SPEND, DON'T SAVE

So many may be thinking, ‘why this particular topic’. Read till the end if you want to learn. Majority of individuals spend alot of time learning how to earn money (Going to school for years and end up in the four walls of job security)

Don't get it twisted. A job is great, but it's never the best way to build wealth.

Back to the subject...

They go to school, get good grades, a high paying job and spend years working at the job to earn. Because of the lack of financial intelligence, they think ‘savings’ is the best idea.

I hate to break it to you that rules have changed. Many may say ‘savings’ helps to compound interest, but the bitter truth is that it only helps to compound inflation, because over time  you are gradually losing the value of your savings.

It is very important to spend your money, rather than saving it. Don't get it wrong, when you spend, spend wisely. If you understand how a scale of preference works, learning how to spend your money won't be a big deal.

Another thing is to invest or convert your money into long lasting value. The truth about compounding interest is that it works only when your money is appreciating in value. That's why the rich invest in assets that generate cash flow rather saving in it in the bank.

Today, learn how to spend your money on assets that can duplicate value in returns, then apply the power of compounding interest. Watch and see how your money will multiply within a short period of time. Understand the principles of the rich and learn their strategies.

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TWO MISTAKES EVERY BUSINESS OWNER MUST AVOID

Starting a business can be exciting, in fact the most exciting moment of my life was when I opened my salon.

I was thrilled by owning a salon of my own. I was young, energetic, gifted but I lacked any prior business experience and that cost me a lot. 

Against this backdrop, I want to share 2 costly mistakes I made and how it made my business to grow at a very slow pace:

1. ASSUMPTIONS

As my husband would say "Assumption is the mother of all fuckups." If you would ever mess up in your business, life and even relationship, assume too many things. Starting off, I assumed too much. I assumed business is sweet; I assumed profit will rush in; I assumed students(my target audience) would pay; but indeed, I was wrong. For the first 3 months, I didn't quite gain my stronghold. Students would come and not willing to pay. Then, I would leave the shop very worried. Things didn't turn out as I wanted.

Worst of it all, I assumed customers know the price, so I would do the hair without negotiation. I thought it would sound rude telling them before we started. Thereafter, you'll here "that's the amount we do it, you didn't tell me the price before o, I can't pay more than this."

Ahhhhhhh, it was so bad that it nearly made me lose my head at times. 

2. PITY

In an attempt for me to cross the hurdle of assumptions, I sank myself into the ocean of pity and got drowned completely. It happened that students were unwilling to pay, so, I had pity on them. What a costly mistake. I would make hair worth 3k for 1.5k. At least, half bread is better than none. Abi?

But I missed it. My eyes opened on that very day. This lady came to make Dry Twisting of waist length. I told her to pay 4k but begged to pay 2k. Then, I had pity on her when she told me all the experience she was facing.

Hmmmm, I felt for her, ‘poor lady’. Not knowing I was the real poor lady.

So, I started making her hair. After a while, she called the woman next to my shop to bring the wears she sells. On the long run, the same lady I had pity on bought clothes worth 8k and to finish it all, she paid with transfer. 

Ahhhhhhh, I felt I was scammed and robbed on a broad daylight. My hands were shaking as I was making the hair. I was very sad. I couldn't wait to just finish the hair and let her go away. In fact, when I finished, she asked me to snap her but I refused. 

I told my husband. He said I needed to work on my power of negotiation. Don't I notice that I go to market with the aim of buying something for 1k and end up buying it for 2k? 

Then, I thought within myself, looking beautiful is an option. One can live without it. So, no one should come with problems as reasons not to pay. 

After these, I resolved that I must always tell my customers the price before we started. Initially, my returning customers felt embarrassed but I made them see that's the new me and you know what? They're even used to it now. They'll be the one to ask me first how much I want to charge.

What more, for customers that come with problems, before they finish, I load them back with enough challenges I'm facing too. Once I sense a customer is about to take this approach, I quickly swing into action and make them have that ‘pity’ on me not the other way round.

Really, experience is all that matters in business. If you don't have prior experience, getting a mentor is the key. It will make a smooth passage for you. 

©Ejika Kasarachi

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How to Make your Brand Look Big

Most times, you can’t compete with wealthy and established brands. They have the money and the name. Come rain, come shine, they would blow you out of the water. You need a lot of money to be even close to their shadows.

It’s time for us to up our games!

Follow me closely and see simple hacks you can do make your brand look like a wealthy brand even though you are far from that.

Let’s say you are a photographer, there are bullies in the industry with all the equipment, money and fame. If you are a fashion designer, there are big bullies with all the equipment, money and connection. It doesn’t matter what you do, bullies are everywhere.

Compared to them, you are just an amateur and a struggling wannabe. Most importantly, you do not want to show them where you work in a scanty and ugly-looking room. 

Imagine someone wants to give you a gig worth an ample amount of money and asks you to show him your work samples. Since there are no other means of showing him, you invite him to your “shop” to show the work samples. He enters the cubicle-like and jam-packed “shop” and he wonders if “any good thing can come out of this Nazareth”. 

That won’t only dampen his moral, it might kill his libido. (Just kidding)

You can’t afford a big work apartment, you can’t afford bigger equipment, and you can’t spend several hundreds of thousands of Naira branding, but you are really skillful and can deliver well.

How do you create the impression to your clients that you are professional and they can trust your brand?

Simply Harness the power of the Internet.

How?

1. Get a good photographer and let him take great shots of you, your products and anything you want to showcase. Let him edit the pictures and give them professional looks.

2. I would advise you learn one or two things on Photoshop (You don’t have to be a pro). Just know how to edit, cut and do adjust a few things. You would need it a lot. If you are not willing at all, use canva.com. You might once in a while need a assistance from professional graphic designers.

3. Start creating a professional feel on your social media profiles. Use great profile pictures. Stop the jokes, savages and meaningless sharing. Talk about what you do. Create good contents. Let people know what you do from your timeline. Facebook, Twitter, Linkedin, and Instagram. When people hear your name, what comes to their mind? If it’s not what you do, then you are not there yet. 

4. Create portfolios in popular portfolio websites (online directories) and list your business. There are several of them. Do a proper search. When you create those portfolios in those popular websites, just share the links on your social media accounts.

5. Start talking and acting like a professional. Join groups related to what you do. Offer solutions to problems or contribute to the communities. When you do this, people often would check out who you are by going to your timeline. Also, people who you have helped solve their problems may want to relate with you.

6. Cap it with a Kickass website. Our aim is to look “big” even though we are not, right? The easiest way to do that is to launch a website that looks so great and professional that people are consciously or unconsciously wowed and gob-smacked. There is a way good looking websites add to your credibility. This is literally the easiest way to look “big” and “professional” without spending millions. People can see all you have done, are currently doing right on your website. They can order a product or service right from your website. They can pay you right on your website and everything just flows easily. This would make your brand look so efficient and “big”. Truthfully, a good website promotes your brand. You need a professional website designer/developer to make this a reality.

7. Become “bigger” in skills. Join groups where you would learn more about what you do. Learn and improve your craft. Take lessons, buy courses, meet people who know better than you. The more you know, the better you are, the better the content you can give out and the “bigger” you get.

When you do all these, people perceive you as a professional. You talk about it every time, your profile looks good, your website is top-notch and your portfolio is amazing on your website and social media. 

You have just created an awesome brand for yourself and people naturally trust and patronize great brands. 

Don’t ever forget this: People patronize a brand because they feel they know what they are doing, have seen what they’ve done before, and have enough resources to do a perfect job. 

Do not fail to create such impression. 

©Oladokun Oladapo.

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Marketing Lessons From a Roadside Barber-Shop

I went to have my haircut yesterday, as I almost couldn’t recognize myself with all the overgrown beards and hair. I strolled into the barber shop and sat on the chair, while he quickly flung his piece of clothing around my neck and tied it firmly like he was about executing a criminal by hanging. This could have been like any regular barbing session, but this barber guy amazed me and taught me something I knew in a different way. He got on with his duty and started up a casual conversation and we got talking about music.

Halfway after putting his clipper to work, he took a very swift pause - next thing he said was “You’re losing hair on both sides of your head o.” Obviously, I’ve noticed that for quite sometime now. My hair just stopped growing by the side like it lost all the motivation. I told him I was quite aware of it and might look to get a remedy for it soon. The barber wasn’t having my part o, he took a closer look at it and told me “Your own good o, because e never too dey obvious.”

I was just silent...

He stretch his hand to reach for an item, it was a small container - I could easily tell it was a cream. He continued “Someone gave me this cream a week ago, about 5 of it and I have sold 4, remaining this one.” At this moment, I adjusted myself and took a clearer look at the ‘concoction-like’ container. It was a hair cream like I guessed.

Okay, he already got my interest - so I asked him more about the cream. He told me, the 4 pieces he sold were well received by the customers and they really loved it. He went further and told  me about a customer who came to his shop the previous day and got the cream to clear his dandruff. And after applying the cream, it didn’t only clear the dandruffs but also darkened the colour of the customer’s hair.

I just sat there looking at both the cream and the barber, like someone who has been given a motorcycle key to drive a car. This look wasn’t just a mere look, but a look of someone that has been sold for long. In my mind, I have found the solution to the partial hair growth issue and was ready to buy.

Now, what lessons can you pick from the badass marketing skills of this roadside barber?

If you’re too tired to think, I’ll tell you;

- He spotted a problem, even though I was already aware of it but didn’t really pay much attention to it. He recalled my attention to it.

- He Aggravated it; After spotting the problem, as a sharp guy, he didn’t stop - instead he told me it might get worse if I don’t attend to it on time. He got me!

- Solution; After spotting and aggravating the problem, he did offer me a solution. He knew my mind has been wired to look for a way to solve it already.

- Testimonials; After offering the solution, he didn’t waste time to tell me about others who bought it and what they think about it. It reinstalled a kind of confidence in me and cleared any doubts I had.

- Scarcity; Even after offering me the solution, he pushed the urgency button on me. 4 sold! Only 1 left! What?? U don't mean it!

 At last, I didn’t buy the cream because I only came with money for my haircut - but I promised to come back for it.

But I picked some marketing lessons from this wonderful roadside barber.

PS: That’s not the barber in the photo, just a random google photo.

©Maxwell Omada

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THE ERROR OF BUSYNESS

Can you imagine? I asked her what business she does, and she said: Sam I am jobless and broke and I really need money to start a business. Coming from someone who spends 22 hours on social media, I laughed hard and wondered why many, maybe even you reading right now is still swimming in the misconception of business!

Everybody has a business; just that many don't get money from their business which cracks or puts the definition of business to the sword.

Simple; Your business is your busyness! If you stay 9-5 at the office filling paper and attending to customers, you are busy about filling paper and attending to customers and that is your business. If you are traveling around speaking at events and conferences, you are busy about speaking and that is your business. The problem now is that many have busynesses but are not in business!

If your 20 hours on social media brings nothing to your bank account or influence account, then you have a busyness but you are not in business! Many speakers jump from event to event only for a pat at the back and the common expectation of "Wow, you were good, you blew our minds" and they go back home like "Wow, my account is bLOWn! They are busy for nothing! Some will even trek home sef... Let me not talk before they say sam talks too much...

Someone right here is even planning on going to spend 7 hours decorating that hall because she loves it so much and want to do it.. Remember passion does not pay bills...

Anything that you do that takes your time and effort and does not give you influence, affluence, connect and open doors is a busyness out of business...

I've never seen or heard of a yahoo boy who fell in love with his client. Be wise... Stay woke! You can't be sleeping on a bicycle or can you?

©Samuel Okeh

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BRANDING SECRETS YOU SHOULD NOT IGNORE

Steve Jobs said, “Design is not how it feels, but how it works.” When you spend your time designing and selling products without going deep and creating an experience that will accompany that product, you will really struggle. One thing you should know as someone who is building a brand is that in the heat of competition, what sells is not whatever good or service you’re providing. What sells is the experience you’re giving.

But if what you’re projecting is what you sell or the service you provide, perhaps, several thousands of people are doing the same and that method will never stand you out or give people the reason you should be the only one they should patronize, but when you project an experience, you bring down competition. 

Now, talking about value proposition, your value is not your goods or service, but the experience your clients/customers get by patronizing you. You need to get that clear. The value is not in the item, but in the experience accompanying the use of the item. Are you a coach or speaker or trainer or what have you? The value is not your process. The value is the experience they get as they pass through the process. No matter how sophisticated or high-sounding your method sounds, if it doesn’t give an experience that makes them come again, you’ll simply be losing money.

Another thing I want you to understand is that depending on the differences in demographics, several people will need your stuff for different reasons. Look at Peak Milk, they show a video of Kanu Nwankwo taking their milk and next, they show a very nice goal shot he took. Who are they trying to talk to? Athletes, sports people, people in field work who expend lots of energy. At other times, they show a video of a boy whose mum gives Peak milk in the morning and when he gets to school, he’s the only one able to answer the questions the teacher in school is asking. Who are they reaching out to this time around? Parents, students, academics, etc. So, for those whose need or reason for purchase is energy, the first message  to them and for those whose reason for purchase or need is better brains, the second message gets to them.

Do you really want your stuff to sell? You  need to ask yourself, “who are those who need this thing and for what reason?” This is very important. Speaking in the language they can understand means you’re able to get at the reason for which they need your stuff. If you can’t get at that reason, you may have to struggle and the experience you’ll be giving will be off the point.

Your “WHY” is the same reason people would want to buy from you. That is the experience, not the “WHAT” that you’re doing or selling. Have you got a skill, a talent, an expertise? Look deep into the experience it can give. That’s where the customer satisfaction lies. That’s what will draw people and make them come again.

©Simeon Taiwo

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How To Build A Profitable E-commerce Business in Nigeria Using Simple Proven Steps

E-commerce (Electronic Commerce) is the buying and selling of goods and services, or transmitting of fund or data, over an electronic network primarily the internet. 

This Business transaction occur either as business to business, business to consumers, consumer to consumer or consumer to business.

In setting up E-commerce Business in Nigeria, here are simple strategic steps to follow and achieve result:

(1) Deciding On What To Sell:
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Deciding on what to sell could be a hard decision to make but making a good market survey  and research can actually help anyone start effectively.

Always start with what you are familiar with as you may be required to write a sales copy on it to persuade sales.

In addition, always visit existing online stores like Jumia, Konga, Dealdey, and the likes to capture what is trending, what is selling hot and customer's review on some of these products. This will help you start up well in decision making.

(2) Sourcing For Products:
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Sourcing for products is another approach that one should also put in to proper consideration before going into E-commerce Business in Nigeria.

Weather you are selling digital products, virtual products or physical products on your E-commerce store, there are two major ways you can source for your products.
Either by building your products from scratch yourself or by getting them supplied to you from reliable suppliers.

We have local suppliers here in Nigeria and also international suppliers from China and other Asians at amazingly affordable prices that can assure you a wide range of profit margin be it virtual products, digital products or physical products.

(3) Setting Up Your Online Store:
==========================
Setting up your online store to market your products and services could actually give you a good position in a profitable E-commerce space.

There are many tools one could use to build an E-commerce store ranging from Woocommerce, Shopify, Bigcommerce, and many other ones that a starter can use to get things together while you grow from there.

But if don't have cash now to invest in E-commerce software's, then I recommend you start up by using a simple facebook sales page, or by opening a seller's store at Jumia, Konga, Dealday or jiji, while you still plan on having your own online store. It's very crucial to stand you out with your own brand.

(4) Driving Traffic To Your Online Store:
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Driving traffic to your online store is what exposes your products and services to sales. There are various ways you can gain traffic to your online store but I suggest you make good use of social media platforms for your advertising as it gives you access to target the real audience that hungers for your products and services, with its amazing targeting tools that enable one to target specific locations, age, gender, interest, and build a custom audience, etc.

In my next post I would share with you how to apply Long-term Optimization Strategies in your E-commerce Business through Retargeting, Upselling, Cross Selling and Free Shipping marketing models in order to boost sales.


©Ecom Coach
Mark Divine Foster

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Understand Where your ATV Comes From

Know Your Average Transaction Value (ATV), Leverage on it & Grow your Business profitably
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Your ATV is a great lever you can pull to grow your business because if you can get your existing customers to buy MORE from you at every single transaction, your revenue will grow astronomically.

You can grow your ATV using the following strategy:

✅Up Selling & Cross Selling

✅Bundle your offerings

✅Position yourself further up the  market

✅Stock high margin products

✅Offer large unit of purchase by providing incentives

✅Point of sale promotions

Increasing your ATV can instantly increase your profits without acquiring new customers.

In your Business this week:

✔️Measure your ATV
✔️Set up a goal for your ATV
✔️Implement strategies to grow it
✔️Test & Measure the ATV again to know if it has grown and by how much

Grow your ATV
Grow your PROFIT

Do you need help understanding & measuring your ATV?

Do you need help crafting & implementing strategies to grow your ATV?

Let's talk about your challenges in the comment section.

Love the ART of Business &
Embrace the SCIENCE

Written by: @abayomiadewumi
Your Business Growth Partner

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Why Packaging is Vital

What skill do you have to sell? What service do you have to render?

It is not enough to have a skill or service to render, your packaging of that skill or service matters a lot. In the face of competition, it is your packaging that stands you out!

So, what is packaging? The dictionary describes packaging as the process of wrapping ‘GOODS’, and I concur with that description because I see myself as a GOOD always ready for sale.

As an entrepreneur packaging is something you must take very seriously if you want your business to grow. And packaging starts from the very point you conceive your business idea or acquire your saleable skill.

Packaging can go from conceiving a business idea/acquiring a skill to closing a deal:

1. Conceive the idea/acquire the skill;Survey the market;
2. Test the market;
3. Package your service/skill into a proposal;
4. Prepare to pitch your proposal;
5. Don’t wait to be called, follow up your proposal with a call, and repeat such call if necessary;
6. Handle your pitch within 60 seconds- that is the maximum time limit you should set for yourself to pitch your proposal and convince prospects;
7. Exhibit boldness and confidence in yourself- prospects are looking to be sure you can deliver on what you promise.

Happy reading! Happy learning!!

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Welcome

Welcome to the OPEN VOCAL blog. Here, you'll find different articles on capacity development to help boost your career. Our focus will cut across different fields, putting in your hands the tools that will help build a successful career. It doesn't matter your field or area of business, there will be something to help you build your skills.

Take time to explore our blog and share our posts to your friends. 

Happy reading! Happy learning!!

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