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Considering transitioning your side hustle into a full-fledged small business? If so, your top priority should be establishing a solid business budget.

To ensure the sustainability of your business, adhere to these steps to effectively manage your income and expenses.

What is a Business Budget?

A business budget is a way to keep track of all your business expenses, revenues, and profits. Having a budget will help you know how much your business is making and what adjustments you need to make to keep your business running smoothly.

There are many different formats a business budget can take. One common form is an Excel sheet. For more advanced forms, you can use different platforms and apps. Some popular apps include Freshbooks, Pocketguard, and Xero.

Why Do You Need a Business Budget?

If you’re a small business owner, you might think it’s easier to organize and manage your business income with your regular income and expenses. However, keeping your business finances separate from a budget can help avoid confusion. Here are some other reasons to have a business budget:

  • Having a business budget will help you keep track of your expenses so that you don’t run the risk of going out of business.
  • Having a business budget will be helpful when it comes to your business taxes.
  • It’s a great way to know how much money is coming in and going out of your business.
  • It’s a simple way to separate your finances from your business expenses.

Six Steps to Creating a Business Budget

Creating a business budget can be simple. It involves calculating numbers and taking a deeper look at your business. However, once you take some time to set up your budget, you’ll find that your business runs smoother than before.

  1. Know Where Your Money Is Coming From: It’s exciting when your business starts making money, but do you know how much it makes monthly and yearly? If not, now is the time to figure out the answer to that question.
  2. Factor in Costs to Run Your Business: Here is the part where you’ll need to be very thorough and look at everything it costs you to run your business.
  3. Calculate Potential Profits or Loss: With your expenses and revenue all calculated, you will figure out your profit or loss.
  4. See Where You Can Make Adjustments to Your Budget: If you’re unhappy with your profit numbers, then it’s time to adjust our business budget.
  5. Set Up an Emergency Fund for Your Business: Once you get to a point where you’re making a reasonable profit, you want to start setting up an emergency fund that you can work into your business budget.
  6. Stick to Your Budget: The last and most crucial step is to stick to your budget. Once you’ve made adjustments and know the general costs of running your business, don’t buy things you don’t need to spend without thinking.

Meet Udunma Nnenna Ikoro, a powerhouse in the communication, education, and empowerment sector. Hailing from Lagos, Nigeria, Udunma’s journey is nothing short of inspirational, marked by a fervent dedication to uplifting individuals and communities through education, advocacy, and entrepreneurship.

A Visionary Leader in Communication and Education

Udunma’s journey began with a strong educational foundation in Linguistics and Communication Studies from Abia State University, Nigeria. Armed with a thirst for knowledge and a drive to make a difference, she embarked on a path that would ultimately lead her to become a trailblazer in her field.

With over 18 years of experience as an English language teacher, Udunma’s expertise extends far beyond the confines of the classroom. She has leveraged her knowledge to establish an online English Learning Academy and virtual consulting business, bridging the gap between traditional education and digital innovation.

Pioneering Change Through Advocacy and Empowerment

Udunma’s impact transcends the realms of education and communication, as she is deeply passionate about advocacy and empowerment. As an advocate for gender equality, youth empowerment, and sustainable environmental practices, she has spearheaded numerous initiatives aimed at creating positive change in her community.

Through programs such as the TIWA SUMMIT, The Intentional Women Africa Conference, and The Intentional Girl Emergence Bootcamp, Udunma has empowered countless women and girls to embrace their potential and pursue their dreams with confidence.

A Catalyst for Literary Success and Entrepreneurship

In addition to her work in education and advocacy, Udunma has made significant strides in the world of literature and entrepreneurship. Rising from a “clueless writer” to a Multiple Amazon Bestselling Author and Publisher, she has authored 12 books, including bestsellers like “Author’s Compass” and “The Intentional Woman.”

Through her consultancy firm, Communique ResourceHub, Udunma has provided invaluable support to professionals and entrepreneurs, helping them navigate the complexities of book publishing and content strategy. Her impact has been felt not only in Nigeria but also in countries around the world, where she has consulted and published books for individuals from diverse backgrounds.

Udunma Nnenna Ikoro
Udunma Nnenna Ikoro

A Legacy of Empowerment and Excellence

As Udunma Nnenna Ikoro continues to champion change and empowerment in Lagos and beyond, her legacy serves as a beacon of hope for future generations. Through her unwavering commitment to excellence and service to others, she exemplifies the transformative power of education, advocacy, and entrepreneurship.

In a world where challenges abound, Udunma’s remarkable journey reminds us all of the potential for positive change and the importance of lifting others as we climb. As we celebrate her achievements, let us be inspired to embrace our own potential and work together to create a brighter, more empowered future for all.

As the Women of Rubies Media Visibility BootCamp 3.0 continues into its second day on April 7th, participants can anticipate another lineup of exceptional speakers poised to share their insights and experiences. Let’s take a closer look at the profiles of the speakers who will grace the virtual stage:

Tope Mark-Odigie: Empowering Financial Independence Through Real Estate

Media Visibility Bootcamp 3.0

Tope Mark-Odigie is a visionary leader, harnessing entrepreneurship to propel societal progress. With a firm conviction in real estate as a pathway to financial prosperity, she advocates for good governance to foster opportunities for Nigerians. As the CEO of REB360, Tope pioneers initiatives that empower individuals through real estate, while simultaneously leading WIRE Africa to champion women in the sector. Inspired by influential women such as her mother, Ibukun Awosika, and Oprah Winfrey, Tope endeavors to demystify financial management through initiatives like the “Game of Money” conference, empowering individuals to attain financial independence.

Katrice Bent: Championing Financial Empowerment Through Education

Media Visibility Bootcamp 3.0

Katrice Bent, founder of Katrice Justice, empowers individuals to take control of their finances through accessible education. Since its 2022 inception, her brand offers digital content, speaking engagements, and personalized guidance, facilitating financial freedom. Katrice’s journey began at 12, selling Avon products, and by 14, she owned a photography business. Recognized for her entrepreneurship in 2017, she received an award from the Jamaican Ottawa Community Association. With a strong online presence and commitment to excellence, Katrice continues to positively impact lives, driving toward a future of financial empowerment.

Fola Adegoke: Reshaping Cybersecurity Through Empowering Vision

Media Visibility Bootcamp 3.0

Fola Adegoke, Founder of Winfinite Consulting, is reshaping cybersecurity with her empowering vision. Her journey from Nigeria to Canada fuels her mission to prepare professionals for success in the industry. With a knack for problem-solving and a supportive upbringing, Fola is dedicated to bridging the skills gap. Winfinite Consulting offers hands-on training, leading to numerous success stories and award nominations. Despite challenges, Fola remains committed to staying updated and advocating for gender inclusion in cybersecurity. She’s enhancing efficiency at Winfinite with automation and a Learning Management System.

Dr. Kelechi Okoro: Driving Positive Change Through Health and Education Initiatives

Kelechi Okoro

Kelechi Okoro, an accomplished medical doctor and advocate for the SDGs, leads impactful initiatives focusing on health, education, and gender equality. As the convener of the “Pay Attention to Her (PATH)” project under Heal for Africa Initiative (HFAI), she addresses menstrual and reproductive health in underserved communities. PATH includes programs like “PATH Rural Woman,” empowering women with education and skills, and “PATH School Girl,” promoting menstrual hygiene and girl empowerment. Through these initiatives, Kelechi is driving positive change, fostering health, confidence, and empowerment in communities across Africa.

Damilola Ajibade: Amplifying Immigrant Stories and Entrepreneurial Success

Damilola Ajibade, originally from Nigeria, transitioned to Canada as a Permanent Resident, bringing her a wealth of experience as a Channel and Business Development Manager in the ICT industry. Recognizing a need to amplify immigrant stories in her new community, Damilola immersed herself in storytelling, culminating in creating “The Journey Amplified,” a television show spotlighting immigrant experiences on Rogers TV. Concurrently, she aids aspiring entrepreneurs in navigating essential business information, showcasing her commitment to fostering entrepreneurial success. Named one of Canada’s Top 100 Black Women to Watch in 2023, Damilola’s accolade underscores her pivotal role as a supporter of immigrant communities and a catalyst for entrepreneurial growth.

As the Women of Rubies Media Visibility BootCamp 3.0 continues, participants can expect to glean invaluable insights and inspiration from these remarkable speakers. Stay tuned for more updates and highlights from this empowering event!

Media Visibility Bootcamp 3.0

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Damilola Ajibade embarked on a life-changing journey to Canada as a Permanent Resident. Her professional background as a Channel and Business Development Manager in the ICT industry equipped her with valuable skills and insights. However, upon settling in Canada, Damilola noticed a significant gap in knowledge and understanding about immigrants in her new community.

Bridging the Gap Through Storytelling

Motivated by a desire to bridge this gap, Damilola delved into storytelling, recognizing its power to amplify voices and foster understanding. Through insightful interviews, she set out to showcase the inspiring journeys of new immigrants in New Brunswick and beyond. Her commitment and passion for storytelling eventually led to the creation of her television show, “The Journey Amplified,” which aired on Rogers TV.

Supporting Entrepreneurial Success

In addition to her television endeavors, Damilola actively engaged in public service, where she played a pivotal role in aiding new entrepreneurs. Her day-to-day involvement in guiding entrepreneurs through the essential information needed for their business success further demonstrated her dedication to supporting the immigrant community.

Recognition and Impact

Damilola’s impactful contributions did not go unnoticed. In 2023, she was honored as one of Canada’s Top 100 Black Women to Watch, a testament to her role as a beacon of support for the immigrant community and a catalyst for entrepreneurial success. This recognition celebrated her commitment to bridging gaps, inspiring change, and empowering others.

Starting a business in Canada is an exciting venture, but navigating the registration process can seem daunting. However, with the right tools and guidance, you can streamline the process and set your entrepreneurial journey on the path to success. In this article, we’ll provide a comprehensive guide to registering a company in Canada, along with the essential tools you need to get started.

Step 1: Choose Your Business Structure

Before you begin the registration process, it’s crucial to determine the most suitable business structure for your venture. In Canada, the most common business structures include sole proprietorship, partnership, corporation, and cooperative. Each structure has its own advantages and considerations, so take the time to research and select the one that aligns with your business goals and objectives.

Step 2: Conduct a Name Search

Once you’ve decided on your business structure, the next step is to conduct a name search to ensure that your chosen business name is available and compliant with Canadian regulations. The name search can be done online through the Canadian government’s website or by using third-party services that specialize in business name searches.

Step 3: Register Your Business

After confirming the availability of your chosen business name, you can proceed to register your business with the appropriate authorities. The registration process may vary depending on your business structure and location, but it typically involves submitting the necessary documents and paying the required fees. You can register your business online through the Canadian government’s website or by mail.

Step 4: Obtain Necessary Licenses and Permits

Depending on the nature of your business and its location, you may need to obtain specific licenses and permits to operate legally in Canada. These may include municipal licenses, provincial licenses, and industry-specific permits. Research the requirements for your industry and location to ensure compliance with all relevant regulations.

Step 5: Set Up Your Business Banking and Accounting Systems

Once your business is registered and licensed, it’s essential to set up your banking and accounting systems to manage your finances effectively. Open a business bank account to separate your personal and business finances, and consider using accounting software to track income, expenses, and taxes. This will help you stay organized and compliant with Canadian financial regulations.

Essential Tools for Getting Started:

  • Business Name Search Tool: Use online tools provided by the Canadian government or third-party services to conduct a name search and ensure availability.
  • Online Registration Portals: Take advantage of online registration portals offered by the Canadian government to streamline the registration process.
  • Legal and Accounting Services: Consider hiring legal and accounting professionals to assist with the registration process and ensure compliance with Canadian regulations.
  • Business Banking Services: Research and compare business banking options to find a financial institution that offers the services and features you need to manage your finances effectively.
  • Accounting Software: Invest in accounting software to track income, expenses, and taxes, and streamline your financial management processes.

For specific registration procedures and to access online registration portals, business owners should visit the corresponding government website based on their province or territory. Some examples include:

  1. Corporations Canada (for federal incorporation)
  2. Ontario Business Registry (for Ontario businesses)
  3. British Columbia Registry Services (for British Columbia businesses)
  4. Alberta Registries (for Alberta businesses)
  5. Registraire des entreprises (for Quebec businesses)

Business owners should visit the website corresponding to their location for accurate and up-to-date registration information.

Registering a company in Canada may seem overwhelming at first, but with the right tools and resources, you can navigate the process smoothly and efficiently. By following the steps outlined in this guide and leveraging essential tools and services, you’ll be well-equipped to establish your business and embark on a successful entrepreneurial journey in Canada.

We are thrilled to announce that Weyinmi Eribo has stepped into the prestigious role of Director General at Nigeria’s Women Chamber of Commerce, Industry, Mines, and Agriculture. With her wealth of experience and unwavering dedication to women’s economic empowerment, Weyinmi is set to lead the chamber into a new era of growth and innovation.

Having amassed nearly 15 years of diverse expertise across various sectors, including oil and gas, impact investing, and entrepreneurship, Weyinmi brings a unique blend of skills and insights to her new role. Throughout her career, she has demonstrated a deep commitment to fostering gender equality and driving meaningful change in the business landscape.

As Director General, Weyinmi will play a pivotal role in championing the interests of women entrepreneurs and advancing their economic participation across key industries. Her visionary leadership and strategic acumen will undoubtedly propel the chamber to new heights, opening up exciting opportunities for women-led businesses to thrive and succeed.

Weyinmi Eribo

In addition to her role at the Women Chamber, Weyinmi is also the founder of the Wevvo Foundation, a community-based platform supporting female breadwinners, and co-founder of SEEDS Services, an impact fund empowering women in agribusiness. Her tireless advocacy and groundbreaking initiatives have earned her recognition as a trailblazer in the field of women’s empowerment.

We couldn’t be more excited to welcome Weyinmi Eribo to her new position as Director General. Her appointment marks a significant milestone in the journey towards gender equality and economic inclusion in Nigeria’s business landscape. We do not doubt that under her leadership, the Women’s Chamber will continue to serve as a beacon of inspiration and opportunity for women entrepreneurs across the country.

Join us in congratulating Weyinmi Eribo on this well-deserved achievement, and let us look forward to a future filled with progress and prosperity for women in business.

Kemi Olomola-Sijuwade (KoS) emerges as a distinguished professional, pioneering excellence at the intersection of real estate and law. With over two decades of experience and a relentless commitment to innovation, KoS has carved a unique path in both Canada and Nigeria.

A Journey of Excellence

Armed with a degree in law from a prestigious institution in the United Kingdom, KoS’s journey began with a firm foundation in legal practice. Over the years, she has seamlessly woven her legal expertise into the intricate realm of real estate, navigating diverse cultural and regulatory landscapes with finesse.

Kemi Olomola-Sijuwade
Kemi Olomola-Sijuwade (L) and Greenland Concept associate (R)

Entrepreneurial Vision

As the visionary Founder of Greenland Concepts Nigeria Limited, KoS embodies the spirit of entrepreneurship and people empowerment. Her recent expansion into Canada with the opening of another Greenland Concepts office signifies her dedication to global growth and the pursuit of excellence in real estate.

Leadership and Impact

Beyond her corporate endeavors, KoS is deeply committed to community development and holds active memberships in prominent professional associations. Her leadership as the Managing Director of Nigeria Police Force Property Development and Construction Company Limited continues to shape the legal and business landscape, leaving an indelible mark on the professional community.

Inspiring Others

KoS’s journey serves as an inspiration to aspiring professionals and entrepreneurs alike. Her resilience, adaptability, and unwavering commitment to excellence stand as a testament to the power of visionary leadership in driving societal change and fostering growth.

Conclusion

In a world where borders are transcended by expertise, Kemi Olomola-Sijuwade (KoS) stands as a beacon of inspiration—a woman seamlessly integrating legal finesse and real estate proficiency on an international stage. As she continues to shape the landscapes of both Canada and Nigeria, she remains dedicated to fostering growth, navigating complexities, and contributing to the vibrant tapestry of real estate and law in both nations.

Tope Mark-Odigie stands as a beacon of transformation, leveraging entrepreneurship as a catalyst for societal advancement. With a fervent belief in real estate as a pathway to wealth creation, she tirelessly advocates for good governance to foster an enabling environment for Nigerians to thrive. For over a decade, she has graced television screens as an award-winning host of Nigeria’s most popular breakfast show, captivating audiences with her insights and infectious energy.

Visionary Solution Provider

As a visionary solution provider, Tope has collaborated with corporate organizations, non-profits, and government agencies to develop effective strategies addressing unemployment and promoting behavioral transformation. Her commitment to mindset reforms underscores her dedication to achieving collective societal growth.

Leading Initiatives for Empowerment

At the helm of REB360, Tope serves as CEO, spearheading initiatives focused on empowering individuals and fostering wealth creation through real estate. Additionally, she is the driving force behind WIRE Africa (Women in Real Estate, Africa), an NGO dedicated to facilitating the participation and financial empowerment of African women in the real estate sector.

Tope Mark-Odigie

Inspirational Figures

Tope draws inspiration from three remarkable women who have left an indelible mark on her life. Her mother, Mrs. Olayinka Odubella, epitomizes resilience and success, instilling in Tope the values of perseverance and determination. Ibukun Awosika, an entrepreneur and devoted servant of God, embodies the essence of success across multiple domains, serving as a guiding light for Tope’s aspirations. Lastly, Oprah Winfrey’s journey from adversity to unparalleled success serves as a testament to the power of perseverance and resilience, inspiring Tope to reach greater heights.

The “Game of Money” Conference

The “Game of Money” conference epitomizes Tope’s mission to demystify the complexities of financial management. By assembling a diverse lineup of coaches, entrepreneurs, and corporate professionals, the conference aims to impart invaluable insights on wealth creation, inflation management, and financial resilience. Through this platform, Tope seeks to bridge the gap between entrepreneurship and corporate sectors, empowering individuals to master the intricacies of the financial landscape and achieve financial freedom.

Conclusion

Tope Mark-Odigie’s unwavering commitment to empowerment and societal change serves as a testament to the transformative power of entrepreneurship. With her vision, resilience, and passion, she continues to inspire growth and create lasting impact in communities across Nigeria and beyond.

Amidst the ever-evolving landscape of professional success and entrepreneurial ventures is a figure whose journey epitomizes dedication, innovation, and unwavering commitment – Chichi Okiche. With a fervent passion for shaping exceptional talent and driving organizational success, Chichi’s story is one of resilience, determination, and remarkable achievements.

A Journey of Expertise and Excellence

Armed with a degree in Human Resource Management, Chichi embarked on her professional odyssey over 13 years ago. Currently serving as a Senior Manager of Talent Acquisition and Development, she has carved a niche for herself in building high-performing teams and implementing strategic recruitment initiatives that seamlessly align with organizational goals. Her prowess in identifying and nurturing top-tier talent has been instrumental in fostering a culture of continuous growth within her organizations.

Beyond the Corporate Realm

Yet, Chichi’s narrative extends far beyond the confines of corporate success. A visionary entrepreneur at heart, she is the Founder of Sokiche Consulting – a dynamic firm specializing in Social Media Management and HR Consulting. With an astute understanding of the ever-evolving digital landscape and human resource dynamics, Chichi leads her team in crafting compelling strategies for brands, guiding them through the intricacies of the modern business landscape.

Entrepreneurial Spirit and Innovation

Further showcasing her entrepreneurial spirit, Chichi is also the driving force behind Kokahair – a thriving human hair wig company. Through Kokahair, she empowers individuals to embrace self-expression and confidence, offering quality hair products that redefine beauty standards.

Making an Impact Beyond Business

Yet, Chichi’s impact transcends mere business ventures. As a socially conscious leader, she actively participates in non-profit projects supporting black businesses in Canada. Her unwavering commitment to fostering inclusivity and diversity underscores her dedication to making a positive impact beyond professional realms.

As she continues to trailblaze across industries, Chichi remains a beacon of inspiration to aspiring professionals and entrepreneurs worldwide.

Join us in celebrating the remarkable journey of Chichi Okiche – a true testament to the power of passion, perseverance, and the pursuit of excellence.

Barakat Mohammed stands as a testament to the seamless fusion of creativity and entrepreneurship. Armed with a degree in Mass Communication and Media Technology from Lead City University, she further fortified her skills with a certification in Cosmetology and Skin Care Formulation, reflecting her innate artistic flair.

Entrepreneurial Genesis with BMVillage

Barakat embarked on her entrepreneurial journey with the establishment of Gifted Hands, an art studio, and Aishla’s Beauty Store. This venture evolved into BMVillage, a flourishing skincare line that became a primary source of income. Her commitment to making a positive impact led her to actively participate in Paged Initiative, utilizing media for advocacy purposes.

Hospitality Industry Odyssey

Drawing inspiration from her love for the Hilton brand and a destiny-driven connection, Barakat’s journey in the hospitality industry began. Starting with an internship at Hilton Abudhabi, she later worked for esteemed establishments such as Hilton Abudhabi Corniche and Nisa Wellness Retreat. These experiences not only honed her communication and analytical skills but also enriched her understanding of diverse cultures.

Navigating Art and Entrepreneurship

Balancing entrepreneurship in the beauty industry with her passion for art proved challenging for Barakat. Despite the intense focus on her skincare line and hospitality ventures, she maintains an artistic touch in all aspects of her work, acknowledging the ongoing presence of art in her life.

Impactful Volunteering with Paged Initiative

Barakat’s involvement with Paged Initiative broadened her perspective on issues related to rape, abuse, gender-based violence, and challenges faced by women and children. This experience equipped her with valuable insights for effective advocacy and community impact.

Media Communication Skills in Action

Her background in mass communication played a pivotal role in navigating various industries. From photography to design and branding, Barakat applies the skills acquired during her degree to the real world, identifying the best communication mediums at specific times.

Elevating BMVillage with Cosmetology Certification

Barakat’s certification in Cosmetology and Skin Care Product Formulation deepened her understanding of skincare ingredients and their compatibility with different skin types. This knowledge, combined with her artistic abilities, contributes to the creation of effective and visually appealing skincare products under BMVillage.

Celebrating Influential Women

Barakat pays homage to three inspiring women who have shaped her journey. Her beloved mother, Mrs. Aisha Ojone Umar, provides unwavering encouragement. Queen Amina of Zauzau inspires strength and focus, while Mrs. Roslin Ora Oguche, her grandmother, embodies selflessness and leaves a legacy of charitable deeds.

Qualities That Define Barakat as a Woman of Rubies

Barakat’s journey, personal growth, and resilience against all odds define her as a Woman of Rubies. Her ability to thrive and push forward stands as a testament to her strength and determination.