Latest / Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint / Unlocking Growth: Creative Funding Strategies for Nigerian Businesses

Transcript

Unlocking Growth: Creative Funding Strategies for Nigerian Businesses · Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint

• 0:01
  Hello and welcome to the show. Before we begin, the usual
• 0:04
  apologies because today is an out and about episode, so expect
• 0:09
  to hear some interruptions, noise in the background.
• 0:11
  And yes, today is one of those days where I'm recording next to
• 0:14
  a bunch of chickens. So if you hear any clocking in
• 0:16
  the background, that's where it's coming from.
• 0:19
  So let's see. OK, today listener shout outs.
• 0:23
  I'd like to shout out two people in particular, by the way, if
• 0:27
  you've reached out to me on LinkedIn or on WhatsApp and I
• 0:32
  haven't shouted you out. It's just that the broadcast
• 0:37
  seems to be picking up in popularity these days.
• 0:39
  So I've been getting a number of people reaching out to me.
• 0:41
  And so, you know, we have a nice conversation and I mean to shout
• 0:45
  you out, but sometimes I forget because I don't have a
• 0:47
  production assistant. So I just, you know, I just wake
• 0:52
  up every day. Look at the list of questions
• 0:53
  that we have to record that I have to respond to.
• 0:57
  And then I shout out people and conversations that I remember.
• 1:03
  So just in case you've reached out to me in the past and you
• 1:06
  would like to be shouted out to just give me a reminder.
• 1:11
  And yeah, I'll, I'll make reference to that.
• 1:14
  So for today, the last people or the two last people, I'm not
• 1:18
  sure you know the the right adjectives to go with.
• 1:21
  Is it the last two or the two last?
• 1:23
  So the last two conversations that I had with folks on
• 1:25
  LinkedIn that I would like to shout out are this or Lucia Go
• 1:31
  or Shun or Shuri day. I'm pronouncing that correctly.
• 1:35
  So Lucia Go or Shuri Day, he reached out to me on LinkedIn
• 1:40
  and he says that my podcast is the best on sales for SM ES that
• 1:44
  is small and medium scale entrepreneurs.
• 1:47
  And because Shagun has said it, I will advise you guys to listen
• 1:51
  to your peers. So it's one thing if I say that
• 1:53
  my podcast is the best, but then it's another thing if your peers
• 1:57
  out there saying it is one of the best.
• 1:59
  So thank you very much Olu Shagun or or Shuri Day.
• 2:03
  So thanks for the words of encouragement.
• 2:06
  And so Olu Shagun is into tech design and community in Canada.
• 2:13
  He's based in Canada and he's working on some interesting
• 2:16
  project, is working on the MVP. That's the minimum viable
• 2:19
  product. That is also one thing that I've
• 2:21
  been advocating for those of you over here on the show, that if
• 2:24
  you have some idea and you want to get into business, sometimes
• 2:29
  you don't have to wait until you have the finished product.
• 2:31
  Just come up with the most workable definition that you can
• 2:34
  come up with for now so that people can understand the idea.
• 2:37
  So they can get to see taste, smell by use, you know,
• 2:41
  whatever, just to get things going.
• 2:43
  Because that's a good way to make sure that there is a demand
• 2:47
  for this idea that you're trying to roll out.
• 2:48
  Because it absolutely sucks for you to go into business.
• 2:51
  You try and front something and then you put together all this
• 2:55
  work and then it's like nobody even values what it is they're
• 2:59
  looking for. So if you have an MVP, then it
• 3:02
  reduces the risk. You're able to see that, OK,
• 3:04
  there's some value here. Some people, there's some demand
• 3:07
  for this idea, some people like it.
• 3:09
  These are the kinds of people that like it so that when you
• 3:11
  come up with your fullest version, then you now know who
• 3:15
  it is that you're going to target.
• 3:16
  You're not going to be guessing, you're going to know that, OK,
• 3:19
  this thing works and it is best to go after Yoruba women aged
• 3:23
  between 45 and 60 living in Lagos and Illori because your
• 3:28
  MVP would have shown that those are the people who like it the
• 3:30
  most. So when Orlucagon or or Shuri
• 3:35
  Day comes out with the, with the MVP, the minimum viable product,
• 3:40
  you know, I'll let you guys know and maybe I'll do another
• 3:42
  podcast episode again about why this is important and how you
• 3:46
  can go about coming up with your MVP.
• 3:49
  Remember, MVP in this case is a minimum viable product.
• 3:53
  It is not Most Valuable Player. So for those of you who watch
• 3:57
  basketball, MVP's Most Valuable Player, I don't know if they
• 4:01
  have MVP in football, but then if they do, forgive me.
• 4:04
  I'm not a football junkie. The only thing I do is chess, so
• 4:09
  yeah. OK.
• 4:11
  So Olu Shengun, thank you very much for reaching out.
• 4:13
  Remember, he says that my podcast is the best on sales for
• 4:17
  SM ES. So pay attention to Olu Shengun
• 4:20
  because he sounds like he is an intelligent chap.
• 4:24
  Then there is also Abdul Kalik. Ibrahim Schweibu.
• 4:30
  I hope I've pronounced that name correctly.
• 4:32
  Abdul Kalik was an interesting name because I've now come
• 4:36
  across an Abdul Kalik before. I've come across Abdul Kalim,
• 4:41
  I've come across Abdul, you know, different abduls, but
• 4:44
  never Abdul Kalik. So Abdul Kalik.
• 4:46
  Ibrahim Shraibu is a content marketer and a paid media
• 4:50
  specialist based in Lekki, Lagos.
• 4:54
  And yeah, he also reached out to me on LinkedIn as well.
• 4:58
  And both of us had a conversation on LinkedIn where
• 5:01
  we were geeking out about conversion rates.
• 5:04
  He sent me a message wanting to be sure that he understood
• 5:06
  properly, you know, my ideas around conversion.
• 5:10
  And then yes, so we had some DMS back and forth.
• 5:14
  So thank you very much to Lucia Guo or Shuri de and Abdul Khaliq
• 5:18
  Ibrahim Shraibu for reaching out to me on LinkedIn for the
• 5:20
  wonderful conversations that we had.
• 5:22
  I'm looking forward to Lucia Guo's MVP.
• 5:25
  For those of you who are thinking of getting into
• 5:27
  business, please adopt the same approach that Lucia Guo is
• 5:30
  doing. Come up with some form of an MVP
• 5:33
  so that you don't just waste money and time trying to promote
• 5:37
  a business and it looks like you know nobody even wants what it
• 5:39
  is that you're looking for. Have a bunch of conversations
• 5:42
  with people before you roll out the main thing.
• 5:44
  Create something small that people can see, can taste, can
• 5:48
  smell, can taste, can buy, can criticize, can refuse, can throw
• 5:52
  away, can dump, can. Whatever it is that people do,
• 5:56
  it is all useful feedback to, there's all useful feedback to
• 6:02
  determining how it is that your business is, is, is going to
• 6:05
  grow. So what I would like to tackle
• 6:09
  today, questions tackled today is something I've tackled in the
• 6:12
  past, yes, But it looks like this is going to be a recurring
• 6:15
  question. So no matter how many times it
• 6:17
  comes up on the list, I'll still address it.
• 6:20
  And there's a question of whether lack of access to
• 6:22
  resources and funding, whether that is a problem to Nigerian
• 6:26
  businesses. I'll respond that First off by
• 6:29
  saying that, well, this is a universal question, a universal
• 6:31
  problem because people all over the world, whether it's Russia
• 6:35
  or Atlanta or Australia or New Zealand, people have always
• 6:40
  wondered whether a lack of access to resources or funding
• 6:43
  is the main reason why your business has failed.
• 6:46
  So for those of you who've been listening to the show for a very
• 6:48
  long time, we have over 800 and episode 850 episodes.
• 6:51
  Now you already know what my opinions are, but for the
• 6:54
  newbies who are listening today, let's dive straight into the
• 6:58
  into the topic. Now for those of you who are
• 7:01
  wondering whether lack of access is is worth killing your
• 7:03
  business or hampering your business.
• 7:05
  Yes, you guys definitely have genuine concerns because some of
• 7:09
  you that need to be able to afford equipment.
• 7:11
  I've done some episodes that's back from Christmas up until
• 7:14
  now. I've done some episodes about
• 7:16
  you catfish people, Catfish and tilapia people.
• 7:20
  Well, that's because my wife is a fish person.
• 7:22
  She likes to eat fish. We were at home in the village.
• 7:25
  I know in the village in Makudi, that's the capital of Benue
• 7:27
  State. My mom's a fish person.
• 7:29
  My in laws were there with us. They're fish people.
• 7:31
  My children are fish people. So I'm alone, a meat eater,
• 7:35
  surrounded by an island of fish people.
• 7:37
  And it just got me curious about that sort of business.
• 7:40
  So yeah, you fish people, You guys have to afford equipment.
• 7:43
  You need to buy seedlings. You need to buy, sorry, not
• 7:45
  seedlings. When you buy baby fish, I'm not
• 7:48
  sure what they're called. Is this seedlings or guppies or
• 7:51
  something? And whatever the term is, you
• 7:53
  have to buy seedlings or you have to buy guppies, Then you
• 7:56
  have to buy food, then you have to buy the tank.
• 7:59
  You have to pay for Marua to come and be dumping water every
• 8:03
  day for the fish, you know, to keep them fresh.
• 8:06
  Let's see what else then your smoking and your drying
• 8:10
  equipment and things like that. So you have to afford equipment.
• 8:14
  You need to pay for employees because you're not going to cut
• 8:17
  all that fish by yourself. So you have to hire some
• 8:20
  somewhere or some young boy somewhere to help you kill the
• 8:23
  fish, cut it, clean it, spice it, dry it, and then all that.
• 8:28
  Then you also need to rent space for those of you, well, that
• 8:32
  some of you are running these kind of businesses, you just run
• 8:34
  it from Bumpsy's backyard or you know, if you still live with
• 8:37
  Popsy, you know, you run from Popsy's backyard, but if you
• 8:42
  don't, you have to rent space for it.
• 8:44
  Let's see what else. OK.
• 8:46
  Then you also need money to manage inventory, to build
• 8:50
  inventory. So if you buy 500 guppies or 500
• 8:53
  seedlings for catfish for this week, and OK, I'm not in the
• 8:59
  business so I don't know how long, let's assume that it takes
• 9:01
  them three months or maybe six months for the guppies or the
• 9:03
  seedlings to grow into huge catfish.
• 9:06
  So you know you need money because as you're selling this
• 9:10
  set of guppies or seedlings 6 months from now, it doesn't mean
• 9:15
  that the money is going to come in quick enough for you to buy
• 9:17
  the next set of seedlings or guppies.
• 9:20
  Oh, by the way, for those of you who are angry people, let me
• 9:22
  know if I'm using the terms correctly.
• 9:24
  When you buy baby fish, are they guppies or are they seedlings?
• 9:27
  So these are the things that you need money for.
• 9:29
  So yes, you guys have genuine concerns, but it doesn't
• 9:35
  necessarily mean that your business has to be dead on
• 9:38
  arrival. If you don't have an investor or
• 9:41
  if banks are not giving you money or if you're rich uncle in
• 9:44
  the village because he's quarreling with your father,
• 9:46
  refuses to give you money for this business.
• 9:49
  It doesn't necessarily mean that you're dead on arrival.
• 9:51
  There are some options that are available.
• 9:53
  And I've been talking about bootstrapping a lot on the
• 9:54
  podcast and the bootstrapping, it sounds big, sounds fancy, but
• 9:59
  this is just what bootstrapping means.
• 10:01
  You're about to start business. You start the business with your
• 10:03
  savings. So if you've been able to save
• 10:06
  50K and let's say your wife works with Zenith Bank, she has
• 10:10
  a 100K and maybe Epoxy says, well, my son, sorry, I don't
• 10:16
  have much to give you back. I give you 10K.
• 10:17
  You know, that's something that is bootstrapping.
• 10:20
  You've been able to collect your own savings plus your
• 10:23
  girlfriend's savings or your wife's savings.
• 10:25
  Or, you know, if you're female, you've collected from your
• 10:27
  husband or your boyfriend. In fact, if you're female,
• 10:31
  please do not collect money from your boyfriend to start the
• 10:33
  business. I will talk about that later on
• 10:37
  in another episode or if any of you see me privately and you
• 10:41
  want to know what my opinions are about that thing.
• 10:43
  You know, as in babes collecting money from boyfriends and
• 10:45
  they're using it to start the business.
• 10:47
  When you jam me in private, then we can talk.
• 10:49
  So, but that's the whole boot bootstrapping things.
• 10:52
  All these small, small savings, all these 1010 K, 2020 K5050K
• 10:56
  hundred 100K, depending on what level you are, there's some
• 10:58
  people that bootstrap and you know, they're able to raise
• 11:00
  500K. So depending on your level, you
• 11:02
  know, that's bootstrapping. So savings then bootstrapping,
• 11:06
  collecting money from somebody called it the three FS.
• 11:09
  They said friends, family and fools.
• 11:12
  I don't like that fools part because we're looking down on
• 11:14
  people who don't, who give us money.
• 11:17
  So let's say the two FS, you know, friends and family.
• 11:20
  So friends and family then. Yeah.
• 11:24
  So that's bootstrapping basically.
• 11:25
  So you can start off with that. Then there's also the thing of
• 11:28
  reinvesting proceeds. Now I know that this whole thing
• 11:30
  of reinvesting proceeds is really, really tough because
• 11:34
  when I started off on my wedding photography journey, yes, at the
• 11:37
  time I was living with Mom C and I was going to get married soon.
• 11:40
  My wife was based in Abuja. So I'm, I'm here now and I was
• 11:44
  in Lagos and let's face it then flights were not expensive.
• 11:48
  You could fly to Lagos and back. Sorry, from Lagos, you could fly
• 11:53
  to Abuja and back with 50K if you planned it well, maybe like
• 11:57
  you planned it three or four weeks in advance, you'll be able
• 12:00
  to fly there and back maybe 20K or maybe 30 K because back then
• 12:04
  the longer you'd plan your flight out, the cheaper the
• 12:07
  tickets you'd get. So there was a limit to how much
• 12:11
  reinvesting I could do because I needed money for flights.
• 12:15
  And what else? I needed money for flights.
• 12:18
  I also needed money for flexing. You know, back then I was an
• 12:20
  irresponsible young man. So it's not as if I flexed that
• 12:23
  much anyway. But you understand, Shah, I
• 12:26
  didn't have money for flights. I didn't have money for flexing
• 12:28
  and all that. So it's hard to reinvest
• 12:33
  proceeds. But we need to get into that
• 12:35
  mindset of if the business is bringing in 100K every month, it
• 12:39
  doesn't mean that that 100K is the one that will chop.
• 12:42
  We don't have to chop the 100K and finish.
• 12:44
  Because I overheard 2 farmers talking a while ago.
• 12:49
  I can't remember when but what I liked was the wisdom that the
• 12:55
  older farmer was given to the younger farmer.
• 12:57
  So the guy said that do I talk? It was Yamdura planting, so they
• 13:01
  had a couple of heads of yams, I can't remember how much, let's
• 13:04
  just say 100 heads of yams. So the guy was advising the
• 13:07
  young man that, look, it's not all these heads of yam that you
• 13:09
  eat. And it kind of made sense, like
• 13:12
  if you plant 100 heads of yam and 100 heads of yam come out,
• 13:15
  doesn't mean you have to eat the whole thing.
• 13:17
  So you eat some, you sell some, you keep some heads of yam to
• 13:21
  plant again in the next season. And things like that was just
• 13:24
  practical common sense from an agrarian point of view that we
• 13:28
  should adopt as well. So if 100K is coming in every
• 13:30
  month for your business, doesn't mean you should clean that whole
• 13:32
  100K out of that 100K. Yes, you know, some money before
• 13:36
  flexing, some money will be for, you know, whatever, but some
• 13:39
  money should be to reinvest in the business.
• 13:41
  So bootstrapping, reinvesting your proceeds, they can help
• 13:46
  crowdfunding. I'm sorry.
• 13:48
  I have promised time and time again that I'll do an episode on
• 13:52
  what extent crowdfunding is available in Nigeria because I
• 13:55
  know some Nigerian crowdfunding platforms, but it's not
• 13:59
  something I've researched anyway.
• 14:01
  But for those of you who are newbies listening to the show or
• 14:03
  exposed to the concept of crowdfunding, crowdfunding is
• 14:06
  just basically just accessing a large pool of online
• 14:10
  contributors. Yeah, let me put it that way.
• 14:12
  Some people say investors, but no, investing has a very
• 14:16
  specific definition. So let's say it's online
• 14:20
  contribution. So contributions from people
• 14:22
  online, that is what crowdfunding is about.
• 14:27
  Yeah, those are the interruptions I was talking
• 14:28
  about some major just came, I was revving by my window.
• 14:31
  I don't know why some people behave like this.
• 14:32
  You can see now I'm on the phone here, you just be revving your
• 14:34
  car down in front of my my car. What was that?
• 14:40
  Crowdfunding? Yes, basically that's just lots
• 14:44
  of people are online. Some of them are willing to
• 14:46
  contribute to initiatives or business, well, let's say
• 14:54
  business opportunities that they think are worthwhile.
• 14:55
  So that's what crowdfunding is about.
• 14:57
  Then there's also Angel investors.
• 15:00
  These are just individuals who like to put money in early stage
• 15:03
  businesses, usually businesses that have high potential.
• 15:08
  So yes, they are Angel investor communities and things like
• 15:12
  that. But let's say you come from,
• 15:17
  let's say Omware here. So from I'm assuming Omware here
• 15:20
  is in a number of state. So let's say you come from
• 15:22
  Omware here and maybe you have an uncle that made it big
• 15:28
  because he used to import and export electrical equipment or
• 15:32
  something like that. And so he's like the Odubu, He's
• 15:34
  like the rich one in the family. And in your particular village,
• 15:37
  there are maybe five or six of those individuals and maybe
• 15:41
  another two or three, you know, big aunties in the community
• 15:46
  that really have money. You know, those that can be a
• 15:50
  source of Angel investing if they have been known to take
• 15:55
  interest in some young men or some young men in the community,
• 15:58
  like, OK, this business you're doing seems worthwhile.
• 16:00
  Let me bless you. Let me help you with this
• 16:02
  amount. You know, stuff like that.
• 16:03
  Those are people to talk to. So before you get to formal
• 16:06
  Angel investor networks and things like that, all these
• 16:08
  sorts of informal Angel networks exist.
• 16:17
  Yeah, let me just leave it at that.
• 16:19
  So it doesn't have to be something excessively formal.
• 16:21
  Just anybody, any individual looks like this person is paid
• 16:25
  up and looks like they have an interest in early stage people.
• 16:28
  They drop money every now and then.
• 16:30
  Sometimes they're doing it just because of love of Jesus.
• 16:32
  You know, they want to help people.
• 16:33
  Sometimes they're doing it because they think this thing
• 16:36
  has high potential. There might be high reward.
• 16:38
  So let me put something down. So that's also an option that's
• 16:41
  available that we can look at for those of you who are worried
• 16:44
  about access to resources and funding.
• 16:47
  Then one thing that I want to point out here, because a lot of
• 16:51
  you guys are not aware of it. And in fact, the first time that
• 16:55
  I came across it as a teenager, I was, I was shocked.
• 16:58
  I didn't know that things like this could happen at all in
• 17:01
  business, not to talk of happening in Niger.
• 17:03
  And that is called invoice factoring.
• 17:06
  That is what invoice factoring is.
• 17:08
  Invoice factoring is when you have receivables.
• 17:11
  Receivables basically just means you've done the job.
• 17:13
  Somebody's owing you money. So if you're a Carpenter, you
• 17:17
  know, let me go back to the crevice thing.
• 17:18
  So your guppies, you had 500 seedlings or 500 guppies.
• 17:23
  They have now matured. And let's say one woman in the
• 17:26
  neighbourhood for a restaurant bought 250 heads of catfish from
• 17:30
  you. You supplied the 250 heads of
• 17:32
  catfish. You supplied it on January 1st.
• 17:35
  Now it is January 6th. So the woman has not paid you
• 17:39
  yet. Or maybe the woman has paid you
• 17:40
  part. Well, let's say she was supposed
• 17:42
  to pay you 500 K. She was only giving you 100K,
• 17:47
  that outstanding 400K that is what is known as receivables.
• 17:51
  You have done the job, you have delivered something, somebody is
• 17:55
  owing you. Those are receivables.
• 17:57
  So there is an industry of people call factors who what
• 18:01
  they do is they go around and they buy receivables.
• 18:04
  They say a young man is somebody owing you money, OK, no problem.
• 18:07
  How much is she owing you? She is owing you 400 K, OK, no
• 18:11
  problem. So what they do is they buy this
• 18:13
  your they say they buy this your debt and they say here this is
• 18:18
  what I will do. The one is only four 100K, but I
• 18:22
  will be responsible for collecting the 400K from this
• 18:24
  woman. But in return what I'm going to
• 18:26
  give you is 250 K. Maybe you guys will go back and
• 18:30
  forth, maybe agree on 300K. And so for you, you take the 300
• 18:34
  K from the guy or the girl and you go and you know you're cool.
• 18:39
  The person now takes the risk of collecting the whole money from
• 18:43
  the Madam in full. If the business is successful,
• 18:46
  then his profit is that 100K. Now I was shocked as a teenager
• 18:51
  to learn about this because I didn't know that there are
• 18:53
  people who will go around looking for people's basic to
• 18:55
  buy, people's debts to buy. And the way that they make money
• 18:59
  off of that debt is if somebody is owing you 2.5 and you're
• 19:03
  really, really desperate and you meet a factor, the factor can
• 19:06
  say, OK, you know what, I'll give you 1.5 cash, take this
• 19:10
  1.5, go and settle yourself. But then I'll be responsible for
• 19:13
  chasing the rest of the debt. The person's profits will now be
• 19:16
  that one M on top of the whole money.
• 19:18
  So the business exists. And I'm surprised to find out
• 19:21
  that not only does it exist, it exists in Nigeria.
• 19:24
  And I find out, I found out about that because my mom was
• 19:28
  in, she was a marketing communications professional.
• 19:31
  And so she headed a consulting firm for, well, she was not the
• 19:36
  founder. It was, what's this guy's name,
• 19:40
  I can't remember his name, Sharp, but he was like a legend
• 19:41
  when it comes to advertising and public relations in Nigeria.
• 19:45
  I don't know if he's still in the game, but he owns the Troika
• 19:49
  Group of companies. And so at the time my mum was
• 19:51
  heading, she was heading quadrant.
• 19:54
  So quadrant was the public relations aspect of Troika
• 19:58
  Holdings because Troika Holdings had quadrant, they also had MCA,
• 20:04
  that is MC and a that's marketing, communications and
• 20:06
  advertising. And a bunch of other firms.
• 20:09
  So my mom had worked in MC and A and ended up heading heading
• 20:15
  quadrant. So while she was the head of
• 20:18
  quadrant, they had a client that was giving them lots of trouble.
• 20:22
  And I think what was being owed then was about 7 M that was
• 20:25
  being owed to the firm to quadrant.
• 20:29
  And she had a conversation with lawyers.
• 20:31
  And at the time, using lawyers to chase that seven M was going
• 20:34
  to cost too much because you know how it is now, you get the
• 20:38
  lawyers, you're trying to chase 7 M, you end up spending a bunch
• 20:41
  of millions at the end of the day.
• 20:43
  There's no guarantee that you're going to get that 7M.
• 20:47
  But then they run into a factor who was willing to put up half
• 20:51
  the money or slightly half the money.
• 20:53
  And they just did the math that look, we can get lawyers and try
• 20:56
  and chase this thing. We end up spending extra M, It's
• 20:59
  not as if we collect all the money at the end of the day.
• 21:02
  So this factor is here and this person is offering to give us
• 21:06
  slightly more than half of the money now.
• 21:09
  And so was an easy decision for them.
• 21:11
  They took the whole thing as a loss.
• 21:12
  They collected the the firm agreed it was a collective
• 21:18
  decision. The firm agreed, they collected
• 21:20
  the money, they sold it to the factor.
• 21:22
  Now if the factor was able to collect the whole amount, let's
• 21:25
  say the factor drops 3.5. So if the factor drop 3.5 M that
• 21:31
  was able to collect all the money at the end of the day,
• 21:34
  then his own profit will be that 3.5 M.
• 21:37
  But of course, you know, it's a risky proposition because the
• 21:39
  factor can drop 3.5 M and may not recover anything at the end
• 21:43
  of the day. So it's a business that to be
• 21:46
  honest, I'm curious like people who start this business, people
• 21:49
  who operate this business, like how do you, how do you do this
• 21:52
  thing? So if you're a factor listening
• 21:54
  to the show and you'd like to educate me, then connect with me
• 21:56
  on WhatsApp or on LinkedIn. I give my details at the end of
• 22:01
  every episode. So let's chat so I can I can get
• 22:05
  enlightened on the business of factoring also so that I can
• 22:08
  share to my wider audience on the business of factoring so
• 22:12
  that people will know that these are options available.
• 22:15
  You know, be a nice way for you to get clients because you know
• 22:18
  these Niger now everybody has some busy, everybody has
• 22:21
  somebody that is owing them money that they haven't
• 22:23
  collected and stuff like that. So invoicing also, invoice
• 22:27
  factoring also is an option. If you had your 500 guppies, the
• 22:32
  500 seedlings have now matured and you have sold 250 of them to
• 22:37
  Madam around the corner. Your bill, her bill is supposed
• 22:39
  to be 500 K. But instead of 500 K shares only
• 22:42
  give you 100K. You're not worried about cash
• 22:44
  flow concerns. How are you going to buy the
• 22:46
  next set of seedlings or guppies for your next round?
• 22:49
  That's an option that is available.
• 22:53
  So these are some of the options available when it comes to
• 22:57
  access to funding and resources and things like that.
• 23:00
  So don't lose heart. It's not as if if you can't
• 23:02
  raise money now, it's not as if you're dead on arrival.
• 23:05
  These are some of the options that are available.
• 23:08
  We can always talk plenty, plenty, plenty about these
• 23:10
  things. So there's also government and
• 23:14
  government support and nonprofit support.
• 23:16
  So since you've done over 20 minutes, let me just leave that
• 23:19
  for the next episode. So we'll tackle the next
• 23:22
  episode. So thank you very much guys for
• 23:26
  your time and attention. Please, if you are a factor, if
• 23:30
  you are an invoice factor, this last business there that I spoke
• 23:34
  about now please hit me up because I'm curious.
• 23:37
  I want to learn about your business.
• 23:38
  I'm not going to join you guys because I don't know how to
• 23:40
  chase debtors. And you know the whole whatever
• 23:43
  that can be involved especially in Nigeria these days, any small
• 23:46
  thing people will now call, call police and call army.
• 23:49
  So I don't think I can do your business, but still reach out to
• 23:53
  me, let me know that you guys are out there and let's let's
• 23:57
  share about your your business. But whether you're a factor or
• 24:01
  not, yeah, hit me up on WhatsApp.
• 24:03
  The phone number is 08064662140. The country code is +234.
• 24:09
  For those of you who are not Nigerian like Olushe Gong or
• 24:13
  Shurindi, OK, well, he's Nigerian but based in Canada.
• 24:15
  So for those of you Niger people in Canada, country code is +234.
• 24:19
  In case you're one of those people who took off in secondary
• 24:21
  school and you can't remember Nigeria's country code, it is
• 24:23
  +234. Then also connect with me on
• 24:26
  LinkedIn. The name is Tavishima Ayede, I'm
• 24:29
  the host of the show. You can confirm the spelling of
• 24:31
  my name. In case it sounds strange to
• 24:33
  you, can confirm it from the link.
• 24:35
  We're currently listening to this episode.
• 24:37
  My e-mail address most likely is going to be there as well.
• 24:39
  So thank you very much for your time and attention.
• 24:41
  I'll catch you guys at the next recording.