5 Simple Steps to finally launching your business idea
Was one of your new year’s resolutions to finally get that blog, podcast or business idea off the ground? Well, if so, I’ve got great news for you! I recently sat down with the amazing Tobi Olujumni who shared 5 simple steps that you can take to turn this dream into a reality. For anyone unfamiliar with her, Tobi is the founder of the WTALK, a Multiplatform Entertainment & Faith Network which empowers Women to explore Faith via entertainment. W360 is the membership streaming service of WTALK set to redefine Faith within global entertainment. She is a powerful communicator and sought after preacher of the Word of God. You can read the tips that she shared in our interview below: 1. Start small but do something First of all, I would say, start small. Start small but do something. I think that in the day and the society and the culture in which we live now, everyone expects you to have ten thousand followers or a hundred thousand followers, or what have you. And you’re almost deemed unsuccessful if you haven’t attained that. All of these things are just massive distractions. If you have something on your heart to create, I would say start small. If you want to start a blog, start writing. Start writing on your notepad. For example, it’s so funny because someone asked me about how I do status updates. Well actually, some of my status updates come on the train and I put it in my notepad. Then I get a kind of a nudge a few weeks later and I think “Oh, that’s for this time!” and I post it. So first, I would say, start small but do something. That’s big! Because, you know, I have a lot of people that come to me and they’re like “how?” or “what should I do” and I’m like “just do something!” It doesn’t have to be fantastic. I am a perfectionist but sometimes that can work against me because sometimes some things need to go out. Some things need to resonate. It’s not about the camera angles, it’s the message that needs to reach the person who needs it most. So that’s why I would encourage whoever it is to start and do something. 2. Be consistent And then I would say, be consistent. Be consistent because people like to trust that you’re going to be around. That’s how you build a community. That’s how you build a following- if people trust you; that you’re going to be around. And, if you think about it, if we look at any of the big, massive brands, we trust that they’re going to work. For example, if I log onto Netflix, I trust that the shows are going to be there. That’s because of their consistency and I think, as you show up and you’re consistent, people will build a trust towards you. People will build a trust towards your voice. 3. Know your voice The third one I would say to everyone is, what’s your voice? It’s incredibly crowded. It’s incredibly noisy. People are getting notifications left, right and center. So, what is your voice? It goes back to knowing your identity because I think your voice flows from your being. For example, I’m not creating anything today that doesn’t flow organically from who I am. You only have got to spend about an hour with me and you’ll know that’s true. So, I would say, what’s your voice? I hear people say they want to be the next Oprah. Good for you but Oprah exists and she doesn’t look like she’s going anywhere for now. What’s your voice? Because your voice will resonate to the place it’s supposed to be sent. 4. Be persistent and be determined And, after consistency and knowing your voice, be persistent and be determined. Your idea is not going to grow overnight. If you get it overnight, you’ll probably lose it overnight. It’s about legacy. It’s about building deep roots. Like at this moment, I’m not overly concerned with having millions of followers but what I am concerned about because we’re in our infancy at this stage (we’re under 5 years as a company), is building deep roots. Roots that are so deep our infrastructure is laid and it’s tight so we can build upon that. If your infrastructure’s dodgy, if the foundation’s dodgy and you’re trying to get to 100 followers, the whole thing’s going to collapse. The fact is, if you don’t want the long endgame, I would challenge you to question why? What is your why? If you just want to make a little bit of money- you can do something else that is less stressful. If you want it now, I would challenge you to question your why. If you get your why, then you’ll know it’s definitely a long run. 5. Be passionate You must be passionate about what you’re doing because you have great wins and you have days where you’re just like “oh my goodness!” And I just think, the thing that keeps me going is my why and my passion. It’s the passion- seeing who you’re hoping to help or who you’re hoping to bless or who you’re hoping to communicate with, it’s those things. Having a little reminder on your phone is really helpful too. Got an article you’d like to share with us? Share your story with us here.
Budding entrepreneur: Here’s why you need a Lawyer in Your Corner
Naivety and misplaced trust have seen many individuals lose money and opportunities they have worked for in business. Doing business with a friend can contribute to its success as there are cohesion and team spirit at work. However, delve into a little research and you will realize that many have also been swindled by friends they considered family. When setting up a business especially a partnership it’s good to get your agreement in writing and sign contracts. This will draw boundaries on which the business will operate. [bctt tweet=”A Lawyer brings perspective to your business.” username=”SheLeadsAfrica”] Most millennials excited by the start of something new forget that there are legal obligations that their businesses should meet. This is why it’s paramount to involve a lawyer from the onset of your business. A Lawyer brings perspective to your business. Instead of seeing the business as a friends venture or a short-term money-making investment. Lawyers see the bigger picture and plan for circumstances that we may not foresee as we are busy trying to build the business. Change is inevitable, mindsets change and people who were previously on the same page about the direction a business should take begin to disagree. This situation is dangerous as it can lead to the death of the business or the destruction of a brand if no prior steps had been taken to advise on what should be done in such a situation. That’s why it’s important to involve a lawyer early on at the start of the business albeit the extra cost the lawyer will add to your young business. In the long-term, you will realize this is cheaper as opposed to calling on a lawyer only when things go wrong and you are in court. [bctt tweet=”A lawyer will go out of their way to ensure your company’s intellectual property is protected” username=”SheLeadsAfrica”] Our current world is such that you can do everything by yourself online including registering a company in a span of one to three days. You can draw contracts to use in your business transactions using templates provided online. Such liberties are great but they should not delude us into thinking that lawyers are not key to our businesses success. A lawyer will go out of their way to ensure your company’s intellectual property is protected. In a business partnership between friends, they will bring the law on board to ensure no one is cunning enough to overwork the other and still expect to reap from the others hard work. Here are some reasons why motherland moguls should enlist the knowledge of lawyers in their businesses. A lawyer is your voice of reason. Most businesses sprout from our passions. This means we may not be very objective while making some decisions. We are tempted to use trust as a currency while dealing with our customers or partners just to get the business on its feet. This means we may end up with bankrupting the business due to bad debts. Lawyers come in handy as they assert themselves and insist on contracts with suppliers and customers. This saves motherland moguls from cons as there will be no loopholes to be exploited in the business. Lawyers offer security and protection A lawyer’s roles are to pre-empt situations and ensure we are not victims of unscrupulous people who we are doing business with. In situations where certain circumstances cannot be avoided, they ensure the law is on our side. Many times we are ignorant of what is required of us by law and lawyers protect us from our own ignorance. Lawyers have connections and a clientele base like you The right lawyer will hold your hand and help you know the ins and outs of the business niche you have chosen to explore. They have other clients like you and so they have been on the journey you are just beginning. Lawyers will offer insights that may prove very useful in the long run to a start-up. In addition to offering legal services, they can be a marketing tool for your business as they speak of your business to potential clients. Got an article you’d like to share with us? Share your story with us here.
Vaida Odongo: You can start a business anytime with the right mindset
Contrary to what many people and businesses might think, investing in your brand online is not just about spending money on the brand. Instead, it’s about building an entity that will resonate with your customers and keep them coming back again and again—even when there’s no deal or promotion to entice them. Who is Vaida? Vaida Odongo is a young woman living in Nairobi who’s passionate about empowering women and leveraging on technology for sustainable development. She studied Gender and development studies while in university but came to love marketing after a short stint working as a trainer in the Google Digify Bytes Program that was being implemented by Livity Africa, a youth-focused nonprofit based in Johannesburg, South Africa. Vaida loves seeing businesses grow and coming up with strategies to solve various business challenges. “You might be having a challenge with selling a product online, what I do is that I sit down and look at all the possible solutions that might help solve the problem then we choose one that works. I love the adrenaline rush that comes with brainstorming”. “I have always been interested in empowering women. When I was younger, my dream was to work in an NGO that would enable me directly work with women. I hadn’t figured out yet what exactly I wanted to do when I actually landed the job, but I knew things would become clearer with time. [bctt tweet=”When you empower a woman, you empower the society – @vaida_odongo” username=”SheLeadsAfrica”] Fast forward almost ten years later, I have found myself working with women though not in an NGO. I now help women brand and market their products and services online. I am very passionate about helping women grow and sustain their businesses because I believe that when you empower a woman, you empower the society.” Why Digital Marketing? “The world is increasingly going digital. With more than half the population using online platforms such as social media, companies are now forced to look at how they can leverage these platforms. The social space is set to grow and there’s a need for training so that the teams which are set on marketing online have the capacity to do so”. What does your work involve? My work involves training women-led business and enterprises on branding online. This means creating a brand story that their online audience will be attracted to. I have been working on this for the last two years and I’m loving it every day. My pieces of training are conducted over a one to two-day period and tailor-made to fit a customer’s needs. [bctt tweet=” I love the adrenaline rush that comes with brainstorming – @vaida_odongo” username=”SheLeadsAfrica”] Whether you are in beauty, fashion, construction or advocacy, I have the right curriculum to help you amplify your online voice. I also help companies come up with strategies that will help amplify their voices online. I also offer mentorship sessions to my clients. Maybe along the road the strategy we picked might not work, I’ll come in again and we’ll come up with another one. I also offer refresher training to me customers for free. My aim is getting their businesses to grow so we do whatever it takes to make sure this happens. To empower more businesses to grow, I also offer pro bono services to customers who are just venturing into business and need some advice. I do this because at the beginning some people just need to know different ways they can market their products and services. When building your online brand, you need to: Make sure you understand your audience, their needs, and why they interact with you. Create an online persona that is fun and captivating at the same time. Be consistent. Make sure you post when you are supposed to. Take time to appreciate your customers e.g. through give away. Remember to have fun. Captivating your audience is trial and error. Have fun while at it. How do you manage your business? Being your own boss is a challenge because most of the time, you never know when to stop and take a break. I have learned to schedule myself so that I have enough time to catch my breath and relax. Also, I enjoy reading and watching animated movies and cartoons. I also love cooking and discovering how I can use different spices and herbs from all over the world in my food. What is your advice for young women who are looking to venture into Digital Marketing? My advice to young women out there is that you can start a business anytime and with the right mindset, you can take it to the next. Becoming a digital marketing expert requires you to do a lot of research to know what’s happening in the online space. Remember that deciding to be your own boss doesn’t mean lots of free time on your hands. You have to be willing work overtime because most of the time you will have to do everything on your own without a cheering squad. If you’d like to share a story with us at She Leads Africa, share your story us here.
How to build a Strong Foundation for your Business
You have made up your mind that your business is kicking off or you have been in business but you know there are a few things you need to put in place so your business can be well positioned for success now and in the long term. Here are a few tips on how you can build that foundation that will produce the desired result of a flourishing business enterprise. INVEST IN YOUR PERSONAL DEVELOPMENT AND GET MORE EDUCATION Your business is an extension of you, how far you go, and how well you do is dependent on what you’ve got inside of you. To be successful, you have to constantly commit to more learning in your area of business and in your own education. You must know that there is no end to learning and knowledge or you might wake up one day and find out that the rest of the world has left you behind. To compete effectively in the world of business, you have to keep tab with ongoing developments and strategies in the marketplace and anyone who doesn’t have the knack for learning will be unable to succeed or stand out. KNOW WHEN YOU NEED TO HIRE EXPERTS At first, when you start out, you might need to do everything by yourself. From setting up shop to marketing, keeping the books, taking inventory, hiring staff etc. But as the business begins to grow do not be tempted not to hire the experts that will make the whole process more effective thus enabling the business to succeed even more. TREAT YOUR EMPLOYEES WITH RESPECT TO REDUCE HIGH TURNOVER OF STAFF Small businesses always have a high turnover of staff because employees never enter into the company with long-term career goals in mind partly due to the fact that the remuneration might just be something to get by, or their employers just uses them to get the job done without factoring into the whole process their needs and long-term goals. Some employers even overwork their employees and sometimes do not pay them for months! If this describes how your business operates, there is every likelihood that your business will not run effectively and will not thrive in the long run because you will continually lose the best hands. ALWAYS SEPARATE PERSONAL FUNDS FROM BUSINESS FUNDS A healthy separation of personal funds from business funds will indicate that you run your business in a professional manner and thus translate into the credibility of your business in the eyes of your customers. In addition, if it becomes necessary for you to obtain a loan from the bank, it will be easy for you to succeed with separated accounts than when they are mixed up. HAVE A GOOD CREDIT POLICY It is very important that you set your credit policy upfront before selling to a buyer who wants credit. Many businesses sell on credit to generate more sales and to have more customers but there are associated risks. If for any reason the buyer is unable to pay you, you stand to lose both your capital and profit. In the case where most of your customers are credit buyers, how will you be able to restock when customers with cash are at your doorstep? So be wise by setting up a good credit policy. NETWORK Relationships are key to any human endeavor. Your business will not run in a vacuum, you need people to make it a success. Thus it makes reasonable sense for you to initiate, build, and keep relationships with people who will enable you and your business succeed. Got a business advice for us? Share your advice with us here.
Setting your business up for success – 5 things you must do
It’s a New Year and everyone seems busy penning down their New Year Resolutions. Business owners are also devising strategic means to boost sales and make more profit. It’s a time to sit and reflect on the past year and see what can be done to make the present year a success. As a business owner, you want to set your business up for success. What do you intend to do differently this year? To achieve a different result, you need to be willing to do things differently. It could be the way you assign tasks or the goals you set in place or even the marketing strategy you adopt. In this article, I will share with you 5 ways to set your business up for success. This isn’t something you implement once and get a lasting success. No! It’s something you must be willing to implement occasionally to get your desired success. Set SMART goals What sets a business apart from another are the goals set in place. You can always distinguish between a successful business and a less successful one by the kind of goals they set. One way to set your business up for success is to implement SMART goals. SMART is an acronym for Specific, Measurable, Attainable, Relevant and Time-based. Can you spot the difference between the two goals? “Increase sales” and “Increase sales by 30% by the end of the year.” To get to where you want to be, you first need to know where you’re going. Any business owner can set goals but many fail to set SMART goals. Specific – Are your goals clearly defined? Do you know the why, what and how of your goals? Measurable – Can you monitor and measure the progress of your goals? Attainable – Can these goals be attained? Relevant – How relevant are these goals to the growth of your business? Time-based – Do these goals have deadlines? How soon can they be met? Engage in social media It’s no doubt that a lot of users are active on social media. Want to set your business up for success this year? Get active on social media! A large number of the public are constantly on social media. As a business owner, it’s important you attract, reach out and engage your target audience on social media. It could be Twitter, Facebook, Instagram, YouTube or LinkedIn. What better way to get your business out there than through social media? Everyone seems to be engaged in the social media world. Whether it’s Facebook, Instagram or Twitter, consumers are constantly searching their newsfeed for products and services so, use this opportunity to grow your business, promote brand awareness, make more money, reach a wider audience and in the long run achieve success. However, you need to monitor which social media channel your target audience is active on. Facebook has a number of 1,870 million active users. Instagram has 600 and Twitter has 317. Just because Facebook has the highest doesn’t mean it’s your target audience preferred channel. Delegate If there’s one thing you must do to achieve success this year is to delegate more often. Your business is your baby, I get it. But if you don’t take care of yourself and learn to delegate, you’ll get burdened and overwhelmed and eventually both you and your business will fall apart. According to Gallup “founders who have and use high delegator talent can generate better business growth and venture success than leaders who get lost in the day-to-day minutiae of managing a business.” Choose what tasks to delegate Delegate to the right people Communication is key Invest in teaching and training Learn to trust your team Email Marketing While most business owners avoid email marketing because they think it’s obsolete, 59 percent of B2B marketers reveals email as the most effective channel for revenue generation. According to McKinsey, email marketing is 3 times more effective than social media and the average customer order is high. Set your online business up for success this year through email marketing. Why? I’m glad you asked. Email is an easy way to reach mobile customers. Look around you, how many people do you see with smartphones? I’ll tell you. Everyone! We’re all glued to our devices. A report indicates an increase in the number of purchase made on mobile devices from 3.4% to 36.7%. Email marketing helps you create lasting relationships Everyone still checks their email Keeps your brand top of mind Email marketing is inexpensive Email marketing is action-oriented You can tailor your message to your customers Email marketing is measurable and testable Respond to change We all know change is inevitable; it’s a constant factor. As a business owner – whether B2B, B2C, small/large scale or online, you need to embrace change as a contributing factor to business success. You should be willing to adapt to the dynamic nature of the environment and be flexible. The market and economy keep changing; customer demands seem to change as well. You have to keep up with these changes if you must succeed this year. When you’re unable to adapt, it’s likely you’ll lose customers and profits which will eventually result in a total failure of your business. You wouldn’t want that, would you? I don’t think so. Always bear in mind that the world keeps evolving; you need to keep up with the change.
Sharon Moatshe: A PR Business Must Not Over-Promise and Under-Deliver
From the dusty streets of Kagiso township in Gauteng, South Africa, Sharon Moatshe has tapped into the world of entrepreneurship at a young age, and believes that she can create whatever door she wants to open. After many months of looking for a job after graduating, the solution was simple, start a business with the limited resources that she had and survive. Currently, she is the Director and Co-founder( along with Unathi Dingiswayo) at PR House of Creatives, a motivational speaker, wife and mother. In her words: she didn’t believe she would end up so great; but here we are. Take a walk with us in this interview as we look into Sharon’s amazing work, and how she’s helping startups thrive in South Africa. Take us on a walk through PR House of Creatives PR House Of Creatives was co-founded by Sharon Moatshe and Unathi Dingiswayo after a long time spent job searching, and the resultant unhappiness of not seeing the change we wanted to see in our lives for ourselves. We were then able to identify the necessity of PR and marketing, pertaining to brand management for SME’s within our community. What support systems are critical to companies like yours? Financial backing to ensure that costs are covered for: the technology used in ensuring we deliver real-time results, keeping up with current news & trends, graphics for content. As well as for our PR travels. Another important thing is mentorship from big PR Firms and structures. PR is not an easy industry for businesses to remain sustainable, your business many come and go because of lack of mentorship. What innovations have helped your business stand out from competitors? For a previous client of ours, Distinkt Vodka, we made media kits with vodka bottles and we had packaged these in potato bags, because the primary ingredient of vodka is potatoes. We draw our inspiration from client products/ services, and conceptualise from that point. What challenges have helped your company grow over the years? We have had challenges with regards to what we charge our clients. We have had to learn that SME’s are still growing and not making much money, but ,we must still charge a price that allows us to grow and sustain our business. [bctt tweet=”Know your WHY, your business exists as a solution to a problem ” username=”SheLeadsAfrica”] What values are critical for success in the PR business? Intergrity. A PR business must not over promise and under deliver! Always be a person of your word. Execute and do your very best to match the concept you sold your client. What is your greatest success story thus far? Our greatest success story has to be TG Foods and Events! We started with the team in the township when they were starting out, we poured our hearts into our work with TG. After a few months of working together the team got their own shop which they cater food from in an uptown busy market! The place is big and beautiful. The teams understands the importance of their brand, even when they keep growing they continued using our services! It’s been beautiful watching them grow from strength to strength and knowing our creative team is a part of this journey. [bctt tweet=”Always be a person of your word” username=”SheLeadsAfrica”] What’s the next step for your company? Any plans to help small businesses outside the shores of South Africa? We would love to first help small businesses in South Africa grow and sustain that growth, then certainly the rest of Africa will have a piece of our goodness! The first thing businesses cut-out when they sinking/struggling is marketing and PR, which is more like stopping the clock to save time. We want to re-introduce to Africa what amazing impact PR can have for a business. [bctt tweet=”We want to re-introduce to Africa what amazing impact PR can have for a business.” username=”SheLeadsAfrica”] One phrase that resonates with your business strategy? Creative team of all trades and master of all! Do you run a PR company? Let us know more about you and your story here.
Women at Wave: Empowering Young Africans Beyond the Limits
Wave Academies is a vocational training platform which aims to empower millions of disadvantaged West African youth. With skills that transform their mindset and employment opportunities that enhance their social mobility. Misan Rewan is the founder of WAVE Academy. Born and raised in Nigeria, Misan plays a vital role in the transformation of Nigeria’s education and skill development sectors. She has worked in management consulting with The Monitor Group on a wide spectrum of projects in both the private and public sector. She also supported aspiring Ivoirian entrepreneurs through, TechnoServe’s Business Plan Competition; and developed a scholarship administration model as a consultant with the Center for Public Policy Alternatives in Nigeria. Misan supported Bridge International Academies’ international expansion strategy, and is a Draper Richards Kaplan Social Entrepreneur. Noella Moshi is the Programs Lead at WAVE. She was on the founding team of African Leadership University (ALU) Education where she directed Marketing, and worked on the curriculum. Noella co-developed Goodbye Malaria, a social impact venture that works with private and non-profit organisations to eliminate malaria. She is a Mandela-Rhodes scholar, and a Praxis Fellow. Ifeanyi Okafor grew up in Lagos, Nigeria. She is passionate about helping young people discover themselves. Aissatou Gaye is a Senegalese citizen who works as a Finance Coordinator at WAVE. She is currently helping the organization draft its way towards financial sustainability through various revenue diversification and cost reduction strategies. Aissatou is also the co-founder of YAWcamp, a summer camp that focuses on developing critical, creative and proactive thinking among Senegalese youth. Amina Lawal is the training operations coordinator at WAVE. She is skilled in communication, research and creative writing. She firmly believes that having the balanced 360 degrees life is possible and steadily strives to have such balance. When she is not working, Amina writes for various blogs. We share the amazing story of these great women and how their awesome work at WAVE is creating the next generation of change drivers. What was the driving force that lead to creating WAVE? Lifting John Stott’s definition of vision as: a deep dissatisfaction with what is and a clear grasp of what could be, I’d say the driving force behind starting WAVE was a deep dissatisfaction with the state of affairs for West African youth. There are over 40 million unemployed youth in West Africa, but beyond the statistics are real faces, people like you and I, whose reality is chronic unemployment, disillusioned poverty and a loss of dignity that leads to growing levels of frustration across the region. WAVE was an attempt to stop complaining and to do something about it. So a few friends got together in a room and started designing a solution. Enter WAVE – an attempt to level the playing field for hardworking young people by teaching them the skills required to get a good job, increase their incomes and build a brighter future What has been the biggest challenge(s) you’ve faced and how have you crossed each hurdle? Biggest challenge faced has probably just been me dealing with my own insecurities (imagined and real) and coaching has been helpful in crossing the hurdle. I don’t hear enough leaders in this part of the world talk about their shortcomings and how they’ve built support networks to deal with them, and I’m no different. So overcoming has been through everything, from having a coach who helps bring self-awareness to my “automaticities” (my default way of responding) and helps me generate my best self, to family and friends who “hold the space” for me to JUST BE (rather than DO), to the serenity prayer that helps me discern where to focus my brain cells, effort and anxiety. I could give you a laundry list of other challenges faced but the critical challenge/hurdle is dealing with me first so I can see most other challenges as opportunities for learning and growth. [bctt tweet=”I see most challenges as an opportunity to learn and grow” username=”SheLeadsAfrica”] What values have been crucial to your success in the business world? Inclusiveness – Most of what drives me comes from a simple notion I’ve had since I was a kid, of not wanting poor people to be poor. At WAVE today, this value translates as “Putting People First” – from the people we exist to serve, to our team who does the serving to our partners who support our service. Our clients see how we have designed our model, service delivery and feedback culture to put them first and so are able to be very forgiving when we slip up, give us feedback and grant us a second chance to make it right. What principles and skills are necessary for young people to possess in order to excel in today’s world? There are three things I think are important for success: Knowing your “why”: Understand what motivates you, and connect it to whatever work you are doing. For example, I care about learning for the sake of personal growth. That’s my “why”. As long as I am doing work that pushes me to stretch beyond my current capabilities, my “why” is being fulfilled. Learning from everyone: Everyone has something to teach us, and if at any point we aren’t learning, then we need to look harder for the lessons. One of my favourite things about working at WAVE is that each person brings insights from their unique experiences; from the driver to an intern, to the people we serve. Trusting yourself. No one knows you better than you know yourself. Take advice from everyone, but at the end of the day, whatever decision you make must come from you, so that you can stand by it. That way you avoid regret, and you avoid living someone else’s life. What innovations have helped in achieving the set goal at WAVE, and how exciting is it to train young people of diverse background and see them become more equipped Africans? Our goal at WAVE is to increase income for unemployed youth. We do
How to choose a business name
[bctt tweet=”Many entrepreneurs have lost great opportunities from having the wrong business name” username=”SheLeadsAfrica”] While some entrepreneurs are lucky enough to choose the right names for their businesses on instinct and impulse, many have suffered great losses and lost great opportunities from having the wrong name. Today’s business space is crowded, it is therefore important that entrepreneurs take conscious decisions that set apart their businesses apart in the market place as well as protect it for the future. A business name is one of those decisions. In business, it’s important to choose a name that sets you apart, one that will last. Every business should have a name that is catchy, a name that sticks. Put some thought into the name choosing process for your business. Here are tips to guide you through the process of naming your business. [bctt tweet=”Every business should have a name that is catchy, a name that sticks” username=”SheLeadsAfrica”] Decide Decide on what you want the name of your business to communicate; you want your name to convey your objectives as a business. Choose Choose a name that not only appeals to you but your target audience, your business name should be meaningful to your target audience. Relate with your audience Pick a name that your target audience can relate to on an emotional level; a name that triggers an emotion in your target audience. Avoid unusual spellings Stay away from unusual spellings; new forms or spellings of existing words can make it difficult to locate you on the internet. Be mindful of translations If you decide to go with a quirky or abstract name; check to make sure it does not have a negative or unpleasant translation in any other parts of the world. [bctt tweet=”A good business name can quickly get you the right attention your business requires” username=”SheLeadsAfrica”] Think of the future Avoid names that can restrict the scope or expansion of your business in the future. For example, you might start out making dresses for the Lagos weather. Avoid names like ‘Lagos Dresses’ because as you grow and expand, you might decide to start making skirts, tops, trousers for people across the world. When that happens you do not want to confuse your audience/customers. Say no to long names Avoid names that are long and confusing, you want a name that is easy to spell, pronounce and remember. Be unique Go for a name that is unique to you. Depending on what’s relevant to your business, you might want to do a business name search, trademark search, simple web search, social media search to see if the name is available for use on these platforms. You do not want to start up a small business and when it’s time to go big, you realize there is a company somewhere with the legal rights to stop you from using the name, imagine what that can cost you. It’s better to go for a name that is available on dot com (.com), if you can afford to, you can buy the .net, .org, .info domain or any any other domain that can distract traffic from your website. Visualize it Try to visualize what your name will look /sound like in various adverts – print, radio, television. A good business name can quickly get you the right attention your business requires, implications of the wrong business name, however, can be fatal, from losing investment opportunities to litigation: so much can go wrong from a seemingly simple decision. If you are just starting out in business, you should consciously pick a business name. Depending on how far gone you are in business, repairing a wrong business name might have to involve re-branding This costs money and should be done with the help of a good branding expert as it can also go very wrong if not done gradually and with caution.
How to start/run a fashion label with no money and no clients
[bctt tweet=”No money or client at the outset poses a challenge but doesn’t render the situation hopeless” via=”no”] No money? No Clients? …No Problem! In business as in love, it is not always the individual with the ‘deepest pockets’ and the best connections that wins. In most cases, it’s the individual who applies their imagination and creativity that wins the deal or the girl. Starting a creative business of any kind with no money can seem like a daunting task, regardless of what industry you might be trying to break into. Despite the challenges you will have to face on this journey, a lack of money or a lack or clients need not be an impediment to your pursuit of this lofty goal. With these five essentials in mind, you should be well on your way to securing your first client with absolutely no money in the bank! Label DNA Before you call all your friends and family to tell them you are finally starting your very own fashion label, you need to understand your label’s DNA. What kind of clothes will you make? What type of clients will you cater to? What is your style? What sets you apart from other fashion labels…what is your DNA? Many aspiring entrepreneurs do not figure this out at the very beginning and then find themselves swept from corner to corner by the various fashion trends constantly emerging. Your label DNA lets the world know what you are about. Are you an eco-friendly fashion band? Do you specialize in street wear? Are your clothes only meant for A-list Africans or are they meant to make the hard working career woman feel powerful as she chases her dreams? Your label DNA tells you and all your potential clients what your brand actually stands for, thereby setting the tone for the type of clients you are likely to attract. [bctt tweet=”Your label DNA tells you and all your potential clients what your brand actually stands for” via=”no”] Chutzpah The fashion industry is cut-throat, with more and more brands coming into the industry, not just in your country, not just in Africa…in the world! With all this competition, an entrepreneur must have what the Jews call ‘chutzpah’, which roughly translates to audacity, nerve, supreme confidence. You must be able to stand by your choices- especially your creative choices- even when only one person gets it. The biggest fashion trends were not started by shy and timid people or the companies they run. The world’s trends are started by those that a willing to tap into the very core of their beings and dig out bold ideas, radical ideas, ideas that the rest of the world has to catch up to. Think Levi’s denim jeans, Chanel’s ‘little black dress’ and others that gave those then tiny brands, the chance to truly contribute to the world. With no money and no clients, a brand with a little chutzpah can go a long way in carving out its very own piece of the delicious fashion pie that is up for grabs. [bctt tweet=”You must be able to stand by your creative choices even when only one person gets it” username=”SheLeadsAfrica”] Guerilla marketing The concept was first promoted in 1984 and has never had more significance than in the 21st century with all our smart phones and social media platforms. Never has there been a time where the small, barely recognized fashion label can give huge and well-established brands a run for their money. Guerilla marketing is suited to small brands that do not have the financial resources to create expensive advertisements for their products. Guerilla marketing is all about creatively gaining the attention of your target audience with bold and most times unconventional marketing strategies that cost close to nothing. This will mean going against the grain and catching your target market by surprise through your clever marketing. It might cause you to step on a few toes, maybe a few people will instantly dislike it. One thing for sure though is, you will become the talk of the town which will eventually ring the cash register. Like Oscar Wilde once wrote, “There is only one thing in world worse than being talked about, and that is not being talked about.” The recipe for a perfect guerilla marketing strategy; little or no money, a fresh target market and a tonne of creativity and imagination. Social media The age of social media platforms is upon us and it would be remiss to ignore what a great impact setting up a social media page for your fashion label can have on your growing business. However, a note of caution must be given at this point; when setting up and running a social media page for your fashion label, it is very important that you have a clearly defined strategy. Your social media strategy includes all the things you will ‘post’,’ like’ or ‘reblog’ as well as those that you will not include on your professional pages. Your fashion label’s social media pages are an extension of your brand DNA, in fact, they help communicate your brand DNA more effectively, they re-enforce the lifestyle and mindset that your fashion label promotes through the clothes and accessories you create. With a lot of creativity and no money, you can set up a page for your fashion label that will see you rise from zero followers to thousands, or even millions of followers by staying true to your brand DNA and being creative with the content that you put up on the page. No money down and yet you can be assured of scoring a few great clients if this responsibility is handled with care and precision. Skills The lack of financial resources or clients at the outset poses a challenge but doesn’t render the situation hopeless by any means. The lack of the required skill set, however, can mean that even if an individual found themselves with a huge reserve of financial
What’s proof of concept and why you should know it
[bctt tweet=”Test a business idea before scaling up your business with this simple concept” username=”SheLeadsAfrica”] There’s a huge risk attached to every new business. We’re talking the loss of lots of money. That’s why it is important to test a business idea before scaling up the business. Simply prove a business idea works and is commercially viable, and you’re off to a great start. This is called “proof of concept”. Most of the time, venture capitalists/investors look out for proof of concept before putting in money in a business venture. This is because it quantifies how much a business has (and is able) to accomplish in a way that’s measurable. When you create a product/service and are able to achieve a certain level of traction with it, it becomes easy to relate with whatever huge projections you set especially when trying to get investment. Showing that a business works can help zero in on a definite path to follow for success. In the bootstrap model, a business becomes commercially viable somewhere along the “sell” stage, just before the “growth” stage. How do I know my business shows proof of concept? Well, when a business idea shows proof of concept, it means one or all of the following The business has been able to capture its own sizeable audience. The business has been able to successfully sell a product/service and make money (profit) from its audience. Systems and processes within the business are reproducible on a commercial scale. A business that has not attained a proof of concept is not necessarily failing. However, such business has most likely not been able to clearly identify how to make money from an audience on a commercial scale. None of this applies to me, what can I do? To increase your business’ potential for success, it is important to look out for proof of concept before scaling up commercially. The proof of concept verifies important assumptions about the business and reduces the risk involved in taking a small business/startup into the mainstream market. [bctt tweet=”To increase your business’ potential for success it’s important to look out for proof of concept” via=”no”] Here are some parameters to consider when checking for proof of concept in business. Net profit Gross profit Revenue/ revenue growth rate Number of customers/clients/users Customer/clients/users growth rate Systems and processes Total amount invested in business Return on investment The result from the analysis of these parameters says a lot about the potential of a business idea that has been set in motion. These parameters can also be used to see how well a small business/startup is doing. This is why recordkeeping/bookkeeping is important in business, it lets you keep track of progress. If your business is funded by personal funds/friends and family, I recommend checking these parameters as you use the bootstrap model to develop your business.