business that does not make a profit will die. Any business that does not make
a profit will die. Any business that does not make a profit will die. Did you
notice that the three preceding sentences are the same? You are right and no,
that’s not a typo. It’s my way of drawing your attention to how important it is
for you to ensure that your brand is profitable.
A lot of businesses die pre-maturely not because of location, products/offerings or even lack of customers. Rather, many businesses die because their owners ormanagers do not understand how to calculate a profit.
Do you know how to calculate a profit? Is your business profitable? Hold that thought.
My experience as a business person started with my mom. She taught me the essentials of running a profitable business. She used to manage a gift store in the center area of our town and at that time, there were about five other gift store owners. The inventory in these stores was similar but my mom’s store prices were the highest. I just couldn’t wrap my head around why the stores sold similar items yet my mom’s store prices were considerably high.
On some occasions, we lost some prospects for the other stores because of high prices but my mom seemed not to be bothered. To me, she seemed to prefer to lose her customers to the other businesses. I wondered why she let go of the opportunity to make a sale instead of taking advantage.
One day, I asked her why that was. She explained to me that most of the other store owners were running at a loss. Why? The reason was that they weren’t calculating their profit the way they should. By the time she broke things down to me, I understood the difference between sales and profits.
One of the indices that a lot of businesses use in determining whether they are making a profit is sales. However, just because you are making high sales is not a guarantee that you are making a profit. You can have high sales and still be running at a loss. When I say this to some business owners, they look at me confused. This is because they are yet to understand that sales is not equivalent to making a profit. You can clear your inventory in the shortest amount of time but if you struggle from month to month to pay your bills, you already know that there is a problem.
Most people calculate profit using the cost price only. They add a percentage to the cost price and then arrive at a selling price. This way of calculating profit is what tricks many business owners into thinking they are making a profit when in fact they are running at a loss. The no-profit business model is usually not immediately noticeable because business owners might still be able to restock. However, over time, the real deal will begin to uncover itself. Unpaid salaries, unpaid debts, and inability to restock will begin to hit and the business will eventually die. To build a profitable brand, you need to learn how to properly calculate profits.
As a small business owner, your business success is not determined by how many customers you have or how much sales you make. It is determined by how much profit you make.
The key to pricing an item right is to go beyond just considering the cost price but by also considering your overhead costs. Overhead costs may include transportation costs, telecommunications, electricity, office supplies, salary, rent and every other thing that might not be directly related to the item you intend to sell but have a connection to it.
Once you determine the overhead costs, you then add that to the face value for a new value called adjusted cost price. Your profit margin on your adjusted cost price should be between 25% and 30%.
I used 25% – 30% as a standard but that does not necessarily mean you cannot add a profit margin of 50%, 100%, 200% etc. to your cost price. You are free to add whatever margin makes sense to you and your brand. What is most important is that you are not ripping off your customers. You must always provide value that is commensurate with the type of service you are providing your customers.
Thank you for reading. Do you struggle with calculating profits for your business? Leave a comment below and remember to share this post with a friend.
Do you have a Facebook Page? Have you been wondering whether it’s worth it to pay to get more Facebook Page likes? The answer to your question is not a straightforward one. However, I will attempt to answer it in a way that will help you make an informed decision about whether or not to pay Facebook to promote your Facebook Page in exchange for more likes.
Understanding Facebook Pages
It is imperative that you understand Facebook Pages and how they work. Facebook Pages were designed as a public place where your customers and fans can learn more about you and your brand before, during and after an interaction or transaction with you. Over the years, Facebook has reduced the amount of organic reach on Facebook Pages. This is because it wants you to pay before they allow your page to be seen by your prospects and customers alike.
Should You Care About Getting More Facebook Page Likes?
Getting more Facebook Page likes is a way of showing your audience that you have some type of validity. The more likes you have, the higher the tendency of prospects to trust you. This, in turn, will make them wanting to do business. The human brain loves “numbers.” If I land on your Facebook Page and I see 10,000 likes, it increases the tendency of me thinking your brand is valid. It shows people are interested in your brand and that you have something to offer.
Therefore, it makes a lot of sense for you to care about getting more Facebook Page likes.
Is it Worth it to Pay for Facebook Page Likes?
Now that I’ve established that you should care about getting more Facebook Page likes, it’s time to answer the question, “Is it worth it to pay for Facebook likes?” The answer to that question is, it depends.
A substantial amount of Facebook Page likes does not guarantee that customers will start dipping their hands into their pockets to patronize you. For this reason, it’s not worth it to pay for Facebook likes.
On the other hand, if you are new to the market and you barely have anyone who liked your Facebook Page, it might be worth it to pay for Facebook Page likes.
Ultimately, paying for Facebook Page likes depends on where you are in your journey and the goals you are trying to achieve.
Yes, you can pay but you can also get more Facebook Page likes without paying. In order to get more likes without paying, the first thing you need to do is to invite your current Facebook friends to like your business page. Once you are done doing that, other things you may do is share the link to your Facebook Page on Facebook Groups, include the link in your email signature, website, blog, business cards etc. Also, you can encourage people to like your Facebook Page after hosting a Facebook live event or each time you attend a networking event.
What does is it take to be a promising entrepreneur from Nigeria? It takes vision, determination and grit. The Nigerian business climate is not for the faint-hearted and so if you can start a brand from the ground up and the business can stand the test of time in Nigeria, you deserve to be celebrated. This Onpoint Success’s list of the 7 most promising Nigerian entrepreneurs is designed to let you know that the key to success is your ability to not only dream dreams but also to make things happen against all odds. Congratulations to these recipients.
Grace Chinomso Okoli, a 25-year-old passionate African woman is a serial entrepreneur, God-lover, inspirational speaker, organic enthusiast amongst others.
She hails from Anambra State, Eastern Nigeria and is the 2nd out of 5 girls (popularly called‘The Okoli Sisters’) born into the home of Pastor and Mrs. Okoli.
A graduate of Microbiology from the University of Lagos, Nigeria in 2014, alumni of the Central Bank of Nigeria Enterprise Development Centre in 2016, selected as one of the successful 1,000 entrepreneurs in Africa for the Tony Elumelu Entrepreneurial Program in 2017 and one of the successful entrepreneurs selected for YouWin Connect in 2017.
She launched her first business Shanyi Organics in January 2016, an organic beauty manufacturing company that focuses on the formulation and sales of hair and beauty care products made from pure, certified organic ingredients, herbs, oils, butter and plant extracts targeted at the Afro textured woman and her family.
One year later in March 2017, Shanyi Organics was nominated by BelleAfricana ACE Awards as Best Emerging Beauty Brand in Nigeria. In May 2017, Shanyi Organics was nominated by the Afrinikky Awards as The Best Natural Haircare Product in Nigeria. In June 2017, she was nominated by SME 100 Nigeria for the 25 under 25Award in the Manufacturing Category and in November 2017, she was nominated by The Future Africa Awards in the Beauty Category. In July 2018, Shanyi Organics won the 25 under 25 Award in the Beauty Category and in November 2018, she was nominated by HER Network Woman of the Year Award in the Woman of the Future category.
Funmi Oyatogun is the founder of TVP Adventures, a travel company she founded in 2016 to offer budget-friendly that all-inclusive itineraries and adventures within explore Africa.
TVP Adventures organizes group tours, custom trips, honeymoons, retreats and other adventures around Nigeria and Africa. It takes care of the hassles of planning for trips, as well as sell adventure travel packages for budget travelers.
TVP Adventures has planned and executed trips to over 50 locations in Nigeria and Africa.
Oyatogun holds a bachelor’s degree from the University of Colorado – Boulder and a master’s degree from the University of Edinburgh.
Through her NGO, Wahamba, she also provides outdoor learning and leadership experiences for under-served teens.
Wahamba has organized two camp meetings for teenagers: the first edition involving teenagers on a slavery tour in the Badagry area of Lagos.
Femi Aliu is the founder of Myfarmbase.com.ng where he focuse on using an array of tech tools to solve key problems across the food value chain.
He calls himself a “Techie Farmer” who is passionate about the future of Agriculture and the recent technological trends that anchors Agriculture in the 21st century.
Agtech inclinations includes use of emerging technologies like Blockchain,
Robotics and Artificial Intelligence, Hydroponics and Green House Technology in
emerging economies to advance food security in Africa.
He was named top 20 African Youth in Agribusiness in 2017 at the African Agribusiness Challenge and he has graced many global conferences to speak about his passion including TEDxIbara where he spoke about “Smart Agriculture and Technology”, the biggest South-South Tech convergence, Start Confest in Akwa Ibom, the African Youth Empowerment Forum by Afrika Youth Movement, Ghana. His paper on how emerging technologies can power agriculture in Africa was selected amongst top 30 to be published at the African Union in 2018.
He is a Tony Elumelu Foundation mentor, a Fate Foundation mentor, a Google Launchpad mentor and a Nigeria Bottling Company youth mentor amongst many.
He is also a communications professional whose skills and experiences have been put to good use in many global organizations in the UK, Singapore and Nigeria.
She is a 2010 graduate of the University of Port Harcourt, where she studied Economics.
The Lady Painter is Nigeria’s first Female Painter offering commercial painting services and providing unequaled painting services for residential and commercial spaces, from 3D Visuals to implementation of the paint design with emphasis on detail and quality.
Udoka left her banking career and started painting in 2015 when she got bored with seeing bland walls in homes and offices. She decided to bring in that wow factor into spaces using paint to make sure that every wall has a story to tell or a statement to make and reflects her client’s personality.
She is passionate about making homes and offices beautiful by bringing walls to life.
Chioma Ifeanyi-Eze is the founder of Accountinghub.ng, Nigeria’s No. 1 small business accountant; offering an online and retail shop selling professional accounting services.
Launched in mid-2015, Accounting Hub is Nigeria’s No. 1 small business accountant; offering an online and retail shop selling professional accounting services. It brings together a collection of brilliant accountants and consultants offering quality accounting services to Nigerian SMEs. Born out of the need to grow healthier Nigerian businesses, it offers an extremely new, affordable, fast and easy access to accounting and business financial consulting tasks.
Ifeanyi-Eze is the recipient of the 2018
Advisor of the Year award from Sage Partners.
Olawale Ayilara started out as an entrepreneur by running a coaching center in Abeokuta, Ogun state in Nigeria, but that business soon failed. He got into printing, business consulting, and even sold food at the annual The Experience concert held in Lagos at some point. They all failed after some time.
At some point, Ayilara even left the country and it was while he was away in South Africa, researching on what he wanted to do, that he decided to get into the real estate industry.
Three years prior to starting his business, Ayilara took time to learn about what it entails. He was providing digital marketing services for real estate firms and he at one time, helped a company increase its sales by N85 M in one month, a landmark achievement for that company, considering how much it had made in the entirety of its existence.
Ayilara decided to bring all his experience into play to start his business – LandWey Investment Limited.
By 2018, the company, which started with 5 employees, now has 42 full-time staff, 370 realtors and 16,000 consultants.
Ayilara has also been passionate about youth development and is the founder and director ofBeyond School Initiative which provides training programs for university students.
He’s an alumnus of Lagos Business School with an MBA from the London Metropolitan School of Business. In 2018, he was named in Forbes Africa’s 30 Under 30 (Business) list.
[Read: How to Start Charging CustomersWhat You Truly Deserve]
Temitope Ogunsemo is the founder of Krystal Digital Networks, an ICT company that creates software applications for educational institutions in Nigeria, helping them improve their services. The company makes an annual revenue of $3 million(over a billion Naira). My Skool Portal is the company’s product which is a web-based application for School Information Management System designed for proper storage and documentation of school data.
Digital Networks Ltd currently services about 48% of federal government
colleges in Nigeria.
Ogunsemo partnered with Microsoft to provide quality education training resources on Microsoft technologies to help institutions, faculty and staff and its enrolled students obtain the skills needed to reach their academic and career potential through the Krystal/Microsoft Imagine Academy partnership.
KrystalDigital Networks has now commenced IT training program in Twenty-four (24) Unity Schools.
Ogunsemo has a B.Sc. in Chemistry from the University of Ibadan and a master’s degree in Information Technology from the University of Salford.
In 2015, Ogunsemo won the Nigeria Technology Awards (NiTA)’s Best School ManagementSoftware Developer award.
In 2018, he was named in Forbes’ 30 Most Promising Young Entrepreneurs in Africa list.
The marketplace is getting increasingly crowded daily and if you truly want to build a profitable brand in 2019, you must learn how to stand out in the marketplace. If you stand out in the marketplace, it makes business more enjoyable for you because you’ll not need to struggle to get customers.
In the past, standing out in the marketplace was mostly centered around having quality products. While having quality products is a great way to stand out, in 2019, this will no longer guarantee that you’ll stand out in the marketplace.
To stand out, you need to go beyond just having quality products and understanding how the consumers want to be served.
In my business, I continuously focus on ways in which I can stand out in the marketplace, attract quality customers and retain them. If you want to stand out in the marketplace in 2019, here are 7 ways you can go about it.
Put your heart into your business: If you put your heart in your business, it will make you stand out and consumers will notice it. The marketplace is crowded because many people are simply in business for the fun of it. If you put your heart in your business, it will show in the way you market your brand and how you deliver your services to your customers.
Do more than talking: A lot of entrepreneurs talk about what they can offer but they do not have the capacity to serve the customers. Standing out in the marketplace in 2019 means that you are willing to do more than talking. It means you must do everything you can to ensure that when customers come calling, you can deliver on your promises.
Do not bite more than you can chew: The easiest way to go into oblivion is to bite more than you can chew. I fell for this trap at some point in my business life. I offered too many services that led to stretching myself too thin and not being able to meet up with customer’s expectations. Thankfully, I rebounded from that situation with the help of mentors and coaches. If you want to stand out in the marketplace in 2019, reduce your offerings and do not bite more than you can chew.
Raise your prices: This is the part that a lot of people are scared of. The reason is because they fear that if they raise their prices, they will losecustomers. This might be true but if you raise your prices and deliver topnotch goods and services, you’ll attract quality customers
Incorporate convenience: The average consumers are busy and anything that will make their lives easier, they will gladly embrace and won’t mind paying a little extra. As you think about standing out in the marketplace in 2019, think of ways you can incorporate convenience in the way you serve your customers.
Be transparent: One of the things that customers look out for in a brand is transparency. If your services are shrouded in vagueness and secrecy,be sure that customers will bypass your brand. It’s not enough to have quality products, your service delivery must be transparent and easily understood by your customers for you to stand out.
Focus on the experience: People will forget what you said to them, but they can never forget how you made them feel. In 2019, focus on creating a memorable experience for every customer and watch how they’ll become your mouthpiece.
you for reading. What other way do you think you can stand out in the
marketplace in 2019. Please leave a comment and remember to share this post
with a friend.
Three years ago, I organized a seminar in Lagos, Nigeria tagged “Passion to Profit” and little did I know that the event will impact more lives than I can ever keep track of.
My idea was simple. I had learned how to profit from my passion with little to no resources and it was time for me to teach others how to do the same.
Planning and hosting the event beyond the borders was tasking but the fruits outweigh the seed and the labor. Till this day, I am still in touch with many of the participants and I have watched them blossom in their respective fields.
Do you have a skill you are passionate about? Have you always wondered whether you can profit from your passion? Well, I have good news for you and that is, profiting from your passion is a real thing. You can be passionate about something and build a profitable it.
Why Passion is Important
A lot of people question why passion is important and I would like to address that before I share the steps of getting started. Passion is important because building a profitable brand or business is an arduous task such that without passion, throwing in the towel becomes inevitable.
I remember when I first started my business, it took me 15 months before I made the first sale. If I wasn’t passionate about my brand, there was no way I could have waited for that long.
Other than this reason, entrepreneurship is filled with a lot of rollercoaster moments such that if you are not rooted in passion, it is very easy to be thrown off the ride. For these reasons and many more, passion is important when it comes to entrepreneurship
Now that you have decided to start profiting from your passion, it’s time to talk about how to get started. As with every great thing in life, you must be willing to follow the process and give it all it will take.
Profiting from your passion is not something that will happen overnight. It is something that will happen over time. Also, your goals will not be achieved on a platter of gold, it takes sweat, grit and determination. To get started, here are 10 steps you should take that will help you build a profitable brand.
Decide on a unique name: The name of your business is everything so you should take your time in picking a unique one. When picking a name, decide on a name that speaks to the essence of your brand and that will be memorable to anyone that “hears” it.
Create a business model: A business model is a document that details how your business will make a profit. Knowing how your business will make a profit is very important and you should not skip this process.
Register your business: A lot of entrepreneurs skip this stage but it’s important that you register your business as soon as possible. Registering your business makes it official and it also ensures that no other business is using the same name.
The last thing you want is building your brand and then when you are ready to register, the business name you chose has been registered by someone else.
Set up your social media accounts for business: The moment you decide to start profiting from your passion, it’s time to start doing things like you mean it. Setting up your social media accounts sends a strong signal to your networkthat you are ready for business. In addition to this, having these accounts aresure ways of letting those who need your services easily find you.
Get professional looking pictures: A picture is worth more than a thousand words. The type of pictures you use on your business accounts sends a message to prospects about the type of brand you are about to do. As you are getting started, be sure to use professionally-looking pictures. My preference is that you organize a professional photo shoot with a photographer that understands branding. If money is a constraint, you can get stock photos from websites like Pixabay, Pexels and even Unsplash.
Create appealing graphics: As pictures are very important, so are graphics. Graphicsare not just about creating anything, the key is to create appealing graphics. In the past, I used to recommend getting a graphic designer. However, if you want to get things done fast and save money, there are many apps and web-based tools you can use in creating appealing graphics.
Create content that will last you for one month: The fastest way to undermine your efforts is to start a brand and run out of contentin a short time. If you run out of content, you’ll lose a huge chunk of the target audience you are beginning to attract.
Announce your launch day: I see people starting a business without any announcement yet get upset that no one patronizes them. It does not work that way. To profit from your passion, you must get your brand into the sub-conscious minds of the people you seek to serve. Announcing a launchday is a great way to alert people in your network that something grand is coming.
Create a special offer: On launch day, you need to give your target audience a reason to tell others about your brand. One way to do this is by creating a special offer that can be passed along. From offering a certain percentage off to waiving fees or offering referral kickbacks, you can create offers that are too good to resist.
Launch your business: Once you announce your launch day, start working toward launching your business. You can choose to launch at a physical location or online depending on the type of business and what you are trying to achieve.
Once you follow these steps, you are ready to profit from your passion. Remember that these steps are just the beginning steps and things don’t stop there. You’ll need to continuously market your brand and come up with strategies to not only attract customers, but also to retain them.
All in all, building a profitable brand from your passion is
one of the best things you can ever do for yourself.
Thank you for reading. What other step will you take to profit from your passion? Leave a comment below and remember to share this post with a friend.
One of the things I love about the 21st century is the opportunity it presents for people to do business beyond the borders. My brand might still be an idea on paper if the internet is inexistent but because of the internet, I have been privileged to build a brand beyond the borders. I have a client base in three (3) continents, four (4) countries and in more than twenty (20) cities across the world and counting.
Would you like to do business beyond the borders as well? It’s possible as long as you put your heart to it and you are ready to do the needful.
One question that I get a lot is, what type of business can do
business beyond the border? My answer to that is, most businesses can do
business beyond the border. Whether you are a service-based business or you
sell physical goods, you can do business beyond the borders as long as you have
access to the internet.
To help you get started with doing business beyond the borders, I have listed seven (7) steps below. Following these steps will help you make your dreams of doing business beyond the borders come true.
Put Your House in Order: What do I mean by “put your house in order?” This simply means preparing your business to attract customers from all parts of the world.
How do you prepare your business?
You prepare your business by making sure that the view of your business online looks more like a business than a “joke.” In your online profile, fill out every pertinent information like your mission, email, location, contact information and phone number. Also, be sure to include professional cover photos and maintain active accounts that show that there is a real person behind the brand. Doing this will give people beyond the borders that your business is legitimate.
Get Out of Your Nest: Once your house is in order, the next step is to get out of your nest and start interacting with people who match the description of your target audience. If you want to do business beyond the borders, you must learn how to identify and engage with prospects online. One way to identify prospects is with the use of hashtags on Instagram. Search for hashtags used by people who need your goods/services and start interacting with those accounts.
Collect email addresses: Now that you are out of your nest and engaging your target audience, it’s time to start collecting their email addresses using email marketing. This way you can ensure that you have their contact info and you can start adding value.
Add value: The phrase “add value” cannot be over-emphasized. Adding value simply means you are sharing information with your target audience that they might have otherwise paid for. Adding value is a great way to earn the trust of your target audience and also position yourself as an expert in that field.
Sell: Doing business beyond the borders involve selling. If you don’t sell, then there’s no way your business can grow. However, selling should be done with integrity. You should always “under promise and over deliver” during the sales process so that your customers will not only continue to come, but they will also refer their friends.
Ask for a testimonial:Nothing compares to a testimonial given by a satisfied customer. Suchtestimonial is usually authentic and will help you attract even more peoplebeyond the borders.
Focus on marketing: No matter how great your product is, if no one knows about it, your business will be impacted. If you truly want to do business beyond the border, you must focus on marketing. The type of marketing you’ll adopt will depend on your type of business. The goal is to use a holistic approach that will help you maximize your resources
When I started building my brand, I started by telling stories. This was way before I ever realized how much power storytelling had on building a profitable brand.
I share stories about my dreams, accomplishments and struggles. In my mind, I believed that if I share my stories, it would encourage other people to go after their dreams as well.
However, as time began to fly by, I began noticing that the more stories I told, the more engagement I got and the more I converted prospects into clients. Most inquiries usually come from a story I wrote and that’s why I take storytelling seriously.
For this reason, each time I work with clients on a project, I always teach them how to leverage the power of storytelling in building their brands. At first, some people resist the idea but when I explain how powerful storytelling is, they embrace it wholeheartedly.
If you have not tapped into the power of storytelling in building your brand, you are probably leaving money on the table. If you own a brand and you are wondering what exactly is the power of storytelling, below are 5.
It helps you capture attention: For you to build a profitable brand, you must capture the attention of your target audience. One way of doing this is by telling stories. Good stories help you capture the attention of your target audience
It makes you memorable: When you tell lots of stories that capture the attention of your target audience, it moves you from being just another person to being a memorable person.
It makes people relate better with your brand: When people read your brand’s story, it makes them relate better to you. Now, everyone starts to feel they are connected with you somehow and this drives them to want to do business with you.
It increases your reach: The more stories you tell, the more people you can reach and the more profitable your brand will be.
It earns you trust: When you tell your authentic stories, people will begin to trust you more and when people trust you, it helps you close more deals.
Storytelling is not as complex as many people make it look like. It does not require a special skill nor does it require an intellect out of the ordinary. If you are interested in using storytelling as a way to grow your brand, here are some ways to go about it.
Be open: Becoming a good storyteller starts from being open. If you are given to hiding every detail about you then you won’t get as far as you’d want.
Read stories: Whether you admit it or not, inspiration comes from reading other people’s stories. Therefore, if you want to become a great storyteller, become a great story reader.
Keep a journal: If you are just getting started with storytelling, keeping a journal might help you come up with beautiful stories over time.
Practice daily: Rome was built daily not in a day. If you want to become a storyteller, practice daily.
As you begin to use storytelling as a way of building a profitable brand, always keep your focus on your real goal. It is tempting to drift from your goal especially when people begin to connect with your brand.
Always keep your eyes and heart on probably eating truly matter. Any activity that will keep you farther from your destination should be avoided as much as it lies within your power. Storytelling is powerful and when used right, it can help you build your brand profitably.
Thank you for reading. Do you use storytelling in building your brand? Leave a comment below and remember to share with a friend.
The idea of generating passive income was sown in my heart back in 2010 when I read the 4-hour work week by Tim Ferris.
At that time, I attended seminars thinking about the direction in which I wanted to go so I didn’t quite grasp the concept fully. In my head erroneously of generating that passive income was not for me. I felt like I needed a sound structure and a business with a huge sum of money to invest before the passive income can kick off.
In 2014, I attended a seminar where I learned about building systems in business for a passive-income generation. After the seminar, I began to take the idea of generating passive income more seriously. I research, read books, attend seminars and events so I could come up with ways to generate passive income in my business.
If you do not have a blog, you are giving up your right to generate passive income. If you have a blog and you do not monetize it, then you are working hard while also leaving money on the table. I understand that everyone’s goal is different but there’s nothing like having money consistently flowing into your business.
The easiest way you can monetize your blog is by signing up for Google ad sense. Google AdSense is a program run by Google that allows publishers in the Google network of content sites to serve automatic text, image, video, or interactive media advertisements, that are targeted to site content and audience. These advertisements are administered, sorted, and maintained by Google. They can generate revenue on either a per-click or per-impression basis.
Write a book
If your goal is to generate passive income, then write a book. I wrote and published my book in March 2018 and every month I get a check from the sales of my book. I only had to write my book once but it has consistently paid me for 9 months now and it will continue to pay me.
If you are still on the sidelines of writing a book, this is the time to get in the game. However, I will admit that book writing is a painful process and also that writing a book does not necessarily mean you’ll sell lots of copies. Despite this, writing a book is an excellent way to generate passive income for a lifetime
A dropshipping business is a great way to generate passive income. Dropshippingis a retail fulfillment method where a store doesn’t keep the products it sells in stock. Instead, when a store sells a product, it purchases the item from a third party and has it shipped directly to the customer. As a result, the merchant never sees or handles the product.
The biggest difference between dropshipping and the standard retail model is that the selling merchant doesn’t stock or own inventory. Instead, the merchant purchases inventory as needed from a third party – usually a wholesaler or manufacturer – to fulfill orders.
Thank you for reading. What other way do you generate passive income in your business? Leave a comment and remember to share this post with a friend.
As a small business owner who wants to build a profitable brand, you need to constantly recharge yourself, so you can come up with fresh ideas to grow your business.
Recharging, however, can become a luxury you think you can’t afford especially when you are pressed for time. I am in those shoes myself and many times, I joke that I wish one day totals up to 48 hours.
While I am pressed for time, I also know the importance of recharging myself, so I can come up with new ideas that will help me grow a profitable brand.
Why You Need to Recharge Yourself
I remember growing up, there were brands I never thought would be extinct anytime soon. On the outside, these brands looked formidable but, on the inside, they failed to come up with fresh ideas that could keep them relevant. As a small business owner, if you fail to recharge yourself, you’ll sooner or later become irrelevant.
There is no one way to recharging yourself and coming up with fresh ideas to grow your business. As a business owner, you must be willing to do a combination of things. The steps below are my suggestions, however, feel free to add more or pick the one(s) that suits you. The most important thing is for you to take a step.
Develop the Culture of Reading
Have a Mastermind Group
Attend Industry Events
Hire a Brand Strategist
Develop the culture of reading
If I’m told to name one thing that’s instrumental in helping me to constantly stay relevant in my line of business, it is that I developed a culture of reading.
Reading is important because it not only develops our minds, but it gives us endless knowledge and lessons while keeping our minds active. I have an innate passion for sales and marketing. That’s why I make it a point of duty to recharge myself through reading relevant content daily.
Have a mastermind group
If you find it difficult to recharge yourself and come up with new ideas, try joining a mastermind group. The first time I heard about a mastermind was from Napoleon Hill’s Think and Grow Rich program. However, it was from being a student of John Maxwell that I learned how to find and also start my mastermind group.
Mastermind groups offer a combination of brainstorming, education, peer accountability and support in a group setting to sharpen your business and personal skills. A mastermind group helps you and your members achieve success. Participants challenge each other to set powerful goals, and more importantly, to accomplish them.
A lot of people think attending industry events is an expense instead of viewing such programs as an investment. When you attend an industry event, it gives you the opportunity to see firsthand how others in your industry are conducting business.
From operations to sales to customer service, you’ll learn a lot from attending these events from time to time. In addition to this, it’s a great way to network and also build partnerships that become profitable.
Hire a Brand Strategist
Sometimes, you need fresh eyes to come up with fresh ideas. Why? This is because we all have blind spots no matter how hard we try.
Hiring a brand strategist will bring a different perspective to your business and can help you get stagnant waters flowing again.
Do not be afraid of hiring a brand strategist who can see things clearly and give you suggestions that can catapult you from barely surviving to greatly thriving.
As you continue to run your business, always remember that a business that fails to grow will become stunted. And when a business becomes stunted, death is inevitable. Keep your business alive by recharging yourself and constantly coming up with fresh ideas.
Thank you for reading. What other ways can an entrepreneur come up with fresh ideas to grow a profitable brand.
If you truly want to build a profitable brand, you need tools that will help you boost productivity, accountability and success.
Gone were the days where one could afford to be lagging behind. These days, the competition in the marketplace is extremely high and therefore, you need tools that will help you get the job done. However, if care is not taken, it is very easy to get swamped or lost in the sea of the never-ending options.
As a business owner, what tools do you truly need to build a profitable brand and what apps should you discard?
I have created a list of 17 must-have tools to boost your productivity, accountability and success in business.
This is a proofreading tool that I am absolutely in love with. It proofreads as I write and help me avoid costly grammatical blunders. You should definitely check this out so that you can cut time spent on proofreading by at least 80%.
The world is getting noisier daily. As an entrepreneur who wants to get things done, you need a tool that will keep you on track. Todoist lets you create a list of things to do so nothing falls through the crack
If you run the major part of your business online, you need great designs. Great designs capture the attention of your target audience. With Adobe Spark, you can create attention-grabbing and sleek designs in less time. This, in turn, boosts your creativity.
Just like Adobe Spark, Canva helps you design stunning graphics like a pro. Canva is a favorite because it lets you design the graphics straight from your phone.
I love PicsArt most especially because you can use it to enhance your graphic designs straight from your phone. You can create sleek-looking designs in a matter of minutes.
If you are looking to free up the time you spend trying to book client, Acuity Scheduling is for you. This comes highly recommended especially if you are a consultant and find it hard to charge for your services. Acuity scheduling allows clients to pay you before you meet with them. Awesome!
If you want a curated Instagram look and feel, Unum is the way to organize your Instagram feed the way you love.
As the name suggests, Focus@Will reduces distraction. Distraction is one of the reasons people seem to work hard but have nothing to show for it. If you want to boost your productivity in business, this is an app you want to download on your phone.
This is my latest favorite tool for boosting productivity. If you want to design eye-catching proposals, contracts and invoices, then And.co is the way to go. Just check it out and thank me later.
When clients hire you, all they want is that you get the job done. And if you are looking for a tool to help you keep track of your work, so you are on schedule, look no further than Trello.
If you’ve been dreaming of boosting your productivity in business, it’s time to start scheduling your social media content. That way you can free up some time to focus on more income-generating tasks in your business
This is excellent for sending quick invoices and receipts to customers straight from your phone
This is perfect for signing and scanning vital business documents. It also helps with record keeping.
I just discovered this app and it helps you optimize your content distribution, identify marketing opportunities Staying ahead of your competition is a challenge, but TrackMaven can help. The app can optimize your content distribution and help you identify marketing opportunities, while also tracking your competitors’ content and strategies.
If you don’t track your expenses, you increase the likelihood of overspending. This can really affect your business success. Expensify can help you track your expenses, so you know what to cut and what to keep doing
To build a global brand, you need an international payment system. Paypal is a tool you can use to get paid from multiple countries across the world.
Never lose important contacts again. With DigitalCard, you can have your contacts’information easily accessible.
Thank you for reading. What other tools do you recommend that helps to improve productivity in business? Leave a comment below and remember to share this post with a friend.