This week I saw our Guest on The Wave upload pictures of earrings that she started making. She already has a nail business and I think she is looking for ways to expand her business in other complementary products. What was meant to be advertisements ended up in being business advise.
She is venturing in a new business and has done a bit of research possibly on the potential market for her products as well as her pricing. However like any exciting new idea one can end up overlooking important factors.
I had bought similar hand crafted earrings before from different designers as I love earing’s. However my experience is that certain materials tends to fade and wear off quickly especially those that “gold” in nature or have a fancy fur on. In some instances, I have also gotten an allergic reaction from certain products used in this earrings. Seeing that she was using the same products that I had experience with, I offered her advise on which materials she should consider introducing to her collections in order to encourage repeat business.
The issue with an unhappy clients most of the time is, they will never complain to tell you that your product is poor or your service was bad, they will just switched and go buy else where. And with that thought in mind, I was glad she actually listened to my advise and is willing to put it into action.
Many of us do not start entirely new businesses, we often copy from a business idea we have seen a friend doing. However, because of the way we are not really engaged in money related matters and fearing competition, we do not ask those that are in the same business to at least tell us if it worth venturing into. At least to just assess whether the industry is profitable, what the risks are, what the requirements are etc. At the end of the day, we plough our capital in , just to realize that it is actually not working for us.
My personal believe is that you do not have to be innovative to get into a specific business but at least reach out to people you know. What is the worst that could happen? They possibly do not answer you.
- I got into the electricity, DSTV, airtime business because it was recommended by my fiancé’s friend. She started it and thought it might be profitable for me. I had no clue how the business works but at least I had her to teach me tricks on how to save on bank charges as this is the only costs attached to this business. Had I not done this, I would be donating literally every 20% of my sale to the bank in bank charges
- Before we ventured to do driving school, we asked around how insurance work for driving school and we actually learnt that insurance companies do not insure driving school cars. Imagine I pay insurance on the car just for my claim to be refused because I did not disclosed the fact that it is a driving school. I also sought advise from friend who had a friend who has a driving school. Sometimes if you are not close to that person, you can ask indirectly.
- And lastly running a business should not be a secrete. If you are doing business be proud of it. At the end of the day, you started that business for a reason and you need to fulfil that.
The moral of the story is, do not just do business because everyone is doing it. Some people do it as a hobby. Some people are making losses but they do not know it. Others are actually loosing money on a daily basis but are afraid of quitting because of the shame that comes with closing down. Get information from whatever source you need to , but do not just do business because everyone else is doing it.