You don't need friends, you need clients!!!

So I've been MIA for a couple of weeks. Seems like years since the last time I blogged. I have been busy with the business side of things. If you recall, my last Train of Thought asked what the major problems facing women entrepreneurs were? Well...I'm living it right now!!

First observation - when you are trying to build a business or get the word out you don't need friends....you need clients! 

Now, I don't mean you should become a hermit (that would be business and personal suicide!), but I mean that it's all nice and dandy for friends to ooh and aah over your products... but the punch line people....is when they pay for it!!! That's the only time you can quantify your revenue.....money in the atmosphere or somewhere in transit is not yours! If it hasn't been paid for, you cannot record that as a sale. It's a basic principle in accounting but we always have a way of totally ignoring it. Women are blessed with intuition - we should use it a bit more. You'll most likely notice a specific spending pattern of 'friends' or acquaintances. Errr.....it's not going to change because he/she is your friend. In some cases being 'friends' can spell doom for the business before it even sees the light of day.

Some friends will be genuinely interested in seeing you grow. They may not buy your products (because they genuinely don't need them or are not in your target market), but they would go around town drumming the benefits to everyone with ears! So you do need your friends to either become your clients or refer you to potential clients. In this regard, they are more useful in helping you spread the word accurately and enthusiastically.

Moral of the story...bottom line is cash, profits, kudi, ego, owo, mulah, benjamins!!! That's what businesses run on....goodwill is jara. If it doesn't make money, it’s not a business, it’s a charity. I am still struggling with this believe it or not but na small small.

Image courtesy http://www.freedigitalphotos.net/images/view_photog.php?photogid=1757

I keep looking at my handmade embellished tees and wonder...ok what now! Making them was fun. that's the creative part which I simply adore...I can be at it for hours! But then I have to sell them. It's like hmm....I should have thought of that before I spent five hours making it! Moral - Begin with the end in mind... (yeah I know I've heard it many times before too but it never quite sunk in).

It might be wonderful and intricately crafted with precious stones from a remote island perched precariously on the Indian ocean but would I pay 20,000 naira for it or would I just stroll over to the next store and get a slightly less interesting piece for 4,000. A lot of times, we fix prices based on sentiments and not the value added to the client. There has to be a balance and it comes from having a clear idea of your demographic (fancy word for people wey go buy your market!). If your product is offering the high-end look at a high-street price like our hand embellished tees for instance, the best bet is to keep it close to the average market value or lower but if your product is high-end, then your strategy would obviously be different.

So....... Know your market...then get your friends out in the streets....erm but be sure you are right in front because no one is going to invest in you if you don't invest in yourself.

See ya!