Tuesday, August 23, 2011

A Few Business Tips

Hi everyone.. I will stop apologizing for my bad habits..
I use to be a regular blogger, I don't know what happened to me.
I am so sorry. I Will try my best to be better.

Anyways today I will like to talk about a few business tips I learnt during my research.

One of the things that made me weary about entrepreneurship was the risk involved. Even though I had great ideas, it was difficult to execute them, especially with the pressure in our society to go to school, graduate and work in a good establishment. Matters weren't any better when I found out that almost 60% of small businesses fold up after 2 years of coming on board.

If you remember the post that had some few tips for small businesses, I talked about "overhead cost" being one of the greatest problems of small businesses. So I did a little research about businesses one can do that can eliminate overheads drastically and you will never guess... IT'S FOOD

Now hear me out... Even though I do not like cooking, I know that this business is a business one can start in one's kitchen.
One thing that is common all over the world is that everybody has a kitchen or a place where the food is prepared no matter how little.

The good thing about cooking is that your clients usually will pay you first before the job is done. If you are into "retail feeding" (Lol, laughing at my words retail feeding, but I know you understand what I mean), your customers never come in and buy food on credit.. They always pay for their food. Meaning: "Clients do not owe".

My mother's saying: "anybody who cooks for a living always has food in his/her house. Meaning that your household will not lack FOOD.

But if I may ask? Are there not a lot of eateries, mamaputs, food outlets in Nigeria, Lagos alone, has uncountable.
How do you then break into the market and make a living from cooking?

1. You have to have a target market:
who do you want to sell to? Do you want to feed the very rich, the middle class or the masses? When you have decided who your target market is, with your expenses you can now determine your pricing. Be very careful not to be to pricey and not to be to low so that you can make profits.

2. You have to have your special dish.

You should be known for something, Something very special. Some years ago there was a new fast-food called "Skippers" that opened in PORT HARCOURT, just in between two already established fast-food chains. Everybody wondered how they were going to cope with the competition. This fast-food came out with their special moin-moin recipe. The moin moin was cooked in leaves, which wasn't common at that time in Port Harcourt, giving it a different kind of taste. It had Cornbeef and fish in it. This was their special dish. Everyday people waited in line for this moin moin to come out of the kitchen.. I know my family would buy nothing less than 20 pieces, and they were relatively affordable. This brought them customers, who were introduced to their other dishes through the help of their special moin moin.

Like "Skippers" look for a special dish. It may not necessary be a dish it could be pastries, like cookies, cupcakes, etc....

I love "Chocolat Royal" cos of their walnut muffins. It has become a habit every Sunday by 7 a.m I am there with my friend picking up muffins for the morning. Very nice if you ask me.
I have a friend who makes the most fantastic cupcakes ever and she gets a lot of orders.In fact I have told her that she will get a husband through her cooking cos she cooks so well.

I know a man who sells plantain chips and he makes an average of #500,000 daily. He sells his plantain chips for #50 i.e. less than a dollar.

I am not usually a Wazobia listener but one day I happen to stumble upon the station, they were talking about a woman in Lagos who was an akara seller. It was said that she makes about #15,000 to #40,000 i.e. $100 to $300 daily from her akara sale. She has used her akara business to put her children through schools, and very expensive schools....

So what are we saying...
Are you thinking of starting your own little fast-food from you home?
The good thing is that you will always find help when it comes to cooking, either the men in the house coming in to taste your food, giving you a thumbs up or your sisters, cousins, parents etc helping around, cos they want their own share of the pie.....LOL

Above all your "over head COST", is seriously reduced..
Think about it...

It's time to go...
Do take care and have a good night's rest.

P.S." remember always follow your passion"..