5 Facts about starting a business: Lessons from my rich dad.

Photo by Scott Graham on Unsplash
  1. You need a plan, a realistic plan: A realistic plan guides you and put you on a better scale of success. an example is; if I am about to start or just started a fashion company- I’d make quality research on the kind of products I want to go into, how much it’ll cost(down to things like transportation) if I want to sell one/two thousand product in the year 2021. The thing with making unrealistic plans is that it is beautiful to think of, imagine, or even talk about but there’s a 70% you won’t achieve that goal. So even if it means starting small, there’s nothing wrong with that but stick to measurable and attainable goals.
  2. A brand selling point: The thing is, there are probably many more fashion brands out there with different products. But, the question is, why would they come to you? and the 2 questions here are, -what is attracting them and what is sustaining them. I found a Nigerian socks company about 2 years ago. what attracted me to their products was the quality(the pictures were that good) and what kept me was the customer service. I have also gotten products from brands I thought were good but didn’t meet up to expectations but it didn’t go down as a bad one because the customer service was great. The thing with the second one is that you are most likely to give them the benefit of the doubt and go back again. This is in no way saying you should produce poor-quality products.
  3. Choose a primary marketing channel: This sometimes can be a tricky one because they are so many channels out there but you’ve got to narrow it down to one. These days we have so many marketing channels like social media apps, SEO, word of mouth. Even with social media apps, you’ve still got to narrow it down. I’ll use Instagram and Twitter as an example; If I was opening a fashion brand, Instagram will be my primary marketing channel because it’s a more visual app but if I wanted to sell an online course, I’ll stick to Twitter. this doesn’t mean I wouldn’t have accounts on both apps, I will. Then I’ll study my insights.
  4. There’s no new idea, recycle the old ones: There are so many ideas sitting around especially with the help of the internet now (I learned this from an acquittance while working for his company). you have got to maximize it. Find out other people that doing the same business as you in your country, another continent, your city, study their business page, look for the ideas you can tailor down to your products, recycle the idea, and put it out there. The truth is, it may or may not work but how would you know if you don’t try?.
  5. Study your direct competition: You can learn from the big brands but you need to watch your direct competition and see what they are doing right. Learn from them. For a new fashion brand in your area, you cannot be bothered about the best in your country, they are not your competition. Identify your competition, study their success path, learn from it and keep moving.
  1. You need a plan, a realistic plan.
  2. A brand selling point.
  3. Choose a primary marketing channel.
  4. There’s no new idea, recycle the old ones.
  5. Study your direct competition.

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Copywriter and writer.

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Desola Banjo

Desola Banjo

Copywriter and writer.

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