Get a new income stream by Forex trading with IMarketsLive

Unathi Mtwa is a 26-year-old who holds a B. Tech degree in Financial Information Systems and is currently working as a Young Professional in Training at a Freight rail company. When she is not at work, she will be at church choir practice or at home reading a book or catching up on a series.

She hopes to begin a business venture of choice which is dedicated to educating, empowering and enriching many with a skill of foreign exchange.

Unathi Mtwa is one of many who is on a mission to Educate, Empower and Educate 250 000 Africans by 2020, and so she’s calling out to all Boss Babes who want to be part of this movement.


How did you begin Forex Trading?

As a young woman in her mid-20’s, I felt exhausted with the routine life of waking up, going to work, coming back to cook, watching television and sleeping, only to repeat this all year round.

I needed something to challenge me intellectually (apart from my job), develop me personally, and give a sense of purpose to my life, so I decided to do some research on Income producing activities and went to a lot of workshops and presentations until I found my match.

A young leader introduced me to an industry I had longed to learn but had uncertainties about, and in the short space that I have been learning and earning with iMarketLive. Forex trading has since filled the void I had.

For those who are curious about Forex trading, Forex is a shortcut for Foreign Exchange, which in short is the trade of a currency for the other. It includes all aspects of buying, selling and exchanging major currencies at a determined price.

Forex is currently a 5.3 Trillion Average, per day activity industry, running on different trading sessions between diverse investors, which in this case will be most relevant to retail investors/traders, our main customers at IML.

Who can go into the forex trading business? Is it for only people in the accounting field?

Absolutely Not. Becoming a retail investor in the foreign exchange industry does not require an accounting qualification. It is a skill that people in different disciplines can learn to perfect over time.   

 

Tell us about IMarketsLive, and how you began

IMarketsLive is a first-class Forex education provider, which is currently running in over 120 Countries. It is not a broker and does not handle any Forex trading accounts, and hence does not make commissions on any activities in one’s account.

While IMarketslive makes no guarantees on results, the company takes pride in its services of bringing the best education platform to all who want to acquire trading skills and lifetime understanding of how to be a better trader.

With IML’s products and learning academy, you can learn at your own pace, space and time.

I started with IML by purchasing one of their financial education packages, the Platinum Package which has everything the company has to offer about the Foreign exchange.

Becoming a retail investor in the foreign exchange industry does not require an accounting qualification. Click To Tweet

How did IML Academy begin?

Iml academy is one of the educational platforms that Iml has to offer and began shortly after the company was started as a means to educate its students through a structured series of educational videos.

The academy is structured in such a way that you may watch whatever tutorial, however many times you nee, until you can apply such knowledge with confidence.

 

What products and resources do the academy have to enable easy learning of this trade?

IMarketsLive has at least 60 videos that educate you about everything you need to know, from basic knowledge of what Forex is, when to sell\buy and leveraging to expertise knowledge of trend analysis, proper risk management and

They have high educational level products like the Harmonic Scanner, Web Analyzer, Swipe Trades and other great products that assist with high probability confirmation to help increase your chances of profiting, by scanning the markets on multiple time frames seeking precise entries and thus offering trade alerts at your convenience, which you may choose to act on, and with the detailed analysis help understand where and how the signals came to be.

Are you in this Industry full time, or is it something you do on the side?

No. I have a full-time job as a young professional in training at Transnet Freight Rail. I’m learning Forex on the side.

 

How can people interested in learning how to trade get involved with IMarketsLive?

The first thing to do is to find out if this is aligned with your vision in life and to ask yourself if you’re willing to put in the time, focus and work while learning.

If so you can get in touch with an Iml distributor or myself to share with you the necessary information to help you purchase an IML product most suitable for you.

For detailed Info: Visit our website, or send an email to mtwaunathi@gmail.com/ aurorlyuni@gmail.com.


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Why review your business accounts?

The bookkeeping records are the mirror that you look into to know how your business is performing Click To Tweet

The ultimate goal of a business is to make money for the entrepreneur. On the way to attaining this goal, there are many things that you must do in your business which includes, producing the service or product, selling, managing your customers and keeping financial records.

Record keeping sometimes referred to as bookkeeping is an integral part of a business and these records are the mirror that you look into to know how your business is performing.
Once you have your records in place, the next important step is to use them to improve your business. This entails pouring through the numbers to understand the patterns and trends that the records reveal.

For you as an entrepreneur, there are two reasons why you want to go over your business accounts;

  1. To check that they are accurate; reviewing your accounts allows you to make sure they give a fair reflection of the state of your business, which will help to highlight any weaknesses and areas for improvement, for example, you will be able to note the missing records, vouch estimates used and even assess how stock is being managed.
  2. To compare performance; when accounts are compared with previous years or with your competitors, they can show unique trends and help you learn from other businesses in a similar position to yours.

Business accounts should be reviewed at least every quarter.

Reviewing your accounts allows you to make sure they give a fair reflection of the state of your business Click To Tweet

What to look out for

There are some important things to look out for when reviewing accounts.

On the income statement check whether the business has made a profit in the year and whether revenue or costs has gone up or down compared with the previous year?

The balance sheet will tell stories about how much money is in the bank. Remember, from the Cash is King article, we discussed why money should be available. The balance sheet will also gauge whether cash levels are moving in line with profit?

On the balance sheet, you will be able to note if the stock level is reasonable and also whether there are any big payments due soon in terms of loan repayment or large invoices. When analysing business accounts, ensure there is nothing that is obviously missing and use ratios to help you to compare and contrast the performances of businesses.

Comparisons can be made internally with past performance or budgeted results or externally with competitors or industry averages. It is good practice for the accounts to be independently reviewed and you can one or more of the following people to do this on your behalf:

  • Any person other than yourself
  • An accountant or
  • An auditor

In our ‘Reviewing Financial Accounts’ guide, you’ll find a section on key ratios for analysing business performance. It will provide you more information on how to go about reviewing your accounts. Download our guide on reviewing financial accounts here.

Bookkeeping for dummies

Bookkeeping is an important skill to have when you're starting your business Click To Tweet

One thing that you quickly learn when you start your business is that you’ll have to handle every aspect of it; from marketing your products, hiring your employees and most importantly getting a handle of your accounts.

It is therefore important that you get a good understanding of the basic set of accounts for any business, how they relate to each other and how the different actions you take are represented in your books. The more your business grows the more complex it becomes and at that point, you might want to consider getting yourself some professional help.

In this Forbes article, the writer talks about what you need to know about the 10% of start-ups that succeed.

One of the things he talks about is making sure you understand the ‘’boring’’ stuff about your business. It is so easy to get carried away by the more interesting aspects of your business and forget to handle the less interesting but many times the most important aspects of your business. One of these is the accounting.

What we are going to do here is to give you a basic introduction to the business accounting concepts that you need to understand as you run your business. Don’t be worried about whether or not you have an accounting degree, these are things you can do with your eyes closed.

Every business transaction is an exchange of one thing for another Click To Tweet

Double entry: All business transactions have a double effect on the accounts

Every business transaction is an exchange of one thing for another. This is the basis of accounting, the idea here is to get an all rounded picture of where your money is going and keep yourself from small mistakes.

As a boutique owner, you sell an outfit (inventory) in exchange for cash. This simple transaction has a double effect of increasing the amount of cash in your business while reducing the count of inventory. Very simply put that is double entry affecting your cash account and your inventory account.

The accounts are interrelated

At this point, we are basically building up on the double entry concept by creating an account for every element of your business. If for example, you did not sell the outfit for cash but for credit, then you’ll want to keep an account of the person to whom you sold the outfit to until you get the money in cash and then close off that account while increasing the amount of actual cash that you have.

Every time you use your cash for something new then create an account for whatever aspect of your business is affected by that transaction. If it is an account that you already opened then you just keep building on that account.

Balance the accounts

You’ve probably heard this phrase before, what it simply means is that after some time you’ll want to know how your accounts look. Say every month or every week when you want to know where your business stands you’ll make sure that for every account you opened both sides have an equal amount.

For example, your inventory account had a balance of $1000 when you started off, every time you sold something that balance reduced. Let us assume that at the end of the month your inventory reduced to $250, you’ll continue selling it off at the beginning of the next month so to balance your account the $250 will simply be considered as inventory carried forward.

Bookkeeping grows more technical as your business grows & there are many apps you can use to do this Click To Tweet

These are the basic accounting ideas that you need to understand. Bookkeeping, of course, grows more technical as your business grows and there are many applications that people employ these days to do this, however, the idea remains the same.

In the next article in this series, we’ll help you understand the important accounts when doing bookkeeping for your business. We’ll talk about differentiating between cash and profit, understanding the incoming statement as well as the balance sheet.

Alima Bello: My fashion company was becoming an expensive hobby

Alima Bello

She Leads Africa connected with Alima Bello, a fashion entrepreneur from Accra, Ghana to learn more about how she’s turned her passion into a full-fledged business. This is part of our series, From Startup To Grownup, which shares how young women entrepreneurs have moved beyond the startup phase and transitioned their businesses into sustainable enterprises. 


How did you start Bello|Edu and what did you know about business before getting started?

This might sound cliché, but Bello|Edu started off as a personal need. It was hard looking for clothing or fashion pieces of my own aesthetic so I started designing my own stuff to have them made for me. This developed into designing for family friends and then later on I took a pattern drafting course to further develop my passion.

I majored in business administration both in secondary and undergrad so I had theoretical knowledge in business. I was also fortunate enough to work in a family-owned company so I had a bit of experience in business management before I ventured into Bello|Edu.

Bello Edu

How long did it take for you to view your company as a serious business and start to professionalize it? Did something happen to get you to that point?

I always viewed my passion as a business. But I guess what you’re trying to ask is at what stage I started treating it as business. There came a point where I had to be firm with myself and admit that it was becoming an expensive hobby and I needed to put certain things in place in order to realise my dreams.

I tell myself that until I am able to lock down 300 – 500 orders per collection or season, this will remain a hobby.

Bello Edu logo

What bad business habits did you need to give up in order to help your business grow?

Just because I like it doesn’t mean it has to make the cut. That’s a grown-up decision. This is where the business side of me has to override my creative side. I know most creatives go through this process where we tend to create or design something that speaks to us or reflects our mood at any point in time.

In business however, that design piece might not be feasible and so you have to do the bold thing and drop it. And oh, I have this impulse to buy any fabric that speaks to me. Now, that’s not a smart business choice.

What business investment was hard for you to make that you are now so grateful for?

With my theoretical and practical knowledge I don’t think any decision was hard to make. It was just a matter of prioritising and timing.

What advice would you give to young entrepreneurs interested in building a sustainable fashion business?

There’s never the right time to start a business. The time is always now.

Data is also very vital for your business. Keeping the number trends will let you know which smart and not so smart business choices to keep or to drop.