“Cause my seconds, minutes, hours go to the all mighty dollar”- Dwayne Michael Carter Jr (Lil Wayne)
Yes, another song title….it helps my creativity!
Money, Cash, Dinero, Coins. So you have started a business, without a plan (BIG MISTAKE BUT NO JUDGEMENT) and put the cart before the horse. Money is coming in but it keeps slipping out of your hands. You are not seeing the ROI or the return on investment. This is what happens to many start ups in Trinidad and Tobago. We have all seen it, small businesses, in your community; start with a bang and then fizzle out. Why does this happen? And better yet how can you avoid it?
I did some intel on small business on our lovely island and came up with little nuggets to assist you with your entrepreneur journey.
KNOW YOUR RACE AND RUN IT!!!
The first nugget is to know your competition and when I say know, I mean EVERYTHING. You should know, their opening and closing hours, their challenges, their strong points, how they are marketing their products, where they are marketing their products, what makes them different from other stores/businesses, their employee count and how they hire and fire. You see where I am going with this, it is very difficult to have something original in any market but you may know how to perfect it and that is what is going to make you stand out against your competition.
TO MARKET, TO MARKET ……
Second Trini Biz Hack to survive is research of the market, which is different to knowing your competition. Many young entrepreneurs are trying to market to EVERYONE and what happens? You make no COINS, you do not pass go and collect the $100.00. You have to know who you catering to, if you are selling bundles, then who are you selling bundles to? Is it the young female who just started her new job or is it the career woman who is the queen of multi-tasking? More than just knowing them, you have to think like them, where are they eating? Where are they living? Are they on the Avenue (clubbing) every Friday, or are they going to the movies? Are they an Instagram “Mogul” or a Facebook Fanatic? All these intricate details are what will allow you to effectively market your services for your business.
IT TAKES YEARS TO #GLO UP
The third business tip is that you lower your expectations, what if I told you an overnight success, took at least ten years.You might just be a black Bill Gates in the making but its going to take a while. Profits will come just not in the way you expect. It may be in the form of a new customer relationship, it may be in the form of a business idea and it may be in the form of a new networking buddy. All of these are PROFITS. If you are in business just to make these coins, you will be depleted and disappointed after three months. There are going to be ROUGH months, especially in these harsh economic times in Trinidad and Tobago. However, if you lower your expectations a bit, you will be able to endure the arduous terrain. Now this is not saying, don’t set goals for your business but they must be attainable and realistic.
DO IT FOR THE GRAM!!! STAY WOKE!
The fourth business hack is to use your social media! What good is your business if only a limited amount of people know about it? Now why wouldn’t you use a marketing technique that is free or has low costs? In Trinidad, everyone knows someone through Facebook and Instagram so why are you not on these platforms, selling your service/product? The amazing thing about these platforms is that individuals can see your product quickly and contacting you is simple.
KNOW WHEN TO PUT ON WEIGHT…..HUH?????
The final business hack, simply means know when to expand your services and when to leave it alone. For instance one t-shirt may be doing great, so you decide, that you want to sell several others, but these do not sell. Why? Because they were not the answer to your clients question. Expanding your services can be very simple, for instance as an author, you can have a workbook along with your book, an audio book and be a guest speaker at conferences, to speak about your book. However, you will have to go back to hack tip (2) and know your clientele.
These are just the tip of the iceberg of the wealth of information that can be provided to you through my services as your business coach. If you just take one tip and maximize it, you will definitely see improvements in your business. Need more information about surviving business, email me and I will definitely get back to you!
With love and hustle