Business

5606267 3d business growth graph

How To Make More Sales

Posted by | Business, Entreprenuership | No Comments

There’s a native Nigerian proverb that says that marketing is the energy drink of business. Well that’s not actually the direct translation but in essence that’s what it means. If you’re not marketing, it’s not very likely you’ll get more customers and no customers equals no money. I’m sure we’re aware that cash flow is the lifeblood of any business, so once you’re not getting more clients or customers, more money isn’t flowing into your business and if that’s happening, it’s just a matter of time before your business “runs down”.

Small businesses need a constant supply of new customers to stay afloat else the expenses would be more than income. That would mean running at a loss and eventually closure is eminent. The challenge most small-scale businesses have to deal with is how to constantly get new customers on autopilot. One of the things I’ve come to discover is that the larger the crowd of interested people you market to, the higher your chances at securing more customers. The challenge for small business owners and self-employed people is how to access the crowd of those interested in their services or products and how to show them the can provide the goods or services the (the customers) need. Most small businesses don’t have enough customers to be able to break even and eventually make profit.

Here are a few ideas on getting more customers to buy your product or engage your services. I have also discovered that most small biz owners start by marketing to people they know i.e. friends, family members, neighbours, etc. However you can be sure that unless you widen that potential customer base, you are bound to close shop soon. You need to begin to get crowds of people, people you don’t know personally, to patronize your biz to make great profits and stay afloat.

So how do I get this kind of traffic to my biz to ensure increase in my cash flow, you ask? Let me share some tips from my own experience.

  1. Go to where your target market congregates. We say “If Mohammed will not go to the mountain, then the mountain will go to Mohammed.” Chikena! Most small biz owners just sit in their shops & offices, hoping that customers would just walk in their office make a purchase or contact them for their services by some luck. At a time when people are bombarded with so many options, you had better get off your behind and move towards your prospective customer.Sit down and map out a marketing strategy that is focused on helping you make more sales. To make this sales & marketing strategy succeed, go to the places where your target market congregates. If you are offering tutorial lessons for WASCE or JAMB candidates, you’ll need to go to Secondary Schools. That’s where your target audience congregates. Research where your target audience gathers and throw a massive net to gather as many as you can. If you don’t know where your target audience hangs out, create one. By creating a hang out or congregation point, you create an opportunity to sell your goods or services. Imagine you get to a gathering of 200 and you’re able to get 10% of that group to purchase a product you sell at N1000. That means you’ve been able to make 20k at one time. Not bad ehn?
  2. The next most important thing is to realize that customers are selfish. The question on the mind of every person is “what’s in it for me?” Once you have access to the place your target market congregates, you must be prepared to QUICKLY show them what they stand to gain. These benefits are what will make them part with their money. One way to do this is to show them what they’re missing out by not taking advantage of your offering. Make it about your customers and not about you. Most of us entreprenuers are so cocky that we make it look like we can live without our customers but the truth is that we’re in business because they are still patronizing us. Research has shown that most purchases are linked to the emotional state of wellbeing of those making the purchase, so once the customer is comfortable with you and trusts you, you can easily make sale after sale after sale.

50 Entreprenuer Ideas

Posted by | Business, Entreprenuership | No Comments

 

When you’re living in a developing country, the reality of economic hardship is very real. Getting a job, with a steady paycheck is difficult and most of the jobs available do not pay well enough. Robert Kiyosaki, in his book Rich Dad, Poor Dad points out that being an entrepreneur is one of the ways to becoming financially stable and wealthy, so being an entrepreneur is one of the ways for people living in developing countries to be free from poverty. I saw this article, written by Ben Kubassek and I believe it can be a jump start into entrepreneurship for young people living in a country like Nigeria . Here’s an excerpt.

As a serial entrepreneur, author and speaker it is my life purpose to share my experiences (both successes and failures) with young people around the world to help them know, go and grow as young entrepreneurs. In this article I share the top 50 small business ideas for young people in developing countries that can be started with very little money and yet have great income potential.

Here the list:

1. Accounting– If you have an accounting degree you can start a freelance accounting/bookkeeping service for other small businesses who can’t afford a full-time person..

2. Affiliate Marketing – If you are a persuasive person, you can get a commission from a company for selling their products to third parties.

Read the rest of the post on his blog at http://knowgogrow.com

Of goals, timelines and achievements

Posted by | Business | No Comments

Welcome into 2015! This year starts with the brightness that every New Year brings. At the beginning of each New Year there’s lots of optimism and great expectations of what each year carries. No doubt there are lots of opportunities in the year. Many entrepreneurs embrace new visions and expectations. However as the year unfolds, this optimism just seems to fade out and we lose steam. The reason for this loss in momentum is usually because we have not been able to connect our daily responsibilities and business activities with our final outcomes and goals.

After having set our goals (and I must say don’t set small ones. If your business had an income of a million naira this year for example, setting a goal to make 1.5 million naira is a goal that doesn’t stretch you much), we must find a way to connect our daily workings to fit into those goals. As entrepreneurs, we actually get overwhelmed with the daily grind and lose out on achieving our goals.

In my own personal experience (7 years now) and my oral interviews with many entrepreneurs I have met, the major challenge has been that most of us have been bogged down with the daily grind and lose track of our expected outcomes. At the end of the year when we try to audit our goals, we discover that we are really not as close to achieving the goals as we expected.

So what do we do?

  1. WRITE OUT YOUR GOALS
    Of course the first thing to do is to set the goals. It’ll be great to follow your dreams but then set realistic goals. The SMART way to set goals is a great guide to setting goals that are outstanding. Whatever you do, set goals that will challenge you and not something mediocre that won’t create any challenges for you at all. 
  2. CREATE MILESTONES
    After being overwhelmed with how I can execute the plans for 2 different business I planned to raise to another level in the year, I had an idea. Why not focus on achieving goals for just 3 months instead of a full 12 month plan?  Many of us are overwhelmed with our yearly goals, particularly in the execution of those goals. However by setting milestones of 3 months each, brings the achievement of the goals closer home.
  3. ACTION! ACTION!! ACTION!!!
    Create an action plan. For example, if your goal is to make twice what you made last year, you’ll probably need to advertise to more people than you did last year. Sit down and draw an action plan on how to achieve the goals. Goals that sit in your mind as desires are only clouds that blow away as soon as a strong wind blows.
  4. PURSUE!
    After breaking down the milestones, pursue them with gusto just as if the year ended at the completion of those 3 months you’ve set.
  5. BE ACCOUNTABLE!
    Look for someone (or a group of people) that you can be accountable to. What this does for you is put you on your toes to help you accomplish the goals you’ve set. Having people to be accountable to helps you remain fired up. It’s difficult to be discouraged around a set of people who are fired up and desirous of fulfilling their goals!

I pray this New Year will bring you the greatest results you’ve ever had in your business venture.