The Young Entrepreneur’s Guide: Planning For The Unknown, by Zayn
Hey, fellow mogul! It’s Zayn, back at business and sharing all that I can to make your entrepreneurial dreams a reality. I told you, we’ve got to learn from each other, so expect to read my tips and experiences on the regular.
Things are moving at a crazy pace, right? It’s sure difficult to keep up with daily changing fashion trends — and you know my business is all about the swag. From the price of cotton and raw materials to loadshedding, new styles and constantly trying to get my products out there, there’s so much to keep track of!
With rapidly changing world markets and trends, it can sometimes feel overwhelming navigating a new business. You’re constantly busy with planning, marketing and operations, and it’s important to stay on the pulse when it comes to business because uncertainty is a definite. For example, because of global markets or weather conditions, the cost of materials or transport may rise, impacting the cost to produce goods and offer services, ultimately affecting your margins and how much profit your business makes. With things like global warming, increased fuel costs and world issues playing a big part in the manufacturing, production, competition and pricing of goods or services, things sometimes feel out of your control, which can be tough to deal with. And that’s why I’m here. Let’s talk about how to keep your business secure for the long-term!
Can you guess two things in business that are always guaranteed? You’ve got it — taxes and uncertainty. To prepare for uncertainty, you need to consider the things that could impact your business and plan according to what you can think of, and what you can’t.
– Move with the times, homies! Be ahead of markets and trends. Just because things change doesn’t necessarily mean your product or service should change, but you need to constantly be showing a need and benefit for what you’re providing.
– Your investments are valuable. As you earn profits, you need to put aside a portion for investments, allowing your money to grow as your business grows, or if you need a boost.
– Price according to the market, making sure to constantly be hitting that sweet spot when it comes to your customers, how much they’re willing to pay for your product and service, and how much profit it will make.
– Constantly do research, record your insights as you make sales and understand what’s impacting sales.
– Target a portion of the market that you can rely on as repeated customers. If they’re buying from you over and over again, keep targeting and showing customers how your product or service can be a part of their daily life. This allows you to maintain a reliable customer base, while also marketing to new customers. You could even consider subscription business models and discounted offers for related buyers to keep customers coming back.
– Consider getting entrepreneurial loans and government grants to empower you to be up to date with new technology, so you can provide business in the best possible way.
– Build a small staff fund for when times are tough, ensuring that your business is not under pressure if you have to pay staff when things are challenging.
– Make money now, for now and later. Focus on building your brand and generating a stream of income that is reliable, through quality products and service.
Securing your business for an unknown future can be challenging, but when done right, can save your business in times of need. Remember, you need to plan, plan, plan.
Well, that’s all from me for now. As we head into the festive season, keep an eye on your funds — don’t overspend and try to capitalise on end-of-year spending by customers. It’s a lovely time to raise awareness for your brand, so good luck!
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