How to Make More Money in Your Business
As an entrepreneur selling products, services, or even your skill online or to the global community utilising the internet, you are truly one of the many people leveraging the advantages of borderlessness and globalisation.
And as a pioneer of globalisation from a third world African country such as Nigeria, you will have to deal with issues such as infrastructural challenges, customs import and export control, and regulations, delay in registration of some products (such as in health/beauty sectors), and foreign competition from other export markets that do not understand your struggles… some of your counterparts don’t even know ‘your problems’ exist.
Good news and bad news, the global market’s standard is set.
Despite the quality of your product, service, or skill, one of the factors you have to deal with as a Nigerian entrepreneur is the uncertainty of the market and its influence on your currency value.
The Nigerian economy is facing a massive foreign exchange crisis and the rate of depreciation of the naira is alarming.
Since the Central Bank of Nigeria (CBN) banned sales of foreign exchange to Bureau de Change (BDC) operators, we saw the parallel market exchange rate go from N505/$1 to N570/$1 on the black market. The last time the exchange rate depreciated this quickly was in early 2017 when the rate jumped from around N450 to over N500 to the dollar.
For instance, as of June 2012, a dollar was being converted to 163 NGN.
So if your entire business was worth 1 Million Naira at the time, it would’ve been roughly $6,135.
Fast forward to today, if your business is worth the same 1 Million Naira, (at the market rate of 1 dollar to N550), it will merely be $1,818.
What does this mean?
It means you lost over $4,317 simply by having your business worth in an unstable currency (the Naira). You would’ve lost over %400 of your business worth not because of a bad business engagement, but due to a devaluation of your business operating currency.
This is a year you can’t afford such a loss. And the solution is not to earn more naira for your organisation, but to earn in a stronger currency.
How can you make more money in your business?
GoNomad has the solution.
Incorporating your business with GoNomad will allow you to;
1. Gain Global Business Presence:
You can do business as a global citizen with your company incorporation and operate your company from anywhere in the world.
2. Attract Global Clients Who Will Pay for Your Service in a Stronger and More Stable Currency:
Build prestige and trust that powers you to attract foreign clients, then approach foreign clients with your US/UK-based registered entity.
3. Accept and Make Payments Globally:
Say goodbye to the challenges of receiving money from abroad because you will be able to charge your clients and customers hassle-free with your Stripe account.
4. Create a Foreign Currency Reserve:
Leverage your US/UK Business bank account as your corporate foreign currency reserve. Ensure your profits are always protected in a stronger currency.
Your business will be worth so much more with GoNomad.
Let’s scale your business globally.
Click on the button below to get started.