Steps towards starting a hotel business

BY ADEMOLA ALAWIYE

Steps towards starting a hotel business

The inability of owners to run hotel businesses successfully in the country has left many of the hospitality centres not functioning well. In this report, ADEMOLA ALAWIYE writes on steps to follow for profitable ventures.

Running a hotel business can be very lucrative; however, the competition in this sector is usually very severe. Not only should someone aspiring to start a hotel business have a large amount of capital to start this kind of business, he should also expect a significant amount of time to pass before pulling in crowds of customers to your hotel. It takes planning, patience and hard work to start a hotel business. Experts say some of the decisions to make to ensure that the business is run well will include the following:

Nine Things Successful People Do Differently

By Heidi Grant Halvorson

Why have you been so successful in reaching some of your goals, but not others? If you aren't sure, you are far from alone in your confusion. It turns out that even brilliant, highly accomplished people are pretty lousy when it comes to understanding why they succeed or fail. The intuitive answer — that you are born predisposed to certain talents and lacking in others — is really just one small piece of the puzzle. In fact, decades of research on achievement suggests that successful people reach their goals not simply because of who they are, but more often because of what they do.

Watch out! Fraudsters on the prowl

With people regularly losing their earnings and investments to scammers, experts have come up with tips on how to avoid becoming a victim. 

A few years back, a young man named Kennedy (not real name) attended a seminar in Port Harcourt on the importance of investments. He and others like him were told to stop expending their money and learn to put some of it to work in order to boost their finances in the future. The key speaker was particular about investment in stocks.

Kennedy was inspired and at the end of the seminar, he approached the ‘expert’ for advice on how to go about buying shares. The expert was willing to help, and in two installments, Kennedy transferred N500,000 to him for the purchase of shares of some top companies in the country.

The expert kept Kennedy updated about the progress of his investment for over a year before becoming incommunicado. It took a trip to Lagos for Kennedy to realise that he had been defrauded. At the purported address given to him by the expert, he found out that it was a residential building. Of course, the residents made it clear to him that there had never been a stockbroking firm in the area, neither had they ever heard of anybody by the name the expert gave him.

Shopping Mall Investment: Case Study - Shoprite Retail Store in Ibadan City

A Punch Newspaper Report

A breath of fresh air seemed to have hit Ibadan city with the opening of Shoprite retail store on Thursday, June 27. Shoprite, located beside the famous Cocoa House, the city’s tallest structure, in Dugbe, attracted thousands of residents on its opening day on June 28.

The size of the crowd that thronged the mall made it the biggest attraction in the city. Various jokes also hit the social media about the crowd of people that greeted the store on its opening day. A famous joke says 102,000 people visited the store on that day, with only about N35,000 made from sales. Many, the inventors of the jokes claimed, were at the store to window shop and take pictures.

However, the situation had not changed much after one week. There was a large crowd of people milling in and out of the mall, filling up all the spaces within the store.

But so were the cash points; shoppers queued up at the 17 main cash points and the additional two points at the kiosk section, giving the cashiers no moment of rest on the job. Business owners, civil servants, students and even school pupils in uniforms made up the crowd, buying notebooks and other school items.

But in general, youths and middle-aged persons seemed to make up the bulk of people at the store, Saturday PUNCH observed.

Making money from entertaining children

Unemployment made me discover my talent in children entertainment —Adigun Oluwaseun Fidipe, CEO, Sydney Kiddies Entertainment, Ibadan

ADIGUN Oluwaseun Fadipe, Chief Executive Officer, Sydney Kiddies Entertainment, had to brush up his latent talents in children entertainment in a bid to survive because he could not secure good employment after his graduation.

The graduate of Social Studies Education from Lagos State University (LASU) said: “After some years, I got a federal teaching job and was earning N13,000 which could not pay my bills. As a result of the poor remuneration, I decided to explore my talent and flair for children, thereby considering children entertainment business.

“Because I did not have enough capital to start, I used the influence of one of the teachers in the school where I was teaching to get some loans, which I used to purchase the basic equipment needed to start children entertainment.

“The grace of God, my talent and my flair for children entertainment industry had continued to make my company the toast of parents, schools and organisations not only in Oyo State but in the South-West. I have about 20 guys working for me, while I rent out my costumes and mascot, among other equipment to colleagues in the industry.”
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Make millions entertaining children

DO you find younger kids’ perspectives interesting and often funny? When you see older kids horsing around, do you sometimes get the urge to join in? Do you love working with children and do you know how to work a crowd? If your answers to these questions are yes, then, starting an entertainment business for kids could prove both fun and rewarding.

Making money from coordinating traditional weddings - Being an Alaga Iduro or Alaga Ijoko

 

Traditional marriage coordination earns me fame and fortune —Kehinde Akande, CEO, Kennifex Communications

THE gift of Kehinde Akande, the Chief Executive Officer, KenniFex Communications, Lagos in chanting ewi and electrifying every event, making it historic and memorable led him to one of the foremost Alaga Iduro (Traditional wedding co-ordinator) in Ibadan, Mrs Bisi Totoola of Bisto Productions, in the late 80s during his university days.

“I, alongside my brother, Handsome Tee, was following Bisto Productions to express our gifts in chanting ewi and also to fend for ourselves. Along the line, I started learning the art of co-ordinating traditional weddings. Her expertise in the art triggered my interest in it, so I gave my all to learning and mastering the trade, while she practically brushed up the potentialities in me,” Akande said.

The graduate of Political Science of the University of Ibadan, disclosed that considering his gender, people were first sceptical about his ability to perform well as traditional wedding co-ordinator, “but later gave me a chance to display my expertise in the trade. And the first presentation has continued to usher in many more.

“Interestingly, many people now prefer men to women in the profession, as the fact that men can expertly do women’s dominated profession continued to attract interest.

“My decision to explore the profession is one of the best decisions I’ve ever made as the profession has simply earned me fortune and fame,” Akande added.

He noted that the profession is highly lucrative and dignifying, especially to those who have the potentialities and clearly understand the language of the profession.
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Make millions for co-ordinating weddings 

Wedding is one of the events that people place much value on, hence they are willing and ready to go the extra mile to ensure that it is well-packaged and spiced up with so much fun and fanfare. One of the people that infuses fun in wedding is the coordinator of the event, especially during the introduction and engagement ceremonies.

The dynamism in the art of co-ordinating traditional weddings makes the business a money-spinning one for those who practically understand the language of the art.

Making money from undeveloped land

It is amazing that many have unused land in their hands without making money from it or using it profitably in any way. The common idea is that buying land is good and the longer you hold it the higher the value goes. This is true.

 As some investors say ‘land does not eat’, meaning that you can buy a piece of undeveloped land and do nothing on or with it and still make money because it gains value. However, this is not entirely right or strategic in many instances.

An asset is not only something that gains value but also something that puts money in your pocket. In the world of money, cash flow is king. Your purchase of land is an investment which should not only give you capital appreciation but cash flow or income value.

If we make a comparison with stocks, your investment gains capital appreciation when your stock gains value and you enjoy cash flow when you receive dividend payments. It is this cash flow aspect in relation to undeveloped land that many do not pay attention to.

When land is developed and the property is leased or sold it’s easy to understand that it brings in cash but when dealing with undeveloped land you need to be more creative.

Event Management Business: Being an usher can usher in millions of naira for you

 

I started with no dime, but with wisdom and people around me... —Adesegun Oluyimika, Director, Delectable Ushers

ADESEGUN Oluwayimika, the Director of Delectable Ushers, Alawode Avenue, Oke-Itunu road, Mokola, Ibadan has always been an events person. As a Psychology student in the University of Ibadan, he was holding a programme, ‘Expression’, which earned in accolades from students, lecturers and other people. The laudable way he coordinated ushers for the programme and the commendation of the guests to the programme about the ushers gave him an insight into usher services business.

“After my service year, I briefly worked in a photography studio, but my interest in usher services business and entrepreneurship encouraged me to pick up in the business. I started usher services business without any dime, but with the wisdom of God and the people around me, I made headway.

“One of the attendants of my programme in school, a politician, wanted to commission a project, so I spoke with him and he agreed to engage seven of my ushers for the programme, at just N3,000 because we were students.

“Now I have 25 permanent ushers on my pay roll, and so many temporary ushers. Our dexterity and expertise in the business have got us good jobs in the business, as my ushers have had the privilege to coordinate at one of the events of former Osun State governor, Olagunsoye Oyinlola; Oyo State governor, Senator Abiola Ajimobi; some members of the state and national assemblies, just to mention a few.

Become a millionaire from catfish fingerlings

Poor teaching remuneration propelled me to start my farm, now I’m a successful entrepreneur —Ayobami Omidiran, Executive Director, Aquatech Fisheries Institute, Ibadan

BEING a friend to a son of the owner of one of the foremost fishery farms in the early 80s, Onibonoje Farms, along Esa Oke, Osun State, gave the Executive Director of Aquatech Institute of Fisheries, Fodacis Area, Ring Road, Ibadan, Dr Ayobami Omidiran, a stint in fishery and propelled his interest in the business.

This informed his studies in Fisheries and Aquatic Biology in his first degree at the Lagos State University; Fishery Management in his Masters Degree at the University of Ibadan and a PhD (in view) in the same field, at the same institution.

Poor remuneration, according to him, showed him the way out of part time teaching at the Lagos State University into establishing his own farm, Aquatech Fishery Farm and a fishery institute, Aquatech Fisheries Institute, which is a federal government approved institution.

“I started with about N50,000 in 2001. I bought a pumping machine for N12,000; built a shed for N6,000; I bought fishes, and some equipment, like plastic bowl, towel, knife, among others.

Make cool cash editing videos

 

Passion for entertainment industry earned me the goodies of film editing —Dapo Adeaga, Executive Director, 247 Playback Productions

FOR Dapo Adeaga, the Executive Director of 247 Playback Production, Isheri-Olofin, Lagos, film editing is like paying a fish to swim.

The 2007 graduate of Mass Communication from The Polytechnic, Ibadan said: “Most of the movie and music stars, among others, who have seen me shoot, edit or direct a film fondly call me a born cinematographer. I believe my dexterity and dynamism in the art must have informed their conclusion.

“Immediately after my service year, I opted for an intensive and practical training in cinematography, which has been my childhood dream. This is because I believe I’m inquisitive and I have a keen passion for the entertainment industry.

All you need to know about Cake making business

Make cool millions from cake making business

CAKE making business is no trifling business as celebration-freak individuals across the globe will testify.There’s nothing more exciting than a good cake as part of life! In fact, everyone craves to celebrate and be celebrated always, while the little children, and even adults, make a room for good cakes in their fridges and tables.

According to Euromonitor, the British cake market was worth close to £1.8bn in 2007, a figure which was forecast to grow by almost five per cent by 2012.

Those who realise these facts, and have penchant for the business, would not hesitate to explore the goodies in the business, making millions year in, year out.

An expert cake maker, even the novice, could make good money when people are marking birth, anniversary or wedding, or a company just wants to give its staff a nice reward for meeting a particularly tricky target, among others, as a good cake will always be present in the celebration of the most important achievements in their lives.

The Secrets of Mike Adenuga's Success

Vision, hard work, dedication, patience, commitment, risk taking, obedience and yes, reclusiveness! These and many more have culminated to define the industrial mogul the world has come to know and celebrate.

As the business mogul celebrates his 60th birthday today, here are what young entreprenuers could learn from the  man, who has built his business empire from the ground up.

Dr Mike Adeniyi Ishola Adenuga Jr. (GCON), Chairman of the Mike Adenuga Group, fittingly symbolises the African enterprising spirit of passion, unalloyed commitment, resilience and hard work.

This businessman extraordinaire thrives on the principle of hard work, even as close associates say the billionaire works 18 hours a day. As if to buttress that point, he said “I have worked hard most of my life and I believe I have been very fortunate; although I must say I am a great believer in the man who said ‘The harder you work, the luckier you get.’” And yes, luck has indeed smiled on him.

Costs you should try to avoid

 

Experts say there are certain expenditure that ought not to have a place in your budget. SIMON EJEMBI writes on some of them.

On a daily basis people spend money on things ranging from feeding and transport to phone calls. Experts say while some of the expenditure are out of your control, several can be reduced to save costs, while others can be avoided altogether.

Some costs such as school fees and taxes cannot be avoided by parents and adults, but some others such as subscription fees or illegal parking fines can be avoided. Financial experts say by avoiding such expenses you can free up money and boost your savings.

Some of the costs you should try to avoid are discussed below.

Marriage and real estate investments

Abiodun Doherty

The institution of marriage is a highly esteemed one and the subject of love, trust and co-operation is at its root. Couples are ideally, to be one mind and should plan their future together for mutual benefit. Trusting each other enough to pull resources together and invest together are clear indications of couples that are on the right track. This is a wise path and those who tread it should do so with understanding.

I don’t know whether this case is true or not. But some years ago someone sent me a scenario for my opinion. There was a couple who had no children and the wife was far better economically. She and her husband agreed to start investing their extra income in real estate. They also agreed to buy all their properties in the name of their yet-to-be born child which the husband suggested. They both believed that this was a step of faith. After several years of investing and several properties purchased they still had no child. Then the husband died suddenly. After the period of mourning, the woman was summoned to a family meeting by her in-laws and confronted with the fact that the husband had another wife outside of wedlock and the name of the first child of the woman for her late husband was the name he had suggested and they had used on all their property documents. The question was who owns the properties?

Have passion for children? Run school business, get rich

IT was Dr Nelson Mandela who said: “Education is the great engine of personal development. It is through education that the daughter of a peasant can become a doctor, that a son of a mineworker can become the head of the mine; that a child of farm worker can become the president of a great nation.”

The above submission by the powerful symbol of the black struggle against apartheid in Southern Africa confirms the age-long importance of education and the reason parents strive to go the extra mile to ensure their children get adequate and qualitative education. This makes any venture in education lucrative.

An ideal proprietor
If you want to run a school, you must have a passion for children and be knowledgeable, be able to teach and assess a good teacher. You are the first basic raw material for a school business. Next is your passion for children. Importantly, you must be creative.

Start up cost
Most of the time, you don’t need money to start a school. It starts from your heart. Most states in the federation allow you to start in a rented apartment. But I prefer you start in a whole building, because it is against the law and it is not good for the business to share space with accommodation. 

Make millions from spa business

MANY people are concerned about how they look. They want to look charming and youthful always and they could go the extra mile to achieve this. The desire to look good and healthy, therefore, makes spa a good business.

According to the most recent statistics from the International Spa Association, there were approximately 136 million spa visits made in the United States last year. The business, according to the association, is a growing industry that generates over $11 billion per year in revenue.

The fact that the business is yet to gain ground in Nigeria makes it a great prospect.

Spa is in classes: Beauty, Health & Wellness. For beauty and health, there is normal facial treatment, which is to freshen the face, remove stress and tension, lessen the oils, and rejuvenate the face to make your beauty products work better; Reflexology is a massage technique that focuses on the foot; Manicure/Pedicure is to rejuvenate hands and feet. Body treatment also helps with skin which becomes dirty, dead and blocked due to accumulated sweat, especially during the summer months; Body polishes is to rehydrate and moisturise your skin if it becomes dull and lifeless or dries after the cold winter months. Body Butter Hydrating Wrap involves the use of body butter or oils that are slathered on the skin to vanish dry and flaky skin.

Make cool cash from make-up business

DOING make-up for people is hobby for Abidemi Ahmed, Chief Executive Officer of Ara ‘n’ Dara Studio, Ibadan. Though the Mass Communication and Media Technology graduate from Lead City University, Ibadan, got a good job after her compulsory National Youth Service Corps, her passion for make-up business made her to build an enviable career in the business.

“I was just doing the business for the fun of it, because of my keen passion for the business. The rapid increase in my clients made me plunged into the business after my NYSC programme, though on a part-time basis. But a further increase in my clientele list and my unflinching passion for it made me to leave my job and go into make-up business fully.

“The fun in the business and my passion for it now channel in cool cash for me. People pay me good money for catching my fun and doing my hobby.

And I must say that it has been fun all the way.

“The future of the make-up business is overly bright as Nigerian women are more fashion conscious now than ever, while shows, beauty pageantries, filmmaking, among other events, continue to lubricate the wheels of the business. The creativity and versatility of the business have made it one that would last.

“My clients consider me a born-make-up artist due to my expertise in the art, Yet I consider myself an up-coming make-up artist, as I continue to improve myself, enlarge my coast in the business and continue catching my fun,” Abidemi explained.
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Make cool cash from make-up business

PEOPLE, especially women, like to look more beautiful than they do on special days of their lives, like their wedding and birthday. And no matter how good they are in the art of making their faces more beautiful for these special days, they prefer entrusting it into the care of an expert.

Make millions from footwear making business

I started with N5,000 now my brand is an household name —Bamidele Omeiza, Creative  Director, Bambata Footwear & Accessories

A graduate of visual arts and creative design from the School of Arts of The Polytechnic, Ibadan, Bamidele Israel Omeiza, having discovered his flair for creative works, especially footwear making, enrolled himself at Young Aro Shoe Works, Mokola Ibadan for few years, after which he established Bambata Footwear & Accessories.

The soft-spoken, creative and well-rounded footwear designer said: “Art and creative works are natural to me. They had been part of me since my childhood. I grew up to see some of the sketch pictures of animals I did on the walls of my mother’s room.

“The more I grew, the more my penchant for footwear making grew. My decision to fully explore the industry made me go through series of trainings, while my course of study at the tertiary institution was of great advantage.”

Bamidele disclosed that his ability to mix traditional and African patterns with modern shapes carved a niche for him in the industry, making his brand, Bambata, the toast of the celebrities, students and professionals, among others.

“My creativity and passion for footwear making industry and my commitment to doing it the best way the best person in the industry could do it, place my brand side-by-side Italian brands, and a fast-rising brand in Nigeria. This has in turn earned me fame, local and foreign connection, exposure and good financial rewards.

“Footwear making industry is, and will always remain a good business with enviable financial rewards,” Bamidele said.

Taking a personal loan

Taking a personal loan

Financial experts say applying for a loan is not something that should be taken lightly. SIMON EJEMBI writes on tips you should consider in doing so.

 Financial experts have repeatedly advised people to avoid debt. They explain that this is because people who are in debt find it more difficult to get their finances in order and are, therefore, less likely to attain financial freedom. And one sure way of getting into debt is by taking out a loan. Does that mean it is wrong to take a loan? Well, according to experts the answer to that is ‘no’ when you are building or buying a house, for instance, and ‘yes’ when you are thinking about financing a birthday party. They explain that it is not out of line to take a loan when you don’t have enough cash to make a needed purchase. They, however, warn that taking out a loan, like other financial decisions, is something that should be taking seriously, especially as it means you are getting into debt.

The focus of this article is on personal or unsecured loans, which Investopedia.com says defines as “a loan that is issued and supported only by the borrower’s creditworthiness, rather than by a type of collateral.”

It adds, “An unsecured loan is one that is obtained without the use of property as collateral for the loan. Borrowers generally must have high credit ratings to be approved for an unsecured loan.”

Some of the things you should consider before taking out a personal loan are explained below.

4 assumptions that ruin entrepreneurs

All businesses start on assumptions but the great ones don’t thrive on assumptions. Assumption is the starting point of a business because the promoter usually gets the idea to go into the business on the assumption that there is a need. However, while many business promoters stay at that level and build their businesses on hunches and feelings dictated by their assumptions, very few business promoters go beyond that level to conduct a thorough survey to see if there is indeed a need and how a new business can effectively meet the business at a competitive price. They talk to people and study the trend before putting their resources into the venture. So, while the one who planted his business wholly on assumption and refused to stretch himself a little will soon run into a problem beyond his capacity to handle, the one who was less presumptuous will have a good run and build a lasting business.