Impact investing is on the rise, what do you know about it?
[bctt tweet=”Impact investing fills a vital funding gap at a time when so many people are struggling” username=”SheLeadsAfrica”] First things first, what is impact investing? Impact investing refers to investments in entities and funds with the purpose of generating a determinate, positive social or environmental impact, along with a financial return. Another term for impact investing is “socially responsible investing.” Impact investments can target a range of returns from below-market to market rate, depending upon the circumstances, in both emerging and developed markets. With impact investing on the rise globally, the market provides capital to address the most pressing challenges in sectors such as housing, education, sustainable agriculture, green technology, and healthcare. As such, impact investing counters conventional views that social and environmental issues can only be addressed by philanthropic donations. Impact investing reduces the burden on philanthropists and other not-for-profit entities by stepping in to fill a vital funding gap at a time when so many people are struggling, and the programs meant to support them are more strained than ever. Indeed, the world truly needs impact investments. Impact investing looks at impact, social and investment return. Here, you target an entire system when you look at the social return and convert it into an economic return, education, create jobs, improve health, and take the burden off the government. This kind of investment can save the government more money so that can in turn, be invested into developing other critical infrastructure in the continent. Opportunities abound John Pierpont “J. P.” Morgan was an American Financier and banker who dominated corporate finance and industrial consolidation in late 19th and early 20th Century United States. He, in 2014, along with Monitor Deloitte and the Calvert Foundation, predicted investments to increase from US$60 billion to between US$400 billion and US$1 trillion worldwide in the next five years. Additionally, of this number, 22 percent of global impact enterprises are located in Sub-Saharan Africa, and much of the opportunity lies throughout the continent. No matter where you are in the world, chances are that impact investing is happening all around you. You may not realize it, but a road under construction could have been made possible by impact investments – or a new school, a new water filtration system, a wind farm. The possibilities are endless. But one common thread remains the same: impact investing, at its core, is about the investor’s intention to facilitate a beneficial social or environmental impact that goes beyond the individual. It is not a practice solely for personal gain but rather for the greater good. After all, what again is the definition of an investment in its truest sense? “A devoting, using, or giving of time, talent, emotional energy, as for a purpose or to achieve something.” [bctt tweet=”Chances are that impact investing is happening all around you, here’s how to get into it” username=”SheLeadsAfrica”] Ready to get started in impact investment? Some next steps Marina Leytes is an Impact Consultant. Most recently, she worked with the World Economic Forum’s blended finance and Impact Investing Initiatives; among others. As outlined by Marina, there are at least seven steps that any individual who desires to pursue Impact Investing, should consider. Explore: Discover and build an initial understanding of the principles and practices of impact investing. Reflect: Identify your motivations—why you wish to make impact investments, and how those investments might fit within your broader “portfolio” of impact (philanthropy, work, advocacy, etc). Assess: Determine the specific needs and constraints that govern your asset owning entities and consider how those needs and constraints shape your investment strategies. Strategize: Develop an actionable impact investing strategy, guided by an understanding of your personal motivations and objectives, and the needs and constraints. Invest: Make impact investments! You can make these investments across asset classes, sectors, geographies, impact strategies and return profiles. Measure: Gather and assesses performance and impact data from the existing investments to determine whether the investments are achieving their objectives and meet the requirements of your impact investment strategy. Optimize: Use the data you have gathered and the experiences you have gained through the process of making and monitoring investments to revise and/or expand your impact investment strategy, in order to continually pursue better outcomes with your investments. Finally, these are some Impact Investing Institutions and the areas they operate: Global Impact Investing Network (GIIN): operating in Kenya, Ghana, India, France and the Netherlands. Rockefeller Foundation: operating in Cote d’Ivoire, Ghana and Senegal. Acumen : Accra, USA, Kenya, Pakistan and India.
Advice from the Accelerator Moguls: Tailoring a foreign concept for Africa
Ever had been inspired by a brilliant idea, then immediately dismissed it as impossible for the Nigerian market? We’re talking about those ideas that people deem “too foreign” for Nigerians to patronise or appreciate. These foreign concepts may actually end up being your ticket to being a Motherland Mogul. Two women who have pushed through in their attempts to introduce concepts and made profit doing so are Tokunbo Sotinwa of Bubble Tii and Crystal Ikanih of Art Splash Studio. Tokunbo and Crystal show us that it is possible to replicate something from the US and Taiwan in Nigeria. They are also both currently participating in SLA’s Accelerator program. If you’ve never heard of bubble tea before, it is flavoured tea with tapioca pearls. The idea for bubble tea was born in Taiwan and subsequently the trend spread to other Asian countries before gaining popularity across the world. Tokunbo is credited with bringing the bubble tea phenomenon to Nigeria to surprisingly good results —Bubble Tii has managed to expand locations to a second store within 12 months of launching the first. Art Splash Studio organises painting classes for grown-ups in Abuja. The idea came from when its founder Crystal Ikanih was visiting friends in the US. So what do both women say about tailoring a “foreign concept” to the Nigerian market? Creating a demand where there was none previously You can expect that this will be very challenging. For Tokunbo, people did not know anything about bubble tea in Nigeria. She overcame this challenge by first starting off by appearing at outdoor events. This helped introduce her product to her targeted demographics. Bubble Tii also appeared at pop-up events where people were offered to taste different flavoured bubble teas. While there was no specific demand for painting classes in Abuja, Crystal saw an opportunity in the demand for alternative entertainment. You’ve surely heard people complain about how Abuja can be boring. Crystal is tapping into this market with Art Splash Studio and her Paint Nite, where people paint while drinking wine. Another important way to create demand is through social media. Social media is a very effective tool to create buzz. Sharpening your marketing tools Already knowing that introducing the concept of a paint class wouldn’t be easy for the Abuja crowd, Crystal took the time to draw up a marketing plan. Be like Crystal and find ways to develop a very informative marketing plan to actually ensure that people are willing to invest their money in your idea. You may start by introducing the concept to your networks and gauging how people respond to it. Sometimes it doesn’t really matter if people don’t understand your idea, if it’s a good one, you can trust that once you launch, it’ll take a life of it’s own. Getting people on board with your idea Now people have heard about your foreign concept and are interested, what other ways can you get them on board with your idea? The most simple way to do this is through word of mouth. It’s worked wondered for both Bubble Tii and Art Splash Studio. For Tokunbo, once one person had the bubble tea experience, they were happy to tell other people. Word of mouth has also helped Crystal grow her business. She’s reached a point where now when she’s telling someone about Paint Nite, they’ve already heard about it. Imagine if your customers are so pleased with your product, they spread the word. So you want to start a café that only sells tea. Someone may caution that Nigerians don’t really do tea, who wants to drink tea when the weather is hot etc. But if you set up that café and wow your customers with different flavoured ice teas and tea-themed cakes, they’ll definitely come back and bring their friends too.
Unusual business ideas: Sell your friendship
Friendship isn’t easy. We’ve all been in situations where we needed someone by our side but found ourselves alone. Maybe you want to start gyming but all your friends are too busy to join you. Maybe you’re like me and travel solo but are too paranoid to venture out on your own at night. Who says money can’t buy friendship? Three smart Singaporeans have started a company, Pally Asia which provides friends for hire. Through Pally Asia, people can rent “fake” groomsmen, bridesmaids and sports buddies. Customers can also rent friends, or pallies as the company calls them, to take them for a night out in town and even to meet their parents. Different types of pallies come with different prices from $15 for a 15-minute phone call to $1,000 for 12 hours (and a speech) with a groomsman or bridesmaid. Japan is thought to have been the first to start companies offering this kind of service. Now, such companies are found in countries across Asia and in the U.S. I need them to come to Africa. What’s more, with the help of my friends, I’ve thought of ways a friend-for-hire service could work for us. Shopping for you Imagine you can conveniently hire out friends to go to the market for you. A busy career woman still needs to eat and if you’re keen on local dishes most of the ingredients and spices you need to cook can only be found in the open air market. Through this imaginary company, you can hire a friend who you can trust will get things at the market for you at the real price (the friend has to know how to bargain very well). Moving on, there are some women who don’t trust their sense of fashion, but also don’t have the time/money to get a personal stylist. In this case, why not hire a friend to go shopping with you? She will be the fashionista with a keen eye for things that suit your looks and figure. Dodging marriage Some of us are at that age where uncles and aunties remind us that we’re “ripe” for marriage. This doesn’t mean all of us are ready to walk down the aisle. As an African girl, you don’t want to hire a friend to go on dates with you or pretend to be your boyfriend in front of your family. First of all, we haven’t reached that level. Secondly, that can easily veer into a sugar mommy situation and nobody has time for time. But, what about getting a friend who you hang out with once every four months or so for lunch? This is the friend that can be used as diversion when your parents come calling about marriage. “Ah, but mum, Joe and I are just friends jo, if it happens, it happens.” When Joe is a constant, the marriage-mongers will ease off. This way, hiring out a fair-weather guy friend can be useful. Organise my life Sometimes, you just need someone to organise your domestic stuff. It can be finding help to wash clothes, if you don’t have the space or can’t afford a washing machine. Or it can be getting someone to clean your house if you’re too busy or just hate cleaning. I’ve heard friends and family attest to the difficulty of finding great people to help organise their household. This African friendship company will be the go-to for such services. The company will also have a guy. Everyone has a guy and everyone needs a guy. My car broke down, there’s a guy. My DStv isn’t working, there’s a guy. My sink broke, there’s a guy. I need to navigate the complicated bureaucracy of the system, there’s a guy. A lot of people find themselves stranded when they need help and then have to make several calls to get things done. Imagine if you only had to make one call? An African friend-for-hire company should be that guy that has guys. Information is key Living in any city in Nigeria (and I’m tempted to say in Africa) as a girl is a constant trade of information. You’re only as good as your personal network. “I want to do braids, where do I go?” “I need a natural hair place, which one is the best?” The African friendship company will have at least one reliable person for each issue. It will combine several networks into a master-one. Whether you need a Mr. Solomon that will be the one calling you to hurry you up for work, even though you’re the one paying for the taxi ride. Or letting you know about the lady who is the best loctician in town and only uses honey and shea butter to loc hair. Take me out! This one needs no explanation. I want to know the best place to eat out, new places to eat out and shops that sell great stuff at bargain prices but I don’t know where to start. I’m in the mood for some buka food and want to go to the best buka in my area. I heard there is a new club opening in town but don’t have anyone to go with. A close friend was recently in India and hired a friend to take her to hidden food spots in Delhi. I personally want a food tour of Accra, Nairobi, Luanda, Addis Ababa… This friendship company will not only have the answers to all these questions ready, they will also provide a friend to take you there and make sure you have a good time. Hiring a “friend” through a company is definitely more reliable that doing so through one person. Like Pally Asia, our African friend-for-hire company may want to screen the people whose services are hired out. It’s also necessary to have no-go areas like kissing, sexual services, taking photos of people hired, flights abroad, etc. Will selling friendship work for African? Is there already a friend-for-hire service thriving in an
4 helpful tips from Angela Ochello in ‘The Governor’
There’s just something incredibly beautiful about undertakings that require us to literally break our own glass ceiling. So many women are told to forget about venturing into active politics. And the appeal of this sector, especially in Africa has been generally zilch. At least this can be spiced up in our imaginations. EbonyLife TV’s series The Governor follows the ups and downs of Angela Ochello the Governor of Savannah state. We don’t know about you but for us, The Governor is particularly inspiring. We’ve learned a lot about decking out our own spaces, whether in politics, business, career or whatever it is we do. Here’s what else we’re learning from The Governor. Dress the part The 42-year-old Governor has a signature style that’s all her own, one that features a pixie haircut, classic and figure-flattering dresses and yes, dark lipstick. Equal parts sweet and no-nonsense. It’s a look that says any woman can easily be the boss and still look effortlessly sassy, no matter her age. And it’s no surprise that we love it! Age like a pro! We’re a little, okay very, excited about the revelation that Angela is 42! She looks so fabulous. Yeah, we know there’s the popular argument that good genes are responsible. Still Motherland Moguls, you can be a busy smart woman and still look this good. The days of looking raggedy in the name of being ambitious are behind us. Armed with the right information and care, you too can age like a pro. Multitasking…our turf It will surprise you to know that highly successful women like the Governor of Savannah state, also run successful homes. Applying multitasking skills to your business or job actually works. Imagine that in addition to a hectic career or business, most African women still do school runs, cook, clean and get other life errands done. If that’s not superwoman-ish, I wonder what is! Politics actually looks good on women Any woman who can endure the brutalities of politics deserves our respect. If you’re unsure over your plans to join politics, Angela Ochello makes it look like it’s not such a big deal. Real life hasn’t yet determined if more women, especially of African descent can safely attain lofty political heights. Still, we think women should go for it. It’s possible, ladies! You can watch the series on Thursdays at 9pm WAT on EbonyLife TV (DSTV Channel 165).
I started Cartik with less than $3 to my name
I started Cartik, an ethical fashion and social entrepreneurship brand in 2013 while studying abroad in Ghana. A significant part of my program as an International Relations major at St. Catherine’s University in St. Paul, Minneapolis, was to study abroad for a semester or a year. So, I spent a semester in Paris, France on a scholarship sponsored by the US Department of State’s Bureau of educational and cultural affairs. After my time in France, I planned to go to Ghana to study the culture, the people, and their political system. My scholarship to Ghana was declined but I was already enrolled in the program that summer. So, I worked every job I could find and saved enough money to purchase a ticket to Ghana. My tuition covered the fees and the only issue left was my survival for the rest of the semester. Struggling to go to Ghana made me realize how much I needed to make extra income back in USA. My Ghanaian experience While in Ghana, my aunt in Togo paid me a visit and we travelled back to Togo to see family. It had been 15 years since I last visited and I felt like a complete stranger in my own country. My aunt and I had gone to the market in Lomé, the capital city of Togo. As we walked through the market, all I saw was beautiful African wax prints everywhere. My aunt, being the queen of prints asked me to help select them. My interest was piqued when my aunt advised that I consider doing something with prints. In need of extra income and knowing the demand for prints in the US would be huge, I considered it. Soon, I was making inquiries in Ghana and during trips to Togo on bags and accessories with African prints. Breaking through the business world A young woman I met at the University of Ghana, Legon where I was staying, showed me some bags that I liked. Originally, I was going to just buy bags and sell them in the USA but I didn’t like some of the ones I saw. This led me to start sketching my own designs and jotting down ideas of what I’d like. Though I had no background in design and could barely draw to save my life, I was willing to try. When my time in Ghana came to an end, I had used all the money I earned to start Cartik. With $2.85 to my name and no books for the coming semester, I returned to the USA with 30 bags and some jewelry. It was an audacious move but I told myself even if I failed, at least I tried. Within two months, I had sold everything and even needed to get more products. I went from ordering 30 to 60, then 200 bags. I was running Cartik’s operations from my dorm on campus with the help of my aunt and cousins in Ghana and Togo. Growing Cartik I started getting invited to events to showcase my products as everyone on my campus and even local colleges around the city in St. Paul and Minneapolis knew about my business. In my last year in college, a friend invited me to her economic development class. As I listened to a professor speak about economic development in developing countries, I realized how everything spoken about came naturally to me. I decided that very moment, what I wanted to do with my brand. I was going to grow Cartik into an ethical fashion and social entrepreneurship brand that works with artisans in Togo and Ghana. I was going to fuse my knowledge as an international relations major into my business. Although it’s been 2 years since we started, I still consider Cartik a startup. We’ve done many local fashion shows in Minneapolis and more recently, we did something for RAW in Phoenix, Arizona. RAW is an international artist coalition group that serves as a platform for designers, musicians, etc. I truly believe I have started a brand with the potential to make a huge impact in Africa. The future? In the future, I hope to expand into producing my own African textiles, provide education and development for women and children. Also, I would love to go into cosmetics, agriculture, and start a foundation to mentor young individuals wanting to start a business. Of course, I am trying to create an altruistic brand that will stimulate economic development and prosperity. I want to create jobs and opportunities for people in Togo, Ghana and other parts of the African continent.
4 tips for selling yourself on the spot, effortlessly!
I once had a position that involved cold calling people —without a script or template— and selling a product. I had no previous sales experience, and as you can imagine it was a complete disaster. The experience helped me realize that selling was a powerful art-form that I had seriously underestimated. It also gave me some good insight for when it came to finding ways to ‘sell’ myself to people I want to connect with. Whether you are an entrepreneur making connections, job hunting, or trying to win over co-workers, you need to know how to sell yourself. Many of us have no problem delivering a killer elevator pitch, or eloquently presenting our ideas. The problem comes when we have to convince everyone; why us? While being prepared is crucial, you may not always have the luxury of preparing. When put on the spot it’s easy to revert to a one size fits all prepared speech. To help with this I’ve come up with an acronym to ensure you can adapt on the spot. You need to think FAST. It’s not a template for a monologue but rather a few things to bear in mind in your conversation. Fit Getting the right ‘fit’ is about reading your audience, and deciding what skills or achievements would be relevant in that context. Yes, you are a #MotherlandMogul and you have LOTS of accomplishments, but is it necessary to list them all? Think from their perspective, and only include things that will help your pitch. Also mention things that you are working on doing, and not only past accomplishments. The Harvard Business Review points to a study which found that your potential could be as persuasive as your accomplishments. They note, “people are much more impressed, whether they realize it or not, by your potential than by your track record.” The study asserts that “when people seek to impress others, they often do so by highlighting individual achievements. Despite the intuitive appeal of this strategy, we demonstrate that people often prefer potential rather than achievement when evaluating others.” Keep it truthful and do not sell dreams, but don’t be afraid to use your on-going/future projects as well. Add value Essentially, you want them to realize they need you or at the very least your relationship can be valuable. Are there areas that you can collaborate with them in? Problems that you can solve? Demonstrate that you have grasped their needs, and paint a picture of just how you are positioned to solve them. If on the spot you have no prior knowledge, just ask what the needs are. What you want to avoid is going on about things that may not be relevant to them. Separate Unless you have a totally original idea or skill set, you must give compelling reasons as to why yours is different. Separate yourself from competition by mentioning the unique qualities/experiences that enhance your value. Salespeople would refer to this as a Unique Selling Proposition. Entrepreneur.com’s Small Business Encyclopedia illustrates this with some examples, “Charles Revson, founder of Revlon, always used to say he sold hope, not makeup. Some airlines sell friendly service, while others sell on-time service.” Whatever your personal USP is, make sure it actually adds value. Real estate coach Kevin Ward reminds us, “The goal is not just to be different. The goal is to add value to people in a different way.” (*For a humorous visual reminder of why different isn’t always useful, take a look at the Twitter account @WeWantPlates.) Tie it up So now you have won them over and you have buy-in. Remember, the goal of ‘selling’ is to make a sale.Wrap up your conversation by setting clear ways to follow through. Ending a conversation with:“We’ll chat more later” won’t cut it. Make sure you collect! Set dates, get signatures, do what you came to do. Don’t let a good sales pitch go to waste!
Beyond the passion – What you need to get into the caregiving business
Are you a woman who wants to ensure that her family and community is well looked after? Are you passionate enough to sacrifice time and energy? Do you have some basic administrative, managerial or business skills? Maybe you’re thinking none of these requirements apply to you, but are you ready to be spat on, clean washbowls or change thousands of soiled diapers? Then the caregiving industry might just be the revolutionary business idea that you have been seeking. Mind you, it’s painstakingly hard but it is one way to give back to society whilst paying the bills. Interestingly, a famous African saying says, regardless the source of the income, money is money. I am sure that at this point your heart might be doing cartwheels at the thought of the coolest business idea ever. The fact is that home care is one of the fastest-growing businesses in the world. You can be rest assured that without a large capital and clients, you can feed your passion by starting a daycare for children or a nursing home for the aged. Location If you have a roof over your head, then you have the space to start and work with. Is your child in preschool? Are you a divorcee living alone? Or are you an elderly couple with kids off to university? You can always make space with what’s available. It could be a nursery turned into storage, a den that no one sits in anymore, an empty garage or a basement without piles of laundry. It will surprise you just how well, using the right colours, textiles, paint and partitioning can transform a space. Furniture and equipment Getting your initial set up furniture and equipment can be as easy as reaching out to friends and family, A lot of times, families hoard furniture in the hope of re-using them, but most times, they don’t. If you have a network that is accommodating, reach out to them for their old stuff. Most of these items are barely used and have minimal damage. They can be repaired at little cost. Staff Hire retired nursing aides, nurses, and early-year teachers because, with their experience, they are typically patient, may have less responsibility or financial needs and will be willing to help you grow your business. Recruit young people who are willing to work as volunteers for the first couple of months till you settle your financials. Acquire knowledge The worldwide web has a multitude of free resources and courses for business owners in the caregiving industry. Sign up for these courses as often as you can, acquire knowledge on creating a business plan, new trends and best practices in the caregiving industry. Research successful businesses in the industry, you can target studying one business a day. Learn new skills to minimize calls to experts for help with things as basic as installing a nursing station. Train your staff on acquired skills. Create a dynamic team. Give yourself space to grow! Your clients are right here Your clients are never in space or in the next city. They are the people you meet within the marketplace, at the hospital and at your place of worship. Familiar people will feel more relaxed because they think they know your story and can relate to it. They will feel safer around you than some savvy business owner who launches a similar start up in your area. These are your clients; be sure to invite them to your open house. Seek their ideas before implementation. Also, find out what their immediate needs are. Would they work full time or would they prefer a full day care? Are they more focused on the social interaction a group setting will offer? Furthermore, the elderly might just need to be tended to at different times or a group where they meet and discuss. That cozy setting might be your house. You can set up games and make homemade goodies, to create the perfect setting for old stories of love and war. Marketing and advertisement Design and print catchy flyers. Distribute them at supermarkets, playgrounds, schools, and hospitals. Also, volunteer for community engagements. These will increase your visibility and increase your trustworthiness. Remember that your most valuable marketing tool is word of mouth communication. This will get people talking positively about what you do. Registration and legal requirements Always ensure that you do a research on the requirements of registering a business in your country. You would want to create an atmosphere that is loving and devoid of stress. Seek advice within your network. You might just know a lawyer willing to assist with the registration procedures at a discounted value.
How to be a teen coach when you have no money
If you want to be a teen coach and you’re not sure where to start, you may want to pay attention to this. Nomveliso Mbanga is a teen coach and mentor. She is also a youth public speaker & facilitator, storyteller and the founder and managing director at Mayine Development Institute, a start-up based in South Africa. “I can identify with poverty but I identify more with defying the odds and creating your own legacy through hard work and patience.” Nomveliso says. SLA contributor Goistemang asked Nomveliso what advice she’d give to young women looking to start a business as a coach/mentor with little money and this is what Nomveliso had to say. Understand your skills First you need to know what you can do and what you are good at, plus any natural gifts. Choose an area that is of your passion and that you know very well. Build good relationships with people and follow good ethical practices. Don’t be afraid to learn new things What worked in starting Nomveliso’s own business was learning past experiences. She was willing to make mistakes. Personal development is key when you keep learning and trying out different methods. Easy and comfortable will usually give normal results and won’t give anything worth applauding. You need to know what you want to achieve. I want to create full transformation spaces for teenagers who will learn to understand that they are responsible for their personal growth and success in life. That made me come up with out of the ordinary methods to give me my desired results. I wanted to set up my business differently from other coaches. I didn’t exist before and I manage to create my own niche in the field. Cherish your network In my case, I started with no money only because I had already built a following in youth development work. Through them, I tested a few models that gave me results. So, it was easy to trust that I could do it on my own as I have done it all in corporate and community space before. Family and friends are also very important, they will uplift you in tough times. The biggest challenges come from self Self-doubt kicks a lot harder than challenges from others. One rejection can set you back and make you scared to approach new potential clients or partners. You need to know how to snap out of discouragement quickly. Know how to manage competition in a healthy way so you can keep improving your work instead of getting discouraged. Be true to yourself. Don’t try compete with anyone. Work in your own pace as long as you give your all. Keep learning and reading. Save, save, save! Another challenge is cash flow. You must always keep and save what you get as you’ll never know for sure when the next payments will come in.
6 ways to turn your business dream into a reality
Chasing a business dream requires a deliberate and focused sense of concentration on set goals. Don’t you hate-love those successful people who make success seem so easy? Wouldn’t it be great if you could bring their magic to your own life? Imagine walking into a multi-million dollar event to a standing ovation. Everyone is clapping and the spotlight is on you, the bombass CEO of your own company. Sounds like a dream, right? Snap out of it! It’s time to live that dream. First, there’s the parody of that person who takes the giant step of starting her own business. Now, years have passed and the enthusiasm has dwindled because she’s held on to the same approach. Don’t be her. If you must make the leap, be sure the potential rewards are huge and satisfactory. Otherwise soon, you’ll be complaining like Jane who went into selling clothes because Maryann’s boutique was blossoming. It’s a simple, sad fact that the vast majority of entrepreneurs would rather invest in whatever business idea is currently trending than create their own dreams. Yes, we all need inspiration but success doesn’t come by pursuing someone else’s dream. You want to become the next Oprah Winfrey? Cool, but you need to learn to do what you love better, faster and more often. Where am I going with all of this? Simple. Define your dream Do you have a business idea? How big is your goal? Think back. How long have you nurtured this idea? How sure were you in it, when it was birthed in your mind? It’s so easy to look around at people who have achieved business success and say, “Oh she achieved that height because she’s special, it’s just the way she was made.” Okay, saying this may make you feel a bit better, but like Lupita Nyong’o once said, “Your dreams are valid too.” Yes girl, they are! Vision The idea, big or small, must be laid out in detail. Achieving your dreams does not have to be easy, but you need to be able to know, at any moment, where you are headed. Set goals with timelines. Here’s my example, by January 13th, 2017, I shall have set up a firm on the 14th floor of East Grove Towers with a portfolio of 120 clients. Time to werk. Get to work The nature of the idea must require an intense sense of concentration. An example would be a goal-driven SLA contributor. Ideally, she is a brilliant lady who is detailed, pays attention to research and is not afraid to be sassy. This is someone who can devote the energy required to get the work done. Now apply that to your business. Outsource expertise You must be willing to make the best of resources to get work done. If you have the innate abilities of a genius kid, beautiful! (Also, lucky you) Otherwise, leave the work to experts. This is especially important in sensitive areas like sales, finances or technical implementation. That dream of you wearing 20 hats and running everything yourself should remain in lala-land. You’re awesome but you’re not Super Woman. Send yourself future letters or emails This might sound crazy but stay with me. There are great websites and apps that allow you write yourself emails due to being delivered say, in three months. I love starting my letters this way, “Dear future me, by now you must have scored that East Grove Tower office and earned enough for a holiday in Maldives. Where are we at now?” See, not hard. Believe it or not, these letters are a great source of motivation and accountability. Share your dream with 5 people You need regular enough feedback from sincere people. This way, you can constantly adapt and make progress toward your goal. These people should call you out when you fail on your business plans. They should challenge you to be the best you can be. Choose the No BS’er friend who will taunt you to action. Finally, if you must be successful, you’ve got to work hard, very hard. The way you go about it is the difference between good and top-of-the-ladder great. While working hard, remain positive. Positivity is a virtue common to successful people. It’s that cultivated sense of success. We have Walt Disney to thank for this quote, “Dreams come true… only if we have the courage to pursue them.” What steps are you taking in achieving your business dreams?
8 skills you need to make money as a freelance transcriber
Working from home or remotely provides you with the flexibility to work whenever and however. Still, remote jobs should be approached with as much professionalism as a desk job. Here, SLA contributor Maureen Murori speaks to an established freelance transcriber who has been working remotely for the past seven years. Over the years, Sheeroh Murega Kiarie has not only learned what works best for her but has also been offering training and support to the newcomers in the field. From talking with Sheeroh, Maureen learned that essential to any transcribing job are listening, English language, typing, and research skills. Outside these, a new transcriber also needs to know when to work and when to take time off to relax. Sheeroh explains in detail how these skills can come in handy for an upcoming transcriber (or a stagnating one). Read on to get all the insight. What is transcribing and how did you venture into this field? Transcribing is the art of transforming audio into text. This is done through listening and typing out a speech or a narrative into a printed format. I had been a stay-at-home mom since 2008 when I gave birth to my daughter. Before then, I had been employed at a cooperative, but I quit to start my own business. After some time in the business, I felt like I needed a challenge. I mentioned this to my mom, who fortunately had heard about ‘typing jobs online’. I embarked on a journey to research on this. Luckily, on Googling ‘typing jobs online’, I got information on transcription jobs. The search led me to Odesk and Elance (online platforms that offer work to freelancers). Being a new area for me, I did a lot of research and read widely on the challenge. I later signed up and got to work. Are there a specific set of skills and strategies that one needs to succeed in this field? Yeah. There are four major skills. Listening: Very essential to transcribing is listening as it enables you to efficiently transliterate the work. Since transcribers deal with different accents, having a good ear for many accents will come in handy. English: Since most often one will be transcribing in English, having a good command of the language is essential. Many of the files we transcribe are from Native English speakers. For a transcript to be highly accurate, it is important that a transcriber maintains good grammar, spelling, and punctuation. Typing: You should type at least 35 words per minute (wpm). It takes an average experienced transcriber 4-5 hours to transcribe an hour-long audio or video file. The faster you can type, the more work you can handle. This skill can easily be improved through continuous practice. Research: A transcriber will typically deal with files that have technical or non-technical terms. This requires a lot of research, especially if one is not familiar with that field of work. For example, transcribers sometimes receive files that are IT-based. Every time that a transcriber is dealing with an unfamiliar field, they should carry out extensive research. Other than these important skills you have highlighted, what kind of tools does a new transcriber require? What are some of the managerial expertise that one need? Having the skills I have mentioned above is important, but there are other things to put into consideration: Tools of work: The first thing you want to get is a laptop or a desktop. It is also important to consider getting affordable and reliable internet connectivity and headphones. Ensure that you also get a comfortable ergonomic seat because transcription work can take hours and hours. You also need to install apps that help to clean the sound quality of the files. Lastly, Express Scribe is very crucial. This is a software that helps to ease transcription work. It is set in a way that the platform can allow listening and typing simultaneously on the same window. Time Management: Working from home can be very distracting. Distractions come in the form of children or the occasional visitor who wants to pop in for a chat. Transcribers also need to be conscious of the time they spend on social media. Preferably, you should log into social media platforms after work. It’s also important to have a schedule. Decide what time you’ll wake up and when you’ll call it a day. Having a work-plan increases productivity. Lastly, you should keep away from people who are out to waste your time with ‘cheap’ talk online, on the phone or at home. You can always do this after hours. One recommended tool for efficient freelance working is Time management software .The software helps you track the time you spend on different tasks, alert you when you get distracted by social media, and even alerts you when your computer is idle for a certain time. Once you practice using time management software, you will notice that you save lots of time every day and are being more efficient than ever. Work Management: A typical transcriber should wake up, check their emails and respond to urgent messages. Thereafter, you could start bidding for work on bidding sites or log in to whichever sites you are registered in. If it’s the latter, you will pick an audio file and listen to it to gauge whether you can transcribe it effectively. If you are comfortable with the file, it will be assigned to you. It is recommended that transcribers take periodic breaks to avoid back aches, shoulder aches and neck aches. Managing Clients: Freelance transcribers deal with all sorts of clients on a day to day basis. Most of them are sober-minded but once in a while, one can get difficult clients. You may want to read reviews of the clients written by other freelancers before applying for a job. No matter how hard-headed some clients are you should remain as polite and professional as possible. The lifeblood of your business is the repeat or long-term clients.The key to