It’s no news that your team can make or break your business, and that’s why when it comes to hiring, it’s important to get it right.
In past times, hiring a world-class team, especially across African countries, has proven harder than wrestling a bull because of the different currencies, taxes and compliance laws.
Thankfully today, you don’t have to worry about this anymore, as the entire hiring process can be automated from anywhere you are in the world.
Norebase, today announces its partnership with Deel — a global payroll and compliance company built for the worldwide workforce. Through this partnership, all Norebase clients can now onboard employees and contractors in minutes and pay them in over 150 countries, all at a discount.
Some extra benefits you enjoy as a client of Norebase include:
⁃ 10% off contractors
⁃ 10% off full-time employees
Ready to build and grow an international team effortlessly?
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.
With Norebase, it is easy for any business or person to start their company or register their trademark in any African country, right from the Norebase platform. However, many times customers have run into one problem – difficulty of paying across different currencies .
Because Africa has 41 currencies, several payment platforms with some having no linkages, several times customers have complained about “how do I make payments from my country” or “what currency do I pay in” or “my card won’t allow me pay up to that amount”
Well, that is now a thing of the past.
This is why we have now enabled “PAY WITH CRYPTO” feature on Norebase. You can now pay for any of our services with Ethereum!
Don’t let multi-currency conversion hinder you from incorporating your company in any African company. Here’s how to pay using crypto:
Step 5: Select Ethereum (ETH) as your payment choice and make payments seamlessly.
Now, that’s one more step closer to borderless payment when building your borderless business
This means that whether you want to set up your fintech in Ghana, start a hospitality business in Kenya, or own a subsidiary in Nigeria, you can do this from anywhere in the world on your phone or laptop from www.norebase.com
Starting and expanding your business has always been a huge decision to make and an even bigger one to execute. Hence, we have been deliberate in our mission to make expansion across Africa and the rest of the world as easy as the click of a button.
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, Tochi Egwuatu (Owner of Vendoff), as we talk about fostering sustainability in Nigeria
Tell me about yourself.
My name is Tochi Egwuatu. I’m an indigene of Anambra State and a graduate of the University of Lagos. I am professionally a product operations lead at a software company. So you can say my line of work makes me curious about people’s problems and how to build respective solutions.
Interesting! Can I draw a straight line from your profession to your brand?
Not entirely! I had a problem I experienced, and the desire to solve this problem led me to create Vendoff. So the idea itself had little to do with my profession but the decision to build a product that solves the issue does.
What’s the story behind Vendoff?
Back when I was in school, I had some difficulty accessing the kind of clothes I needed to attend certain events, so I would mainly go for the more affordable option, and you can guess the problem with this choice.
Exactly! I had an issue with fast fashion because there was a lack of uniqueness, and they were mostly not durable. I’ve always been interested in the fashion industry, but I didn’t want to do what everyone was doing. So Vendoff is a solution aimed at giving people access to sustainable fashion.
Vendoff is a platform that allows you to purchase items you love at affordable prices, and not just that; You can also sell preloved clothing items. So, in a sentence, Vendoff is a P2P product that gives people express access to clothing items they love.
Awesome! How did you start?
As a result of my interest in the fashion industry, I decided to take a different approach when I started. I had quite a number of clothes that I had worn once and may never use again either because the colour didn’t suit me or because I had outgrown them. I realized that many individuals could also resonate with this, hence, the idea for Vendoff.
So, Sustainability, but make it fashion?
This is great! How do you source the clothes?
I started with my preloved clothes and a few from my friends. But currently, the platform is open to anyone interested.
Sure! We accept clothes from interested individuals; however, we have an internal QA system to vet the clothes we receive; this way, the items we sell are not subpar. Then, we put them up for sale on our page when they are approved.
Awesome! Did you have issues with capital when you started?
Definitely! I did have an issue with capital and still do. This is because I envisioned Vendoff as a website and more than just an Instagram store.
Wow! What are the current challenges you face?
Presently, my current challenges are awareness and trust. The few people who trust Vendoff find it a bit hectic picking out and listing their products. And for me to drive awareness and reach my target market, it takes me right back to the need for funds.
Now that’s a full circle. Say you had the funds, trust, and awareness for Vendoff; where are you in the next three years?
I see Vendoff as an app/website where young people can go on and browse through clothes that they probably couldn’t access easily at affordable rates while also listing their clothes with little or no hassle.
What countries will you like to expand to?
I’ll like to expand to Ghana and South Africa because there is a ready market of young people who are open to using this service in these countries.
That means Norebase way then! *Shameless Business Plug* Norebase can help you set up your business in these two countries
LOL! Of course!
PS: Register your company in Ghana and South Africa with ease on www.norebase.com
What are three key things you’ll like people to know about Vendoff?
Accessibility. We are pushing accessible fashion. You have access to different clothing brands at affordable rates and in excellent condition.
Sustainable fashion. You can buy and sell preloved items instead of disposing of them in ways that affect the environment.
Great Service. Vendoff is particular about ensuring that customers have a great experience from packaging, to customer issue resolution, to enquiries. We are pushing excellent service as a brand. We hope to keep that at the core of the business even when we expand.
Interesting! Congratulations once again on winning the free business registration from Norebase! What are your expectations from this move?
I’ve always wanted to do a business registration for apparent reasons. So I know it will help with credibility, so people see us as not just another business. Brand trust is another impact it will have, especially with owning a business bank account. And, of course, access to funding and loans just got easier for me.
Finally, do you have a question for Norebase or me?
Yes, So what do you think about Vendoff?
I think Vendoff is a great initiative, especially for sustainability in Nigeria. I don’t think we’ve quite hacked this sustainability thing well yet. So your brand pushing this gives it a whole new meaning. There’s been some buzz about sustainability, but not many people actually do something about it. So this is you “doing the thing.”
I’m flattered! Thank you!
So how can people be a part of this?
Anyone can reach out to us on Instagram at Vendoff.ng to buy some of our displayed items and to declutter their wardrobes as well.
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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.
*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.