We asked established foodservice business operators last week to tell us what’s contributed to their success and what they think causes some companies to fail. Here are their stories.

1. Start with a job.
The best preparation for starting your own restaurant is to first work in someone else’s establishment. While you should certainly read books and take courses, you should also plan to work in a restaurant for at least a few years, doing as many jobs as possible. Pay attention to people who are doing different jobs in the restaurant as well, so you can understand the various positions. Think of it as getting paid to learn.

You need to work in a restaurant, pizzeria, deli baker, or catering business that’s similar to the one you plan to start.

“Know every single aspect of the operation, because when you’re an owner, the buck really does stop with you. No matter what comes up, you need to be able to jump in and handle it because it’s your business.”

2. Do basic market research.
When Jim decided to start a certain kind f Breads, a wholesale bakery specializing in sourdough bread, no one else was doing anything similar in Maine. To find out if there was a market for the breads he wanted to bake, he called restaurants and retailers, explained his idea, and asked if they’d be interested in buying his breads. “I came up with about 15 accounts that said they’d be interested,” he says. That was enough to get him started.

3. Test your real market.
When you’re test marketing, be sure you conduct your tests on sample groups that represent the market you plan to target. And remember that many people will compliment free food because they think it’s the polite thing to do. So ask questions that will get you information you can work with. It’s not enough for people to say they like something. Find out why they like it, if there’s anything they don’t like, if there’s anything they would change and if they’d be willing to buy it.

4. Find your market niche and stay focused.
One of the key things done that has contributed to a successful restaurant is to find a market niche that no other restaurants occupied.

“We’ve positioned ourselves as having a unique product. We don’t have a lot of competitors, and that’s allowed us to maintain fairly high wholesale prices.”

One of the best ways to survive in this industry is to become an expert in your area, so don’t go too far from your core business. If you do, you might become indistinguishable and get lost in a cluttered marketplace.

5. Don’t let customers leave hungry or unhappy.
Even the best restaurant will have the occasional dissatisfied customer. Stefano LaCommare’s policy is that no one leaves Stefano’s Trattoria hungry. If someone isn’t satisfied with a dish, he determines if the issue is personal taste or a problem with the preparation. In either case, he replaces the meal.

In his Melting Pot restaurants, Brian Neel takes the approach that the customer is always right — even when they’re not. “Even if we know the customer’s perspective isn’t entirely correct, we do our best to be understanding, and do what it takes to make them happy,” he says. Sometimes an apology is all that’s needed; sometimes a free item will take care of it. Or, Neel says, “If it’s a really bad experience, we’ll comp a check and invite them back to dinner again on us. The most important thing is that they feel that you’re sympathetic to their concerns and that you’re very sincere in dealing with them.”

6. Make your food consistent.
Once you’ve developed recipes that you’re confident in and you know your customers enjoy, be consistent with them. It might be fun for you to add a different spice or try something new, but a customer who’s expecting a dish to taste the way it has in the past is going to be disappointed if his expectations aren’t met.

LaCommare recalls hiring a chef who had a hard time with this concept. LaCommare was pleasant but clear and firm about how things were going to be. “I said, ‘This is my kitchen. My way. My style. I’m not saying you don’t know how to cook. But if you want to work here, you do it my way.’”

7. Build relationships with your suppliers.
Create a bond with your suppliers so when you’re in a bind, they’re willing to do something extra to help you out. Be loyal to them; don’t make unreasonable demands, pay your bills on time and respect everyone on their staff — including the delivery drivers.

Your distributors are your life blood. They’re going to make sure you’re aware of specials, discounts and purchasing opportunities.

8. Get it in writing.
If you’re in the catering or wholesale food business, never assume you have an order until you have a signed contract or purchase order. Caterer Ann Crane recalls making a bid on an upscale party. It was a new client, and she had taken her art director and florist with her to meet with the person — and they all left with the impression that they had the job. But the client was accepting bids from three other caterers. The lesson is clear: Don’t take anything for granted. Find out whom you’re competing against and when you can expect a final decision. And don’t buy any supplies or materials until you have a signed contract and a deposit.

9. Listen to your customers.
Customers are happy to tell you what they want, so give them opportunities to provide feedback. Use comment cards in your restaurant, a feedback system on your website and Facebook page and any other way you can think of to gather responses from your customers.

“We place a lot of emphasis on guest-driven decisions,” says Scott Redler. “We recently replaced our standard ice machines with ‘chewable’ ice machines after guests requested chewable ice. Although it was hard to justify the new equipment on a spreadsheet, we believe it makes financial sense in the long run because it increases the loyalty of our guests.”

On the other hand, keep in mind that you won’t be able to meet every single customer request. Trying to do so will stretch your resources to an unmanageable point. For example, if a few customers ask for certain products, be sure the overall demand is strong enough to make purchasing those items worthwhile. One coffeehouse operator says a few people have asked her to carry goat’s milk, but in her market, to do so wouldn’t be profitable. However, years ago, when customers began asking for skim milk, she realized that the market was strong enough to justify adjusting her inventory.

10. Get in with an out.
In addition to your startup plan, you need an exit plan. Know how you’re going to eventually get out of this business — whether you need to get out because things are going badly, you want to retire or for any other reason. For example, if you have to close the operation because of a lack of business, how will you handle that process? Or, if your restaurant is a rousing success, would you entertain an offer from someone to buy it? If you’re 40 when you start your restaurant, will you still want to be running it 25 years later?

While you never know for sure how your business will do until it’s up and running, hope for the best, while being prepared for whatever comes your way.

Businesses have changed directions, relocated, scaled up, scaled down, been sold or simply decided it was time to close its doors. You never know what will happen, but if you start out with passion, enthusiasm, a lot of planning and attention to detail, you might just find yourself living your dream of being a success in the food services industry.

In the Nigeria of today, we’ve witnessed the rise of many internets millionaire that made their money just by starting one online business or the other. People like Linda Ikeji and Akin Alabi (Founder of Nairabet) have made billions of naira just by starting an online business idea.

Starting a new business online requires much less risk than investing your money into a setting-up a physical shop or store. With the nature of online businesses, it is very easy to reach thousands and millions of potential customers without breaking the bank on the cost of advertisements.

With a little knowledge of digital marketing and social media, almost anyone can launch a business online and get it up and running in only days. In this post, we have put together a list of the most lucrative online business ideas anyone can start in Nigeria with a very little capital investment.

1. Become a professional blogger
In the past, we’ve written an article about how to start a profitable blogging business in Nigeria. Launching your own blog doesn’t require a great deal of technical or computer skills.

If you’re passionate about writing and creating super-rich contents on the internet that is capable of grabbing the attention of your audience, then you are only a few steps away from earning money doing what you love.

Having a blog that has an extensive number of followers will allow you to gain profit by attracting advertisers that are willing to pay you some money just to place adverts on certain pages of your blog.

2. Make money selling products online
E-commerce and Dropshipping are two popular ways to make money selling high demand products online. Online platforms like Shopify and WordPress have made it insanely easy for anyone to set-up an online e-commerce store in minutes.

On the other hand, Dropshipping is when you create an online store to sell other people’s products. Then, you get a commission for each sale. The advantage of this over traditional e-commerce business is that you don’t have to risk buying up stock in a product and losing money if it doesn’t sell.

If you are looking to follow this route, you can start by researching some of the fastest selling online products in your geographic location. It is also important to give more priority to products that are unique and less competitive.

3. Start your own YouTube channel
Top YouTubers like Felix Arvid Ulf Kjellberg the owner of the most-subscribed YouTube channel called PewDiePie (currently has 89 million subscribers) has made more than $15 million creating and publishing video contents on YouTube.

As a YouTuber, you make money on YouTube each time Google (YouTubes parent company) shows ads contents before or after your video has finished playing. Make sure your videos are high quality and you upload them consistently for the satisfaction of your audience.

The best part is, you don’t even need to go out and buy an expensive new camera – as long as you have a smartphone with a quality camera lens, you can start filming your first video right now!

4. Create and sell online courses/e-books
If you’re already an expert in any topic, you can package that knowledge into a high-value course or e-book and sell it online to people that are seeking the knowledge that you’ve acquired.

This type of online business is best regarded as passive income because you continuously make money for years even after publishing it. Once the upfront time and effort is put in, with just a bit of regular upkeep and marketing you’ll be able to continue to sell and make money from them.

If you don’t already have an audience, it might be better to self-publish on websites such as Udemy and Amazon first. That way, you can validate your idea and grow your fan base.

5. Start trading Forex and stocks
Most people see currency trading (also known as FOREX) and investment as a very risky business to start. Even though this statement is true if you start out small and invest your time into researching you will gain knowledge and experience that might just bring in the rewards you’re after.

Unlike Forex, Stock exchanges provide a transparent, regulated, and convenient marketplace for buyers to conduct business with sellers. The stock market is immensely popular, but it is exceeded in size by the Forex market, which is the largest financial market in the world.

Nowadays, the internet has made things easier. You can start trading forex or stocks by sitting in front of your computer in the comfort of your bedroom with a glass of cold juice or wine.

6. Work remotely for companies abroad
Remote working is a situation in which an employee works mainly from home for corporate organizations and startups. More and more companies are embracing the remote work lifestyle by employing staffs that are not required to resume in the office daily from 9 to 5.

Many remote work positions are IT and customer service related so they require specialized skill sets that may be rare to find. Example of popular remote jobs includes Data Analyst, Software Developer, UI/UX Designer, Customer Support and much more.

Working remotely is considered as a lucrative online business idea because it affords you the time to do other things like taking care of the family (for Moms), hanging out with friends and family or going on holidays.

7. Become an influencer on Instagram
Instagram is a highly visual social media channel, and therefore is in many ways the perfect medium for brands to tell their story using influencers. Influencers are Instagram users who have established credibility and audience who can persuade others by virtue of their trustworthiness and authenticity.

Becoming an influencer on Instagram is not an easy task except for well-known celebrities who have already built a huge following outside social media. Not all Instagram influencers are celebrities though, some of them have worked so hard by creating short video clips that capture the attention on an audience.

Influencers make money in different ways like sponsored posts and advertisement from top brands, affiliate marketing and selling their own products.

8. Join affiliate marketing programs
Affiliate marketing is one of the various ways to make money online by promoting products or websites to earn a certain percentage as a commission from sales made. It is important to note that affiliate marketing is different from get-rich-quick-schemes.

As an affiliate marketer, the products and services that you promote are provided by others and not necessarily you. The only duty you are required to perform is to provide a marketing or sales outlet such as a blog, email list or social media.

We’ve put together a well-written article about affiliate marketing and most popular affiliate marketing programs that you can join in Nigeria.

For many wanna-be entrepreneurs, running an online business is a dream that offers the promise of financial security and independence. The first and most important step towards this dream is choosing an online business idea that matches your skills and can realistically be launched.

Creating an online business is simply a matter of focusing on your strengths and expanding your network. The online business ideas shared in this post just don’t create a path to escape the 9 to 5 office lifestyle, they also offer a kind of freedom that most people don’t get to experience

Launching your first startup can be exciting, invigorating and intimidating at the same time. As a new entrepreneur, your first company is your way into the business world where you will have to deal with challenges you normally wouldn’t have to in a 9-to-5 job.

Whichever industry or niche you may be in, knowledge is power and advice is worth its weight in gold. Learning from mistakes of other businesspeople and applying models from best practices can help you launch a successful business without going through the excruciating trial-and-error process yourself.

In this overview, we’re presenting you with some of the best advice from entrepreneurs who have successfully launched their first startup.

1. Do Proper Research
Investing time and resources into market research and competitor analysis will pay out significantly in the long term. You will have to adapt your business practices to suit the needs of the market all the time, but there’s not a more important point in time to do it thoroughly than before you launch.

Before the official launch of your startup, you should not only know your customer’s needs and demands but also aim to predict how they are going to change in the near future.

2. Go Hard or Go Home
Entrepreneur.com has dubbed Go hard or go home as the most crucial piece of advice for new business owners who are on the way of launching their first startup. For many aspiring entrepreneurs who want to enter the market slowly and carefully, this advice might seem somewhat counter-intuitive.

Nevertheless, risk-taking and the willingness to put in the effort and go the extra mile are a common trait among all entrepreneurs, but you have to be especially vigorous on your first venture.

Even though inexperience and anxiety might cause you to be more careful and risk-averse before your business idea proves profitable, your first startup is definitely not the time and place to be timid.

3. Don’t Wait Until You’re “Ready”
From the outside, it might seem like every successful businessperson had an awesome idea at the right time and the right place. However, what’s not as visible to outsiders is that every business idea had to start somewhere and build despite mistakes and setbacks.

The world of business is full of inspiring entrepreneurship stories about brave individuals who launched a business despite previous failures. For example, there were 10,000 failed attempts before Thomas Edison invented the light bulb.

You will never feel absolutely ready to start a business and there’s always a trial and error process involved in striking gold.

4. Craft Awesome Brand Story & Identity
Startup success is all about marketing, and marketing is all about storytelling. If you’re entering a competitive market that’s full of businesses that provide similar services, you have to stand out and differentiate your business.

The easiest way to do this is by coming up with a compelling and attractive brand story that will connect your business to its customers and form long-lasting relationships.

For your first venture, copywriting and website content are definitely not something you should skimp on. If you’re not much of a wordsmith, there are many high-quality, professional writers out there who can handle the work for you and make sure you get the best results out of your PR and content.

You can use some of the platforms where professional writers offer their services, such as iWriter, PickTheWriter, LanguageWire (recommended by HuffingtonPost). If you want to create a visual identity that will fit your exact vision, you can craft one yourself using online tools such as Canva or TailorBrands.

5. Choose Suppliers and Partners carefully
As a startup, businesses you cooperate with can make or break your company. The business world is all about relationships, and you can never do enough research about the companies you’re planning to make deals with.

“When choosing a partner, it’s important to focus on factual and objective reviews. Develop your criteria for best practices and choose to work only with those companies that comply with your standards. To be the best, you have to work with the best”, says Elle Watson, a Business Assessor at IsAccurate, a translation agency evaluation company.

6. Continue to Improve and Learn
In the haze of building a business and crafting a brand, it’s easy to forget about your personal needs. However, when you invest in your own development and learning, it will immediately reflect on your business as well.

Warren Buffet, a famous multi-billionaire investor, said that the best possible investment is the one in your own abilities because it’s likely to be more productive.

This implies everything from professional skills and specialized courses to soft skills such as communication and presentation. Channel all of your new and advanced skills into your business and you will be amazed by how strongly it will impact your day-to-day business.

7. Master the Art of Delegation
As a business owner, it’s incredibly tempting to take control of every single detail in your company. However, as your startup grows, you will need to learn how to delegate tasks to people that you trust.

Virgin Group CEO Richard Branson advised: “As much as you need a strong personality to build a business from scratch, you also must understand the art of delegation. I have to be good at helping people run the individual businesses, and I have to be willing to step back. The company must be set up so it can continue without me.”

Starting your own business is never easy, but it can be one of the most rewarding and fulfilling experiences of your life. With the right mentorship and great examples in practice, you can push your business to a level that you didn’t even dream of.

Remember, you’re not alone and most of what you will go through as a new startup owner has already been experienced by many. Listen to advice from those who have already gone through the same journey and succeeded.

The CBN has announced that charges on cash deposit over 500,000 will be implemented Nation wide starting from wednesday the 1st of April, 2020. this comes as an addition to the already existing charges on cash deposit.

This means that when you withdraw cash over 500,000 Naira from any of your commercial Bank, you will be charged as stated bellow:

1. For individual account, withdrawals over 500,000 Naira will be charged processing fee of 3% while 2% willbe charged for lodgement.
2. For cooperate Account, withdrawals of over 3,000,000 Naira will be charged processing fee of 5% while 3% will be for lodgement.

Under the cashless policy, CBN says the payment of deposit/withdrawal charge is a choice by individuals and businesses. The bank said there are other options to receive and pay out money above the limits without having to pay any charge.

The new policy on cash-based transactions (withdrawals) in banks, aims at reducing (NOT ELIMINATING) the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.)

This new policies has brought about divergent views across the country.

Share your thought, do you think this policy was necessary or you think the fees are too much.

Read..share and comment.