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Africa Business Expansion Norebase Uncategorized

How your business can survive during a recession

It is no longer news that we are slowly inching toward a recession; to some, we are already in the middle of one.

Studies from the recessions of 1980, 1990, and 2000 reveal that 17% of the 4,700 public companies understudied were hit hard; some went private, went bankrupt, or were acquired. However, further studies showed that 9% of the companies flourished three years after the recession and outperformed competitors by at least 10% in profits growth and sales.

This shows that, Yes, a recession is detrimental to the growth of any business, but it could also scale through and flourish when the economy stabilizes.  The question becomes 

“How can you make your business recession-proof?”

Read on as we share some tips that could help.

Don’t Pause your business

One standard indicator of recession is how the economy goes into a lull. As a result, businesses may fall into the trap of emulating this lull, slowing down their operations. Don’t wait out the lull. Instead, reacquaint yourself with your core business strategies and keep at it despite the economy. The keyword is “Don’t Pause.”

Protect your cashflow

Profit margins definitely get slimmer during recessions, but the truth is, no matter how little, if the profit stream dries up, that could signify the end of the business. So plan ahead and find ways to cushion the effect on your cash flow. Here are three hacks:

  • Cut back on unnecessary spending. 
  • Get financial assistance when and where possible (loans, grants, e.t.c)
  • Identify your major income stream and double down on it.

Keep Existing Customers Closer

During a recession, purses get clamped shut, and people may be uneager to try new products, so it becomes challenging to get new customers, except maybe you sell a “recession-relief pack”. Build genuine relationships with customers. Whatever connection you build will turn them into loyalists even during hard times. If you don’t know where to start, start by making your brand more human. Customer care/relations team, over to you.

In navigating a recession, businesses who stay afloat have been proven to know the ins and outs of their model; to the extent that plans were made in anticipation of an economic downturn. However, like the popular saying, “it’s never too late to start”, so start with the three steps above and keep going. 

Read: Why you need to Incorporate your company

Register your business here

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Africa Business Expansion Incorporation Norebase

Incorporating your company in Kenya; A guide

Excellence in long distance races is one of Kenya’s major exports and now, the country should be going for gold in the race to be your next target market. Other than the amazing wildlife, Kenya has created an environment that is ripe for investment.

Before we delve into the steps for registering your company in Kenya, here is why Kenya should be on your list.

Why should you incorporate in Kenya?

Kenya is one of the leading markets in east/central Africa boasting of budding infrastructure, a strategic location and economic stability that has led to an established private sector. The country ranks 56th on the World Bank’s list of Starting a Business and Getting Credit. This means that the process of incorporation and operating is mostly straightforward and hitchfree.

Now that you’re sold, here’s what you need to get started

Requirements for company incorporation in Kenya

With a minimum of two directors and one shareholder you can be on your way to incorporating a company in Kenya.

However, there are are some essentials you’ll need to get started.

  • A nominee director who has a pre-existing tax pin.
  • A registered office address within Kenya.
  • At least three proposed names
  • A company secretary is mandatory only where the share capital is above five million Kenyan shillings ($42,900). 

As a foreigner and non-resident, there are certain non-negotiables that you need before you can incorporate your company in Kenya. These may sometimes be constraining so we provided a Norebase solution.

They include:

  • KRA Pin:  The lack of a KRA pin will hinder any non-resident from moving along in the registration process. Although an appointed nominee director who has a pre-existing pin can apply for incorporation, all foreign directors must apply for an investor visa and pin.

Norebase solution – We have trusted partners who can act as your company secretary as well as your nominee director while you are obtaining your KRA pin

  • Registered Address: a foreign company must have a local address in Kenya to operate.

Norebase solution – We provide a Norebase address you can elect to use as your registered office address.

  • Notarization: Where the shareholder is a foreign corporate entity, the certificate of incorporation must be notarised before they can be submitted to the Registry.

Norebase solution – We have notary publics to assist with the notarisation process.

How to incorporate in Kenya with Norebase

Step 1: Go to www.norebase.com

Step 2: Create an account and verify

Step 3: Select “company incorporation” as your service choice

Step 4: Fill out the form and upload all necessary documents

Step 5: Pay

And that’s all!

We’ll register your company and send all necessary documents within 3-5 days.

If you are still unsure of incorporating in Kenya, this might make you reconsider

“Kenya has a projected economic growth rate of 6% per annum”

IMF

To launch in Kenya the easy way from anywhere, visit www.norebase.com

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Africa Business Expansion Incorporation Norebase

How Trixie Home Hub is turning houses into homes

In honour of International Women’s Day, Norebase gifted five (5) outstanding female entrepreneurs with company incorporations and business name registrations, according to their preference.

How did we select them?

We asked female entrepreneurs to tell us what a business registration will do for their businesses, and had Odunayo Eweniyi (of Piggyvest) select 5 winners.

On this week’s episode of Norebased, we sit down with one of the winners of the IWD Giveaway, Ayoola Toluwanimofe (owner of Trixie Home Hub), as we talk about owning your spaces.

“Home is Where the Heart Is”, but Mofe seems to agree with this quote only if the word “heart” is replaced with “Utensils.”

Tell us a bit about yourself.

My name is Ayoola Toluwanimofe but you can call me Mofe or Tolu. I am an indigene of Oyo State and a graduate of Lagos State Polytechnic. I own and manage the brand Trixie Home Hub, an online store that sells home appliances ranging from items as little as a teaspoon to microwaves, blenders and other home organisers.

What was the inspiration behind Trixie Home Hub?

I love cooking, so I’m obsessed with a kitchen fully equipped with functional and aesthetic utensils. So it was only natural for me to go into the business of providing these utensils and home appliances at an affordable price. 

Wall mounted shelves (Trixie Home Hub)

So you’re one of those people who would rather open Indomie spice with a pair of scissors?

Yes, exactly! I also use it for my vegetables. I even have such scissors currently in stock.

Please sign me up!

Lol. I’ll even rather have a spoon organiser than keep the spoon in a cupboard.

Plate Rack (Trixie Home Hub)

Interesting! How long have you been in business?

Trixie Home Hub will be two years old in June. 

Nice! So how did you get the capital to start?

I didn’t have issues with capital when I started because I’m mostly an intermediary between my customers and the suppliers. So I mostly reach out to my suppliers to get customers’ items.

Oh, wow. So what are some challenges you face while running your business? 

The major challenge I faced when I started was getting a credible supplier with the products I needed. I’m particular about the utensils I get, so it was an issue back then. Currently, the challenge is getting the right delivery company. Also, the exchange rate is a nightmare.  

Yeah, I can just imagine. So how long do you think home appliances should last?

I think utensils last for as long as you maintain them. If you can clean and store them well, they will be as good as new even five years from now. For instance, I have a blender I’ve used for five years and still counting.

Wow! Maybe I got a bad one.

Lol, another factor is the quality of the product.

Yeah! So what are some items you can set a new homeowner with?

Pots, Cooking Stoves, Plates, Cups. I could go on and on; however, I think these will vary from one person to another. So, the things I will suggest to a newlywed couple will differ from what I will tell a single person. However, I’ll say it depends on the person’s preference and of course their budget.

Non-stick pots (Trixie Home Hub)

Where do you see your business in the next three years?

I’ll like to own a physical store and start importing my goods by myself. Also, I’ll want to manage logistics in-house.

That’s great! Any expansion plans?

Yes, I will want to increase my reach nationwide to attend to customers in other States around Nigeria. 

If you could expand to any African country, what country would it be?

I’ll love to expand to a neighbouring African country like Ghana or Togo.

Sweet! Norebase can help you get there sha.

Lol, It’s now your turn to sign me up.

Congrats once again on winning the company incorporation. What do you think it will do for your business?

It will let me expand seamlessly and aid with sustainability; I think it will also assist with financial security as per access to loans and funding.

What are three things about your business you want readers to know?

  • Trixie Home Hub is a one-stop shop that sells quality home appliances at an affordable rate. 
  • We take pride in giving customers value for their money and delivering the products on time.
  • We can deliver anywhere in Nigeria.

Finally, where can customers find you?

Customers can find me on Instagram and Twitter.

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Categories
Africa C-Corp Delaware Incorporation Incorporation Norebase Registered Agent U.S Bank Account

Register your company in the U.S in 5 easy steps.

All it takes is 5 minutes, and you’re done. Let’s get started.

Register your company in the U.S with Norebase

Step 1: Create an account

Provide your email address, name and password. After this, you will need to verify your email, so that you can access the website.

Step 2: Select “Company Incorporation” 

From the three primary services we offer, select “Company incorporation”

Step 3: Select “Delaware, USA”  

Step 4: Select “C-Corp” or “LLC”

Select the kind of company you want. If you want to better understand whether you need a C-Corp or LLC, read this: C-Corp or LLC?

💡Tip: C-corp is preferable if you want to raise investment or go public, as you can issue shares to investors, founders and employees. LLCs are flexible structures for running your business, and do not need any board.

Step 5: Fill out the short form & Pay

Fill the short form. Should only take 5 minutes to fill it out.

Some things to have handy include:

  • Name, phone number, e-mail and address of CEO, President, CFO and Secretary. However, one person can fill all the roles. The roles could also be shared among the intended directors of the company.
  • Number of Shares. The usual recommendation is 10,000,000 shares but you can fill anything you want in there.
  • Name, phone number, e-mail and address of Shareholders (Your shareholders will also double as your initial set of directors). 

P.S: On Address – If you don’t have an address in the US, just select “Norebase should provide one”. We will give you one for free. 

Also, select if you want Norebase to get you a Bank Account, and apply for EIN on your behalf.

Voila! Get your company documents in 3 business days.

This entire process takes less than 5 minutes from start to finish and you can do this from anywhere in the world. Just $380

What are you waiting for? 

 Let’s get you started at www.norebase.com

Categories
Africa Business Expansion Corporate Affairs Commission Delaware Incorporation Incorporation Incorporation in Africa Uncategorized

Introducing: Business name registration on Norebase

Small businesses (SMEs) are the lifeblood of the Nigerian economy and contribute 49% of Nigeria’s GDP. That’s literarily almost half of Nigeria’s economy.

When you hear about “SMEs”, it’s easy to think of another person. But we are referring to your business: those dresses you sell on your Instagram account, those influencer-marketing gigs, those wigs you sell on your Twitter page, that small shop you set up in front of your house, that house agent business you conduct on Whatsapp, that business plan & CV writing you do on the weekends.

We believe small businesses can do much more if set up the right way. Meaning your side gig, that small project, that small business can be so much more.

What does “more” mean?

With a simple “Business Name” registration, you can:

  • Open a Bank Account in the name of your business. It makes your business more legitimate to your customers.
  • You can stop using your personal account for business. Isn’t the first financial advice that “Separate business income and personal income into separate accounts”
  • Get higher transaction limits on payment apps and Banks so that your customers can pay you more. You can receive higher amounts of money than an individual account (and isn’t the aim to make more money?)
  • Access loans easier. Banks and Fintechs do not like to deal with individual accounts for loans. A business account also means you have a single record of all your business transactions so that it is easier to get loans.
  • Easier due diligence and KYC when dealing with banks, fintechs, and other businesses.
  • Formalise partnerships and service business. Business names are the popular registration for law firms, accounting firms, most professional services businesses, and partnerships.

So gradually, you can move it from a “Business Name” to a “Company” (Norebase has you covered there also), trademark your business as you grow, and soon become a huge business, one registration at a time.

Norebase announces CAC Business name registration

*drum rolls* And that is why we are excited to announce that CAC Business name registration is now live on our website! You can register a business name right from your mobile phone or laptop, whether it’s just you (a “sole proprietorship“) or for your “partnership“. Oh! And it’s only NGN 25,000 ($50).

We expect to roll-out Business Names/DBAs in other African countries, in the coming months.

Get a business registration built for you exactly as you need it and where you are.

Categories
Africa Business Expansion Norebase

Building the Borderless.

It is no secret; building a successful business is accelerated by two factors — access to a large market (usually driven by a strong and growing middle class) and predictable rules. When African businesses try to expand into other African countries to access broader markets, they quickly discover a business landscape that is confusing, unpredictable and complicated. They are faced with the challenge of dealing with varying languages, regulations, laws, and traditions across the continent. Any misstep can upset expansion plans significantly. It takes specific experience and knowledge to successfully navigate the peculiarities of different countries while staying compliant to each one.

The quick-changing regulatory space in many African countries also means that one of the best ways to ensure that negative or sudden regulatory changes do not threaten your business’ survival, is to set up in several markets. That way, change in one country does not drastically affect business operations, and when under threat, a business can retreat into one of its bases, and re-strategize.

Itis no secret; building a successful business is accelerated by two factors — access to a large market (usually driven by a strong and growing middle class) and predictable rules. When African businesses try to expand into other African countries to access broader markets, they quickly discover a business landscape that is confusing, unpredictable and complicated. They are faced with the challenge of dealing with varying languages, regulations, laws, and traditions across the continent. Any misstep can upset expansion plans significantly. It takes specific experience and knowledge to successfully navigate the peculiarities of different countries while staying compliant to each one.

Scaling and expansion is a survival issue for most African businesses.

Building Norebase is building a future where starting, scaling, and operating a business across Africa is easy and de-risked. We believe that the most difficult part of scaling should be the decision to do so, and the mechanics should be as simple as clicking a button. Africa’s prosperity depends on deepened trade, and we are building the “TradeTech” to make that happen.

Big goal? A single digital infrastructure for every business to start, scale and operate in EVERY African country efficiently. From the international businessman who wants to invest in Ghana to the Nigerian trader who wants to sell his goods in Kenya to the South African content creator who needs to receive royalties in Namibia, we envision a future with the fluidity of trade within Africa, where borders are not a bother for businesses and transactions.

We are building the borderless.