Beauty Boutique & Salon Business - Your greatest assets are people

Your greatest assets are people - Fadina,CEO Blush Nigeria

• Written by  Ruth Olurounbi

Bola Fadina is the CEO of Blush Nigeria, an upscale beauty boutique and salon in Victoria Island, Lagos. Fadina completed her primary education in Nigeria and then headed for the United Kingdom (UK) for secondary and university education, where she graduated with honours degree in Business Administration, after which she worked in investment banking for several years. She came from a very closely knit family.

Her Blush Brand has a lovely beauty boutique with some of the latest and trendiest beauty brands including Moroccan Oil, Essie and Mizani. The company has an international standard salon; Blush Cosmetics, a complete range of products including primers, foundations and bronzers, while adding facial and massage services based on essential and natural products.

Speaking on why she left investment banking for business, Fadina said she has a passion for products. “I am always up for trying the latest beauty products\trends on the market. My main inspiration to enter the beauty industry is my mother; I remember growing up, her dresser was full of products such as Clarins, Elizabeth Arden and Must de Cartier. My sisters and I spent hours playing with her products and loving every moment of it,” she said.

Speaking on how she started, Fadina said her business, which was founded in 2009, came into being in response to the void she noticed in the “simple, flattering and wearable makeup that is readily available. I found that there was no store in Lagos that retailed any new, cutting edge or the latest products. Yes there are many beauty stores in Lagos but I couldn’t find one that was exciting or current enough for me. I wanted to have a beauty boutique similar to the cosmetics section in Saks, Henri Bendel or Bergdorf Goodman which Lagos did not have. I also want to be a trendsetter when it comes to the beauty industry in Nigeria.”

She said although her business is currently booming, like all businesses, it started small, saying “it took me about two years to really get to this point. You probably have read in the news that Moroccan Oil is the rave right now. It is actually here in Lagos because we have the franchise to sell it here.”

Of course, starting any form of business is daunting no matter where in the world, she said in response to the question if she found doing business in Nigeria daunting, she said, however that, “there are so many situations/issues that come up unexpectedly in Nigeria but if you can do business in this country, you can do business anywhere.”

But the challenges that come with doing business in the country, she said, could be addressed if work and business ethics were improved.

“Also the level of customer service is an area many companies need to work on. You have to remember that in any business, your greatest assets are your people resource,” she offered.
Fadina is more of a realist than a romantic and would unwind by cooking and baking. Those two, she said, “definitely help de-stress. I love keeping fit though it’s a bit harder to exercise consistently in Lagos.” Her sense of style is elegant and feminine, would her favourite era are the 40’s and 50’s.

Secrets to start-up business

Secrets to start-up business

THE idea of starting a business is romantic. But like all romances stories, they abruptly end if they are not properly nurtured and cultivated. You cannot claim you have a relationship if you do not follow through with the initial contact you made (hustle) and you most certainly say you know your partner inside out if you didn’t ask questions (curiousity). Relationships are like that. And so are businesses. Graduating from the stage of conceiving the idea is hustling. That extra mile you go is what hustling means, in this context.

Aaron Schwartz, the Founder and CEO at Modify Industries, Inc., which designs interchangeable custom watches known as Modify Watches, once said he estimated that five per cent of his time was dedicated to strategy, five per cent on sales calls and the other 90 per cent was focused on everything else. Like what? Packing boxes for 14,000 watches his company had sold; exchanging over 200 emails per day with customers; working with his team on re-designing their watch not once, but twice; sending watches to non-profits to help with fundraising; “remembering to eat while working! With rare exception every day at a start-up requires “fighting fires” – handling issues that have immediate deadlines. To us, “Hustle” does not just mean working really hard (though that is critical). “Hustling” means being industrious and figuring out clever ways to solve problems so that we make our customers happy and improve how we work.”

Next step is to follow through. In some ways, following through is the life partner to hustle. Prince Kayode Adeshola, CEO of Remmy Kay Travel Services in Abuja said follow-through means going the extra mile even when “you’re busy, stressed and even too tired to make sure that you never lose the sight of the company’s big projects and the company goals.” He said with his company, he follow through with phone calls, emails and by keeping tabs on his employees and the customers, being in their consciousness, at all times.

Curiousity means you want to know. You want to learn and as such, you have to wide extensively. You have to ask questions. Ask questions because you want to know and ask the important ones. Travel a lot to discover what the world offers, ask your customers about your service delivery and seek ways to improve on them.

 Here is the good news, these skills can be learned. Thankfully, they are not all entirely in-born. Schwartz said practice does make perfect – but also that you can still deliver good results while you are improving. And here is how he said that could be achieved. First, set yourself up for success by choosing a company and team you care about. That way you will show up to work energized each day; happiness can make even the most mundane tasks exciting.

Second, think of your customers as family and friends. It sounds silly, but when you believe that folks you care about rely on your product or service, you will work harder to make sure they are treated well.

Third, make lists. Finish each day by creating a list of the 5 small tasks that you need to accomplish the next day. Then do them the next day. Each weekend write out the one or two big projects that you want to focus on for the next week. Both of these steps will help with the follow-through, which is one part organisation and one part effort.

Fourth, while I cannot tell you to “be more curious”, I can let you know that great start-ups have a forgiving environment. Learning from mistakes is the key to success. Knowing that you will make mistakes will take away some of the stress of trying new things, which will allow your natural curiosity to shine!

Fifth and finally, ask your teammates to hold you accountable for even the smallest things. You will start to deliver everything that is expected and you will also improve team communication, which is always critical.

A start-up is scary because every day is uncertain. But it is also a great place to learn, to meet new people and to try new things. Whether you are starting a venture or joining a team, simply working hard, completing your tasks and being open to new ideas will set you on a path to success.

Published in Tribune Entrepreneurship
Written by Ruth Olurounbi

Business collapse? You may be your worst enemy

Business collapse? You may be your worst enemy

• Written by  Ruth Olurounbi

Sometimes when your business collapses or it is not moving the way you planned, it may be because you are sabotaging yourself. But how is that possible? Brent Beshor, Chief Executive Officer of AdVentures, ranked #28 on the 2011 Inc. 500 list of the fastest growing companies in the U.S, says regardless of age, stage, or profession, it constantly amazes him the little things very different people do to sabotage their future success. He listed those things people do to slog off their success. Here are just tips of the ice berg.

Grammar
This is not something to “LOL” about. Misspellings, lack of capitalisation, and generally poor grammar say you’re uneducated, inattentive to detail, or, frankly, just don’t care. Poor grammar is like a giant fluorescent warning sign that says: “Steer clear.” Please use spellcheck tools, reread your note, and if it’s something “important,” have others proof it, too.

Over-promising
Expectations matter. If you promise me a miracle, I’ll expect it. If you promise me a little, I’ll be happy with a little and delighted with a little more. Being impressive is mostly about being reasonable in your projections and hitting them consistently.

Not taking responsibility
We’re human. Mistakes happen. But ever noticed how some people always have a scapegoat and even a backup scapegoat? The finger is always pointing in the other direction. Occasionally, another person might have played a role. Most of the time, it’s your own fault. Own it.

Lack of Patience
I’ve found that nothing worthwhile comes quickly or easily. Regardless of your goals, they will take focus, hard work, and plenty of time. Stop looking for the secret sauce or the quick fix. There aren’t any.

Lack of definite intention
Each day is packed with questions of how to spend your time, money, emotions, and focus. Do you know why you do what you do? I see lots of “ping pong people” bouncing between distractions. Pick something meaningful to accomplish and attack it. You’ll be amazed at what you can do.

Overcommitting
You can’t juggle an endless number of commitments. Every time you say “yes,” you’re saying “no” to something else. Eventually, things break down and blow up. Ask yourself if the commitment in question will help achieve your goals. If not, politely decline.

Subtraction by addition
 When things get hard, the inclination is to do more. Work more hours. Demand more from others. In the short term, it feels great. Your brain rewards you for “doing more.” But when you look back, you’ll find you accomplished less. Instead, focus on addition by subtraction. Spend more time thinking, and less time doing. Be still. Be alone. Be thoughtful.

I started out as a secretary - Folorunsho Alakija

I started out as a secretary - Folorunsho Alakija

• Written by  Ruth Olurounbi

Fashion designer, oil tycoon and philanthropist, Folorunsho Alakija last year emerged the richest black woman in the world beating out media tycoon, Oprah Winfery.

This was according to Ventures Africa, a monthly Pan-African business magazine. According to the publication, Alakija, 61, is worth at least $3.3 billion, contrary to a Forbes Magazine ranking which pegged her net worth at only $600 million. This makes her $500 million richer than media mogul, Oprah Winfrey, whose wealth was estimated at $2.7 billion in September.

Alakija is the founder and owner of Famfa Oil, a Nigerian oil company which owns a 60 per cent working interest in OML 127 that produces about 200,000 barrels a day.

The fashion entrepreneur began her professional career in the mid 70s as a secretary at the now defunct International Merchant Bank of Nigeria, one of the country’s earliest investment banks.

“I started as a secretary, a career path chosen for me by my dad. I  was the personal secretary to a bank MD,” she said in an interview.

She later quit the job in the early 80’s and went on to study Fashion Design in England.

Upon her return, she established Supreme Stitches, a premium Nigerian fashion label which catered exclusively to upscale clientele. She credited her fashion business and fashion sense to her family, most especially her mother.

Having excelled in the fashion business, Alakija, in 1993, applied for an allocation of an Oil Prospecting License (OPL) to explore for oil on a 617,000 acre block – (now referred to as OPL 216).

The license was granted to Alakija’s company, Famfa Limited and there began her journey to the top.

She explained that she got into oil and gas business through a friend she met while still on active fashion business.

Alakija is worth $100 million in real estate. Earlier this year, Nigerian and British media announced that Alakija acquired a property at Hyde Park for $102 million. She also owns a Bombardier Global Express 6000 which she bought earlier this year for a reported $46 million.

Source: Tribune

How homeless woman turned millionaire

How homeless woman turned millionaire

This is the story of a woman who has been an inspiration to millions of people all over the world. Her name is Dani Johnson. Johnson came from a very difficult background, like many of us, but chose to make something beautiful out of her life. At 23, she became a millionaire and it wasn’t as if it was given her on a platter of gold. I know a lot of people who have one story or the other, an excuse not to make it. I sincerely hope that after reading Johnson’s story, you’d find the courage within you to be what you have always dreamt to be.

Dani Johnson grew up in a violently abusive and drug-infested home. She was emotionally, physically, verbally and sexually abused on a regular basis.

As a result of the personal trauma and violent conditions she identified as home, she became pregnant at the age of 17 and at 21, she was homeless.
Now, here’s the thrust of her story, as written in one of her books and her website, instead of accepting what life had so far scripted for her, she rewrote her own playbook, chapter by chapter – and by 23, she became a millionaire. Since then, she has become a millionaire many times over, owns five companies with her business partner and husband; Hans, and is a best-selling author, internationally sought-after speaker and radio show host.

While speaking on her life in a recent interview, Johnson said she had to sleep with eight different men in the space of two month because that was the only way she could eat.

On Christmas night of 1990, she joined other waitresses at the beach on a drink and drug binge looking for a way out of her “miserable existence. That day,”  she said, she would have become “a prostitute for coke and that’s how low I became. I hated everything about myself. I knew my future would never be good. I was suicidal from the age of six. My life was not worth living. There was no chance to turn it into anything better. I was disgusting. I hated how my parents raised us. My life was filled with broken promises and lies and people stealing and people beating me and people hating me and me hating myself even more…”

One would make an educated guess that this self-loathing was one of the catalysts, if not the major one that pushed her into wanting to end her life the following morning. She said she started walking “towards the ocean and dived underneath the wave.”

But she did not die. She got another chance to make something out of her life.

“The whole time I was driving, it was as if the left side of my mind was saying, ‘This is not what is intended for your life, you shouldn’t be drinking.

There is more to life,’ and the right side was saying, ‘You’re a failure, you’re a loser, you’re filthy; worse than your parents. Drive this car into the ocean.’ This was like a war inside my mind with these voices and I was literally in a trance. And I have no idea why I chose to listen to that first voice.

Inside the car she had been living the major parts of her life, an idea struck and that was how the journey to making her millions began.

“There was this weight loss program I had purchased long before I was homeless, lying in the back seat. I had used it for a week. I never paid attention to it before. And it just caught the corner of my eye in the sun. It was warped from the humidity. But it was as if this device was talking to me. I picked it up and it was as if this thing was saying, ‘I’m your answer.’ And my first thought was, ‘No, I’m not going to peddle a weight loss program! No way I’m going to do this!’ I turned the box around, saw the manufacturer’s details and called them from the payphone,” she said.

But something made her do exactly what she said she wouldn’t do.

To cut a long story short, Johnson ended up with $4,000 dollars from the first month.

She cautioned that everything wasn’t so rosy at first though. “The first six months that I was in business, I did fail miserably and I mean I failed miserably and I failed until I met two young men who happened to have been at that same exact symposium and yet they were making money and I was not. I knew it wasn’t just because of my gender and I knew it wasn’t just because I didn’t have a college education.

“In fact, I’m a high school dropout. But I began to ask questions. I began to ask questions and they pointed me in a direction where I could go to a training seminar and after that seminar, I had been to six of them in a six-month period, and I made $50,000 with the same industry.”

Dani made a quarter of a million dollars that first year just by selling the weight loss program, became a millionaire by the second year and went on to open up 18 weight loss centers around the country. She sold the business in 1996 as a multi-millionaire.

Credits: Dani Johnson’s First Step To Wealth, Forbes Magazine and Eventual Millionaires.

Published in Tribune Entrepreneurship+
Written by Ruth Olurounbi

Conducting Market Research

Conducting Market Research

by Leo Sun

Prior to the launch of any new product, companies engage in exhaustively thorough market research in order to gauge its probability of success. If your subjects are properly selected, you can gain valuable information that may allow you to better temper your product for the intended target audience. What are your considerations prior to starting market research?

• Demographics of your target geographical area – are you targeting the right region?
• Price range and profit margin – will you make enough money from each sale?
• Intended production volume – if you intend to take a higher volume approach, do you have the facilities to back it up?
• Age range, marital status, family – do you have a detailed sketch of your ideal customer in mind?
• Income and Lifestyle range – how much money will your average customer make?
• Males, females or both – which sex are you focused on?
• Seasonal, cyclical nature of your product – is your product marketable year-round or only on certain occasions?

These may be bewildering questions at first. However, a well-run company should have a marketing manager to coordinate appropriate market research with a marketing researcher. The researcher and the manager define the objectives to be attained through the research.

A well known acronym in the world of marketing research is “DECIDE”, which is a quick way to remember the steps of research.

• Define the marketing problem
• Enumerate the decision factors
• Collect relevant information
• Identify the best alternatives
• Develop and implement a marketing plan
• Evaluate the final decision

The marketing team should then develop the plan and outline the costs, to be presented to the marketing manager for approval.

Now, with an approved market research in place, it’s time to address the two main forms of market research:

• Qualitative research: an exploratory, limited way to gauge the needs of your target demographic, focused on a smaller group with higher detail. These include focus groups and in-depth interviews with selected individuals. An example of this would be to approach a group of surfers at the beach with your surfboard designs, to gather a small amount of high quality opinions from a dedicated group.
• Quantitative research: surveys of much larger groups with the intent of garnering hard statistics to use for future financial plans. Examples of these are surveys conducted over the phone, by mail and on the Internet. These results tend to be of lower quality and diversity, but can be compiled quickly to formulate a larger picture of the targeted area.

Ideally, a company would employ a mix of both kinds of research to gain the best perspective on their customer base. There are many kinds of research – coolhunting, viral marketing, concept testing, demand estimation and online panels are all methods market researchers employ to garner results. The findings from the research should be compiled by your marketing team through comprehensive charts and tables to be presented to management.

Once the marketing manager presents the final results, the company should move on to the product testing phase.

The product testing phase takes place after the completion of the product manufacturing phase and before the product launch. This can be done on qualitative and quantitative bases as well, but if you intend to use large groups for quantitative tests, you should be aware of the physical constraints that were not there during the survey phase, as you must produce enough of the product for testing purposes. A simple example of this is the software beta tester, who is hired by a company to endlessly use the software in search of bugs and glitches. In this example, you would need to devote a lot of manpower and hours to clean and temper your product. If your product is something simpler, such as food, you need only serve your product and record a survey response.

Market research may sound and feel like an overwhelming, costly operation, but it can be done  on a smaller scale for home and small businesses. If you don’t have a marketing team ready to launch a research project, there are freely available reports online for a myriad of products. These can include established research for automobiles, consumer spending habits and restaurant choices, among others. You can also hire university students looking for a business school class project or a few extra cash. This would still be considerably cheaper than hiring a professional marketing research firm.

On the other hand, if you have money to dedicate to market research but you don’t have a full marketing team, consider hiring professionally contracted services or virtual assistants to get the job done efficiently with little hassle.

Source: businessdictionary.com

KEEP THE CUSTOMERS YOU HAVE HAPPY—AND COMING BACK FOR MORE

HOW TO GROW YOUR BUSINESS WITH THE RIGHT MARKETING MIX BY KEEPING THE CUSTOMERS YOU HAVE HAPPY—AND COMING BACK FOR MORE

When you first launched your business, you likely focused most of your energy on reaching new target markets, establishing your clientèle, and building market share.

As your business grows, however, you’ll find that you’ll need to shift your focus from just acquiring new customers, to retaining your existing customers.

If you’re looking to grow your business revenue year after year, selling more to existing customers is a cost-effective way to go. Getting repeat business costs less than getting new business; consider the costs of advertising, networking, offering a “free consult”, or other incentives to new markets. And, there’s the risk new leads won’t buy.

Developing a strong relationship with existing customers can turn them into loyal customer evangelists; that is, they don’t just buy from you, but they also tell others about you and help increase your sales with the passion of their referral. Here are some ideas for creating customer loyalty.

Align the “Four P’s” for Customer Retention

• Have you added new products or services? How do they fit in your original product or service offering? Do they meet the needs of your current customers, or open new markets?
• Evaluate your pricing strategy. Have you priced yourself out of the market? Can you increase your prices without affecting sales? Or have you low-balled your prices to gain market share? Typically it’s more difficult to raise prices than to lower them; can you offer new features or benefits that can justify a price increase?
• Assess your current target markets. Are you effectively reaching your target markets and fulfilling their needs? Are the markets you’re serving profitable? Can you expand into new markets? Sometimes you can find a niche market that has been overlooked by other businesses.
• Look at your promotions and positioning strategies. Can you allocate more of your budget to promotional campaigns, or find new, creative ways to promote your business? Does your brand image still reflect what you want your business to be?

It’s All About Creating Customer Loyalty

• Superior customer service. In a world dominated by big box stores, people are looking for more personalized service. Your customers will appreciate professional, knowledgeable, friendly, and reliable service, before, during, and after a purchase. Giving great service and finding solutions to meet your customers' needs go a long way in keeping their loyalty, year after year.
• Excellent quality. You’ve probably heard the expression “you get what you pay for.” Competing on price alone isn’t sustainable. A much better strategy is to compete on quality, or to provide enhanced features or benefits that are valued by your customers.
• Loyalty programs. Let your customers earn points or rewards when they buy your products and services which they can redeem for free merchandise, or more products and services. By rewarding your regular customers, you can encourage them to buy from you instead of your competitors.
• Memberships. Have customers sign up for a membership program to receive newsletters, advance notice of sales, special buys, extra service, invitations to special events, or rewards.
• Credit programs. Give your customers different purchase options such as store credit cards, layaway plans, buy now/pay later, or pay-as-you-go plans.
• Contests and prizes. Contests can create excitement and promote in-store purchases, program or membership sign-up, and refer-a-friend campaigns.

How to Increase the Value of Your Products and Services

• Bundle your goods. Depending on the type of product or services, you might benefit from seasonal promotions and volume pricing, or by bundling your products with other services.
• Create alliances. You can partner with other businesses to provide complementary products or value-added services to your customers.

Gear Your Marketing Efforts Towards Winning New Customers

Successful companies work on increasing the spending of loyal existing customers, as well as finding new ones.

You need a steady stream of new customers–especially if you want to see significant increases in your sales. No matter how loyal a customer is, it’s pretty hard to continue growing year after year without new customers.

So, focus your energy and money on making sure you attract the right type of new customers: the ones who could potentially become passionate customer evangelists like those who’ve helped grow your business to this point.

Here are some ideas for attracting the right customers, both existing and new:

• Network, network, network. Get out and meet your customers as much as possible. Always have your business cards and marketing materials with you. Be ready with your 30-second “elevator speech.” Remember, you are always representing your company, no matter where you are or what you’re doing.
• Get your voice heard. Write press releases, provide story ideas to the media, write a blog, create a website, write articles, and speak at industry associations or networking events.
• Try new and creative media. You might consider social media such as Facebook, Twitter, or YouTube to promote your business and to attract new customers.
• Encourage third-party endorsements. Ask for testimonials, work with your alliance partners to jointly promote your businesses, and reward your customers for referring new customers.

Source: smallbusinessbc.ca

Packaging and Launching Your Product to Market

In business they say, “it’s the packaging that sells the product the first time, but it’s what’s inside that sells the package the second time.” How many times have you seen a new product fail because the manufacturer has overlooked an aspect that prevented the product from moving off the shelf? It’s a costly mistake, especially when you consider the average food product launch ranges from $12,000 to $15,000. 

To help you avoid this mistake we have provided below our “packaging recipe for success”, to help you launch your product cost efficiently and in a timely manner. Before starting this recipe however you will need to answer a few questions:

• What is your product’s market? How big is it? Is it a growth market or is it crammed with similar products.
• Who is going to purchase your product? 
• What will make your product different from your competitors?
• What are your competitors doing well, and, just as importantly, what are they doing poorly?
• Is your product shelf stable, or are there special handling requirements that need to take into account?
• How are you going to produce your product? Are you going to manufacture it yourself or are you going to have a private label company manufacture it for you?
• If you are planning to manufacture it yourself, this opens a whole host of questions about machinery, location, processes, food safety, etc. If this is your route, do your homework in advance.

Knowing your Product

Now that you have your product, answer the questions to understand the type of packaging you will need:

• How is your recipe or product distinguishable from others in the market?
• What is your market? Is it specialized or very broad? Does the market understand your product (this is especially critical if you are looking at specialized or ethnic foods)?
• How do you need to prepare? Do you have costs? Do you have contacts? 
• What is the volume needed to make this product viable (expected and projected)?
• Will you manufacture it? Or will you hire a custom packaging, or private label manufacturer?
• Ideally, where would you like to see your product on the shelves?

Your Packaging Recipe

Step 1: Choosing a Designer

When choosing and working with a designer I suggest you compile a design synopsis based on your research and ideas. When working with a designer give them an idea of what colours, look, feeling, and scope you would like your brand or design to emote. Also, be clear about what you would like them to handle. This is critical if you’re going to keep your costs in line. 

You are paying for the designers slant on your project, so make sure you are as clear as possible as to where you would like to go, but allow the designer to pick the path. This will save you and your designer hours of frustration. Two quick notes: one, remember in conceptual design, once you have seen the design, you are an owner. And two, prices are based on an hourly rate so designers like it when a client makes continual changes. Your chequebook on the other hand, won’t.

Be prepared to interview a new designer, and ask for their portfolio and previous work. Look at the designs and the calibre of accounts they have worked on in the past. This will give you an idea of what to expect. If you have a large budget and are interested in multi-media (web, TV, print ads, etc.), then I would suggest a larger firm that have staff who can handle different media  Smaller firms, and even independents designers, will offer you great service and reasonable fee structure if your needs aren’t as complex.

If you reach a point where the design is just not working, be honest with your designer. If you pay your bill up, they will usually not have a problem with it. And it is entirely in your rights to find another designer. 

Step 2: Branding

Your brand is your umbrella, under which the various flavours or product variations reside. Remember to keep your brand easy to remember, but indicative of your concept/philosophy. Simple is good. Complex can get confusing. Above all, you should have some sense of pride when you look at your brand. 

As for colours, the best brands have a subliminal meaning. This keeps the impression of your brand with the consumer long after they forget the name.  

Step 3: Choosing a Printer 

Printers, like everyone, have specializations. Some only print boxes, others only print labels. Typically, you do not ask your business card printer to print your cartons, as they probably will not know the packaging requirements and this could mean disaster. There is a growing group of companies that only specialize in packaging, and are a one-stop-shop. Their benefit is that they are immersed in the industry and their experience can steer you away from expensive mistakes before they happen.  

A few key points:

• If you have chosen a good designer, make sure they the talk to the printer to get the specifications the printer needs.
• File formats are critical, if a printer has to redo or work on your file, your cost will go up.
• Remember that volume is your biggest ally to driving packaging costs down. So do your research!
• A rule of thumb is never to load up with more than six months of packaging. Labelling regulations change and even though some forms of packaging are stable for years; pressure sensitive label adhesive has a guaranteed shelf life of only one year and can lose its adhesive properties if stored incorrectly.

Step 4: Launching your Product

So, now you have done your homework. You know your product will sell. Your marketing materials are designed and your package is complete. Your pricing structure is finished and you have all your costs laid. And you have just put in the purchase orders to get everything printed (in small quantities). Now what?

In a word, sell!

Your sole focus should be about getting your product out to the public. Consider introducing it at a trade show—this is prime time to launch your product and get it in front of your prospective buyers. But be proactive, if you know that prospective clients will be there, pre-book appointments for the day of the show to get them to your booth. This not only builds interest around your booth, but also focuses you on your actual purpose for attending a show…to sell! 

Getting your products out in small- to mid-range stores is a good start. Specialty chains especially work very well to build your brand loyalty and your sales. As you grow, connect with brokerages that cater to the larger chains, as they will be able to get into the larger accounts that you might have challenges with. However, be cautious if they ask for exclusivity of your product. 

Finally, remember that even if the product takes off, you still need to keep promoting it! And if your product does take off, congratulations and enjoy the ride!

Good luck! 

ABOUT THE AUTHOR: 

Ken Gallie

Ken Gallie has been in the Packaging industry for over 24 years, with a passion for marketing he has worked on many national product launches. 

Source: smallbusinessbc.ca

26 Radical Beliefs Of Great Business Leaders

By Dan Waldschmidt, 

1. Just because you aren’t sure what to do, doesn’t mean you shouldn’t do anything.

2. The daily grind is better than being run over.

3. Being a “nut job” is a just matter of everyone else’s limited perspective.

4. Limits are for ordinary people. Rules are for everyone.

5. Bravado isn’t the same as bravery.

6. There will always be someone telling you that “you’ve got it all wrong.”

7. Experience is what you earn right after you need it.

8. Success always takes a lot more effort than you think is necessary.

9. Authenticity is an action verb.

10. You’re always wrong until you’re right.

11. Conquest is a contact sport. So is culture change.

12. Revenge is good motivation. A dream is better motivation.

13. You can always be better. You might never be the best ever though.

14. If you don’t trust your gut who else should?

15. Curiosity is the gateway to breakthrough.

16. Everything that happens is an opportunity. Whining hides that from view.

17. Being reliable is a good religion.

18. Small things get bigger faster then you can make the big things small again.

19. Anyone who calls themselves a guru isn’t one.

20. The more logical your business plan is, the less likely it is to change the world.

21. Better questions are better than better answers.

22. Passive aggression is nether passive nor aggressive.

23. Persistence is the biggest difference maker.

24. You can’t “do what it takes” and still lose. So do what it takes.

25. What you get is what they see and what they’ll want to get for themselves.

26. Behind every smile is a wounded warrior looking for a reason to fight for you.

This article was originally published by Edgy Conversations.

16 Reasons Why Some Fish Farmers Fail in Catfish Farming Business

 by adfabb

1. No Market: Bad fish farmers start looking for a market for their fish when the fish are ready for sale. Meanwhile, because they are still feeding, the pond attains its maximum loading and fish stop growing. The longer the fish stay in the pond after they have stopped growing, the smaller the profit margin.
2. Poor Farm Siting: Such as in a place with inadequate water supply, poor soils for pond construction (e.g. may be rocky),far away from markets and/or supplies, etc.
3. Poor farm and facility design: Pond dikes not compacted properly, leak a lot, may be too shallow, and consequently construction and maintenance costs become too high while optimum yields are not achieved. Poor accessibility to ponds,requiring workers to walk across difficult terrain to transfer fish from pond to vehicle or vice-versa.
4. Poor Investment Plan: Several farmers assume that to be a commercial fish farmer one must have several large ponds.Hence, they construct many ponds at once, which constrains their cash flow. Because of this, some farmers take a while to
start production or may only afford to start production in one pond after all the investment.
5. Lack of Technical Knowledge: Start production before knowing what management options are available or how to farm fish.
6. Do not employ the right people. Entrepreneurs employ the right people who are qualified for a specific job. Hiring family members who have little or no desire to learn proper fish farming techniques is a liability because most people find it difficult to dismiss them even after it has become apparent that they are the reason for the poor performance of the fish farm.
7. Absentee Owners/Managers: Manage farms by remote control or telephone. No direct involvement in production and management activities of the farm.
8. Irregular and improper feeding: This ranges from complete lack of knowledge about the nutritional requirements and feeding of catfish to attempts at saving money by using cheap feeds. Some farmers just do not feed their fish because they think fish will grow as long as they are in water. They do not realize that like all animals, best performance would be
obtained if the fish have a balanced diet and that the feed needs to be palatable, easily digestible and does not disintegrate into the water before the fish can consume it. Fish should be fed with the correct feed of the right quality by a conscientious person who is aware that fish should be fed according to feeding response. Fish may not always feed with
the same intensity. They may not want to consume much in bad weather or with a sudden change in temperature; fish may also not eat when they are sick.
9. Fail to Use the Best Person for Feeding: The person feeding fish should be conscientious and keen to observe the fish and know their habits. Feed is not to be dumped into ponds or tanks, but fed according to the fishes feeding response.
Feed is expensive (up to 60-70% of operating cost) and only the best laborer can obtain a low feed conversion and lowest cost.
10. Does not understand management regimes: Do not appreciate that different management levels have different requirements which consequently affects stocking rates. Stocking rates are a function of the specific management regime.
11. Focus on few large fish rather than Volume Production: Being more impressed with harvesting the few large fish rather than looking at the overall picture and appreciating total tonnage at harvest. Survival rates and average fish size matter when raising table-fish, because profit margins above operational costs generally range between 10 to 30%
depending on one’s market. The net income is therefore largely a function of turnover.
12. Do not keep records and do not assess performance to re-adjust management practices accordingly after each cycle. A farmer is therefore unable to tell whether a profit or loss will have been made. Having money in one’s pocket after a sale does not imply one has made a profit. Records must be kept on all aspects of management to help the farmer evaluate and
correct his/her management practices, for improving production and putting together a business plan.
13. Hobby farmers who fail to harvest at the correct time, as though they are taking care of wild-life in a game park.
14. Wrong objectives for investing in aquaculture. Some do it simply because their friends are doing it or because they are targeting ‘free’ funds from donors or government. Nothing in this world is free. Always watch out for the hidden costs before making a final decision. Furthermore, pond or tank construction is costly and is not something one should
undertake for the sake of it. Think objectively before you embark on fish farming. Farm fish as a business; as a source of employment and income for yourself and others. Invest in fish farming only if you have studied it and understand the challenges.
15. Expand the farm as a solution to low profit and yields. It is a bad business decision to expand a failing business without first finding out what the causes of the failure are and correcting them.
16. Believe consultants and newspaper reports that indicate fish farming requires little investment and results in huge profits. If it were that easy, everyone would be doing it. And the so-called consultants would be busy making money from growing fish; not from advertising their expensive training programs.

Source: catfishfarmingbusiness.com

Party and event planning business

Start with nothing, gain a lot!

• Written by  Olaoluwa Mimiola

WHO does not like a great party? Many 

people, among those who want a great 

party, prefer handing it over to an expert, 

as that will enable them to achieve their 

plan for a great event and also relieve them 

of the burden of planning. A beautiful venue, 

fantastic music and the best of food, planning 

events is a good business.
Event packaging and management business  includes management, design, planning, coordination 

and promotion. Events can be classified into four broad categories, based on their purpose and 

objective: Leisure e.g. sport, music, recreation; Cultural e.g. ceremonial, religious, art, heritage; 

Personal e.g. weddings, birthdays, anniversaries; and Organisational e.g. commercial, political, 

charitable, sales, product launches and expositions.

Start up cost
Capital is not a threat for whoever wants to venture into the business. You can start with just a 

pen, paper and your personality. That does not undermine the place of capital in every business,

as having a good capital will help a great deal. And no amount is too big for the business, depending 

on the scale you want to run the business.

Who is an ideal planner?
To begin a career in party planning and events management, you must have a genuine interest 

in the industry, be charismatic, a good communicator and level-headed. You need to be able to 

remain calm under pressure and be a good leader. According to the Chief Executive Officer of 

Event Decorators, London, Mrs Abimbola Ashade, “to be successful in party planning and events, 

you don’t need a lot of assets to work, as much of your asset is your intellect and personality, 

and by extension, a telephone and a computer set.”

The party planner is a special mix. On the one hand, you have to be extraordinarily organised 

in order to juggle all the logistical elements of a range of projects; on the other hand, there’s 

the creative imperative, for which you need a completely different skill set. And on top of all that, 

it really helps if you are ‘bubbly and outgoing’.

Learning
Learning the basics in the business is continuous. Any form of formal education and/or training 

in it will be a huge advantage.

Planning and research
Do as much research and be as passionate about the events industry as you can. You are up 

against well-seasoned professionals who haven’t got enough work to go around. You need to be 

very clear on the area in which you want to run events. First, determine which events you will run, 

then break down whose parties you will plan, and finally, decide on the style you’re going to have 

as a business, because in event management, you need to tailor everything to your target audience.
Specialise in a niche and stick to it. Because there is tremendous competition in every single area 

you can dream of, and unless you are the best in that field, there’s not much chance of you doing 

well or surviving.

Costs and potential earnings
The needs of your clients, your contacts and relationship with venues and suppliers, and making 

a list of contacts to get good rates in printing, among others, will help in reducing your running 

cost. Your supplier costs will dictate your pricings for the most part. Just how low you can swing 

your venue rentals and printing costs will also depend on your contacts. Your overheads, if you are 

working on your own, could be as little as the cost of a phone line, and a website, if you can afford

it.
Marketing and promotions are considerations too. The biggest costs in big companies are in staff 

and you shouldn’t have to worry too much about that during the early days. One well packaged 

event witnessed or heard by the right people, time and chance will earn you an enviable financial 

breakthrough in the business.

Reputation and marketing
As with all industries, word of mouth is key. In this digital age, word-of-mouth includes online 

social networks too. Twitter and Facebook pages should form part of your portfolio of marketing 

efforts. Link your pages to your own site or blog: this will feed traffic to your site, improve your 

search rating.

No matter how successful your online campaign is, however, at the end of the day you can’t 

really buy reputation with advertising, but by running a number of successful events and building 

up good relationships in the industry, and your reputation will soon tower over your competitors.

You can as well do trial runs. Most of this will be free. Be meticulous and do it as if you have 

been paid millions for it, and get the free clients to recommend you to at least three people. 

Offer good incentives to whoever recommends you. Before you know it, you will have the crème 

de la crème on your client list, and millions of naira will start rolling into your account.

Event planning is leisure turned gold for me - Abimbola Ashade

MRS Abimbola Ashade, the Chief Executive 

Officer of Event Decorators, Canary Wharf, 

London, is an ardent believer in the saying 

that whatever you find natural and easy to 

do is your predestined profession, and you 

cannot, but succeed doing it. The Mass 

Communication graduate of The Polytechnic, 

Ibadan and United Kingdom-trained computer 

scientist and interior designer, was once 

organising events for friends, churches for 

free. It was this interest that led her into the world of event planning and management. What she 

considered her natural interest and leisure, according to her, has become gold for her, making and 

giving her a voice in the industry in the United Kingdom.

“I realised I enjoyed planning and decorating: so I ended up starting event planning and decoration 

service, while my study of interior design has helped with project management and designing event 

space.

“I left computer software job four years ago, to pursue event planning and management which is 

my passion and is capable of giving me the most satisfaction and live balance. I’ve handled a lot 

of events for both private and corporate organisations, which have in turn earned me more material 

wealth. The business has also earned me good friends, life lessons, good reputation, and also 

made me closer to God,” Ashade disclosed.

Comparing the market abroad to Nigeria’s, Ashade said: “The scale of events is mostly bigger in 

Nigeria but can be chaotic. Even large scale events abroad are broken down and micro managed

 in an orderly manner. The similarity in events in both worlds is still the fundamentals whether it is 

a wedding or the Olympics. Yet I’ll say that it’s a lucrative and satisfying business to venture into.”

She revealed that the market for the business is not limited to planning and managing event alone, 

but it also extends to training potential event planners.
“I plan, manage and promote events, and also teach whoever plans to venture into the business.”

Success Nugget
The difference between a successful person and others is not a lack of strength, not a lack of 

knowledge, but rather a lack of will. - Vince Lambardi

Source: Tribune