✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters

Ways to create alternative income source

Mrs. Gertrude Martins Adetula, Chairperson of the organisation explained the essence of the seminar. “We found out that many of the women traders make money…

Mrs. Gertrude Martins Adetula, Chairperson of the organisation explained the essence of the seminar. “We found out that many of the women traders make money but do not actually grow because they eat into it to cater for their various needs. We decided to organise this educative forum to empower and teach them other means of deriving an income. We are also teaching them how to keep their books so they have a record of all transactions they make.”

Mrs. Joy Amakom a member of the market women’s management and coordinator of the women for the program said the seminar is a welcome development for the market women. “We have found that most times we are not able to manage our resources well and we are afraid to go to the banks to ask for loans,” she said.

“Through this SWAN program” she added, “the women will be encouraged to broaden their horizon and see that they can do a lot more than they are doing now. I believe that they will be able to manage their resources better.”

Mrs. Ifeoma Okpo spoke to the women on economic and financial empowerment’. She suggested that women should have no less than three alternative means through which they could generate income outside their regular market sales. “First and foremost, plan. When you have planned, then you coordinate your plans. She listed sources for alternative income as including;

– Snail/fish farming,

– Ice block making,

– Beading making,

– Catering and

– Poultry

“Accounting for non-accountants: How to keep proper books of accounts and grow your business’ was another topic taken by Mrs. Fausat Ajibade. Some of the things to consider in bookkeeping, according to her, are:-

•    The importance of bookkeeping which monitors the business and provides information about it

•    Purchase, sales and expense records, as well as bank transactions and statements must be kept

•    All money-in (cash/credit sales) transactions should be recorded first then all money out transactions (cash/credit purchases)

On tips to growing your business she said:

•    Penetrate your existing market as you get clients to buy more with innovated and more serviceable products.

•    Ask fore referrals and identify a new market

•    Participate in trade shows

On how to get small business loans:

•    Have a business plan

•    Project your cash flow (financial data that demonstrates your ability to repay the loan), and

•    A credit rating report

Capital sources for business

•    Trade or supplier credit (payment terms offered by your supplier)

•    Friends and relatives

•    Commercial finance companies/banks.