The idea of going solo in business might seem like the way to go when you hear about Mark Zuckerberg, Warren Buffet, Jeff Bezos and the likes but what you may have failed to realize is that behind every successful giant in business, there are tons of people who have contributed to their success. A successful CEO is one that knows how to leverage the power of numbers. usually seen because they steer the wheel of the company.

However, those that truly If you’ve been doing it alone or aspire to become a solopreneur, let me share with you five reasons to not be a solopreneur — and why the myth of any singular hero, whether in literature or business, is a misnomer and will only hold you back from having the most significant successes.

You’ll be average and attract low quality customers

Being a solo business owner will pull you in more directions than you can successfully handle, and this means that instead of spending your energy focusing on things for which you are truly skilled at, you will need to divide your strength into so many aspects of your business.

At first, this may sound cool but as time goes on you’ll begin to notice that you will become average even in the skills for which you are built. Soon enough, this will begin to trickle down to the types of customers you attract.

Customers want the best value for their money and if they can’t get it from you then they won’t be willing to stick with you.  Once you get to the stage whereby your best customers are leaving you for your competitors, you will begin to attract low-quality customers or even no customers at all.

[Great Read: How to Recharge Yourself and Come Up with Fresh Ideas to Grow Your Business]

Growth is Impeded

Growing a business involves a lot of hard work, focus and dedication such that as a solo entrepreneur, it’s truly hard to grow your brand solely by your efforts. Also, as a solo entrepreneur, your business revolves around you which means that should anything happen to you, the business will be at a standstill.

You will be a slave to your business

One of the major reasons why people become entrepreneurs is the freedom to do whatever at any time. This type of thinking is great but when you are doing business by yourself, the freedom which you seek might be unattainable after all.

[Great Read: 7 Things That Hinder Success]

You’ll make more costly mistakes

Working with an effective team could give you an edge over working by yourself. A team can help to broaden your perspectives, compliment your strengths and help you reduce the frequency and intensity of costly mistakes you make.

In contrast to this, working alone means that you can barely make good decisions because of the pressure that comes with the different parts of running a business.

[Great Read: 4 Things Warren Buffet Wants You to Know About Wealth-Building]

The perceived value of your business will reduce

If you go solo as an entrepreneur, the perceived value of your business will be lower as opposed to if you run your business with others. Investors will also value your business less if you are a solo entrepreneur.

There’s so much a single person can achieve and you can only cover grounds within your scope. On the contrary, if you have a team that you work with, your business takes flight. The old saying applies, “to go far, go alone. To go farther, go with others”

Have you been going solo in your entrepreneurship journey? It’s time to reconsider. If you truly want to build a profitable and recognizable brand, you should consider going with others.

Thank you for reading!

Need business mentoring? Join our business mentoring platform, #OSBSElite. The next open enrollment starts September 1 – 14, 2019. To get on the waitlist, click HERE

Any 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.

[Read: 5 Time-Management Tips to Help You Reach Your Business Goals]

Sales is not Profit

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.

High Sales Don’t Guarantee a Profit

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.

 [Read:Follow These 7 Proven Steps and Watch Your Christmas Soar]

How Not to Calculate a Profit

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.

[Read: How to Attract Quality Customers When You are New to the Marketplace]

How to Calculate a Profit

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%. 

(CostPrice + Overhead cost ) = Adjusted Cost Price

Adjusted Cost Price * 30% = Selling Price

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.

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.

[Read: How to Speak with Confidence and Present with Power During Your Next Public Presentation]

The Power of Storytelling

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.

[Read: Here are the Top 3 Reasons WhyYou Don’t Have Repeat Customers]

Steps to Becoming a Storyteller

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.

[Read: How to Standout and Become Indispensable in the Workplace]

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.

I have always dreamt of owning a global brand but quite frankly, that dream was quite intimidating given the fact that I was not raised with a silver spoon. However, something in me kept telling me it was possible so I never discarded the idea – though I tucked it away for many years. By the time I decided to start exploring the possibility of unleashing my ideas, I then decided to survey the people around me. The general consensus was that I should not register my business because it would put me under the radar. Obviously, I was directing my questions to the wrong people because registering my business gave exclusive access to tools and resources that are only available to registered businesses.

If you are thinking of starting your business or maybe you already started and you are yet to register your business, here are 5 reasons why you should register your business.

  1. It puts you under the radar: A lot of people are scared of being under the radar but trust me, if what you do is legitimate, the best place to be is under the radar. If you are an expert in what you do or the services you offer, you want to make sure that you get started on the right note.
  2. It ensures that you get paid: Many people will rather pay to your business account than a personal account and you can only open a business account if you own a registered business. Corporations and Multinationals will definitely not do business with you if you don’t have the appropriate credentials and if you are okay with being the best-kept secret, then you might keep running your business without properly registered.
  3. It makes your brand legitimate: The only way you can own a business legitimately is by having it registered. Anyone that tells you otherwise either does not love you or does not know any better. 
  4. It protects you: Registering your business is also a way of protecting your finances. For example, In the US, if you register as an LLC or a Corporation, people cannot go after your personal finances if anything goes wrong. You might need to check your local laws for what applies in your country or state of residence.
  5. It gives you access to opportunities: There many government rebates and tax breaks given to small businesses and if your business is not registered, you will not be allowed to be a part of these opportunities.

 

If you need to register your business in Nigeria, you may visit the CAC website

If you need to register your business in the United States, you may visit the IRS website.

 

Thank you so much for reading! What additional reasons would you like to share? Please leave a comment. Also, if you found this piece valuable, kindly share with others.

My online blogging history dates back to 2012 when I was an event planner. I loved sharing the Nigerian culture with the world so I created a blog via the Blogspot platform created by Google. Back then, it was not an easy task to blog as there was no “Blogspot” app for mobile. This meant that before I could post anything on my blog, I needed direct access to a computer.

Few months into my blogging journey on Blogspot, I heard that I could create a free website on Wix. I remember spending an entire month figuring out how to create beautiful website pages using the pre-made templates. In the end, I managed to create something that looked decent however, the domain name was too long and I knew it was only a matter of time that I would need to get my domain name.

In the end, I did sign up to get my preferred domain name but I still was not satisfied. There was something about Wix that’s so limiting and I wanted the flexibility of being able to fully customize my blog.

I managed to use Wix for about six months until I finally decided to migrate to WordPress. If you are an entrepreneur and you’re looking to start your blogsite or website, I would definitely recommend you start with WordPress, if you have the funds.

[Here’s a perfect step-by-step tutorial for you if you want to start your own WordPress blog]

If you don’t have the funds, you can still start with the free WordPress which also has an app, however, there’s still one thing lacking. You can’t build a dynamic website with your WordPress app.

The app lets you write your blog posts, upload pictures and do basic things, but you can’t edit or work with themes or templates straight from your phone. You’d need a computer for that. Even when you have a computer, it still does not mean you can easily build a website especially if it’s not your area of expertise.

How then do you go about it?

Thankfully, there’s now an app that you can use in building a functional website straight from your phone. Other than the fact that you can use this app straight from your phone, you do not need any prior experience in coding. The app is called “Onuniverse“.

With this app, you can create stunning fully customizable website straight from your cell phone in 5 minutes or less! How cool is that?

Other than building a website, you can also use it to create a landing page for your products or even share curated information about your past, current or future events.

The best thing about this app is you can use its basic functions for free. To get rid of advertising and to have your own customized domain name you pay an additional $2.99 respectively.

[Attend THE POWER WOMAN EXPERIENCE IN GREATER PHILADELPHIA]

And oh, the app is only available to iPhone users and it’s definitely worth checking out if you’ve always wanted to build a professional looking website or landing page without having to retain the services of a professional or having the knowledge of coding or needing a computer.

Check it out right now and be on your way to showcasing your brand the way your audience wants it.

Thank you so much for reading! If you found value in this write-up, kindly share with others. Also, feel free to leave your comments or ask questions below.

P.S. Did you know I wrote a revolutionary book titled UNEQUALED? This is the #1 book that teaches you how to build a profitable brand online. It’s available in print worldwide. You can get it on Amazon, Barnes and Noble, on my website and from major distributors worldwide. Get your copy today and be on your way to building an unequaled brand!

Also, I invite you to join me for #OnpointBizChat this Saturday via my Facebook Page. This is where I share loads of business wisdom to help you build a profitable brand online. If you’d like to work directly with me, click HERE.