LIFESTYLE

4 Tips To Help You Save Money If You Own A Business

Published

2 years ago

August 16, 2022

FAB.NG

If you are an entrepreneur, you definitely spend a lot of time perfecting your craft, finding new clients, and doing all you can to grow your business.

In the end, it’s not all about building a wildly successful brand but having sustainable income so you can cater for yourself and family as well.

It can be quite challenging to run a business and make ends meet. You can also get carried away and spend all the money you are making without knowing.

That is why you should read these Money Management Tips every Nigerian entrepreneur should know about.

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Create a Budget

The first rule of business is to have a budget. A budget serves as a guide and helps you track every single naira you are spending. If you don’t have a budget, you should totally change that immediately.

In your budget, every amount should be accounted for in terms of spending, saving, or investing. There are a number of tools that can help you get started, so find one that you’re comfortable with and use it to bring some organization to your finances.

Keep Records of Finances

Keeping a record of your finances is as important as having a budget. Record all of your financial information in one place so you can refer to it and keep track of your progress. You can also group them into categories for easy organization.

Image result for a nigerian entreprenuer saving money

Have a Cash Reserve

One of the cons of being an entrepreneur is that you don’t have a consistent income. On top of this, there’s a very good possibility that you won’t make any money for an extended period of time. This is why you need to have some money aside for emergencies.

Set aside 5 percent of your paycheck so that it will help pay for expenses for one year. Remember, you want to keep these funds somewhere accessible, such as a savings account or money market account

Diversify

It’s true that no entrepreneur wants their business to fail, yet one cannot deny that there is a fair chance of that happening.

You can greatly reduce the effect of a failure by diversifying and placing your funds into another side business, alternative investments, or simply setting aside some contingency money. This money can act as a cushion, should you need to bow out or start another business.

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ENTERTAINMENT

Denzel Washington Opens Up About 15-Year Battle With Alcohol

Published

18 hours ago

November 21, 2024

Reporter

Denzel Washington On 15-Year Battle with Alcohol | fab.ng

Hollywood icon Denzel Washington recently disclosed his past struggles with alcohol during an interview with Esquire.

The two-time Academy Award winner candidly shared a fifteen-year pattern of wine consumption. What began as a casual habit gradually escalated into a regular occurrence.

He began, “Wine is very tricky. It’s very slow. It ain’t like, boom, all of a sudden,” he elaborated, recalling how a wine cellar he constructed in 1999 within his home became a place for self-indulgence.

The actor added,

“And part of it was we built this big house in 1999 with a ten-thousand-bottle wine cellar, and I learned to drink the best. So I’m gonna drink my ’61s and my ’82s and whatever we had. Wine was my thing, and now I was popping $4,000 bottles just because that’s what was left. And then later in those years I’d call Gil Turner’s Fine Wines & Spirits on Sunset Boulevard and say, Send me two bottles, the best of this or that.”

Washington also delved into his past, acknowledging his youthful experimentation with drugs. However, he emphasized that he never developed an addiction to substances such as heroin or cocaine.

He continued,

“I’m sure at first it was easy because I was younger. Two months off and let’s go. But drinking was a fifteen-year pattern. And truth be told, it didn’t start in ’99. It started earlier.”

A decade ago, as Washington neared his 60th birthday, a turning point arrived. He made the resolute decision to abstain from alcohol completely.

“I’ve done a lot of damage to the body. We’ll see. I’ve been clean. Be ten years this December. I stopped at sixty and I haven’t had a thimble’s worth since. Things are opening up for me now—like being seventy. It’s real. And it’s okay. This is the last chapter—if I get another thirty, what do I want to do? My mother made it to ninety-seven,” said Washington.

Check out more updates here.

FASHION

Skepta Graced Africa International Film Festival (AFRIFF) In Elegant Trad

Published

20 hours ago

November 21, 2024

Reporter

Skepta Graced Africa International Film Festival (AFRIFF) | fab.ng

Skepta made a grand entrance at Africa’s biggest film celebration, the Africa International Film Festival (AFRIFF). Through his attire, he showcased his deep connection to Nigerian culture.

The globally acclaimed artist donned an exquisite navy blue Agbada, tailored to perfection and adorned with striking royal blue and white embroidery highlighting the richness of his Yoruba heritage.

His choice of an Eastern native red cap added a distinctive flair, symbolizing his embrace of the Igbo culture. At the same time, adding a white necklace further enhanced the authenticity of his traditional look.

Skepta’s outfit was a testament to his impeccable sense of style and a deliberate nod to his dual cultural roots, blending elements of Western and Eastern Nigerian traditions.

The embroidery on the Agbada sparkled under the lights, drawing admiration from onlookers who marvelled at how seamlessly he combined cultural symbolism with modern elegance.

The bright red cap perched confidently on his head served as a bold statement of pride in his heritage, while the white necklace provided a subtle yet impactful finishing touch.

Nigerian paparazzi videographer Tosin Adeaga, popularly known as Coccolait, captured these unforgettable moments with his lens.

The up-close visuals reveal the intricate details of Skepta’s ensemble. Indeed, it emphasizes the craftsmanship and thoughtfulness that went into every element.

Coccolait’s expert videography showcases the textures, colours, and movements of Skepta’s attire as he mingled with attendees, further immortalizing this iconic cultural expression.

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With his appearance, Skepta not only celebrated the artistry of Nigerian fashion but also sent a powerful message about the importance of honouring one’s roots in creative and meaningful ways.

The moment was a true highlight of AFRIFF, blending tradition with the contemporary flair of a global icon.

Watch the photos below.

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For more updates, click here.

ENTERTAINMENT

It Hurts – Don Jazzy On Not Having A Partner

Published

3 days ago

November 19, 2024

Reporter

Don Jazzy opens up on not having a partner | fab.ng

Renowned music executive and record label boss, Michael Collins Ajereh, better known as Don Jazzy, recently expressed disappointment over his current relationship status.

On Monday, he took to Instagram to share his desire to participate in the popular “suspect challenge.” This social media trend involves couples playfully teasing each other. However, the 41-year-old entrepreneur lamented that he couldn’t join in the fun due to his single status.

“Suspect wants to do suspect challenge but no suspect partner,” he wrote. In the accompanying caption, the music executive lamented that “it hurts.”

This isn’t the first time Don Jazzy has publicly discussed his relationship status. In 2021, he revealed that he married Michelle Jackson, a UK-based writer and model, at the age of 20. Unfortunately, their marriage ended in divorce after two years.

“I fucked it up cos I was giving all my time to my music. Music became a priority instead of my family. We got divorced when I was 22 and it hurt,” he said.

Earlier this year, Don Jazzy explained that he has not remarried as he is currently focused on personal growth and self-development.

“I dey work on myself so that when my head correct, my babe go enjoy me,” he wrote in pidgin English.

A few months ago, Don Jazzy made headlines when a foreign investor acquired his record label, Mavin Records.

In 2004, Don Jazzy and his former partner, D’banj, co-founded Mo’ Hits Records. Following its closure, Don Jazzy established Mavin Records in 2012.

Mavin Records has produced and nurtured a roster of talented artists. They include Tiwa Savage, Reekado Banks, Korede Bello, Dr SID, D’Prince, DNA Twins, Ayra Starr, Johnny Drille, Crayon, Boy Spice, Bayanni, Rema, Lifesize Teddy, and Ladipoe.

To commemorate his 37th birthday in 2019, Don Jazzy unveiled the Mavin Creative Studios. The studio is a multimillion-naira mansion serving as the label’s corporate headquarters.

Mavin Records has received numerous accolades, including two consecutive MTV Africa Music Awards for Best Record Label in 2013 and 2014.

The label’s artists have also collaborated with international music stars such as Beyoncé, Selena Gomez, Kelly Rowland, and Chris Brown.