, cashier, store manager. The size of the store would determine the number of employees you hire.

Get repeat customers

To keep customers coming back you can offer home delivery and toy storage. Other ways to encourage repeat patronage sell video games, offer sweets, promotions and public demonstration. A good strategy includes advertisement, discounts.

Marketing

The business is highly competitive and you need an effective marketing strategy. Use newspaper advertisement, social media, deals. Focus on holidays, special occasions and birthdays. Build a website or online store to push your products and use customer reviews

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10 Ways a Delegate Use Live-Tweet at Events

Live tweets increases your chance for new contacts and a good back-channel resource for delegates. It enlarges your online networking, offers viral following and interactive walls including reconnecting new and old acquaintances.

Prior event engagement

Although twitter has been around a while not many people understand the power of a tweet. Tweeting offers event organizers to engage with companies and individuals. It offer personal insight for bonding, meeting and interactive opportunities.

Know the hashtag

To avoid getting overwhelmed at the event or conference be prepared. Delegates in attendance should make sure they get the hashtag of the event.

Search for twitter handles of speakers, event hashtag through online research. Visit websites, blogs, online entertainment magazines, twitter.

Live-tweets offer top level insights

Live tweets capture the essence of a conversation. There is an air of razzmatazz, excitement and frequent updates.

The audience should be paramount while sending a live-tweet. The on the spot tweet will enrich your wide audience while offering valuable insight for onsite participants.

Keep the conversation flowing?

Learn how to keep the conversation flowing by providing an insight or agreeing with a tweeted statement. You need to develop the skill and find mutually interesting aspect of the event.

Get visual

Compelling conversations can carry so far however adding visuals will increase atmosphere. Use your smartphone or camera to take visual pictures of speakers or important participants.

Use special apps to increase the definition of the images and photographs. Use pictures to create ambiance such as buffet table, popular guests or take selfies with guests.

Connect with delegates

Tweeting live significantly increases your follower. Leverage on the event hashtag to appear in the live stream. This will effectively increase your social footprint and following. To create new connections it is important to follow some of the new followers.

Quote speakers accurately

Quote speakers correctly and add their name when sending a tweet. This is to avoid confusion as to who is speaking at the time.

Always attribute authorship and twitter handles to the right speakers. It is very important to get twitter handles of speakers in advance. Find out if speakers are on twitter then get their handle.

Tweet after the event

Some delegates stop tweeting immediately after the event. This is a wrong strategy because there are lots of after event things to do.

Use the events hashtag to send summaries, photo albums or after event analytics. You can comment on popular blogs, websites or entertainment magazines.
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How to Jump-start a Dying Business

Most startup business ventures fail in the first three to four years? Success or failure depends on many factors and signs that shows a failing business. Identifiable signs are stagnation, poor cash flow and mounting debts.

Cutting down expenses is only a temporary measure however more concrete sets should be taken. To turn around a dying business you need to implement certain steps. Here is a guide on steps to jump-start a dying business.

Sell a Different Product

The simple solution to jump-start a failing business might be the product. It is possible to overvalue a product or market potential.

It is easier to change the product to accommodate fast changing trends. Analyze the products that sell or appeals to customers. The value of the product is immaterial so long as you make regular sales.

Appropriate Pricing

A serious business killer is appropriate pricing of goods or service. Offering high quality merchandise at premium rate to middle or low class neighborhood will fail. They would rather buy cheaper products of the same item.

Customer Demand

Focus more on customer demand and moving to a completely different vertical. A business owner on my street started out selling bags and footwear. She added small snacks and biscuits to attract school children.

Then pivoted to selling hot meals for workers in the area. Now the bag/shoe and snack business are discarded for the huge profit in hot meals.
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Re-brand

A good strategy is to revamp and re-brand the business. Re-branding will inject new life to an old brand. Re-branding positions a business properly if a complete overhaul is executed.

A falling business can repackage the product, name and company logo. The main focus of any re-branding is marketing. How to present an old product in a new exciting way.

Niche

An effective business strategy is to focus on a niche. Focusing on a niche leads to specialization and domination.

If you have too many products it can get confusing and more challenging. It is better to be known for one thing than unknown for different products. Specializing equates to customer trust in your knowledge of the product.

Develop a Marketing Strategy

Create a marketing plan and develop a marketing strategy. You would be surprised that many companies fail to use all the marketing opportunities available to them.

A good marketing plan re-invigorate, re-invents and leverage on technology. Marketing strategies include newspapers, magazines, radio, and television.

We have social media marketing, paid posts, email marketing, blogging, in-bound marketing.
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Take Risks

Owning a business comes with some element of risk. Taking bold risk during time of crisis could be your best option. It is better to try new things than being conservative.

If you own a brick and mortar shop why not open an online store. If you are into manufacturing why not sell branded products on social media platforms.

Without risk there would be no gain. The difficulty of taking more risk in a failing business involves new addition of funds and marketing.

Sell the Business

If you have tried re-branding, pivoted new products without results then it is to sell. So long as the business is moderately profitable there is a buyers. Some entrepreneurs specialize in buying failed businesses and turning them around.
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How to Protect your Bank Card from Fraud

Scammers target potential victims when we are distracted. They use various means to get our card details. A common device used by scammers are skimmers, pin sized cameras and online forms.

To avoid becoming a victim keep your card details safe and trust your instincts. Ask questions when things look unusual or suspicious. Finally always stay within sight of your ATM card.

How to Avoid Card Fraud

•         Keep your card details safe

•         Trust your instincts

•         Ask questions

•         Always stay within sight of your ATM card

•         Cover your pin

•         Be care with online transactions

•         Pay directly to the company

•         Report suspicious automated teller machine

•         Don’t disclose card details over the phone

Cover your Pin

It is commonplace to find long queues in front of automated teller machines. This offers scammers a good chance to steal your card data. Capturing the data would provide easy access to your funds.

Tools of their trade include capturing devices such as cameras or card readers. They use it to capture you entering the secret 4 pin number on the keypad. The cameras are usually small and difficult to detect.

To prevent scammers from stealing the PIN shield the entire keypad with your body. You can also use a free hand to cover the hand you use to enter the pin. This is a simple yet effective strategy.

Online Transactions

Millions of online transactions are carried out daily. This is because people use the convenience of the internet to buy goods or pay for services. Before making an online transaction you need to verify the authenticity of the payment system.

All payment systems should have a secure verifiable checkout provider. If you are in doubt refrain from entering you details. Some scammers have perfected the art of duplication authentic payment system.

Simply carry out a scam check to find out about the website. A simple solution is to go directly to the payment systems website and login.

Paying to an Organization

Some organizations ask for card details over the phone. There is nothing wrong in that however scammers have perfected the act of mimicking such organizations.

If the organization contacts you and asks for your details refrain from giving it to them. A safe way is to find the organizations website and use the number on the website. Verify the claim before giving them the details.

Keep your Card Close

It is important to keep sight of your card. Many transactions are done in fast-food outlets, restaurants and hotels. The shop or restaurant attendant might pretend to run the card through a POS while actually taking your card and running it through a skimmer.

Some even skim your details behind a table or desk. Any transaction is easily carried out in plain view so the attendant has no right to carry your card out of sight.

A simple precaution is for the person to bring the POS to your table before you hand them the card.
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The Automated Teller Machine

The most common way to get scammed is while using an ATM machine. Some machines are fitted with skimmers to steal your details. They generally place the skimmers over the card reader to capture data on your card.

This is done when you place the card in the machine. The skimmers are then retrieved and used to create a dummy card which is used to access your account.

Skimmers are notoriously difficult to detect however careful scrutiny of the front of the card reader would detect tampering. Signs of tampering include different colored plastic around card slot, movable parts, marks or scratches. If you detect anything that looks out of place notify the bank.

Final Word

Check your Balance

It is important to check your account balance regularly. This is a way to detect any unusual activity in your account. Luckily there are many simple ways to check account balance.

You can use the banks dedicate usd number, online portal, SMS and other available options. If you detect any unusual activity quickly notify the bank.  

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How to Start a Smallholder Farm

Over 70% of farms in Africa are smallholder farms. They collectively contribute huge amount of agricultural produce. Despite a host of challenges with proper farming techniques and management they can succeed.

Production is only a piece of the puzzle because they need proper marketing. It is important to judiciously manage natural resources. Conserving the soils natural nutrients and waste water is very important.

Challenges of Smallholder Farms

The challenges of smallholder farms are many. They lack proper funding, overused fields, poor seed stock and illiteracy.

Smallholder farms employ labor intensive technique, poor skill acquisition. Another major challenge is lack of innovation. The farmers are generally stuck in their old ways of doing things.

•         Lack proper funding

•         Overused fields

•         Poor seed stock

•         Illiteracy

•         Labor intensive technique

•         Poor skill acquisition

•         Lack of innovation, motivation

•         Stuck in their old ways of doing things

Government Intervention

The majority of smallholder farms are run by very poor individuals. They do not have enough capital to grow or produce large scale. African governments are not doing enough to encourage or boost smallholder farms.

Ways government can improve their lot is through public private partnership. They should also reduce the complexity in the agricultural sector.

Skill Acquisition

Smallholder farmers need to acquire the appropriate skill. To earn considerable income, sustainability they need hands on training. There are many agricultural, research institutions willing to pass-on knowledge.

They also offer improved seeds, organic fertilizer and modern tools. The farmer could seek an established mentor, read books, and attend seminars or workshops.

•         Hands on training

•         Improved seeds

•         Organic fertilizer

•         Modern tools

•         Seek an established mentor

•         Read books

•         Attend seminars

•         Workshops

Farm Management

The farmers need a sound organizational, management and financial skills. The farmer needs to maintain financial records, save judiciously. To succeed they also need entrepreneurial and marketing skill.
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Building Capacity

Experts believe capacity building starts with rural communities working together. This includes joining a group, association or farmers union.

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