Our second Fireside Chat held recently with Jennifer Uloko, Founder and Brain behind Yanga Beauty; a beauty brand that has grown and transitioned from being just an e-tailer to owning and manufacturing its own cosmetic line. Missed the recap of our maiden fireside chat, click here
The chat began with Jennifer sharing the concept behind Yanga Beauty to challenges she has faced in about six years of running the business.
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She spoke in-depth about how her faith has helped gain exploits in business and also shared tips on journaling, consistency, hard work and courage amongst other things.
Just before the chat ended, she shared ten tips to note before starting a business, non-profit or making that next step. She tagged them, the A- J of starting and they are;
- Always Start with your why. I guess this explains itself, she recommended the book Start with why by Simon Sinek.
- Before you launch, prepare a business plan. Want to start a business, please sit down and draw a plan. How will you source the products, marketing actions and how will you measure your success?
- Calculate the cost to set up. Cost ranging from rent, tax to permits etc should be calculated before you launch.
- Decide the business structure you will employ. Solopreneur or Partnership ? Know the right one to choose.
- Ensure you register your name and have the required document.
- Find out all the required license and permits before proceeding .
- Get all or most of your operating tools online. She talked on the use of E-receipts and accounting apps to track her payments as these help her stay on top of her numbers when seeking for investors.
- Have an online presence. She shared how she previously had a store that wasn’t in a prominent location with no avenue to advertise, using banners and signboards. Hence, she had to use the digital space to create awareness for her brand.
- If you want to go far, hire the right team based on need.
- Joyfully market your brand without shame.
There you have them, ten things to consider before starting the next big thing for you. Any other tip to consider before launching out, please drop them in the comment session.
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