Corporate Professionals heading for entrepreneurship - Happy New Year.

Happy New Year, By now you may have already jotted down your resolutions and you have the right vision where this year is taking you and how your want it to manifest.

Today I want to speak to the people who have an entrepreneurial resolution this new year. I have put together some tips for you to take home with you when you are ready for that start up.

You must be the kind of person who is tired of the 9 to 5 Job but you are still adamant if you want to go for the entrepreneur world or stay in the corporate world. My advise to you is you can do both.

Work for your paycheck 9 to 5 and work on your fortune from 6 to midnight. After you make enough that can sustain for at least six months, fire your boss.

Entrepreneurship is sweet, the sound of being your own boss comes with great responsibility. Its not an overnight success. You have to put in the work. So before you decide to fire your boss make sure that your start up is off the ground.

Here are some Tips for you to take home if you are looking at being your own boss this year.

1. Embrace your inner focus and critical skills, make sure your niche is what you are really focused on and bring on that entrepreneurial spirit to life. Focus is very important in this aspect. So I insist focus.
2. Never stop learning, find something new to read about your niche, do some research, ensure you are covered in all corners of your business in case of any what ifs. We call it risk management. More knowledge is always the key. Abreast yourself with new great ideas that will set you apart from your competition.
3. Don't calculate your success, calculate the risks, look at what you investing verses the time you spending, then you will know if this is set for success or not. Success is calculated with time spent and efforts invested. Expect to rip what you sow.
4. Customer feedback is very crucial, as the saying goes, the customer is always right and he is rather the owner of your business. Make sure you handle complaints very well as a customer can make you or break you.
5. I can't wind up the tips without mentioning pricing. ensure that the quality of service you are providing is up to the standards of your target clients. That way your pricing will tell if what you are delivering is worth the price.

Those are just a few of the many tips that are there for a new startup or a corporate professional thinking of routing to entrepreneurship. You are in this by yourself but just know you are not alone.

If you have more advise for startups please put them down in the comment box and lets help a soul.

Like,, share, comment and subscribe.

Feedback please I always want to hear from you.

See you soon.

Managing your money using technology

You may have a full-time job, a side hustle or two, a family probably a single mother or married and endless responsibilities, managing your money can become an overwhelming activity to handle. That’s exactly why people find themselves living one paycheck every month and ending up broke wondering where their money went. That being the case, due to lack of Money Management.

When you don’t know where to start, it can seem overwhelming especially when you are planning for a big purchase or saving for rainy days to weather emergencies. During my researches about money I came across these hacks especially about how you can manage your money using technology. Don’t worry you may not have been good in math or accounting during your school days; you don’t have to balance any checkbooks or balance sheets.  Phew!!! What a relief…

These hacks will help you manage your money and also give you the guidance on where to stash it as you save more and move along smoothly with your life using technology. 

• Make sure you know exactly what you earn and spend

Before you start managing your money, make sure you track everything, absolutely everything from what you earn to what you spend. You don’t have to walk around with a pen and notepad to note everything, you will look abnormal; instead use your smart phone; in your play or app store you will find many useful money management apps you can use to do the tracking for you. I have also started using the Money Manager.There are several of them but I find this useful. It’s a free download allowing users to track their finances effectively. 

• Create a budget and be strict with each spending limit set

Once you have a clear picture of your full income and what you spend on a daily basis, while using the Money Manager, use that information to create your weekly, monthly or annual budget. Make sure you prioritize your expenses. Don’t make entertainment your top priority; it can come in at a later stage. You can start with your static expenses such as rent, school fees, medicare, utilities etc, and those expenses that can’t be compromised. Add those up and subtract the total from your monthly take home, see what you are left with then decide on what’s the next important item you need for the month. Lay off the others and stick to the set limit. 

• Be a save monger

When it comes to long-term financial health, there is nothing more important than creating a budget where your savings occupy the biggest stash between expense and recreation. You need to think of saving as the only way out for your rainy days. To increase your savings rate without feeling the pinch, I recommend you save an extra 3% off your monthly income for a period of 3 months. Every after three months stash away 80% of those savings to a retirement account where you won’t have access to withdraw it at any time. Or you can stash the 80% in stocks where you will get returns after a very long period of time.

The remaining 20% is very important for your rainy days (emergencies) this will give you peace of mind. 

Mind the interest with the banks when opening a saving account or you can find an online savings account to use. 

• Use Cash cards/ Prepaid Cards

Every bank now owns a cash card but all serve the same purpose, look out on the transaction charges, maintenance charges and transfer charges. They are cards without a bank account; they are not linked to your bank account. You get to load the exact amount you want to use for a particular period of time. They are shopping, retreat and travel friendly, meaning you can use them anywhere you go stress free with minimal charges on any transactions. Some may have loyalty benefits that tag along with them say a 15% discount off your dinner at Serena Hotel or shopping online, it makes a great difference than if you had used hard cash. These cards are safe and can be renewed in case lost or expired. My recommendation so far the best in the market is the UBA Visa prepaid card. You can get it instantly.

• Invest for your future

You need to take heed when investing especially if it’s your first time. I know you are now saying how can I start, what if it fails, what if they are conmen, what if they are eyeing my hard earned cash? All these and more what ifs will come into your mind, but you won’t know if it will work out unless you take the risk.

I suggest you diversify your investing techniques, putting all your eggs in one basket you know what happens! Spread your investments across many stocks; maintain a diversified portfolio even if you have less to invest. There are many areas that need investment without you lifting a finger while your money works for you. Buying stocks, lending your money in clubs, agriculture etc. the key to successful investing is diversification. So go on and invest. Take the risk.

Once you have mastered these hacks your life will become much easier in terms of your financial health. Try them out and let me know. lukomaasociates@gmail.com

Subscribe, tag a friend who needs this, share and let’s save the world as we adapt to the technology trends.