The subtle art of making the sale
SEE ALSO :Crocheting myself to a ‘knit’ fortuneI personally struggled with it in my early years, but I was taught differently, which is why I maintain that my first business lecturer was my mother. She had a small-scale fruits business and she’d always insist that she had to be careful with how she spent her money and how she saved. She loved the term ‘hand to mouth’, and that’s how she categorised her business. So how did she manage to take three boys to school, pay rent and feed the family? I noticed a pattern with her. She’d come a with her day’s income and in a small book she always carried around, she wrote down what went back to the business, and there was a distinct line with the profit. And then she’d take part of the profit and put it aside. At some point I asked her what that was for, and she said she was saving for the business. Her business was not stable; the probability of city council officers shutting it down any time was very high.
SEE ALSO :How to set up an online shop for freePractical experience You know when it’s explained, it’s just a theory, but one day I witnessed the importance of saving. My mother came home with a 24-hour demolition notice, but we all thought it was a hoax. However, the following day, after she’d just set up with fresh stock from the market, council authorities came and demolished all the business in the area. And with these guys, there was no room for appeal. So that evening, she came home and told us what had happened, but she didn’t look shocked. Two days later, she moved her business to the Machakos bus terminus in Nairobi. She paid for the space, the new structure and a council licence.
SEE ALSO :Starting an interior design businessI asked her how come the transition was that quick, and she pointed out that she’d been planning for such a day with all that money she’d been putting aside. When I went into music and business, I adopted her lessons. We’re living in some tough economic times, and we’ve seen big companies collapse. In the midst of this, most employees end up depressed because they didn’t have a savings/emergency plan. Huge problem But saving requires a very high level of discipline, especially if you’re self-employed/an entrepreneur. In the beginning, I had a huge problem: I’d save and then reach a point where I’d take the money out to spend on unnecessary purchases, and then save again and spend it.