Here are some valuable advice for you. I have made a lot of mistakes doing this business and I don’t want anyone of us here to make same mistake
- Make sure you balance your account every single day.
If you don’t have much time on a particular day, make sure you check 2 things
I. If your wallet is completely credited
Ii. If your employee account is balanced
These are the two areas you can go out of business wasily. Especially the first one
- If you are using other people’s funds to run this business, make sure you have a plan of paying it back. In fact, the day you collect the money is the day you should start planning how to pay it. (Things might not be rousy as always.)
- If you are using your personal funds, make sure you have a savings. Don’t touch this savings not even for personal or family expenses. (Money always attracts more money but if your account is empty it will attract more emptiness)
- Don’t open a second or third outlet if you know you can’t monitor it properly. I mean properly
- Always make sure you separate your personal funds from your business funds
- At this point any outlet that can’t give you minimum of #3000 daily charges, don’t open it. Don’t even try it
- Always keep withdrawal receipts for at least a month because you might need it to claim your funds
8. Have a daily checklist for balancing your account. A checklist is a list of the things you need to check/audit starting with the most important ones.
Here’s how a checklist will look like:
TITLE: (YOUR BUSINESS NAME) CHECK LIST
1. Check POS credit from (POS name e.g kudi)
2. Check POS credit for second POS (POS name e.g Opay POS) This is if you have more than 1 POS
3. Check employee account if the account is balance (for those who have employee) Use
Use this formula
(POS+TRANSFER IN) Minus (FUNDS+DEPOSIT+CHARGES)=AMOUNT LEFT
4. Check if your capital is increasing i.e if the capital is more than what you had yesterday, the previous day.
9. Be prepared for unexpected opportunities: Have a lot of money saved and also invest in your self to educate yourself in some skills l, Business skills, so that if any opportunity comes you will be able to grab it