3 steps to end the year on a high
[bctt tweet=”For the remainder of 2016, @CoachAsanda urges you as a business owner to give it all you have” username=”SheLeadsAfrica”] For most of us, the next couple of weeks are crucial for business. Things may not have gone the way we planned these past couple of months. Typically, you’re dealing with unpaid invoices, which are resulting in cash flow challenges. You are relentlessly trying to ensure you meet your sales targets. All of this can be rather stressful at a time when you should be already planning for the next year. Remember though that there is a lot that is out of your hands. My advice is to rather focus your energies on what you have the power to achieve. For the remainder of 2016, I urge you as a business owner to give it all you have. Yes, the year may not have gone the way you would have liked it to, but you can still end on high spirits. You can adjust your attitude and end on a high note! Here are three tips I’ve used myself, which I credit for my excitement when the year comes to a close. 1. Recall your past successes When things are not going our way, we tend to focus on what is not right and neglect to appreciate what has gone right. Yes, you may have had serious financial challenges, yet you managed to keep your business going. How did you do that? You were determined to make it happen —appreciate yourself for that drive and don’t pass up the opportunity to congratulate yourself. What is the one thing you didn’t think you could pull off that you did? Think of all the wins you experienced since the beginning of the year. When you realise that you DO have a track record of success, you are positioning yourself more favourably to go for more wins. [bctt tweet=”As we draw to the end of 2016, think of all the wins you experienced this year” username=”SheLeadsAfrica”] 2. Set yourself bit-sized goals Most people set long term-ish goals; be it yearly or quarterly and these are not as fluid as I believe they ought to be. Things change, priorities change and unless you have your goals’ sheet fluid, you tend to not spend enough time on realigning, changing and even removing those goals that no longer serve you. The result? When it’s time to see how you’ve done, you have items you did not achieve. The point of setting goals is to achieve them, so what’s the point of not achieving what you’ve set out to? So for the next month, draw up realistic, interrogated bi-weekly goals. The name of the game is to accumulate those small wins as they pave the way for bigger ones. [bctt tweet=”For the next month, draw up realistic, interrogated bi-weekly goals” username=”SheLeadsAfrica”] 3. Adopt feedforward planning The past is behind you! What has gone wrong has done just that; gone wrong. Spend the next month on getting feedforward and not feedback. So instead of asking your clients how you did, rather ask them how you can best service them going forward. A typical question you could ask is, “For the next month how can our service be to your liking?” If you have staff you could get their feedforward on how you can best be a better boss to them. When you focus on the future, you feel empowered because you have the power to influence what happens in the future. Getting feedback on the other hand is too focused on what has already happened. [bctt tweet=”You can move from dreading year-end to appreciating all that you have gone through” username=”SheLeadsAfrica”] You may not have the power to change your balance sheet over the next couple of weeks but you do have the power to change your attitude. You can move from dreading year-end, to appreciating all that you have gone through and preparing yourself for the next year. The choice is yours. End 2016 on a high where your business is concerned and 2017 will not know what hit it!
A battle of the mind: Leadership lessons from Sheryl Sandberg
[bctt tweet=”Our self-perception as women is actually what keeps you from moving ahead” username=”SheLeadsAfrica”] I was fourteen, maybe fifteen and straight out of primary school, it was my first day in high school. My incoming class teacher asked me if I was willing to be the class prefect. I flat out said no. I just was not willing to take up a leadership position to a group of people whom I had never met before. This was despite the fact that I knew I was more than capable of doing the job and doing it well. Fast forward three years later I ended up taking a leadership position not only in my class, but in the entire school. Looking back though, I see the same trend repeating itself in my life over and over and that is what Sheryl Sandberg’s book Lean In: Women, Work and the Will to Lead is about. We do it to ourselves Initially, I thought the book was going to be about your basic feminist tirade. I was pleasantly surprised though, when from the get-go she focused more on how the self-perception that women have is actually what keeps them from moving ahead. ‘Sit at the table’ made it to my top three favourite chapters of the book. Sandberg discusses how women face a “battle from within” that prevents them from taking advantage of what rightly belongs to them. In the chapter, Sandberg gives a story about a certain meeting she hosted for government representatives —both men and women. After picking their cups of coffee, the men sat around the conference table but the women opted to sit off to the side of the room, even after much prodding from her. It was an innate decision they made to keep themselves away from issues under discussion even though they had every right to be there. [bctt tweet=”Women hesitate to take advantage of what rightly belongs to them” username=”SheLeadsAfrica”] It’s possible to have it all In the 8th chapter, Sandberg brings up a common argument as far as women empowerment is concerned when she talks about making you partner, a real partner. She talks about the traditional gender roles in homes and how to overcome the limitations that these roles throw at women as far as career planning is concerned. The discussion revolves around empowerment taking place at home as much as it is being demanded in the work place. By having men take on more responsibility around the home, traditional gender roles are discouraged. Rather, this encourages an equal playing field in the workplace and at home. An idea that if put into practice in our homes, will enable us to excel both in our careers and in our families. In Africa, especially due to our cultural inclinations this here is easier said than done. Yet, if we are going to let Africa see what we are capable of we must get the entire community involved in this mind shift. The boys’ club mentality Generally, Sandberg’s book gives quite a good insight on the limitations placed on women both internally and externally. This was my key take-away. What I hear mostly around the office corridors is the existence of a certain secret ‘’boys club’’ that seeks to promote only the men in the career journey. [bctt tweet=”Woman empowerment is only attainable when both men and women pursue them together” username=”SheLeadsAfrica”] What I don’t hear is talk on the limitations that we as women have placed on ourselves. It’s very easy to complain about how the system has been designed to work against our growth. While we are in that mind-set we forget to look at the limitations that we are placing on ourselves. Sandberg seems to have begun a kind of movement from the book, a not–so-secret girls’ club that should hopefully get all of us out of the pity party we might have in and work hard to get what we are looking to get. Lean In is definitely worth the read. It is witty, it’s well researched and very open, giving you a glimpse into the lives of top women leaders in the Silicon Valley. You see their weakness and failures and how they rise up in the leadership space. If you haven’t already read it, I suggest getting a copy. Not just for yourself but for your partner as well because as Sandberg discusses in the final chapter of the book. The goals of women empowerment are only attainable when both men and women pursue them together, at home and in the office and it begins by thinking that it is possible and worth the pursuit. Today, despite all of the gains we have made, neither men nor women have real choice. Until women have supportive employers and colleagues as well as partners who share family responsibilities, they don’t have real choice. And until men are fully respected for contributing inside the home, they don’t have real choice either. Equal opportunity is not equal unless everyone receives the encouragement that makes seizing those opportunities possible. Only then can both men and women achieve their full potential –Lean In
5 steps to developing business systems that work for start-ups
[bctt tweet=”@jeanette_nk summarises the lessons she learned building business systems for her start-up” username=”SheLeadsAfrica”] So, you finally have a concept and business plan finalised. You’re ready to begin operating but don’t know where to start? This is usually where consulting firms sweep in and offer help for a fee. Although outsourcing usually benefits most small start-ups, it’s also true that not every small business has enough money to exploit such services. If you ‘don’t know anything about business’, but don’t have the money to consult those that do, then you’d better whip out your notebook and concentrate. When I started my business I had no idea how complicated running a PR company was so I dived in, head first. Luckily for me, I snapped out of my illusion quick enough to save the company from myself. I took a step back and educated myself on the business systems that exist within a typical PR company. Below, I’ve summarised the lessons I learned in 5 very doable steps that can be applied to businesses in various industries. 1. Identify all existing/potential divisions Business systems are a strategic response to a chain of events that occur within different divisions. Let me make it simpler, using a chocolate cake for instance. Business systems would, in this case, be the oven for the cake and the different divisions involved would be the ingredients needed to make this cake. I know, I’m salivating too! Okay, let’s focus. These systems include payment policies, contractual agreements, marketing management, customer care etc. For example, if I got a call to handle a campaign for a company, between that call, the conclusion of the campaign and payment being transferred to me, I need to ask myself what divisions would be involved. There would administration for the signing of the contract and releasing of press releases and accounts to record the payment for example. When you develop your business systems, you need to consider how it will help make those divisions function well together, taking into account all other factors involved like employees within those divisions. You might want to pick up a business book or two to learn more about general business management if you are not too sure about the operational divisions. [bctt tweet=”Play office, just like you played house when you were a cute little kid” username=”SheLeadsAfrica”] 2. Play office Yes, play office. Just like you played house when you were a cute little kid before life put the world on your shoulders and no, I’m not mad to suggest this! Putting yourself in a real-life scenario will help you identify what works and what doesn’t work, it helps bring you down to earth. When I started out, I pitched for a partnership with a very big musician. I was excited for a little while because I could taste the big-time in my mouth. However, once I sat down with my notebook and laptop, I realised that I had no idea where I was going to start and what I was going to do. I sent out a few mock press releases to see how easy it would be to get word out there and after weeks of waiting, not one publication got back to me. Devastated doesn’t begin to describe how I felt when I sent the “I’m going to start small” email to that client. Yet, I understood that I needed to go through other processes before I got the handle of things. I realised things were a lot more complicated than I thought. In theory, your vision always seems a lot easier, that’s why it’s important to try and see how well it would work out physically. Believe me when I say, I literally played office. I set up a nice corner for myself in my tiny typical student room and every morning when I had nothing to do, I would go in, pretend to consult a client, hold staff meetings and so on. This helped me see how things would be if I were sitting across from an actual client. 3. Shadow other existing businesses Enquire with a similar business and take notes on how they respond to you. I promise you it’s not as shady as you might think. This step will allow you to, if you haven’t yet, come up with a niche/speciality for your own business. Once they respond to you, or if they don’t at all, you can spot what you can incorporate in your business systems to better serve potential clients. Think of it as industry research, because it pretty much is just that. For a month or two, I analytically and critically followed one particular PR firm. It was during that time that I started spotting trends on their Twitter timeline. I started learning about things like status meetings and press release drafting sessions, things I had never thought about. The whole shadowing journey guided me in the right direction, I began seeing exactly how you handle your clients as a publicist and how you navigate the different divisions around such an account or campaign. [bctt tweet=”Shadowing existing businesses in your niche is not as shady as you’d think” username=”SheLeadsAfrica”] 4. Develop an operating system This step isn’t as easy as you’d think, but it is completely manageable if you give it enough push. When developing your systems, think long-term, you want these systems to become a tradition and lifestyle for your business. Although it is referred to as one big system, the truth is, a business system is made up of many small systems that are tailored according to the different interrelated divisions you identified in step 1. No think about it, it’s really not as confusing. Let’s take a step back to the cake example, these small systems would be how you prepare your ingredients before you mix them in. Before you mix cake batter, you would have had to mix the liquids and dry ingredients separately. You also can’t mix the icing and
Lessons we can learn about building a social brand from Seatbelts&Openspaces
[bctt tweet=”It is important to incorporate a social issue that can be part and parcel of the story behind your brand” username=”SheLeadsAfrica”] Social branding is important in trying to build enterprises that are btoh sustainable and socially responsible. We can learn a few lessons from Seatbelts&Openspaces CEO, Thuto Sekate. Seatbelts&Openspaces is an ethically social brand which produces sustainable merchandise including up-cycled arts and crafts, clothing, and décor made from organic material, old clothes, trash and scrap material. 1. What influences your brand? For Thuto, a #MotherlandMogul making vintage clothing with environmentally friendly products, her influence is from her past. “Seatbelts&Openspaces is a result of an ethical father and mother. My dad once worked for an NGO that dealt with social issues, then moved on to work for a can recycling company. Later, my mother started a glass and paper recycling company while I was still a minor. So caring for the environment was naturally drummed into me.” In university, she had the experience to cover a topic of sustainable fashion. This exposed Thuto to her calling to address her social issue of choice through eco fashion. When building a social brand, it is important to incorporate a social issue that can be part and parcel of the story behind your brand. 2. Clearly define your brand Through her platform, Thuto directly addresses environmental issues, making clothing from waste or recyclable material. She also upcycles, with ethical practices such as using natural dyes like coffee and tea in her production. Thuto’s focus is incorporated in every fabric and material she makes which is clearly visible in whatever she sells. Through her style of fashion, Thuto reduces the carbon footprint by handcrafting her work. There is a conscious effort in her work to ensure that her brand clearly associates itself as environmentally conscious and friendly. [bctt tweet=”Thuto Sekate directly addresses environmental issues through Seatbelts&Openspaces” username=”SheLeadsAfrica”] 3. Learning from others “I am definitely following other social brands, both fashion for their trends and just eco brands for the information of staying eco conscious.” Thuto learns a lot from more developed socially responsible brands that help her find better ways to structure her business. This way, she can improve her process and technique as well as raising her integrity associated with being a “woke” brand. 4. There will be challenges still, SLAy In countries like Botswana, building a eco friendly brand is not common or well known as part of the business process. So not everyone will understand immediately your work. “Awareness of the cause is still building up in Botswana, so very few people understand the deeper meaning of the brand. The educational part of the need for such a brand needs to be built before we can successfully make a significant social impact. I guess that’s why Seatbelts&Openspaces is a need. Our attempts are to close that gap of understanding and rocking the brand while creating employment opportunities for the youth. Mostly the balancing of profit and good will.” Beyond looking to make a profit, your brand has to look at long-term sustainable solutions to ensure it meets its targets and impacts its community positively. [bctt tweet=”Building a social brand requires realizing that you improving your space in one way or another” username=”SheLeadsAfrica”] 5. Be a game changer Building a social brand requires realizing that you are different and improving your space in one way or another. Your platform can influence others on how they perceive social challenges around them, especially now in Africa. “The possibilities are endless for us, we are the actual future. With the amount of “woke” young people in my circle alone, my faith in humanity is restored daily. Photographers, weavers, bloggers, doctors, lawyers, accountants, online store owners are each tackling different social issues. From documenting poverty in photos, offering artisanal skills to the less fortunate, selling art made by locals all over the world at fair prices, giving locals an opportunity to grow beyond borders or awarding free medical services, with the help of crowdfunding. We do need to make profit, but it should not be at the expense of others.” Seatbealts&Openspaces does not shy always from realizing the task of changing the narrative on consciousness in business in the Motherland. Neither should you.
Emotional Intelligence: The surest way to take your business to the next level
[bctt tweet=”This is why a high Emotional Intelligence Quotient is important for #MotherlandMoguls ” username=”SheLeadsAfrica”] Emotional Intelligence is the magic wand for your business. If you’re passionate about starting a business that will be highly successful, or trying hard to take your existing business to the next level, then you have to read this. Various works of research have shown that we need more than knowledge or high Intelligence Quotient (IQ) to really succeed in life —more-so, at running a business. As an entrepreneur, it is important to attend business school, read wide, have a firm grip of your industry, and know what works and what does not. But even more important is having a high Emotional Intelligence Quotient (EQ). And this is because business in its entirety is all about people; whether you deal in products or services, you’re dealing with people. Emotional Intelligence has to do with understanding our feelings and those of others. It is that “thing” which determines how we make personal decisions, respond to emotions, interact with people, and sail through social intricacies. How do you offer the best service possible to your clients when you don’t understand how they feel? Despite what many believe, this form of intelligence comprises a set of skills that can be learned and applied every day. Let’s take a look at some of these recipes for success. [bctt tweet=”You have to have control over your own emotions if you hope to keep your clients, and add new ones” username=”SheLeadsAfrica”] You need to have emotional self-control To understand people, it’s important to understand yourself first. You have to have control over your own emotions —the way you react to issues or situations— if you hope to keep your clients, and add many new ones. Having emotional self-control means you can respond to negative situations rationally rather than emotionally. Don’t forget that people enjoy doing business with someone that is emotionally stable. And that means a lot for the growth of your enterprise. To have emotional self-control, you have to be aware of your emotions from time to time. For example, the presence of negative emotions like anger, anxiety, pessimism, sadness can weigh you down and take a drastic turn on your business. But once you’re aware of them, what triggers them, and how they affect you, then they can be put in check over time. I mean you can manage them as much as possible. I know this can be challenging at first, things would always get better with time. In essence, to move ahead in your business —and even your career— you must stay motivated. And to stay motivated, you have to have control over your emotions. [bctt tweet=”The window to the heart of your customers is active listening, that’s why Emotional Intelligence comes in” username=”SheLeadsAfrica”] Adopt listening as a skill Running a business has everything to do with managing relationships. Yet it is practically impossible to manage relationships without getting to know the concerns or perspectives of others. The window to the heart of your prospective or existing customers is active listening. Let them tell you what and how they feel about your product or service with a lot of assurance that you care. Listening goes beyond just hearing someone else. It’s a skill that could be used to set your business —and indeed your life— on the path of great success. From your business partners and investors to clients and staff, you should pay adequate attention to whatever ideas or suggestions they put across to you. Whether you approve of their ideas or not, make sure to listen with rapt attention and nod in acknowledgement. Why is this essential? People enjoy doing business with someone they like, one who listens to them, their complaints as well as their feedback. Many business owners are too busy chasing profit without considering the magical power of active listening. They’ve forgotten that when they listen effectively to their customers, they would get more insight into how people view their products or services. And this in some way would hint them as to what and what should be done to make their businesses perform better. Never underrate the power of listening; it could make a lot of difference in your business. Showing empathy is the way to go As an entrepreneur, it’s not enough to listen to those you’re transacting business with, showing care is essential. Think of your customers as yourself. Put yourself in their shoes. Be on the same page as your clients. Ask yourself: If I were the consumer of this product or service, how satisfied would I be? It’s good to let your business be that ‘person’ whom people are endeared to and are willing to be with no matter what because she cares. Showing empathy means looking into customers’ complaints with as much urgency as genuineness. It also means sincerely putting your customers first as far as the delivery of your service is concerned. [bctt tweet=”Beyond being intelligent and strategic, Emotional Intelligence is the great secret of success ” username=”SheLeadsAfrica”] Emotional Intelligence is the magic wand for your business Beyond being intelligent and strategic, beyond having a vast knowledge about running a business, there remains a great secret of success that can help you lead effectively in your industry and that’s Emotional Intelligence. Although some are born with a high level of this form of intelligence, it can be learned. Once you take control of your emotions, use listening as an important skill and show great empathy for your clients, you’re already adopting Emotional Intelligence as a powerful tool to take your business to the next level. How emotionally intelligent are you? Please feel free to share your thoughts in the comment section.
The struggle is real: Keeping it together in the growing phase of business
[bctt tweet=”Take a deep breath and find at least one thing in your business to be grateful for” username=”SheLeadsAfrica”] It has been said a million times already, starting a business is not easy. Worse still is the tendency of the initial thrill to fade away in the face of early-day challenges. Most times, your entire life is focused on your business and you have no time for something else. The early days are hard, so here are some tips to tide you through the them. 1. Remember why you started A daily reminder will do and if not everyday, often. Every successful Motherland Mogul has stories to tell about early days. Each person’s experience is different from the next but one thing is common. The struggle to keep up during the first few months and the importance of keeping their eyes on the goal. [bctt tweet=”Be enthusiastic, think ‘I’ve got work to do! Time to pray and SLAy’” username=”SheLeadsAfrica”] When you wake up in the morning, the slight (or heavy) trepidation and anxiety should be replaced with curiosity and excitement. Wake up with, “I am doing it! This is my dream!” rather than “Here we go again”. Be enthusiastic, think “I’ve got work to do! Time to pray and SLAy”. When you think back on all the planning, the first eureka moment, the excitement when you were laying down the plans, you realize that this is it. You are right where you want or need to be (or maybe not, but you are on the right track). 2. Seeds will grow if well planted Once you’ve set a solid foundation, all you have to do is wait. Waiting is harrrd, yes. But just as feeling of fulfilment washes over you when you eat freshly cooked corn harvested from your garden with your hands (gardening or farming folks will get this), so it feels when all the patience and hard work starts to pay off. You literally eat the fruit of your labour but you have to go through the waiting period first. You have to wait for the seeds to first sprout, then grow and become ready to produce fruits. That is a very long but worthwhile wait. So here is a virtual truckload of patience because it is highly needed at this stage. 3. Water and nuture I know, enough with the fruit analogies but, that is the closest situation to what you are going through. While you are waiting for your business to grow —which should be the natural course of things, you have to prune it, pamper it, water it, sometimes cajole it and nurture it to grow. I totally just gave your business a personality. Yes it has one. If it doesn’t, it should and I will call it ‘she’. And like a woman, you have to pay attention daily to the details of your business. While you watch it grow, a business mani-pedi is always needed. [bctt tweet=”I totally just gave your business a personality and I will call it she” username=”SheLeadsAfrica”] You will constantly have to make changes, remove old things that no longer deliver, stick with tried and trusted routines. Wait, that is basic skin care! Well. As I said SHE needs the attention. You have to keep your hands on the pulse of the business and watch your down-line. Don’t worry we are getting there. 4. Faith Belief in your dream, in the big picture, in your self and in God is the seasoning in the dish. Remembering why you got into this business, pulling yourself up each morning, working late into the night, skipping lunch and having more microwaved dinners than is healthy for you…all these are peppered by faith in what you are doing. When I have a dream and I somehow get stuck, my first thoughts are full of doubt. I question the idea, the goal, the direction. But God doesn’t let me fool myself for long. The idea is reinforced and I snap out and push. That is what faith in your dream will do for you. Especially when no one seems to get your idea or you don’t have the support you need. You need to hold on strongly to your dream and to your God. You are going to need it for what I call the, “Oh what am I doing? Am I sure this is it?” days. [bctt tweet=”You need to hold on strongly to your dream and to your God.” username=”SheLeadsAfrica”] 5. Count your blessings If you don’t who will? I mean, I know you are not there yet, but girl you did it! You started. And as Rona Wigs said the first step is to start! You have give yourself a pat on the back. Try hard (really hard) not to dwell on what isn’t. Dwell on what is, plan for what isn’t and most times, take a chill pill. Make only healthy comparisons only if you have to. [bctt tweet=”Dwell on what is, plan for what isn’t and most times, take a chill pill.” username=”SheLeadsAfrica”] Be your number 1 fan and blow your trumpet when needed. Girl I am proud of you, you have made it this far and you are going to go higher. So, each day, especially on the days you want to rip into something, take a deep breath and find at least one thing in your business to be grateful for.
Why research in business should be a daily routine
One of the very first lessons I learnt about entrepreneurship, is that if I don’t do it, someone else will and that once you do it, everyone else will. Let me break it down. The first lesson is probably much easier —someone will, eventually, spot the gap in the market and attempt to fill it. The latter is the lesson a lot of start-up entrepreneurs don’t want to think about. That once you decide to fill that gap, soon everyone else (and trust me, some of them have been sitting on the idea waiting for someone to do it first) will. This is because you are their case study and now they know the idea does in fact work. A typical first response is usually, “that’s my idea!”, when in fact, we should be thinking about the opportunity that it presents. The good news is, if you’re already thinking ‘competition’ and ‘unique selling point’ then you are halfway there. The answer is research, constant research. From my early high school days, I was obsessed with research, particularly on the Internet. It started with me always wanting to have the answers, because I hate not knowing. Gradually, it became a very educational and growth-fuelling hobby. Research, although mostly associated with reading, isn’t limited to that. Depending on the industry and sector you want to operate in, it could include you physically getting out of bed and attending seminars or, chilling by the Mall of Africa, watching how people walk, talk, laugh or studying what they are wearing, which shops they visit first and how they arrived there or, stalking interesting people on Twitter. The business environment is ever-changing and to get with the times, you need to research. Whether you are an aspiring entrepreneur or an established one already, there is always room for growth and improvement. Research in theory You may not know it, but there are many forms in which research takes shape outside of Google and Yahoo, and these are three of the absolute favourites right now: Social media Yes, it’s not just about the number of likes on your latest pic. Facebook, Twitter and even Instagram can be a huge source of information. It allows you to tap into your (potential) ultimate client/customer’s mind. You will know what they are thinking and what they want —all of this is embedded in everything they complain about, decode it. It can also be a very good way to see how your closest competitors have positioned their products and services and learn from that. Trends grow on social media, if I see someone with a 10k followers wearing yellow jeans, I want to buy them. Keep an eye on people with huge followership and influence on societal behaviour, these are people commonly known as ‘twelebs’ and ‘felebs’. Blogs The beautiful thing about blogs is, the research is actually done for you (but be sure to verify, remember, if it’s my blog, I can put up anything I want). Bloggers usually bring the newest trends onto their blogs for their readers, if you comb through their content, you will find that they are communicating to you the gaps that are opening up in the market. Video driven sites like YouTube Although most people would instantly associate YouTube with music videos, there is a lot more to it. Tutorial videos and even more serious documentaries are put up there, it is a great source of information for when you’re looking to do something like write a book or even start a blog on a related subject. Research in practice Lerato wants to start an online channel but she doesn’t understand how it could be financially sustainable for her. Also, she has no idea what kind of content she wants to put up on her website/channel. What can Lerato do to help solve her dilemma? Correct, research! 1. Use the resources you have Lerato has a Facebook account, but now that she knows she has to research, she doesn’t know how Facebook can be used to do that. Easy, the answer is trends. First, she needs to zero in on a subject. Does she want it to be a health site, lifestyle, entertainment or news site for example? For that she can visit sites that already exist to see which she feels is more for her. Let’s say she chooses a self-help/DIY type of site. 2. Ask and answer the right questions That’s where social media comes in, what do people need help with? Lerato will now study the questions people post on Facebook or tweet on Twitter. She will also check how many of them get the answer they are looking for and how long it takes them to. Not only is this research in terms of content, but it also allows her to see if there really is a market for the site and if it will be more effective and efficient for the user to go to her site instead of asking for help from his/her friends on Facebook. Once she is done with her decision, she goes to Google and types in “start an online DIY site”. Voila, a link to an article about how to make money from such sites comes up. Of course she clicks on the link, now she knows where her revenues will come from. 3. Don’t stop researching A few months later, Lerato’s site, From Your Toolbox, is ready for action. It is an instant hit with her friends and followers, with amazing readership ratings. Soon she starts receiving requests for advertising space, nothing can stop Lerato now. One day, on her timeline however, she learns that her friend has started an entertainment news site and instantly she is shaken. What do you think Lerato does to deal with this development? Lerato doesn’t like fighting, so no. Instead, she uses the resources that are available at her disposal. And that is how she gets into the culture of research, following new trends and
How to beat the rewards system
As someone who has been working in this crowdfunding space for quite some time, I have had the opportunity to have incredible conversations with people who run crowdfunding platforms and people who run campaigns on crowdfunding platforms. As you can imagine, the information you gain from both sides of the coin, while different, is necessary for a complete understanding of the crowdfunding scene. Before I decided on exactly what I wanted Do it Now Now to be, and the kind of support we would need to offer our campaigns, I did a lot of research into what it takes to run a successful campaign and what support campaign founders need. Let’s talk about perks/rewards Yes! You got the money, congratulations! But now, you have to deal with sending everyone that pledged an amount of money to you, the things you promised you would give them. If you have raised $23K and you have 380 backers who have each donated between $10 and $1000, you are going to have to gift 380 people a gift corresponding to the amount they donated. That means, you are going to have to design or purchase the gift and send it to their individual addresses. To some of us, this seems pretty straightforward. However, for people like myself who need to break stuff down, consider this. What is your donation percentage? The first thing to consider when deciding which perks you are going provide to your donors, is how much of the donation is going to go to perks. Most platforms offer a 5% (or more) commission on the amount raised. After that, they add the transaction fees (usually between 3 and 4%). The problem with pledges, is that not everyone has the money in their account when it is time to collect. Factor in the cost of failed pledges. We suggest you factor in another 2% to cover this. So, before you factor in perks at all, you have just paid out 10% of the amount raised on each donation. So far, on each $100, you are making $90. Not bad. What is your attraction percentage? Now, how much money do you want to spend to attract someone to donate to your campaign? This includes any kind of advertising (Facebook, twitter, Instagram etc.) you want to use. We don’t actually suggest you pay a ridiculous amount for advertising a campaign. Say you spend 50c on each $10 donation, that isn’t too bad. So far, on each $100, you are making $85. Not bad. What is your perk percentage? How much do you value your donor, in each donation bracket? Think about this purely monetarily. Your perk percentage reflects how much of the donation you want to spend on the physical or non-physical perks, the shipping of the physical perks, the design costs, etc. We suggest as an individual campaign, you spend no more than 15% of your raised amount on perks. There are different rules, depending on the type of campaign you are running. If you already have a product you are trying to sell, and you have a RRP, then by all means use your existing merchandise! You have already paid for it, and if you are making a small mark-up on the cost-price of your merchandise you are doing well. However, if you do not have existing merchandise and you actually need to make some money to create merchandise, this 15% maximum budget is for you. The 15% includes the physical items, and the packaging and shipping of those items. Note that with the state of most platforms, people expect a lot as a reward. We suggest you get really creative so that you don’t end up spending 50% of your raised amount on perks (trust me, it happens!). You are now at $70 for every $100. Not bad. Keep on budget and you will get a good amount back! Make sure you factor in the quantity of each perk you want to offer. What will your community actually donate? Are you surrounded by $10 givers, or $100 givers? What do you think your $100 will want to receive? Try talking to your community. If you make them a part of your decision making process, they are much more likely to respond to your campaign. What is your administration cost? Think about your opportunity cost. How much time are you going to spend on the post-campaign administration? How much time are you going to spend on marketing and organising your campaign? Most campaigns take 10 hours a week to run, and most campaigns run for 8 weeks. Post-campaign administration is about 3 hours each workday for a month (approx. 60 hours). Factor in a salary that makes sense for whoever is going to be dealing with this part of your campaign. You are looking at 140 hours at an average wage of $5/hour; $700. Factor in 3% of your fundraising amount as a guide, if you don’t want to have strict time/cost constraints. These estimations depend on the number of backers and the type of perks you have —the more personalised the perks, the longer it is going to take to organise properly. It is not impossible to do this well. There are actually a number of print and ship on demand platforms that you can look up. There are also a number of crowdfunding support companies that handle all of this for you. They usually charge between $3-5 per physical item for shipping and handling post-campaign. If you plan and budget carefully, and you do as much of the work yourself and try to use as much readily available merchandise as possible you could be at $67 for each $100 donation post-campaign. Not bad at all. There are benefits to donation/reward based crowdfunding, and there are obvious benefits to no-reward donation based crowdfunding. You need to think about what type of crowdfunding best suits what you are trying to do. Merchandise based campaigns with ready merchandise should go for
Spinning straws to gold the Coco Chanel way
“Beauty begins the moment you decide to be yourself” – Coco Chanel Ever felt a scent so distinct, so exotic and yet so familiar that it makes your head spin? That is what Chanel number 5 perfume does to you. The best-selling perfume in the world, and yet so few of us know the story behind this liquid gold…or the mastermind behind it, Coco Chanel. Coco Chanel is one of the most influential entrepreneurs of all time, but very few people know the story behind the brand. And when they do, they do not approve of it very much. Nevertheless, her brand, which she started with meagre savings before World War II was an estimated $118 billion in 2015. That’s right, Motherland Moguls. That business has been tested through the worst times in the world, and it still came along with a lump sum. The backstory Coco Chanel, born Gabrielle Chanel to a poor French peddler and a shop girl. Her mother died, her father ran off, and she was raised in a convent. When she turned 17, nuns got her a job as a seamstress. But since she secretly wanted to be a singer, she went and tried that out but failed miserably at it. She later rejoined the fashion world after Etienne Balsan helped her out with a dress shop in Paris. She expanded the shops, and chose to dress women in her form of rebellious dresses, rather than the puffed up dresses ladies dressed in back then. It’s the classic Cinderella story. My mother always told me that there is nothing new under the sun. There are so many lessons we can learn from Coco Chanel’s marketing and branding skills, and how to tough it out in times of war (literally in her case). Here are some lessons I’ve learnt from Chanel’s legacy. Brand yourself early in your business Coco Chanel knew that she wanted luxury, but practical. And everything that she made carried her name along with it, with its simplicity and elegance. She started out with hats and putting her two relatives to strut on the street as a marketing strategy. Make it stand out If and when you do choose to have a distinct look or brand, make it scream so loud that it represents you despite your absence. Chanel made her looks using cloth that was originally used for men’s underpants. She made her perfumes unconventional from the flowery scent that was used by ladies then. She invented the little black dress. And with each one of her products, she made a statement without screaming to the world in words. It does not matter where you come from What matters is where you are headed. How many times have we heard this slogan, huh? Coco Chanel made it true. And to escape poverty, she worked herself off using everything that was thrown at her. What excuse could you give not to make a difference? It is never ever too late to make a comeback.. …and slay while doing it. Coco shut down her business for a while after her brand plummeted under allegations that she was harboring a German spy during the war. After a long time out of business, she decided she wanted to rejoin the fashion business…at 70 years old! Even though she failed that first year, she did not give up. She put her big girl pants on like the woman she was and conquered it…again, at 71. I think all women need to have this kind of rebellious attitude to succeed in business. There are no words that can put this woman’s actions and life into justice. We need to applaud women of the past that have shaped the world and learn from them. Women that knew themselves so well, that they span themselves into a legacy. Coco Chanel should be at the top of that list. Jusqu’à la prochaine fois, Motherland Moguls! “Everyday is a fashion show and the world is your runway” – Coco Chanel
Against all odds (bouncing back after a failed business)
I recently experienced a failed business and it would have been devastating if not for my support team. The good thing about failure for a positive minded person (which should be the mind set of an entrepreneur) is the ability to use the experience as a learning process. When a business venture fails there are two most likely reactions from the entrepreneur. You either give up or dive back in again, trying to make it right this time around. From my own experience, here are some helpful tips on bouncing back from a business failure. 1. And the blame lies… A whole lot of things could have gone wrong. The first step is to take an introspective look at your business journey and without been biased. Analyse the venture and pinpoint where things went wrong. You can ask the people who had interactions with your business for their opinions. Be sure to let go of the hurt that comes from failing at a venture. The altruistic ones will prefer to blame themselves and this might be harmful if you cannot get over the blame game. 2. Decide… Next, decide if you are returning to that venture or starting a new venture. This is important as it will determine your next moves. The decision to continue a failed venture will rest solely on you. Consider the reason you started the venture. Was it just a business or a deal with a goal? An ordinary business idea (not that there are ordinary business ideas, but some are conceived based on needs as opposed to those based on passion), is easy to let go of. With this idea, you can venture into a different line of business, responding to another need. However when your idea is part of a dream, it is harder to dump it and move on. 3. Restore This is usually the hardest. If your business was loan funded, it is always a source of grave concern. Many business owners suffer huge financial losses after a failed venture. Although not easy, making efforts to restore/refund loans can give a sense of fulfillment. This is not to say that inability to do so should lead to depression rather a well laid out plan for payment may inspire hope. It is absolutely necessary to avoid any form of self deprecating thoughts. 4. Plan Now that you have decided, begin to make plans in line with your decision. If you have decided to move on. You will need a fresh new idea and plan according to the idea. In the event that you want to continue with your previous idea, make further research using your previous mistakes as key points. Go back to the drawing board. Your drawing board will hold your idea, its concept, theme and any previous mistakes. It is time for a new flow chart which will utilise the information gathered from the research you have done. Tip: If you really need funds at this point, consider crowd funding. 5. Take your time It is tempting to want to dive right into the deep end when you have found the solution or something new. Don’t do this. It’s not advisable jump right in. And no, this is not saying you should procrastinate. On the contrary, take time to set out a pace that will allow you notice changes and progress. 6. Laying the ground work Now you work, and I must add with a vengeance. Going from the drawing board to the work table is literally a huge step. This is where every past lesson is put to the test. 7. Faith Having a strong belief in the success of your venture helps to pad all the hard work you have done. Praying about your moves and asking for directions divinely can go a long way. Also a positive mind set is required. Always. 8. Be patient When you start squatting at the gym, there is a tendency to look at your butt for signs of growth. Disappointment quickly follows when the expected immediate transformation is not seen. Like squats, your business will need time and constant, continuous efforts to grow and begin to show signs of growth. Be patient. Continue to work at it. To avoid working blindly, take constant review of your progress. It may be quarterly or monthly but alway take stock. Mark areas that might need improvement or changes. Make necessary upgrades. Get customer feedback. You cannot know too much. Even after the initial research, always seek expert opinions at every stage. This will serve as a guide along and also a yard stick to measure your progress. In the long run. Your perception of a failed business is vital to your entrepreneurial life. If you develop the habit of not giving up and taking every failure as practice and a lesson, you will find yourself very soon in a successful venture with lots of stories to tell. Remember