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Financial Literacy

How To Run A Successful Virtual Startup Office

Combining a full-time 9-5 job with owning a burgeoning online publishing outfit such as Nairametrics can be a very difficult task without some help

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Virtual startup Office

Combining a full-time 9-5 job with owning a burgeoning online publishing outfit such as Nairametrics can be a very difficult task without some help. At a point, I was the only one blogging consistently for many years. As my content continued to increase, it became necessary for me to employ a few hands to help with my content flow.

To ensure my project got the attention it required whilst maintaining my 9-5 job required that I hire some more hands on a part time and/or full time basis. Back then, since I did not have an office space, I had to find a way to get them to work for me from a different location whilst also creating a semblance of everyone being in the same location. 

What is virtual office

So basically, I needed employees who will work for me from different locations whilst also ensuring that they all work in consonant with each other and delivering overall corporate objective of my organisation. That therefore requires a Virtual Office and Virtual Assistants (Employees).

[Read Also: 4 Secrets of people who have made it in life]

Virtual Office

Of course, I had to do some background research about how virtual offices really work; and upon my venture, I found two very instructive guides online from people who have ran successful startups virtually. You too can. Find useful excerpts and links below:

How I manage 40 people remotely

I’ve been running Treehouse since August 2010 from my home in the United Kingdom. We started with just three people (me, Nick Pettit and Jim Hoskins) and now we’re about to hit 40 full-time employees. I’m in the UK with one other person on the Support Team, our main office is in Orlando and the rest of the Team is spread out all around the States.

Ryan Carson

I’ve managed the company for almost two years from another country with up to an eight hour time difference. We’re doing $3,000,000+ in revenue with over 11,000 paying customers and growing fast, so we must be doing something right. Here’s how I manage the Team

5 tips to manage a completely virtual startup team

As a founder of Young Entrepreneur Council, I know millions of people worldwide are in long-distance relationships. And most find themselves facing the distance because their jobs or other commitments don’t allow them the flexibility to be location-independent. After enduring a one-year long distance relationship with my now husband, we’d had enough, and decided to build our own business in a way that could accommodate location flexibility with our team.

We became a remote team within the first two months of our founding, when our third business partner moved across the country to be closer to his girlfriend (now fiancé) while she was in medical school. A year later, my husband and I moved to Michigan and left another team member behind in Chicago. 

Young Entrepreneur Council

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This year, we kept another team member on part-time when he decided to move to Senegal to be closer to his girlfriend while she completed a program there.

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We now span across a seven-hour time difference, from Palo Alto to Africa. Crazy? Maybe — but here’s how we made it work:

Do you have more resources or have a unique experience about running a virtual office you wish to share? Send me an email.

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

3 Comments

3 Comments

  1. Modupe

    July 22, 2013 at 3:38 pm

    Interesting. I’ve worked remotely for the most part of this year and manage/ interface with a team that’s scattered across Nigeria, UK & India. Asides, having to convince people that I’m not doing yahoo yahoo :-), it’s been a very enjoyable experience. It’s certainly doable….and I might be able to hook you up with the human resource for yours when you need it.

    • Ugodre

      July 23, 2013 at 12:05 am

      That will be nice. How do people contact you?

  2. Imal Silva

    July 3, 2019 at 11:49 pm

    Thank you so much for this article

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Personal Finance

5C’s of creditworthiness: What lenders, Investors look for in a business plan

Business owners need to be aware of the criteria lenders and investors use when evaluating the creditworthiness of entrepreneurs seeking financing.

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Five things to consider before securing a loan

Banks usually are not a new venture’s sole source of capital because a bank’s return is limited by the interest rate it negotiates, but its risk could be the entire amount of the loan if the new business fails. Once a business is operational and has an established financial track record, banks become a regular source of financing.

For this reason, the small business owner needs to be aware of the criteria lenders and investors use when evaluating the creditworthiness of entrepreneurs seeking financing.

Will the business that an entrepreneur actually creates look exactly like the company described in the business plan? Of course, not.

The real value in preparing a business plan is not so much in the finished document itself but in the process it goes through – a process in which the entrepreneur learns how to compete successfully in the marketplace. In addition, a solid plan is essential to raising the capital needed to start a business; lenders and investors demand it.

Lenders and investors refer to these criteria as the five C’s of credit.

READ: 5 ways to raise funding for your business

1. Capital: A small business must have a stable income base before any lender is willing to grant a loan. Otherwise, the lender would not be making, in effect, a capital investment in the business. Most banks refuse to make loans that are capital investment because the potential for return on the investment is limited strictly on the interest on the loan, and the potential loss would probably exceed the reward. In addition, the most common reasons that banks give for rejecting small business loan applications are undercapitalization or too much debt. Banks expect a small company to have an equity base investment by the owner(s) that will help support the venture during times of financial strain, which are common during the start-up and growth phases of a business. Lenders and investors see capital as a risk-sharing strategy with entrepreneurs.

2. Capacity: A synonym for capital is cash flow. Lenders and investors must be convinced of the firm’s ability to meet its regular financial obligation and to repay loans, and that takes cash. More small businesses fail from lack of cash than from lack of profit. It is possible for a company to be showing a profit and still have no cash – that is, to be bankrupt. Lenders expect small businesses to pass the test of liquidity, especially for short term loans. Potential lenders and investors examine closely a small company’s cash flow position to decide whether it has the capacity necessary to survive until it can sustain itself.

READ: How to scale as a small business on a budget

3. Collateral: Collateral includes any asset an entrepreneur pledges to a lender as security for repayment of a loan. If the company defaults on a loan, the lender has the right to sell the collateral and use the proceeds to satisfy the loan. Typically, banks make much unsecured loans (those not backed up by collateral) to business start-ups. Bankers view the entrepreneurs’ willingness to pledge collateral (personal or business assets) as an indication of their dedication to making the venture a success. A sound business plan can improve a banker’s attitude towards venture.

4. Character: Before extending a loan or making an investment in a small business, lenders and investors must be satisfied with an entrepreneur’s character. The evaluation of character frequently is based on intangible factors such as honesty, integrity, competence, polish, determination, intelligence, and ability. Although the qualities judged are abstract, this evaluation plays a critical role in the decision to put money into a business or not.

READ: 7 Ways to pay for your higher education

5. Conditions: The conditions surrounding a funding request also affects an entrepreneur’s chances of receiving financing. Lenders and investors consider factors relating to a business’ operation such as potential growth in the market, competition, location, strength, weakness, opportunities and threats. Another important condition influencing the banks is the shape of the overall economy, including interest rate levels, inflation rate, and demand for money. Although these factors are beyond an entrepreneur’s control, they still are an important component in a banker’s decision.

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The higher a smaller business scores on the five C’s, the greater its chances of receiving a loan.

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Written by Chukwuma Aguwa

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Personal Finance

Don’t be fooled by COVID-related scams

Always consult the institution in charge of health-related matters to confirm any fishy information you come across.

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The nature of and the manifestation of the Covid-19 disease is such that there’s only a little time available to remedy the situation before it gets chronic. Although the infection begins by exhibiting mild symptoms, if you do nothing in a short time, it could lead to death in a matter of days.

This whole picture has caused many to become desperate about Covid-related issues, launching into panic mode at the sight of any information. As a result, such people are not far away from falling for fraudsters.

With the different kinds of news flying around, you mustn’t be fooled by Covid-related scams.

The Coronavirus threatens the health of millions of people around the world daily, also killing thousands along the way. To curb the spread and remedy the situation, bodies like the CDC, WHO, and every country’s local health organisation like the NCDC, frequently circulate information around communities. However, it has also led to fraudsters taking advantage to provide fake news, and even asking for donations.

Each day, there seems to be a new account or NGO asking for donations into the health sector, and though some are legit, many are just fraudsters posing to take advantage of innocent citizens. So far, numerous complaints about scams have been recorded, especially with people who are looking to support the health cause in any way they can.

READ: Africa to spend $9 billion on Covid-19 vaccine, access to supply is big problem

Channels used for COVID-related scams 

There are three major ways scammers take advantage of the haziness of the situation to dupe people. To start with, they appeal to the emotions of humans, who see the high death toll and suffering. As a result of what is happening, people have been willing to donate funds for medical supplies, isolation centres, and financial compensation for medical workers.

Scammers take advantage of this by posing as charity organisations and solicit for funds. Most times, as soon as their target is met, they clear their footprint without leaving a trace behind.

Another way they scam people is by manufacturing and selling fake or low-quality health products. Everyone wants to get their hands on a cure, or something that can at least protect them from the virus, and scammers are meeting their needs by providing just that.

READ: China joins WHO vaccine programme as it fills huge gap left by United States

The World Health Organization currently approves only one vaccine, and any other thing outside it is outrightly fake or just a supplement that will help your body. Currently, only the Pfizer vaccine is clinically tested and approved to work. Be sure to not throw your money in the wind by purchasing some of these fake drugs around.

Lastly, scammers create systems to extract a patient’s personal information, thereby having access to the person’s true identity. It could be in the simple form of opening a registration portal where you supply all your details.

Therefore, only give information to approved bodies and not any random online site that appears legit. These fraudulent individuals can do a lot of damage to your identity. Stay vigilant, only communicate with approved bodies, and always ask questions if you are not sure or suspect foul play.

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The place of electronics in COVID-related scams

These fraudsters usually reach out to you through the digital sphere. Hence, watch out for cold calls, text messages, or emails requesting donations to certain bodies. The best way to confirm the legitimacy of such a message is to visit the organisation’s official website in a different browser. Never follow the link in the mail or text directly, as it can be easily embedded with spyware. Therefore, a single click could see them extract all your personal information, including bank details.

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Also, please stay away from those who claim to have a cure, and accompany it with testimonies of people who have used it. They are low graders desperate for your money. Vet them by searching online and see what people are saying. In all, always look out for suspicious messages, and opt out if you are sceptical.

In a nutshell, you should not believe any cure, vaccine or supplement that the World Health Organization does not approve of.

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Conclusion

The government or legit health institutions do not cold call citizens to request donations or coerce them into making one. If you receive a call out of the blues, chances are it’s a scam, which is why they mostly try to hurry you to donate before you realise it. Always consult the institution in charge of health-related matters to confirm any fishy information you come across.

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