profile/2933Blog.jpg
Emily27
YOUD NEVER WANT TO WORK FOR SOMEONE AFTER READING THIS
~4.0 mins read
You have two choices in the career world, either you work for someone or you get people to work for you.While the first might look good, getting people to work for you actually makes you more profitable to the government, and of course, the universe.
Before we begin, I want to make it clear that everyone won't be an entrepreneur, you know? That too comes with a lot of responsibilities. If your personality suits working under a boss, I still advise you go for it.
In my next article, I'd be listing out some things no one ever told me about being an entrepreneur. The commitments, downsides, tussles and more. But till then, ride with me as I explain some things you will love to hear about entrepreneurship and being employed.
In this piece, I'd be using two fictitious names, Todd and Titus. Todd is doing a regular job (probably teaching) and earning a monthly salary of ₦150,000 while Titus just launched his business last year and making an average profit of ₦120,000 per month.
Let's assume Titus is a web-designer and charges ₦50,000 per website, and gets a ₦20,000 profit subtracting the charges for the host, domain and other fees, to make ₦120,000, he needs to create an average of 6 websites per month.
At the end of April, he sees the need to expand and increases his advertising budget, thereby reaching more potential customers. By the end of 2019, his web design firm starts getting over 15 jobs a month and he hires one person to assist him, whom he pays ₦50,000 a month.
Calculating his income, 15 x ₦20,000 = ₦300,000 (- ₦50,000).His firm will be recording an income of ₦250,000. Remember he'd still have some running costs to cover, like fueling his generator, paying house rent and advertising his firms.
If he uses ₦1,000 to buy fuel in a day and works for 28 days in a month, he spends ₦28,000 on fuelDepending on the city, he might spend ₦15,000 on rent monthly (ie ₦180,000 per year), andMinus another ₦50,000 which he spent on ads, you'd see that he spent ₦93,000 last month on running his business.
₦250,000 - ₦93,000 = ₦157,000
Todd still earned his salary of ₦150,000 while Titus recorded an average monthly profit of ₦157,000 at the end of the year.
As a salary earner, Todd will save any extra money by by depositing it into a bank, which in turn earns him an annual interest of 5%.
In the advanced world where you earn per hour, you'd have to calculate your income with the paycheck formula.
Paycheck = (hourly pay) x (hours worked)
Remember there are only 168 hours in a week, so basically you can't work for 500 hours no matter how strong you are.
According to TowardsDataScience.com, an average American man works 41.0 hours per week while the ladies work an average of 36.3 hours per week.
₦150,000/160 hours = 937.5(To not complicate things, let's assume you're earning ₦1,000, which equals ₦40,000 a week)
Now as a employee, you're limited in the sense that:You can't work 500 hours a weekYou can't force your employee to pay you ₦15,000 per hourYou can't ask the bank to give you an annual interest of 100%
While Titus finds out that his firm is getting more jobs than he can handle and they've built an authority in the industry, so he hires more employees and increases his charges.
In a few years of running, he'd have built his portfolio, and gained some reputation. He won't be limited because as new businesses emerge, the need for websites increase. He won't be limited with time because he already had more employees, whose salaries are fixed.
Titus will now have oversee the running of his business while his employees do the jobs of creating the websites.
Titus can in the later run, decide to expand into mobile app development and social media management. Looking at his industry, you'd believe with me that his clients may also be needing the services.
I gave a very simple example above, but the same scalable variables exist in everything Titus works for which usually come from these three main categories:• Owning a Business• Stock Investing• Real EstateNotice, these are NOT earned income (job).There are seven common streams of income:• Earned income• Profit income• Interest income• Dividend income• Rental income• Capital gains income• Royalty income
All of the above listed, except earned income are scalable and controllable in one way or another.
Before we begin, I want to make it clear that everyone won't be an entrepreneur, you know? That too comes with a lot of responsibilities. If your personality suits working under a boss, I still advise you go for it.
In my next article, I'd be listing out some things no one ever told me about being an entrepreneur. The commitments, downsides, tussles and more. But till then, ride with me as I explain some things you will love to hear about entrepreneurship and being employed.
In this piece, I'd be using two fictitious names, Todd and Titus. Todd is doing a regular job (probably teaching) and earning a monthly salary of ₦150,000 while Titus just launched his business last year and making an average profit of ₦120,000 per month.
Let's assume Titus is a web-designer and charges ₦50,000 per website, and gets a ₦20,000 profit subtracting the charges for the host, domain and other fees, to make ₦120,000, he needs to create an average of 6 websites per month.
At the end of April, he sees the need to expand and increases his advertising budget, thereby reaching more potential customers. By the end of 2019, his web design firm starts getting over 15 jobs a month and he hires one person to assist him, whom he pays ₦50,000 a month.
Calculating his income, 15 x ₦20,000 = ₦300,000 (- ₦50,000).
If he uses ₦1,000 to buy fuel in a day and works for 28 days in a month, he spends ₦28,000 on fuel
₦250,000 - ₦93,000 = ₦157,000
Todd still earned his salary of ₦150,000 while Titus recorded an average monthly profit of ₦157,000 at the end of the year.
As a salary earner, Todd will save any extra money by by depositing it into a bank, which in turn earns him an annual interest of 5%.
In the advanced world where you earn per hour, you'd have to calculate your income with the paycheck formula.
Paycheck = (hourly pay) x (hours worked)
Remember there are only 168 hours in a week, so basically you can't work for 500 hours no matter how strong you are.
According to TowardsDataScience.com, an average American man works 41.0 hours per week while the ladies work an average of 36.3 hours per week.
₦150,000/160 hours = 937.5
Now as a employee, you're limited in the sense that:
While Titus finds out that his firm is getting more jobs than he can handle and they've built an authority in the industry, so he hires more employees and increases his charges.
In a few years of running, he'd have built his portfolio, and gained some reputation. He won't be limited because as new businesses emerge, the need for websites increase. He won't be limited with time because he already had more employees, whose salaries are fixed.
Titus will now have oversee the running of his business while his employees do the jobs of creating the websites.
Titus can in the later run, decide to expand into mobile app development and social media management. Looking at his industry, you'd believe with me that his clients may also be needing the services.
All of the above listed, except earned income are scalable and controllable in one way or another.
profile/2933Blog.jpg
Emily27
5 BREAKOUT ROOM IDEAS FOR YOUR BUSINESS
~3.2 mins read
It can be healthy for your staff members to take a step away from their workspace and have a little ‘relaxing’ time.There are many studies that suggest taking a break whilst you’re at work is just as important as the work that you do. In doing so, staff members are allowing their brains to recharge and set themselves up well for the next shift ahead.
Overworking yourself whilst at work can have detrimental effects to you both physically and mentally. It can lead to fatigue, stress and affect your productivity which can produce poor output in terms of the quality of the work completed.
It’s important that you provide a breakout space in your business to help your employees wind down when they need it most. The design of your breakout room is an important aspect to consider so they can relax in the right way. With this in mind, let’s take a look at what to implement when designing your breakout room.Open spacesProviding an open plan breakout space provides your employees a gentle reminder that it’s a space that’s always welcome to them when they need to take a break. Dividing the space away from the work area can sometimes make your employees feel suffocated and not allowing their minds to ‘breathe’ during their work time.
Instead, you can use carpet tiles or designs that outline the breakout space without actually using walls. This can also save on construction costs when you’re building your office space.Offer a lounge areaIf you’ve introduced flexible working in your business, many of your employees may not be used to working at a desk and office chair. They’ll prefer surroundings that are more casual to suit their flexible working time.
You may have employees that wish to utilise your office space on the weekend. So, providing a comfortable lounge area will allow them to kickback and complete their relevant tasks. Jazz it out with a luxury coffee table, accompanied by a comfortable designer sofa rather than your typical high chair facing a desk and window. To top it off, a few plants and a shaggy rug will provide a quality touch.Include a coffee machineOffice spaces are increasingly familiar with coffee areas. Many office workers use their break to grab a coffee and give them the midday boost they need to get through the remainder of the day. Therefore, it’s important to provide your employees with a coffee station to make their much needed cuppa.
This will encourage your workers to take a quick break more often as well as give them an area to have a chat away from their normal work. This can promote employee engagement and integration as workers become more sociable with their work colleagues.Provide a breakfast barThey say that your breakfast is the most important meal of the day. It vanishes any hunger issues that you have and gets you energised for the tasks ahead. As a dining space, a breakfast bar makes a perfect area for employees to enjoy their food away from their desk, but also use it as an area to work on their laptop.
It’s also an added space where you can add a spot of colour to your business floor. Colour is a great way to keep the atmosphere vibrant and upbeat, rather than creating dark and lifeless workspaces which would prove hard to motivate your employees.Breakout room ideas for your officeAlthough there may be many aspects of your business that you’re monitoring, your breakout room should be considered highly when building your business. This isn’t an extensive list of ideas, but these are just some of the ways that you can incorporate into your business breakout room to help keep your employees engaged and motivated
Overworking yourself whilst at work can have detrimental effects to you both physically and mentally. It can lead to fatigue, stress and affect your productivity which can produce poor output in terms of the quality of the work completed.
It’s important that you provide a breakout space in your business to help your employees wind down when they need it most. The design of your breakout room is an important aspect to consider so they can relax in the right way. With this in mind, let’s take a look at what to implement when designing your breakout room.
Instead, you can use carpet tiles or designs that outline the breakout space without actually using walls. This can also save on construction costs when you’re building your office space.
You may have employees that wish to utilise your office space on the weekend. So, providing a comfortable lounge area will allow them to kickback and complete their relevant tasks. Jazz it out with a luxury coffee table, accompanied by a comfortable designer sofa rather than your typical high chair facing a desk and window. To top it off, a few plants and a shaggy rug will provide a quality touch.
This will encourage your workers to take a quick break more often as well as give them an area to have a chat away from their normal work. This can promote employee engagement and integration as workers become more sociable with their work colleagues.
It’s also an added space where you can add a spot of colour to your business floor. Colour is a great way to keep the atmosphere vibrant and upbeat, rather than creating dark and lifeless workspaces which would prove hard to motivate your employees.
Advertisement
Link socials
Matches
Loading...