Radio 702 MoneyShow Challenge Update: Week 6

A very exciting day: The Grande Finale!

Whether I win or lose, this has been a wonderful experience. The most rewarding part of it has been in bringing joy to others: Those who have helped me, those whom I have helped (by creating employment), and those who became clients or customers by purchasing Beautiful Bracelets!

Achievements:

Beautiful Bracelets have sold to people from different towns and cities in South Africa, and have traveled to India, Sweden, England and America! So Beautiful Bracelets has in the short space of 6 weeks become a truly international company, by virtue of being found on the wrists of ladies living overseas..

We found 2 retailers in Johannesburg willing to stock the Bracelets, and this past week, The Ballet Box in Cape Town paid for stock which should be delivered shortly.

Production of Beautiful Bracelets was better than all previous weeks in anticipation of a Weekend Market where 600 women were attending a Conference. Sales were good, although I had hoped to sell more!

I think one of the things I can rejoice over is that "Beautiful Bracelets" has been extremely well branded over this period directly as a result of being a part of this Radio 702 / Cape Talk MoneyShow Challenge, although I was thrilled to have been inspired in the middle of the first night of the Challenge 6 weeks ago with such a catchy name.. And what a win to find the domain name available, as if it had been a "hidden treasure" for years, waiting for this moment! Having mentioned the great publicity, I should point out that although the Branding of the Name has been excellent, so far it seems only 25% of sales have come as a direct result of this competition and its branding (which is quite a lot), most of the sales have been as a result of my existing networks with family, friends and colleagues, as well as my energetic sales initiatives.

Something I am really thrilled about is the Book: "1000 Beautiful Bracelets" (How I made a profit on R1000 in just 6 weeks and how you can too). A real winner! The book will be published by Modjaji Books and should be on the shelves by April 2013, pre-order on the Beautiful Bracelets website here. People are already putting their names down on the list..

Disappointments:

I would have liked to have sold more Beautiful Bracelets. I had a personal goal to sell 1000 Beautiful Bracelets, probably ambitious... but the year isn't over yet: we will certainly celebrate once this target is reached.

A Good Result:

The most important part for me in this Radio 702 MoneyShow Challenge is that I have not just created this business as a 6 Week Wonder: Beautiful Bracelets is on a good path towards ever-increasing successes, a business that will continue to help people by continuing  to create employment and bring hope to people or are unemployed and perhaps even hurting and broken people, especially women. We already have Christmas Markets lined up from now until the end of the year, and look forward to excellent sales in the remainder of 2012.

Radio 702 MoneyShow Challenge Update: Week 5

Although I try to get this Weekly Update on Beautiful Bracelets done first thing each Monday, this one is a bit late on purpose, I didn't want to pre-empt the In-studio Radio 702/Cape Talk interview with Bruce Whitfield on the Money Show. If you missed this, you can listen/download the Podcast here: http://bit.ly/WrdS7z 

With Bruce Witfield in the Radio 702 Studios

There were a few landmark things that happened in Week 5:

1. First international order confirmed via the Beautiful Bracelets website (for 14 Beautiful Bracelets, from London!).
2. Firehouse Gifts, Dunkeld West Shopping Centre, Jan Smuts Ave, Johannesburg requested and took delivery of Beautiful Bracelets and 2 of these bracelets sold to a customer who walked in whilst I was standing there!
3. A Cape Town Publisher, Modjaji Books, agreed to publish the book in April 2013, which will probably be titled "1000 Beautiful Bracelets" (subtitle: "How I made a profit from R1000 in just 6 weeks and how you can too")
4. Employees: Beautiful Bracelets is now the proud employer of  TWO people, creating employment being one of the major aims of this new business. But of course, one has to watch the profits carefully and ensure that expansion of the staff is in line with growth in the business. This is something we will continue to monitor carefully.

Like many people reading this Blog, we are sitting on the edge of our seats and working very hard until the last second, doing our best to beat the other 4 Contestants in the Radio 702/Cape Talk Money Show R1000 Business Challenge.. Since Beautiful Bracelets is a retail item, it all comes down to sales at the end of the day, and we are not sure how all the contestants are doing, so from our side we are doing our best and working as hard as is humanly possible to ensure success. We can do our best. The final decision rests in the hands of the Judge.

Radio 702 MoneyShow Challenge Update: Week 4

I can feel the heat in this Radio 702 "R1000 Business Start Up Challenge". Fortunately I am one of those persons who thrives under stress. I actually enjoy it! On the positive side, the method and operations are beginning to reach an established pattern and the areas requiring serious focus are very clear. Growth has been steady, and improving week-on-week This is important. Although this Business was started on a whim (read the background if you haven't already), I fully intend to grow the business and continue to use it once the Business Challenge ends, to help people find meaning in life via the employment opportunities it creates, especially the Women of the Scarlet Thread organisation.

1. Beautiful Bracelets had its first Press Release published in the Women of Acts Newsletter! (This Newsletter reaches at least 3500 people in the Midrand area).
2. Sales were good but could improve.
3. Overseas visitors go crazy over Beautiful Bracelets and buy up the entire stock available at any point of purchase!
4. Production of Beautiful Bracelets in Week 4 exceeded all previous "per week" levels.
5. Beautiful Bracelets was accepted by "Gossip" Fashion & Accessories Store as a product they will sell. (Shop 16, Carlswald Lifestyle Centre, New Road, Midrand). This is a watershed moment since it is the first retailer to sell "Beautiful Bracelets".
6. Maintained Staff wages payments on time. This is one of the most important attributes since one of the objectives of the business is to create employment.
7. Once again, Twitter Followers have doubled this week which is very gratifying. I am aware there are other ways to increase Followers, and these will be addressed at some point. If you're reading this, and you're not yet a "Follower" on Twitter, please click on the link top right of this page, it will help us grow the business. Much appreciated.
8. Beautiful Bracelets will be signing a contract with the best National Courier Company who fortuitously decided in the past week to offer phenomenal preferential rates to start up e-commerce businesses in South Africa. Since it is a courier company with international affiliations this is a fantastic opportunity. To be announced once all signatures are done!

Low Point: A few customers who were unaware that the price had changed on the Beautiful Bracelets website (to R95 from R70, see last Week's Update), walked out of the "Gossip" Fashion & Accessories Store, saying they will buy the Bracelets off the website, not from the store. I would like an opportunity to apologise in person, if you are one of those people and just happen to be reading this, please contact me via the website? It is not easy to maintain price control once one has many outlets (you just have to go to PriceCheck to find the same product, at different prices in different stores). But regardless of this, I don't want unhappy customers or unhappy retailers and as far as possible am attempting to at least for the purposes of this Challenge, maintain a uniform price at all outlets whether online, in stores, or at flea markets.

High Points: 

1. Cappuccino's Midrand has become a friend of "Beautiful Bracelets". People who meet me there for business comment on the fact that they seem to love me. Well, Cappuccino's Midrand looks after their business customers very well. No surprise they are busy all the time, no matter what day of the week it is.
2. My Business Banker bought the Beautiful Bracelet off my wrist. This just has to be the best thing ever! I never thought I would be making money off my Bank. Usually it is the other way around!

Objective for Week 5: Creating more markets/outlets for sales and maximising each of those selling opportunities.

Radio 702 MoneyShow Challenge Update:Week 3

My mouth is dry. The nervous tension and excitement is overwhelming! Today we are halfway through the Radio 702 MoneyShow Challenge to make a profit from R1000 in only 6 weeks: It feels like a lifetime has passed since Day 1, and yet we have only 3 weeks left to prove success in the “Grand Reveal” on 12 November in the Radio 702 Studios...

Sales have been excellent, with total sold being double the previous week (achieving the goal set in the Reportback for Week 2). On advice from my Business Coach, Stan of IKUSASA, the price was increased on Friday to incorporate a better profit margin. Also, people when faced with a Beautiful Bracelet, kept saying, the price is too low, and some people insisted on paying what they felt the Beautiful Bracelets were worth, being R100 per bracelet (which is reflected as “Donations” in the Cash flow sheet to be presented at the end of the 6 Week Challenge). So the price is now R95 per Beautiful Bracelet and people are buying them at the same rate (or faster) without blinking an eye. Everyone is commenting that they haven’t seen anything like the Beautiful Bracelets, they are beautiful, and they love wearing them!

Due to the increased sales, more time was invested in design and manufacture of new Beautiful Bracelets, including more designs which were posted on the website (link to products here).

Appointments were arranged for me to speak about the Radio 702 MoneyShow R1000 Challenge and Beautiful Bracelets and present the product (with sales promised upfront) to the Staff at 2 local Schools. Beautiful Bracelets has been accepted to have a stand at a Mini-flea market at a Women’s Conference on 10 November.

Appointment scheduled with a national courier service to arrange a preferential rate.

Beautiful Bracelets can proudly boast of being “international” (just 3 weeks after launching!) since bracelets have been purchased to travel to Sweden this week as Christmas gifts for the customer’s family there!

My nervousness is due to the fact that I have set myself an incredibly high personal goal to achieve on sales in this challenge... I am looking for one business person to place an order for 1000 Bracelets! (Hence the Title of this Blog). Contact me if you are that person! (Realising that all profits for purchases within the 6 weeks go to the Starfish Foundation! This is a brilliant idea, the purchase could form part of your CSI - Corporate Social Investment - and win brownie points from your staff or clients!) Beautiful Bracelets would make a stunning corporate or Christmas gift for your staff, customers love them and are wearing them from ages 2 to over 60, one never asks a lady's age!

Radio 702 MoneyShow Challenge Update: Week 1

So far, in the first week, I have:

1. Launched Beautiful Bracelets website, hosting and secured private unique domain, all FOR FREE on www.wozaonline.co.za!
2. Purchased materials and commenced manufacturing of bracelets.
3. Sales turnover (of bracelets and advertising space on website) exceeds Start Up capital within Week 1.
4. Employed first staff member and made first weekly wages payment on Monday 8 Oct. (One the objectives of the business being to create employment).
5. Secured people to advertise on the website/blog in exchange for cash/discounts on fees/services.
6. Spoke about the business at every opportunity to friends and strangers (even in bank queues, getting their contact details to invite to future events where products will be sold).
7. Maintained a daily Blog detailing the journey (objective in part to provide encouragement for anyone wanting to start a new business with virtually no money.)
8. Managing Social Media Strategy via Twitter/Facebook Page http://www.facebook.com/1000BeautifulBracelets .(Need more followers on Twitter!)
9. Arranged Beautiful Bracelets Launch Party for Thursday 11 October - without cost! Hosted by a friend who suggested/offered the Party and is covering catering/venue.
10. Arranged for/engaged a personal business coach to help me win the Challenge, first meeting scheduled Saturday 13 Oct (with a good friend, Stan Close of KUSASA/EntrepreneursSA, who does this for a living and has worked with many large organisations like Eskom, Iscor assisting Business Start ups over the past 20 years with retrenched employees and others wanting to start a Small Business.). He trains a Small Business Development Course (which I completed in 2008), and is offering his services to me as a friend, with no charge.
11. Kept a record of cashflow/accounting. (I studied accounting at University but it is not my favourite thing at all).
12. Lost weight as part of a deliberate plan but the MoneyShow Challenge certainly helped accelerate the weight loss!
13. Lost sleep!