Writing a Comprehensive Business Plan

A business plan is essential to running a successful business, and it involved more than just writing a business plan, but a comprehensive plan.

A well thought business plan would consist of how to start the business, how to run the business and how to sustain the business. Thus in writing a business plan, you have to plan with what you have, forecast on what you will make in short and long term and how you will use the forecasted recourses to sustain and run the business.





In this article, we are going to highlight what you will need to write a comprehensive business plan. A good business plan should consist of the following:

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The purpose and intention of the business

Before venturing into any business, you must have a purpose as well as the intention of setting up that business. In drawing a plan for your business, the first thing to write down is the objective and intention of your business. What purpose will your business serve and the set of people you are aiming at with your business. You should also state the intention of the business and how you are going to make a profit.

Your role and positions

Your role and positions and that of other people that may be involved in the business should be stated. This will help define a clear objective and role that will enable you to avoid duplication of functions and ensure that everything runs smoothly.

Goal Setting

It is important to set your objectives as well as what you intend to achieve in the short, medium and long-term. This will enable you to plan to reach a milestone at a particular time and that you monitor your progress with each milestone achieved. Your organization should have a short, medium and long-term goal and everyone involved in the organization should be aware of this goal set.

Result Of Researched Carried Out

Your business plan should include results of your researches you carried out, including the sources and other recommendation. This will enable you to plan for any unforeseen circumstances that may arise in the business operations. Researches will enable you to make provisions for all aspect of the business and will ensure that you learn from what others have experienced in such business ventures.

Operational Plan

Your business plan must contain an operational plan to make it complete and comprehensive. An operational plan should state the number of people that will be working in the organization, including their roles and responsibilities. This will make it easier to plan and budget for the number of people that will be involved in running the organization.

Funding the Business

The most important aspect of running a business is the capital, and this is the last part of a business plan after you have considered other factor. After you have considered all the factors, you will be able to come up with an estimate of starting up the business and its running cost. From this estimate, you can source for the capital and funds in running the business till it will become sustainable.

Simple Forex Daily Breakout Strategy

There are many reasons why I would advise anyone to trade forex using the daily timeframe, but first, you have to find a suitable forex trading method.

The following reasons are why you should consider trading forex using the daily timeframe:

• With the daily timeframe, you reduce the risk of overtrading; because you are focused just on the daily candle and you trade only once a day.
• You get to go with the trend and increase your potential of hitting your target.
• You get to trade your method consistently.
• There is a reduction in noise in trading with the higher timeframe such as a daily candle. With the higher timeframe, false signals are reduced with the higher timeframe.

Now, that we have listed some of the benefits of trading with the daily timeframe, the next challenge is looking for a trading plan. Now I will want you to look at an empty daily timeframe without any indicators. I am sure you will notice a pattern of candle breaking the daily high or low of the previous day. This is what we will be basing the daily breakout methods we will be discussing in this article, that is the breakout of daily high and low.

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Trend Breakout of Daily High or Low

In this forex daily trading method, we based on our trade on the predominate daily trend and trade the breakout of the daily high or low depending on the trend.

Various indicators can be used to determine the trend or sentiment of the market and the one you want to use will depend on you. I am not going to highlight any particular indicator to use here so you can use the one you are ok with and understand. We are just going to discuss the principle of trading this simple trading method.

Now, when you have determined the trend of the daily candle, you wait for the daily close of the candle to place your order. This is where it is a little tricky, for it is not all candle that you should trade with this method.

For example, if the predominating trend is bullish, then you must wait for a bullish candle to form at the close of the day and place your order just above the daily high of the day. In most case, the next candle will move past this order and trigger your trade and move way above the previous day high.

This is the basis of the trade, and it is simple to execute as it is simple to understand. The same principle you can apply to bearish sentiment when trading this daily breakout strategy.

You will need an understanding of candlestick formation to trade the daily forex method efficiently to execute this trade. You will need to understand the concept of demand and supply in forex, ranging market and trending market.

This forex daily breakout strategy is straightforward to understand and execute, but placing your stop loss and target point can be confusing. This depends on you actually, as you can place your stop loss and target point as follows:

• Placing target and stop loss 30 pips away from the entry, is one way people have traded this method.
• Some are comfortable placing stop loss and target points 50 pips apart to create more room for risk to reward ratio.
• You can place your stop loss and target point trading this daily forex breakout by going to the lower timeframe like 1 hour or 4 hours to calculate support and resistance region.
• You can also use Fibonacci and 123 trading method to target your target point and stop loss.

How To Trade Forex Successfully

Trading Daily Forex Breakout Using 4 hour Inside Bar Candle Formation

This forex daily breakout strategy commonly occurs in the daily formation, and you will need a combination of 4 hours and daily timeframe. The daily timeframe is to sort out the predominantly trend in the market while the 4 hours timeframe is to take your entry, stop loss and target.

Trading this daily breakout strategy requires you to go to the 4 hours candle at the end of the trading day and look for inside bar formation that will likely break the daily high or low depending on the predominant trend in the market.

This daily breakout strategy is very profitable with a likely 1:3 risk to reward ratio depending on how you trade your inside bar.

Now I will show you how I trade this daily breakout strategy, and I place my order on the high of the day if the trend is bullish. Then I calculate the difference between the highest and the lowest and divide it by two and will subtract this from the entry point as my stop loss. The target will be three times that of the stop loss added to the entry.

You can see that with this method, investing $50 will give you $150 if you trade it with this method.

You should note that no trading strategy is 100% and you should trade with proper money management in mind. The same thing goes with applying this forex daily breakout strategy, and you should backtest this method before applying to your forex trading.

Tips On How To Trade Forex Successfully

Forex trading is one of the ways you can make money online, and it has become popular over the years.

However, they seem to be more people losing money trading forex than those making money online through forex. And analysis carried out on why there are more losers in the forex market than winners seem to deviate from the trading methods used by traders.





The reasons why some people fail in making money in forex seems to be psychological, impatience, lack of knowledge about forex market, money management and so on.

In this article, we are going to share some tips that will ensure you make money online trading forex. These tips apply to both newbies and professional traders, and they include:

Attend Forex School

It is important that you learn how to trade forex before you invest money in the market. Learning how to trade forex is a continuous process, but you should spend much time learning the basics of trading.
I will recommend you attend the school of forex on babypips to learn all you need to know about forex trading. In babypips, there are different levels of learning from the primary to the tertiary. By the time you finish the courses, you will be familiar with all you need to know about forex trading.

With this lesson, you will be more knowledgeable to trade forex, and this will help you to make money trading forex.

Learn About Money Management

Without proper money management, you will trade at a high risk of losing your money. When you fail to apply an appropriate money management in your trading, your investment will be at risk especially when placing a trade with a huge amount of money.

It is recommended that you risk only 10% of your capital when trading to avoid the risk of wiping out your account. You should not be greedy and apply money management as you grow your account steadily.

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Stick To A Trading Plan

There is so much trading setup available online, and most traders in their search for the Holy Grail keeps changing their trading plan. No trading plan is 100% accurate and as a forex trader, if you can score 75% accuracy then you should stick to the plan.

You should be disciplined enough to stick to a particular plan and not to switch to a new one anytime you plan to hit a stop loss.

Choosing The Right Timeframe

There are various timeframes on which you can trade forex and since every trader are different, so does the timeframe to use.

As a forex trader, you should know the timeframe that suits you, and this will determine the type of trader you become. You can trade the lower timeframes less than one hour if you have the time to stay in your system all day. This is the categories of the scalpers and most day traders.

While you can trade the higher timeframes for four hours and above if you have less time to monitor the market. The swingers and long-term trader belong to this group, and they can leave a trade for more than a day.

You should know the timeframe that suits you to be able to make money online trading forex.

Conclusion

There are lots of resources relating to forex trading online, as you can find so many trading methods, online brokers and other valuable resources.

You should find what suits you in forex trading and stick to it over time as this is one of the keys to making money online with forex trading. Take time to learn all about forex trading and be patient in trading forex as it is not a get rich quick scheme.

How To Make Money On Jumia

Jumia is one of the biggest retail online store operating in Nigeria and other countries in the world, and you can make money online from jumia.

Jumia can be regarded as the number one online store in Nigeria closely followed by its biggest competitor, Konga and this is where many people shop for clothes, phones, gadgets and even groceries. While many people will know Jumia as a place where you can buy online, some others are making money from this platform, taking advantage of its global reach to millions of people.

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In this article, we are going to list ways in which you can make money online from the Jumia platform:

1. Become A Jumia Sales Consultant: Jumia is a well-known platform, and they are running a program that will help people to make some money whereas they make money as well. Jumia introduced a consultancy program, where they train people to become a Jumia consultant and assist them to sell the products on their platform as a middleman as they receive a commission from every sale made through their account as a consultant. These trainings are held in every major city in the country throughout the year and if you are interested in knowing when one will be available in your city just drop a comment.

2. Jumia Affiliate Program: you can also make money online through the Jumia platform be registering for their affiliate program and promoting the platform on your website, blog, social media, and any other online platform. Jumia provides you with the needed support to help you grow and reach out to more people as an affiliate, and you will receive a commission for everyone that purchased the platform using your link.

3. Sell Your Products On Jumia: You can, of course, make money by selling your products on Jumia platform where you can reach out to millions of potential customers. Jumia will have to inspect the quality of your product to ensure that it meets up to the standard of the platform, as Jumia has a reputation of providing the best quality products to their customers. You will also be allowed to set the price of your product, and the percentage you will offer to the platform will be negotiated.

4. Buying And Selling Products From Jumia: Jumia have a broad range of products from groceries, phone, fashion, men, and women accessories and you can make money buying these products from the platform and selling them to your customers. Jumia does offer clearance sale, and there is an opportunity to buy a product at a percentage sliced from the original price. This will provide you an opportunity to make a profit by buying these products with price slashed and sold them to make a profit. You can buy products in bulk especially as the price will usually be reduced and you have a great opportunity of making a huge profit.

So with these few opportunities mentioned above, you can make money from the jumia platform and not just spend money buying on this platform.

For More information on how to register as a consultant or affiliate and make money on this platform, please drop a comment.

5 GOOD REASONS YOUR BUSINESS NEED A WEBSITE

The internet had changed the way we do business over time, that we no longer have to meet one on one to transact business.

Businesses are transacted faster and easily online since the inception of the internet, with distance being no barrier. That is why as a good business person, you must have taken advantage of the internet to boost your business one way or the other.

We carried out a survey comprising a various sample of people, from business owners, student, office workers and so on. And we noticed that more than 50% of them do not seem it necessary for a business to have a website.

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In this article, we are going to list five good reasons why your business needs a website.

·         Create an Online Presence: With the improvement in technology, most people can access the internet at the tip of their hand on the go, so almost any information one is looking for, takes just some clicks on any mobile device and it pops up within seconds. Now just imagine if customers can easily find your information online within seconds and can get details like contacts, addresses, and services you offer in seconds, it will make your business easily Accessible by creating your presence online.

·         You Can Reach Out To More Client: the amount time people spend online and the number of people going online is increasing exponentially. You cannot afford to miss out on reaching out to huge client potential by failing to mark your presence online. A website is a shop online where people can reach you 247, thus giving the opportunity to reach out to more client through social media platforms and other forms of digital marketing.

·         You Can Easily Get Information Across: let say you have a new service or product for your client, you can easily put this information on your website and get it across by sharing it on social media platforms, email marketing on so on to both client and potential clients. This is a very easy and efficient way to pass out information to your client bases.

·         Staying Relevant: in business, you have to be on par with your competition or find ways to be ahead of them. Having a website for your business is one way of staying Relevant. It gives you customers the ideal that you are still in the game, as you meet up with new innovation and practices.

·         Makes Marketing Easy and Efficient: gone are the days where businesses will employ sales persons to go door to door marketing their products and services. We now live in a digital world where digital marketing is becoming the norm. With a website, you can easily collect and save information from client, visitors and potential client and use this information when it comes to marketing your business. Most business owners have gone to the extent of employing or consulting professional digital marketers. Your website alone is an online marketing tool for your business.

I am sure these five points have convinced you of the importance of having a website for your business.

For online and digital services for your business click here.

For questions, you can drop a comment and we will get back to you.