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Mistakes in Business to Avoid As an Entrepreneur – Free PDF

Mistakes in Business to Avoid As an Entrepreneur – Free PDF

I was excited to join the world of Entrepreneurship. I had quit my job, gone to fashion school and like every other creative, I was determined to turn my passion to profit. But nothing prepared me for the real world of business! ⁣

⁣In no time, I was frustrated! I cried my eyes out running a business that left me constantly under pressure. I was out of cash and literally spent all I earned on the business with nothing to show for it. It was a real rat race! ⁣

One thing I can tell you, entrepreneurship is not easy! You have to keep working at it and slowly things will make sense.⁣ Although it can be an 'exciting' journey (because frankly I could do without that excitement) but it can also be a long and lonely journey. You pretty much lose track of everything in a bid to make things work. You are so consumed with the business that you spend less time with friends, family and you become a shadow of yourself - if you allow yourself to!

A lot of the things I learnt the hard way, I wish someone warned me about it. Nothing you learn in school prepares you for the real thing.

So this is me taking a trip down memory lane. I have made TONS of mistakes that if I had to write them all, I would fill an encyclopaedia so it was tough to pick these 7 but here they are. It's a really short read - just 1 page per mistake!

Here's hoping you will learn from my experience and avoid making the same mistakes I made.⁣

business mistakes

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About Me

Tope Williams Adewunmi Martwayne

Tope Williams-Adewunmi

FOUNDER, MARTWAYNE

A fashion entrepreneur passionate about helping people turn their passion to profit.  Check out the home page for more of our business tools, online and offline fashion courses and PDF books. 

Launching the Built2Bill Price Calculator by Martwayne

Launching the Built2Bill Price Calculator by Martwayne

Let me tell you a LONG story! Bear with me please... It is amazing how God works.

So about 2 or 3 years back when we started the Garment Production House, I created this tool from scratch for internal use. It was tough for me to just look at an outfit and guess a price. The one time I did it, I suffered dearly for it. I charged ready to wear prices for 6 designs, 3 of which we had to hand-stitch 33 buttons on! Isn't that what happens to designers? You bill and then regret it because yes your customer is happy but we end up bearing the losses!

But that is not the story.

Late last year, I decided to improve on my billing system. What I had worked great but since the No 1 question I got from business owners, especially designers, was how to bill for their work, I decided to create something fab which I could formally launch. According to people, I was the only one who understood my tool and how to use it even though I thought it was very simple.

Anyway, found some Tech guys who made all the mouth in the world but they ran away with my money! Eventually, I forgot about it and moved on to something else.

DOn't give up

Then weirdly enough, last Friday, I just decided to work on it since I needed a break from online courses. Besides, I still get those questions from business owners on this same billing issue. And when I explain it, they seem lost. So I went all #Virgin and #Nike on myself and decided to Screw it and Just Do it! Launched it 2 days ago without a name!

Sent v1 which I had already launched to Chinedum Ewuzie , God bless him, who tore it to shreds because to him, it looked too complicated. How??? And some had already bought it! Chei!

Asked Chioma Redbutton and she said the same thing. Bugged Tola Takuro (Tola you are the best!) at past 9pm yesterday to help me out with a formula. I knew I had to resend it to those who bought it this morning.

hope endures

Sigh... Version 2 here we come! Anyway, I got to work last night. Chinedum said I had to think of a better name for it and funny enough it didn't even occur to me that this was the same tool I was trying to get off the ground till like 11pm last night. How could I forget?

So in 1 night, I created Version 2 of the Price Calculator (a much simpler one), found the logo I abandoned somewhere, created an instructional video, updated my website, reworked the creatives, deleted the old video just so I could relaunch it! I have not slept a wink!

BUT I am very pleased to say I am ready to formally launch the BUILT2BILL PRICE CALCULATOR! 

price calculator

And what does it do? It makes your life SO MUCH EASIER!

If you struggle with how to calculate the selling price of your product, the Built2Bill Price Calculator does it automatically for you. Just input your figures and the price comes up instantly! So now you can take the guesswork out of billing your customer and finally run a profitable business! And it comes with a FREE EBook!


You will:

- know exactly how much costs you incur per product;

- determine your profit margin;

- know how much you should charge for each product;

- decide how much discount to give your customers without your business suffering;

- stand confidently behind your prices; and best of all

- cut down on your costs, make better business decisions and finally make a profit.

It is so easy to use and you can use it over and over again.

You can get one for yourself at this link!

https://martwayne.com/how-to-price-a-product-costing-pricing-calculator/

Here is a product demonstration to see how it works.


But you know what is even better than the Built2Bill Price Calculator?

The Online Course 'How to Price a Product and Make a Profit' because you get Built2Bill for FREE when you sign up for it!

how to price your product

And you get the following EXTRA freebies as well: 


- The Built2Bill Price Calculator

- Instructional Video on How to Cut Your Costs to Make a Profit with the Built2Bill Price Calculator

- How to Price a Product and Make a Profit PDF

- Easy Guide to Costing & Pricing Your Work to Make a Profit EBook

- Easy Guide to Costing & Pricing Audiobook

- Course Certificate on Successful Completion


Click the link below to Sign Up for the Online Course:

https://martwayne.com/how-to-price-your-product-and-make-a-profit/

Trust me, you will be glad you did!

Sigh.... I feel so accomplished! 

If you read it till this far, thank you for sharing my enthusiasm.

Now please encourage a sister and share this post to everyone on your timeline! MERCI BEAUCOUP!

Let me catch a bit of shut-eye! I am exhausted! 😁

About Me

Founder martwayne tope williams-adewunmi

Tope Williams-Adewunmi

A fashion entrepreneur passionate giving power through fashion by sharing knowledge guaranteed to help fashion lovers turn their passion for fashion to business. 

What are you doing about the Coronavirus pandemic?

What are you doing about the Coronavirus pandemic?

If you’re religiously following updates & watching the news, you can be forgiven for feeling like the coronavirus pandemic is more or less an apocalyptic event.⠀⁣
⠀⁣
You’re probably scared, anxious and concerned about how hard your business will be affected by it which I totally understand. We will get through this. You just need to stay calm and work on a plan.⠀⁣
⠀⁣
If you’re in seriously affected areas, please shut down and work from home for your safety and that of your staff. We, at Martwayne, have closed down for 2 weeks for this very reason. But it is not a holiday for us. We are working hard on our online courses and plan to launch the Costing and Pricing Online Course this weekend. ⠀⁣

Identify what triggers your fear and anxiety and avoid being exposed to it. Enjoy spending time with your loved ones. STAY SAFE & DON’T PANIC!⁣

Now is the time to take online courses that will help your business. Use this time to reevaluate and revamp.
⠀⁣
Use the time & tools at your disposal, to seriously evaluate your business. What areas can you improve on? What steps do you need to take? What can be made better? Do you need to refresh your website or social media pages? Do you need to improve your craft? Write everything down and work on a plan to come back stronger.

Happy International Women’s Day

Happy International Women’s Day

⁣Between working, managing the home and running the world, women deserve to be be celebrated every single day.⠀

May we continue to stand strong, inspire & uplift together despite the challenges we deal with.⠀

Happy International Women’s day ?

Fabulous at 40

Fabulous at 40

And that’s how I turned 40! My goodness! This chic is getting old but I definitely don’t look bad at all! Initially I was wary of turning 40 – terrified almost – but now I am extremely thankful. ⠀

My biggest thanks to God for bringing me this far and for changing my mindset this year. Thank you to everyone who has rooted and supported me in one way or the other. Cheers to many more years ahead! Happy Birthday to me!

Thanks to my awesome awesome photographer: @frkuti_studios and my make up artist: @nikky_glam⠀for making me look soooo glam! I cannot even believe this is me. But it is! You all need to totally check them out!

How to define your target market

How to define your target market

A common reason fashion start-ups fail is because they haven’t taken the time to get to really know their customers.⠀

How much do they spend on clothing? Where do they hang out? What’s their social calendar like? Who are their friends? You need to know to ensure you match your product with the right people.⠀

In order to market your products or service effectively, it is imperative that you tailor your marketing and sales efforts specifically to your target market and here four steps that’ll help you define it.⠀

1. Identify why a customer would want to make a purchase⠀

The first step is understanding what your products/services have to offer to a group of people. By knowing what your product/service has to offer and what will make customers buy, you can begin to identify common characteristics of your potential market.⠀

2.Identify your current customers & segment them⠀

If you’re not sure who buys your product or service, consider asking your team for this information. It is also necessary to segment your types of customers. For example, you may categorize customers based on location, budget, or needs.⠀

3. Identify your competition⠀

It’s likely you know who your obvious competitors are however a quick search on google and social media can reveal upstart competition you may not have been aware of.⠀

This is an easy way to develop an idea of who your competition is and fast.

4.Identify what customers stand to gain from choosing you (instead of a competitor)⠀

What features do you offer that no one else does? Is there something you can do better than anyone else?

By the time you’ve identified all these points, you’ll have a better understanding and be able to define your target market.⠀

Whatever you do, don’t try to sell to every section of the population. Hone in on who’s going to enjoy your designs and be able to easily incorporate them into their wardrobe.

Money Matters: How to Pay Yourself a Salary as a Small Business Owner & NOT Feel Guilty About It!

Money Matters: How to Pay Yourself a Salary as a Small Business Owner & NOT Feel Guilty About It!

Image from http://scoopak.com/wp-content/uploads/2013/12/Salary-of-the-Month-Funny-HD-Wallpapers.jpg
 
I thought this picture was hilarious when I saw it.  But the reality for many of us business owners is not that funny.  Many of us are struggling to keep the business afloat that the last thing on our minds is getting paid at the end of the month!  
 
I personally dread month-ends – and I am sure every business owner does to.  In fact this is the only time I wish I was still working for obvious reasons.  That is when your bank account that you have struggled to build up during the month takes the hardest hit!  Can be pretty destabilizing.  And the worst thing is, it has to happen every month! ;-(  
 
And like there is nothing even more worse than the worst thing, YOU – the person who does most of the work does not get paid!  🙁 🙁 🙁
 
And even more worse than what is worse than the worst thing – you get accused by so-called business-people of dipping into the business funds to try and maintain your basic needs.  Yes can be quite frustrating right?!
 
NOW!  Don’t get me wrong…

Image from http://www.careerealism.com/wp-content/uploads/2013/10/Negotiate-Salary-Without-Pricing-Yourself-Out-Of-The-Job.jpg
Many small business owners are guilty of that because many lack discipline.  Many fail to distinguish between personal funds and business funds.  Heck!  In fact many do not even have corporate bank accounts and those who do are not disciplined enough to ensure every inflow goes straight to the bank account.  No wonder at the end of the month, you have have no idea where all the money you made went to.
 
Anywayz… the time to pay salaries is coming up soon enough and yet again business owners will shortchange ourselves yet again.  Many have asked me this question and I have posted it in a Facebook group once so I thought I should post something on how to pay yourself a salary without feeling guilty at the end of the month.  
 
I have literally copied and pasted it (with of course some edits).  This worked for me in the early days and hopefully it will work for you as well. 
 
Image from http://www.centonomy.com/salary-does-it-work-for-you/
Here goes…
 
___
 
“On the personal / business finances, this is my take on it.

Many accuse business owners of dipping into the company’s purse but I can safely tell you it is the business that actually takes from you.
I put every dime I had into my business. If I wanted to be strict, I would say other sources should go to me directly not into my business. It does not work that way.  Those who say they never touched a dime probably had people footing other bills for them. 

This is what I tell people and my students who ask me for advice.

1. Every business income must go straight into the account. For that reason, I hardly take cash and ask people to pay directly into the account.

2. The truth is, you can never really pay yourself salary until you get to a point because you will only end up using it for a business expense.

3. Determine how much salary you think you deserve and then also give yourself a realistic nominal value based on what your business can afford. Eg. You are a CEO so maybe your salary should be n750k per month BUT your business can only afford N50k. That extra 700k should be recorded in the books as what your company is owing you which will help give a basis for the valuation of your business should you want to go limited and sell some shares.

4. With that 50k, you will probably still use some of it for the business so it is a tall order so this is what I do. 

I don’t spend much on myself so it is easy for me to track my finances. I have a book I record it in.

If I ask my assistant to get some petty cash for the office and say I ask him to buy me something to eat on the way back, I will record that expense as a personal one in my book. 

At the end of the month, I will compute all personal expenses and if it exceeds that 50k, I know next month, I must take out that extra.  Simply put, if I have overspent by say 20k the previous month, this means I can only do say 30k personal expense this month and vice versa. If I have not spent up to 50k, it means the office owes me but rather than take it as cash, I add to that 700k.

It takes a lot of discipline but it does work. That way you do not feel guilty when your salary pays for a sausage roll or a movie ticket. After all, why am I working if the business cannot meet my needs.

I am not talking about 250k Gucci bag needs o. I used to be a Jewellery person before but I don’t do much Jewellery anymore because I am running a lean means approach to everything. 

If I need something that I cannot afford, I ask for it. I will pray about it and put it on social media and funny enough, a friend obliges. That’s how I got my iPad mini as a wedding gift and so many other things I use in my business – things I would not have bought for myself.  I am never shy to ask if I need something.  Worst case scenario, I will get a NO.  

But I am allowed to enjoy the fruits of my hard labour. I feel if your business cannot meet your basic personal needs, then you are not running a business!”
___
 
Great!  
 
That is what works for me!  Remember, DISCIPLINE is key!  You MUST go around with a pen and paper ALL THE TIME and do not say, oh I will update it later.  When you withdraw from the ATM, write it down in the book and state what exactly you use it for real time.  Whilst buying petrol, write it in.  Whilst on the bus, write it in.  You will be better off for it.
 
You can get something this small that costs N300 or so.  It needs to be small enough so it does not weigh down your bag.
 
 
And each page must have: Date / Description / Amount.  If yours is big enough, you can add vendor (i.e. who you gave the money to).  NOTE that this does not replace your company’s expense register.  You should reconcile this with the company’s.  I include both corporate and personal expenses in this one and do a reconciliation when I can.
 
Okay!  I think I am done with this!  Please feel free to ask questions if you have any and I will be happy to help you out – preferably in the comments section below.  It would be great if you help others out with your questions so everyone learns from it.  I often find people asking me questions privately and I wish they could post it on the site instead.
 
Before I leave… I think you should read this piece I stumbled upon when looking for a picture… 
 
 
I thought it made a lot of sense.
Enjoy the rest of the month and wish me a HAPPY BIRTHDAY in advance! 😀  

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