Reasons to Innovate

One of the advantages of starting a Micro Business is the ability to innovate quickly if desired or necessary. No need to consult investors or your upline or downline. Just do it! In a micro business this kind of innovation needs to be done without costing much (with minimal start up capital one cannot over-extend in early stages.)

With Beautiful Bracelets, where we have a product that is working and selling well, one might think there isn't any reason to innovate. However, it is wise to listen to both your clients and your “gut” feeling. Since the beginning of this Radio 702 Money Show R1000 Startup Challenge, “Beautiful Bracelets” have been designed as Bracelets with lots of “bling”. And selling really well in this design. However, I have never been a “bling” person until recently: a great way to market the product is to be wearing “Beautiful Bracelets”, a matching one for each outfit, each day! And very often people including my Personal Business Banker and a colleague at a Business Dinner function, have bought the Beautiful Bracelet off my wrist! So this marketing technique has worked really well.

I have been aware that perhaps there are some people out there prefer an “understated elegant” look. So today, we decided to innovate and very soon a few of the new Beautiful Bracelets will appear on our Products List for sale on the website – once we have tested the market by presenting a few of these new designs “For Sale” at a local country market, one of the better markets in South Africa, the Irene Market. The new designs have the “understated elegant” feeling, a more simple design, very classical, and the kind of Bracelet that would actually go very well worn together with gold or platinum jewellery. Perhaps a bit soon to talk about any kind of innovation before it’s even tested in the market place, but I have a very good feeling about the new range!

Other innovations that Beautiful Bracelets will be displaying soon will be a small range of matching accessories, “Beautiful Pendants” and “Beautiful Earrings” both ideas having come up in conversation with clients who purchased Beautiful Bracelets and have actually pre-ordered and requesting matching necklace and earring sets.

Reasons to Innovate:

1. Survival: Companies that don’t innovate don’t survive 
2. Revenue: It’s a tough market out there. If you want customers to open their wallet you need to keep innovating so that you’re giving the customer what they want. Especially in the Fashion Accessories market this means following the trends including whether clients are wanting bright or muted hues.
3. Culture: South Africa is a Melting Pot of different cultures. It is amazing that even within the Cities of Johannesburg and Pretoria, where from one suburb to the next, a certain group of clients when purchasing accessories might prefer the “brights” yet in another suburb, neutral shades sell really well.
4. Creativity: Businesses with competitive growth patterns demonstrate creativity with an appetite for risk.
5. Entrepreneurship: The best entrepreneurs have the ability to transform useful inventions into valuable innovations.

Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.  (Peter Drucker)

You have a Miracle in your Mouth

I really believe we have what we say. For this reason I am careful to watch the words out of my mouth. I believe I define and create my future with my words.

"The Secret of your Future is Hidden in your Daily Routine." Dr Mike Murdock.

Speaking out positive words over your life, each morning, is one way to ensure success. I am not the only one who believes this. Many successful people especially if they are international speakers, touch on this subject at some point. The way to do this practically is to put your vision, dream, goal/s down on paper and formulate them into a simple Affirmation that one could speak out daily, before starting the day. If you don't have the time or inclination for that, there are many Affirmations you could download off the internet, and adapt to suit your own belief system, values, and the scenario you wish to create. (Google "affirmations").

An example of one such affirmation:

I see right through appearances and illusions and know that abundance is all mine.

My abundant thoughts and actions lead in the perfect direction of my desires.
I AM thankful for the limitless, overflowing Source of my abundance.
I AM showered with blessings and my Divine Inheritance.
God provides me with all that I desire, whenever I desire it for as long as I desire it.
God provides me with more than enough substance and supply.
I AM easily, openly and freely accepting abundance, now!
I receive an excellent supply of abundance in my Life daily.
I AM always in the right place at the right time.
I live in the likeness and image of God's Divine Abundance.

Press Releases to Promote your Micro Business

One of the little-used and totally free means of advertising your startup business is to write press releases for as many publications as will host your article. For a comprehensive step-by-step guide, try Wikihow here. It's a bit long-winded for me but it would be useful for someone who has never done this before. I am used to writing Press Releases (from student days at High School where I was Editor of the School Page contribution to the Zululand Observer). So you don't need a journalism degree to do it yourself!

Each Press Release should be geared for the particular audience. I wrote an article on Beautiful Bracelets for the "Women of Acts" monthly newsletter (an inspirational newsletter for the ladies in Acts Church).

I also approached the Editor of the SAGoodNews who has requested an article geared towards highlighting the social upliftment part of the business idea for Beautiful Bracelets.

An article for the local Midrand Reporter would have a different angle (probably geared towards "what's happening in your local area - being Midrand). Find publications in your suburb or city...Sandton Chronicle, Knysna Herald, Tygerburger or People's Post (for Cape Town). Very often they like to publish the human-interest angle on your new business.

Sometimes they might request a very small "paid advertisement" to run alongside your publication, this wouldn't be too expensive and the increased sales would probably pay for it. If you focus on the Community Social Involvement aspect of your new business you will easily find many publications happy to publish with no charge.

I will be also approaching a free lance journalist I know who might be prepared to write an article that she would be paid for but would gain a wider audience via her networks and links to publications with a broad reach. Use every connection you have to gain wider press coverage for your new business, if you don't know anyone then create a general press release and email it to the Editor of as many publications as you can think of! It would be well worth it even if only one publication picked up on the article. Be aware they may edit your Press Release to suit their style but if you have done your research you would already have written each one directed to a particular publication which would also improve your success rate in getting published!

Common Sense Marketing Ideas

Marketing tips: methods that seem to work for Beautiful Bracelets:

1. Email your database of friends, giving them a brief outline of what you are doing and how they might get involved to assist your new business idea, with links to your website/Facebook Page and suggest they might be interested to purchase one of your products (Beautiful Bracelets work well as gifts for Birthday/Christmas).
2. Design a Beautiful Website that sells your product and solves a problem (Beautiful Bracelets - the perfect Christmas Gift - for those who wonder what to get this time!)
3. Use all your Social Networks (Facebook, Twitter, etc). Connect with all your "friends" and ask them to also share your product "Page" with their friends too. Yesterday, a Beautiful Bracelet was purchased online by someone in Durban who is friends with a friend of mine in China and noticed "Beautiful Bracelets" on their Facebook Page! Don't underestimate the power of Social Media!
4. Blogging creates awareness of the product: create interesting topics that draw people to your online website. Another "selling" opportunity here.
5. Build in-person relationships with friends/partners who are already established: you never know who they may refer you to down the line!
6. Don't over promise and under-deliver: Only market features you currently have. I would like to extend the Accessories Range available, but for the sake of this 6 week project, it works better to maintain a low cost-input ratio rather than expanding the range of products available (necklaces, earrings, scarfs, etc).
7. Keep your marketing costs low by using friendship marketing, (free) press releases, and maximise every opportunity for publicity.
8. Use the power of Word-of-Mouth.
9. Be willing to spend money to make money.
10. Use all the free tools you can find (free website, social media, free advertising etc).
11. Get new business every day. This is crucial for a start up. Don't waste all your time on admin tasks instead of focusing on the marketing aspects.
12. Target your niche market.

Marketing a new business should be a priority for any new business owner. Your business idea can succeed or fail depending on whether you master this or not!

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.

The Real Rainmaker

I am feeling exhausted. And under pressure to achieve phenomenal results in this Radio 702 R1000 Business Challenge. It is a matter of honour. (UK spelling!). But one thing I decided irrevocably from the start, was that I would take 1 day off a week to rest. I don't want to land up in hospital after 6 weeks due to working 20 hours a day! I can do everything humanly possible to bring success to my involvement in this challenge. I can put as many "seeds" (or Beautiful Bracelets) out into the marketplace as possible. But without rain (or sales), it is all fruitless, running to and fro. God brings the rain. So today, I take comfort in the Psalms (since it is Sunday):

Yes, my soul, find rest in God;
    my hope comes from him.
 Truly he is my rock and my salvation;
    he is my fortress, I will not be shaken.
 My salvation and my honor depend on God;
    he is my mighty rock, my refuge.
Trust in him at all times, you people;
    pour out your hearts to him,
    for God is our refuge.

 Surely the lowborn are but a breath,
    the highborn are but a lie.
If weighed on a balance, they are nothing;
    together they are only a breath.
 Do not trust in extortion
    or put vain hope in stolen goods;
though your riches increase,
    do not set your heart on them.

One thing God has spoken,
    two things I have heard:
“Power belongs to you, God,

    and with you, Lord, is unfailing love”;
and, “You reward everyone
    according to what they have done.

(Psalms 62:5-12)

Daily Routines for Success

“The secret of your future is hidden in your daily routine.”

“You will never change your life until you change something you do daily.”

― Mike Murdock

One of the tips Donald Trump gave for business success is that one should do a little work, every day. In a product related business, especially initially, one has to make sure sales are happening daily, if not, be working daily on opening up selling opportunities, every day. Pavlo Phitidis (Radio 702's Small Business Guru) says one should make 20 cold calls a day. I believe that in a start-up situation especially in the service industry (or for a new sales person developing their territory) this should be increased to 100 cold calls/tele-marketing calls per day! 20 calls is just a "maintenance" figure once the sales are happening.

For Beautiful Bracelets, I am finding the best approach to opening up new business and selling opportunities is to actually meet the owners of stores face-to-face (or in the case of fleamarkets, the owners of stalls/stands) and negotiate for them to stock Beautiful Bracelets even on a trial basis. One person agreed to stock just 4 Bracelets on Thursday and phoned me with great excitement today (Saturday) to say he'd sold all 4 Beautiful Bracelets to a person who was returning to India and would have bought 10! I have a very keen new retail customer now! Most people are prepared to do a trial run for a month or so, and re-assess after that.

I haven't had time yet to explore e-Bay, "Bid or Buy", or Alibaba as potential platforms for retail, but that is on the "To Do" list. One comment from someone I mentioned it to was that "Bid or Buy" is expensive for retailers. Got to check that. Starting up a new micro business is very time-consuming since you are the product developer, manufacturer, employer, accountant, publicist, marketer, sales rep, etc. It is hard work if you require excellence of yourself.

But the fun and the "joie de vivre" are worth it!