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eldavis
eldavisEnlightened Mentor
Asked: September 2, 2023In:

Some days back i attended a business event where one of the speakers said he is a business owner but he is on salary. According to him every month end he also pays himself along side his workers. This actually ...Read more

Some days back i attended a business event where one of the speakers said he is a business owner but he is on salary. According to him every month end he also pays himself along side his workers. This actually prevents him from touching the company money as well how to manage. Personally i think this is a great idea and i plan on doing this. Do you also pay yourself?

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entrepreneurmoneysalary
  1. [Deleted User]
    [Deleted User]

    Yes, as a business owner, you typically pay yourself a salary or take distributions from your business's profits to compensate yourself for your work and investment in the company. The specific method and amount can vary based on your business structure (e.g., sole proprietorship, LLC, corporation)Read more

    Yes, as a business owner, you typically pay yourself a salary or take distributions from your business’s profits to compensate yourself for your work and investment in the company. The specific method and amount can vary based on your business structure (e.g., sole proprietorship, LLC, corporation) and financial circumstances. It’s advisable to consult with an accountant or financial advisor to determine the most tax-efficient way to pay yourself.

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eldavis
eldavisEnlightened Mentor
Asked: September 25, 2023In:

For does who are into the business of selling of products, having a good supplier plays a very important role. How do you find the right supplier for your business?

For does who are into the business of selling of products, having a good supplier plays a very important role. How do you find the right supplier for your business?

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businessentrepreneurmoney
  1. yusra
    yusra Trusted Adviser

    Finding the right supplier is crucial for the success of my business. I start by thoroughly researching potential suppliers, reviewing their track record, product quality, pricing, and customer service. I also seek referrals from industry peers and check online reviews. Once I've identified promisinRead more

    Finding the right supplier is crucial for the success of my business. I start by thoroughly researching potential suppliers, reviewing their track record, product quality, pricing, and customer service. I also seek referrals from industry peers and check online reviews. Once I’ve identified promising options, I conduct in-depth interviews to assess their reliability, flexibility, and alignment with my business needs.

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eldavis
eldavisEnlightened Mentor
Asked: September 24, 2023In:

every business has its rules and regulations, do you think the culture of the business location has an effect on the kind of rules and regulations set by the business owner? 

every business has its rules and regulations, do you think the culture of the business location has an effect on the kind of rules and regulations set by the business owner? 

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businessentrepreneurmoney
  1. aboy01
    aboy01 Trusted Adviser Digital Entrepreneur | Knowledge Sharer | Smart Income Mentor

    Yes, culture can strongly influence the rules and values of a company. Businesses often create policies based on the traditions, beliefs, and behavior of the people in their environment. For example, in some cultures, punctuality and strict discipline are highly valued, while others focus more on teRead more

    Yes, culture can strongly influence the rules and values of a company. Businesses often create policies based on the traditions, beliefs, and behavior of the people in their environment. For example, in some cultures, punctuality and strict discipline are highly valued, while others focus more on teamwork and relationships. Culture can also affect communication style, dress code, customer service, and employee treatment. A company that understands local culture usually builds better trust with workers and customers, which helps the business grow successfully.

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eldavis
eldavisEnlightened Mentor
Asked: September 10, 2023In:

I have a friend who wants to become a makeup artist for celebrities. He is pretty much good at what he does but i do not know if there is any disadvantage to being a  makeup artist. What are the ...Read more

I have a friend who wants to become a makeup artist for celebrities. He is pretty much good at what he does but i do not know if there is any disadvantage to being a  makeup artist. What are the disadvantages and risk involved in being a makeup artist?

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businessentrepreneurmoney
  1. Augusta
    Augusta Enlightened Mentor

    One of the biggest disadvantage of being a makeup artist is that the hours can be long and irregular. This is especially If you're working in fashion or film sector you may have to work 12-hour days or even longer as they might be irregular filming hours And again, if you're working at  weddings orRead more

    One of the biggest disadvantage of being a makeup artist is that the hours can be long and irregular. This is especially If you’re working in fashion or film sector you may have to work 12-hour days or even longer as they might be irregular filming hours

    And again, if you’re working at  weddings or events, your hours will be dictated by the event itself. So if it is a long day you would suffer same.

    Poor communication, missed appointments, or failure to understand client needs can lead to unhappy clients and damage your reputation.

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eldavis
eldavisEnlightened Mentor
Asked: September 10, 2023In:

Hibiscus drink is a drink made from hibiscus flower commonly known as zobo. This is a very popular and cheap drink that can be made in different flavors like pineapple and the likes. How can i increase sales in this ...Read more

Hibiscus drink is a drink made from hibiscus flower commonly known as zobo. This is a very popular and cheap drink that can be made in different flavors like pineapple and the likes. How can i increase sales in this business?

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businessentrepreneurmoney
  1. Inem
    Inem Knowledge Seeker

    From what I have experienced being a regular consumer of this product, one thing that would surely help this business to increase sales is the quality of the zobo drink. When your zobo drink is tasty, people would love it, talk about it and recommend it on the streets. That's the primary way to incrRead more

    From what I have experienced being a regular consumer of this product, one thing that would surely help this business to increase sales is the quality of the zobo drink. When your zobo drink is tasty, people would love it, talk about it and recommend it on the streets. That’s the primary way to increase sales of zobo drink. You would even get recommendations to supply for events if it is confirmed that your zobo is good tasting.

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eldavis
eldavisEnlightened Mentor
Asked: September 22, 2023In:

What is the best from of communication during work hours? There are some companies who usually use phone calls to communicate with one another. Where i used to work we mainly made use of whatsapp for communication. What would you ...Read more

What is the best from of communication during work hours? There are some companies who usually use phone calls to communicate with one another. Where i used to work we mainly made use of whatsapp for communication. What would you consider as the best from of communication ?

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businessentrepreneurmoney
  1. Polojay
    Polojay Active Contributor I am a student

    Based on my own perspective, I'll say the best form of communication during working hours is through the WhatsApp platform. WhatsApp has provided an effective and easy way of communicating with friends, families and colleagues in a business organization. You can communicate easily with co workers inRead more

    Based on my own perspective, I’ll say the best form of communication during working hours is through the WhatsApp platform. WhatsApp has provided an effective and easy way of communicating with friends, families and colleagues in a business organization.

    You can communicate easily with co workers in an organization through the use of WhatsApp. You can either chat, send a voice note or even have a video call when necessary.  Once you are connected to the internet, anytime you receive a message through WhatsApp, a notification will pop up in your device, which makes it quick to receive urgent messages.

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eldavis
eldavisEnlightened Mentor
Asked: September 19, 2023In:

I noticed some entrepreneur usually fix price on their products on the high side, according to them, anyone who is not able to afford it is not their target audience and of cause based on the quality. Then there are ...Read more

I noticed some entrepreneur usually fix price on their products on the high side, according to them, anyone who is not able to afford it is not their target audience and of cause based on the quality. Then there are does who sell their products on a cheaper price. Their strategy is the more customers they have, they would be able to match the profit of does who sell at a higher pice. Between selling at a higher price and selling at a lower price to get more quantity Which strategy is better?

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businessentrepreneurmoney
  1. aboy01
    aboy01 Trusted Adviser Digital Entrepreneur | Knowledge Sharer | Smart Income Mentor

    Choosing between quality and quantity depends on your brand's "DNA." If you choose Quality, you target high-margin, low-volume sales where customers pay a premium for status, durability, or specialized service. If you choose Quantity, you play the "volume game," focusing on low-margin, high-turnoverRead more

    Choosing between quality and quantity depends on your brand’s “DNA.” If you choose Quality, you target high-margin, low-volume sales where customers pay a premium for status, durability, or specialized service. If you choose Quantity, you play the “volume game,” focusing on low-margin, high-turnover sales where price is the main draw. In 2026, most sustainable businesses choose a “Quality Core” with “Quantity Add-ons.” High quality builds the reputation, while high-quantity, lower-cost items provide the daily cash flow.

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Alex Johnson
Alex JohnsonNewcomer
Asked: September 12, 2023In:

What are those good qualities an entrepreneur need to adapt to in order to have a successful business? As you all know an entrepreneurial journey is not an easy one

What are those good qualities an entrepreneur need to adapt to in order to have a successful business?

As you all know an entrepreneurial journey is not an easy one

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businessentrepreneur
  1. Slaky12
    Slaky12 Knowledge Seeker Cryptocurrency Engineering

    A good entrepreneurs building and nurturing relationships with others in their industry or related fields can open doors to opportunities, collaborations, and valuable insights. An entrepreneurs often possess qualities such as resilience, creativity, adaptability, determination, leadership, and a wiRead more

    A good entrepreneurs building and nurturing relationships with others in their industry or related fields can open doors to opportunities, collaborations, and valuable insights.
    An entrepreneurs often possess qualities such as resilience, creativity, adaptability, determination, leadership, and a willingness to take calculated risks. They also tend to be excellent communicators, problem-solvers, and have a strong sense of vision and passion for their endeavors.

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eldavis
eldavisEnlightened Mentor
Asked: September 16, 2023In:

When it comes to a business setup, it is one thing to hire workers and it is another to have qualified workers. As a business owner how do you find qualified workers for your business?

When it comes to a business setup, it is one thing to hire workers and it is another to have qualified workers. As a business owner how do you find qualified workers for your business?

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businessentrepreneurmoney
  1. Light
    Best Answer
    Light Trusted Adviser

    There are several steps involved in finding qualified staff. Start by creating a detailed job description and requirements list. Promote positions through company websites, job boards, and social media. Utilize referrals from coworkers and professional networks. Examine resumes, conduct interviews,Read more

    There are several steps involved in finding qualified staff. Start by creating a detailed job description and requirements list. Promote positions through company websites, job boards, and social media. Utilize referrals from coworkers and professional networks. Examine resumes, conduct interviews, and take into account cultural fit, abilities, and experience. When necessary, examine references and run background checks. Finally, to recruit and keep top people for your company, provide competitive pay and benefits.

     

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eldavis
eldavisEnlightened Mentor
Asked: September 8, 2023In:

Catering service is a very common and lucrative business here in my location, but the major problem is the amount of people who are into it. At present there is a very high level of competition in catering service. How ...Read more

Catering service is a very common and lucrative business here in my location, but the major problem is the amount of people who are into it. At present there is a very high level of competition in catering service. How do i deal with the competition and stay at the top.

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businessentrepreneurmoney
  1. Abigael
    Abigael Trusted Adviser Abigael

    The catering business is very common indeed, there is so much competition there. But it is also a lucrative business because people need food everyday. In order to survive through the competition, you need to make your business as unique as possible. Offer a variety of foods at affordable prices. AlRead more

    The catering business is very common indeed, there is so much competition there. But it is also a lucrative business because people need food everyday. In order to survive through the competition, you need to make your business as unique as possible. Offer a variety of foods at affordable prices. Also, choose your target audience well so as to set up the business in a good location. You could choose to sell food to people in offices or around a construction site. That way, you build a customer base that always buys from you.

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