You are the founder of a startup or you are employed and planning to go into business and probably the top question on your mind right now is why startups need coaching. I would like to use sports coaching to illustrate why coaching is beneficial.
A young man was a good runner in school, winning some races in inter-school competitions. He decides that he wants to pursue a career in professional sports, aiming to take his career to international levels, probably even winning some medals at the Olympics.
What chances would the young man have of winning at the Olympics if he worked all on his own and did not enlist the help of a competent coach? The choice of a coach is a critical factor in the success of sportsmen and women, their talents notwithstanding.
If you are venturing into business, a coach will work with you to set clear goals and come up with a road map to make those goals a reality. With a clear road map, you focus your efforts on the right activities and avoid wasting time on unproductive activities.
A coach helps you navigate through the teething problems of setting up a business in a confidential and non-judgmental environment. You can work through the issues affecting your business without fear. Your coach serves as your accountability partner.
Factors that contribute to high failure rate among startups
Many new businesses fail. A coach draws your attention to the factors that contribute to the high failure rate of new businesses and helps you to work through them. What are some of these factors?
Wrong timing of the business idea
Low confidence levels or lack of self-confidence
Lack of focus
Lack of skills required to build a business
Wrong choice of business
Poor selection of business partner(s) and staff/employees
Coaching is different from friendship, advice giving, training, counseling and even mentorship. Coaching is a formal, structured engagement with clear, predetermined schedules. The process is focused on clear objectives that can be evaluated, and is mainly focused on the future.
A coach does not provide answers to the client but creates an enabling environment together with the guidance for the client to come up with the right answers for his unique circumstances. If access to information was all that was needed in order to build a successful business, people could simply read books then build successful businesses.
Coaching is hand holding or having an accountability partner while working to achieve specific goals.
Is this program for you?
Are you in employment and would like to start a side hustle to supplement your income? Are you a stay-at-home mom and seeking to set up a profitable business? Are you in the early stages of a business and would benefit from a coaching program that helps you to set it up right, avoiding the mistakes that are responsible for the high failure rate among new businesses?
If you have been planning to venture into business but don’t know how to go about it or have a young business and are yet to find your way as a business owner, getting a good coach to work with can be the difference between making it to become a successful business owner or joining the statistics of failed businesses.
One time offer
We are testing our new Set up your business in 7 simple steps coaching program with a small group. Our coaching program is a 90-day journey for people who are ready to build a profitable business from scratch. This program is specifically for people who are ready to start a business as at the end of the 90 days participants will have fully functioning businesses. The testing is restricted to a group of 20 people only, on a first-come-first-served basis and is being charged a minimal fee of KShs. 5,000/-.
For those who have not already purchased the manual, this manual is being offered for a discounted rate of Kshs. 550/- only to participants of this testing program. The manual costs KShs. 1,000/- normally.
This offer is beneficial to people who are ready to start a business so kindly do not sign up if you are: i. not ready to start your own business right now or ii. don’t have a young business and are yet to find your way as a business owner. You could be working for someone else’s business or hoping to start a business some time in future which is okay but you won’t get maximum benefits from this journey.
If you have started a business in the past and are ready to start a new venture, you will benefit from using a systematic, step by step process. This program is for you. It could save you some unnecessary struggles in your business building journey.
An overview of the 90-day coaching program
How to select the right business for you
Preparing a business plan or road map for your business
Financing your business
Branding, marketing and sales
How to build your self-confidence as a business owner
Don’t make the mistake of quitting prematurely: Framework for evaluating your business
All the classes are conducted online using email and phone so kindly ensure that you are able to follow an online program before you sign up. There will be on face-to-face sessions.
What do you expect to achieve by the end of this program?
Clarity about your bigger purpose and what you want to achieve in life
Clear 10-year goals
Have a strong WHY for building a business
Clarity about the right business for you, complete with a business plan that is specific to your chosen business
Clarity about the mistakes that could sabotage your business and how to avoid them
Confront and overcome the fears that hold you back
Skills to enable you build a successful business
If you want to be part of this limited one time offer, visit https://www.susancatherineketer.com and make your booking. We shall close the doors on Friday, 31st August 2018 at midnight East Africa Time or as soon as we have the 20 people booked and paid up, whichever happens first. Kindly take note that this is not a free session.
The offer was closed and the testing session is going on. The normal start a profitable business in 7 simple steps sessions are on going. Click on the link to book a coaching session.
There are over 1 billion websites and hundreds of thousands new ones are developed daily. There are also over 1 billion people who use social media as well as billions of emails that are sent every single day. The fact that online content is being churned out constantly translates into millions of jobs around the world.
I get many people contacting me to ask about working online. The easiest way to understand online work is by understanding what online content is. If you visit a website, what sort of content do you find? Probably photos, videos, podcasts and writing.
What are websites, blogs and social networking sites used for? They serve purposes such as marketing, publicity and customer care.
Online work involves the process of producing online content as well as its application. It brings together a combination of skills such as developing the content, making it user friendly and connecting with the audience.
To be involved in the development and application of online content requires specific skills, some which require at least a degree in the field. It is easier for those with training in relevant fields such as a degree in computer science or graphic design, but the truth of the matter is that one can build a successful career even without any formal training in the specific field.
With careers that are based on creativity as most online jobs are, one can learn through online tutorials, mentorship by someone who is good at it and practice.
The most critical thing when it comes to getting online jobs is one’s online portfolio. Clients are looking for proof that the person they hire can do what they want to be done and do it well.
An online content writer’s job is to research, write, edit and produce content for websites, blogs, articles, newsletters, marketing and advertising material. One critical skill is an excellent command of the English language.
This is an ideal line of work for people who are trained in journalism, communication or English. Being a good writer is just one of the skills one needs. Having a curious mind and staying up to date with what is happening in the field one writes about is very important.
A good writer is a widely read individual. Practice by writing about everything and anything; a scene you witnessed on the street, some new equipment you purchased, a movie you watched or the experience of being stuck in traffic while you had an important appointment. Write in season and out of season.
I do content writing and every time an idea crosses my mind, I write it down whether it is relevant or not. Sometimes I get out of bed or pull out my notebook while queuing in the supermarket to jot down an idea before I lose it. At any one time I have several article outlines that I can pick and develop further. Those drafts come in handy when I need to come up with some content.
Software developers are the people who conceive, design, program, test, maintain computer applications and trouble shoot problems. Computer programmers need to be good in Mathematics and usually require a degree in computer science though one can acquire the skills even without formal training in the field. They require computer programming skills and knowledge of some of the widely used programming languages.
The process of developing and maintaining websites usually requires a team of professionals with an assortment of skills such as web graphic design, software development, market research and search engine optimization (SEO).
A web designer requires skills such as use of coding software such as HTML and CSS, use of design software such as Illustrator, and Photoshop, Search Engine Optimization (SEO), marketing and use of social media.
Web designers create the layout that the online content is placed in. A degree in a field such as computer science, graphic design or web design is helpful but not mandatory as with determination the required skills can be learned.
Having all the skills required to design websites successfully is challenging so it helps to team up with a few other people who are good in the skills you lack. Being a team player is as important as developing technical skills.
Photographers take photographs of people, places, objects and activities. A photographer needs to be competent in using different kinds of cameras, using natural and artificial light correctly and editing photos. Being creative, a team player and having attention to detail is mandatory.
Besides knowing how to use a video camera, sound and lighting, a videographer needs to be able to edit videos. Editing includes sound and colour mixing. A videographer needs to be a good communicator and a team player, besides being highly creative and having a high level of attention to detail.
Just about everyone has expertise in something and can guide someone else to become better in that area of life. Someone who has had a successful career can coach others who are starting out in their careers. A parent who has raised children can coach younger parents. As long as you are a step ahead of someone else, you can help that person.
Life coaching is basically a process that helps people to improve their lives. Too many people struggle through life like they are groping in the dark trying to find their way in a forest with no marked path. A coach is the lighthouse that illuminates the way for them, helping them to avoid many unnecessary mistakes.
Any business is started because there is a need for the services or products it is offering and not just because someone wants to make money. Money is a reward for doing something successfully.
A successful coaching business begins with caring about people and genuinely desiring better lives for them. That is the only way to effectively work with people to help them transform their lives.
Many people get into life coaching because they overcame something and would like to help others not to go through the same struggles they went through. It starts with sharing of one’s experience and grows into something bigger.
To develop the passion for helping people into a successful business, it helps to begin by joining a credible coaching program in order to get the right kind of training. Life coaching is a profession like any other so it is crucial to invest in the necessary skills.
Training can take 6 to 9 months or longer and normally costs less than investing in a degree course. Besides formal training, a life coach needs to commit to continuous learning. It is critical to have value to give to other people. One cannot serve others from an empty cup so it is a must to fill one’s cup first.
Affiliate marketing is the world of middlemen in ecommerce. If you have heard of Jack Ma and Jeff Bezos, then you know something about affiliate marketing. Jeff Bezos is now the world’s wealthiest individual, having overtaken Bill Gates. Jack Ma is one of China’s richest men.
Affiliate marketing means being a marketer on a platform such as Amazon, Alibaba or Jumia. It is normally free to join but is not easy money since it does require investing in skills such as blogging, online marketing and people skills.
Technology has caused disruption in all areas of life and will continue to do so. Jobs will become obsolete, thanks to technology. Jobs that are dependent on technology have a great future so it pays to invest in skills now
You have probably heard a lot of criticism directed at technology and how it is destroying relationships. People who spend too much time online are not exactly praised. On the other hand, you might have heard a lot of complaints about unemployment and money problems. Contrary to popular belief, spending too much time online might just be what you need to solve your money problems. People who criticise technology most probably have not taken time to learn how it works. Embrace it and grow your business to levels you never thought possible. Explore different platforms and discover what is in them for you. Technology has opened up the world and created opportunities to earn money either from completely new ventures such as freelancing, or by building a traditional business online. The bold will adopt technology and learn how to ride on it to fatten their wallets. Define your target audience Know who your target audience is, who you are seeking to influence. The audience goes beyond the customer. You’re looking to build a community of people – peers, influencers and opinion leaders. All these people are assets to your business in different ways. What messages appeals to your target audience? How do you connect with them and engage them? Your aim is to give them value and not just focused on trying to sell something.
Have clear goals Begin with clear goals and be focused on them. Don’t do your business as one beating the air; with no clarity, no plan and no road map. Do not behave like a hawker at the street corner who is desperate to sell goods to anyone and everyone. Once you are clear who your target market is, focus on connecting with the right people and building relationships with them. Converting visitors to your online shop to paying customers takes time so be consistent and patient. People who act desperate to make a sale are not attractive to anyone. They are a put-off and people avoid them. They tire people and end up in the no-friends-left club. Give your audience value Successful people bring value to their audience. They empower people and transform their lives. People are attracted to them because of the value they bring on board. Successful people know how to position themselves and bring value to their target market. They do not portray themselves as being desperate to sell something here and now. Your online shop should give people value. Research relevant topics and keep your target market informed so that they will always come back for more. Share important links and also engage your audience. If you sell clothes, give your audience tips about how to select accessories to match different outfits, how to match colours, what kind of designs work for different occasions and other information that enriches their lives. Do not behave like an amateur in marketing. Amateurs focus on pitching everyone and anyone with no clear strategy. They act like a hunter with a big gun who shoots at anything that moves. That is a no-no. How do you expand your networks? How do you get people to look up to you and seek to learn from you, consult with you and seek your input about the challenges in their own lives? Use attraction marketing Get people to be attracted to you. Present yourself in a way that they respect you and look up to you. Give them value and be authentic; do not come out as fake. You are unique. You want to learn from others and even be influenced by them including your mentors and successful people whom you consider as role models, but it’s important that you be yourself. Don’t be a copycat. To build a successful business, invest in self-discovery and personal development. Keep learning about new trends and stay ahead of the competition. Stand out from the crowd. Give yourself permission to be you and have no apologies to make for being authentic. To be successful in promoting your brand online, do not expect to please everyone as that is not possible. There are those who will connect with you and resonate with what you stand for. That is your following. Those others are someone else’s following. They resonate with someone else. Be yourself; everyone else is taken. firstname.lastname@example.org Read more at: https://www.standardmedia.co.ke/article/2001260941/want-to-be-your-own-boss-here-are-tips-of-how-to-make-money-online
People who win the lottery, or find themselves suddenly in possession of large sums of money rarely end up on the list of the world’s wealthiest people. This list includes athletes who win jackpots, particularly if they’re from poor backgrounds. People who inherit large sums of money fall into in this category, too. In fact, studies have shown that 70 per cent of these people end up bankrupt within five years, and their final situation is normally worse than what it was before the windfall. Here’s why. 1. A reliance on luck over hard work The number one factor that brings winners of cash windfalls down is who they really are. Betting and gambling tend to be common among low-income earners. These are people who are more likely to believe in fate and luck as the way to become wealthy, unlike their better-off counterparts who believe that luck is created through habits like having clear goals and putting in the work to make one’s dreams a reality. Successful people tend to have certain characteristics that are responsible for their success; their mindset, skills, habits, discipline, focus, self-confidence and temperament. The nouveau riche do not get the chance to develop these winning characteristics as they did not gradually grow to become successful. 2. A poverty mindset You’ve probably heard the saying that poverty is a mindset. And that if one doesn’t work on changing this mindset, it’s impossible to get out of poverty, no matter how much money passes through one’s hands. A person with a poverty mindset thinks in terms of spending, not growing money. This leads them to unconsciously get rid of money because they’ve been taught it’s evil. There are people who don’t see themselves living any other life aside from one of struggle and need, and are resigned to this fate. Even when money is in their hands, they subconsciously waste it in the belief that it wouldn’t last anyway. People with a poverty mindset who suddenly get large sums of money are likely to not only have an unhealthy relationship with money, but to also be inexperienced in handling large sums of it. The people in their circles do not make things any better. Everyone around them is likely to be needy and desperate for help. Compare these circles with those of the world’s wealthiest people. Around the world, lottery winners end up giving away a lot of their money to the needy all around them, and within a few years, are back to being one of them. Wealthy people, on the other hand, don’t just hand out cash – they demand a plan, accountability. They also rarely give out money when that’s all they have. They first focus on accumulating assets, and then give back from these assets. They know that cash runs out; assets keep earning money many times over. Being surrounded by poor and needy people gives winners of windfalls a false feeling of importance. They tend to compare themselves to their circle, and find that they are so much better than everyone else. Because they’re no longer in the league of struggling people, they mistakenly believe they can now afford to solve the problems of those around them. There’s a great quote on the curse of the nouveau riche from investor and entrepreneur Jim Rohn: “If someone gives you a million dollars, you’d better become a millionaire so you can keep the money. Success doesn’t want to hang around incompetent people.” 3. A dangerous relationship with money An individual’s relationship with money plays a major role in determining whether he or she becomes rich or not. That relationship has deep roots; it was learned by experience from a very young age. Did you observe a culture of saving and investing from the time you were little, or a culture of living from hand to mouth? The way you handle money is not learned in adulthood. 4. There’s no build-up to success There is something that building a business or a career – failing, getting up again and continuing with the journey – does to someone’s development. There are many lessons one learns along the way that produce personal growth. The pain of struggling to afford every small thing, as happens in the course of building a business, teaches one how important every coin is. This is the way to learn how to plan and budget long term. By the time someone brings their problems to you, you already have the long-term picture of what you need to build and you’re not even sure that the money at your disposal will be adequate for all that needs to be done in the future. You are focused on making your money meet the needs that are waiting. Winning the lottery can sabotage long-term success by cutting out the growth process. One becomes like an untrained child, with no experience handling different amounts of money. As a result, money that is not carefully planned for ends up going anywhere. The writer is a blogger on financial independence. Read more at: https://www.standardmedia.co.ke/article/2001255759/investments-the-curse-of-quick-cash
The festive season when even the most misery of us find a reason to splurge is almost upon us. The urge to spend, however, sometimes gets the better of us and we habitually find ourselves struggling financially in January. This need not be the case because amid all the heightened spending, you can still find ways to make an extra coin to cushion yourself against the vagaries of the New Year. Most important to take into account while venturing into the festive season hustle is to identify a gap and fill it. Do your research well to know where most of the people in your circle of friends or acquaintances like to spend their money during the festive season. In other words, position yourself well to be able to cash in on the spending boom. Here are some hustles that will have you laughing all the way to the bank in January while the rest of your family and friends struggle: 1. Be a broker You can provide goods or services that you do not directly deal in by being the intermediary between the buyer and the seller. For instance, many chicken farmers, especially in the rural areas have no idea how to get their chickens, which are normally in high demand this time of year to the market. This is where you come in. During this season many companies hardly have enough time to shop and send out gift hampers to clients, family or friends. You could package and deliver gift hampers for them at a fee. 2. Sell clothes Do your market research and identify the clothes that are in vogue. Most people will have no qualms paying premium for fashionable and especially new clothes and other accessories this time of the year. If you opt for second-hand ones, make sure they are in good condition. Maximise your profits. After all, Christmas and the New Year come only once a year! 3. Hire out your vehicle Travelling upcountry using public means, especially for large families can be quite a headache during the festive season. If you own a car that you might not have much use for over this period, you could make a killing hiring it out. 4. Play Father Christmas Many shopping outlets, family entertainment joints and kids’ parties enlist the services of a Father Christmas during this season. Put on your goofy smile and ho! ho! ho! your way to the bank. 5. Provide outside catering Eating out during the festive season is all the range. In keeping with the festive spirit, you could package snacks such as sandwiches and sell them to families at picnic sites near you. You could also cook for families and other social gatherings at a fee. 6. Run errands The time just before Christmas is usually hectic, with everyone trying to shop in time to travel either upcountry or on holiday. Many employees still have to complete their work before the offices close for the year. Charge them to run errands and make deliveries on their behalf. 7. Organise fun activities for children The holiday season comes with its fair share of challenges on parents who have to balance between work and looking after their children who are on an extended holiday break. Come up with an attractive package targeting children of different ages. This could involve games and other fun activities such as skating to keep them busy. 8. Get a part-time job Many employees leave the city a week or two before Christmas. This means many workplaces offering essential services such as petrol stations, hospitals and hotels are shorthanded. Ask in advance about the possibility of vacancies coming up during this season. You will be surprised that such part-time jobs pay quite well, especially because of the extra hours you may have to put in. 9. Offer marketing and logistics support You may use word of mouth to let people around you know about the services you will be offering. Combine this with the use of social media platforms such as a Facebook or WhatsApp. It could be about services for deliveries of certain commodities such as cooking gas or milk. Team up with a reliable boda boda rider or organise to make deliveries yourself. Opportunities for handing out fliers about upcoming events or about a new service are also never in short supply during the festive season. When all is said and done, nothing good comes easy, so you might have to postpone your holiday by a few days and probably work on Christmas Day, but you will definitely reap the benefits and avoid the all too familiar January blues. email@example.com Read more at: https://www.standardmedia.co.ke/article/2001261645/how-to-make-extra-cash-this-holiday-season
Finding your name on the list of people to be retrenched can lead to anger, confusion, self-pity and worry. Media reports about the thousands of Kenyans who’ve lost their jobs as companies downsize after underperforming are a reminder that jobs don’t last forever. And that sometimes, they end when we least expect them to. Being retrenched can be financially and emotionally devastating, especially if your job was your main source of livelihood. So, what can you do if it happens to you? 1. Draw up a plan If you want to travel from point A to point B, the first thing you do is map out a route. When you find yourself out of a job, it’s important to do something similar. Consider where you are and where you intend to go. Much as this may not be an enjoyable task, you’ll need to take stock of your situation. List your income, which includes compensation from your employer, any savings, and earnings from secondary sources or side hustles and investments. If you’ve been putting money aside for emergencies, losing your jobcounts as an emergency, so these funds will come in handy. Ensure that your investments are in order just in case you find yourself needing to cash in a hurry in the future. This means sorting out the paperwork for plots, cars or shares. Trying to follow up on a title deed for a plot you bought years ago when you’re short on time and desperate can be frustrating, so get such things out of the way early. Identify other possible sources of income that you could tap into if the need arises, such as soft loans from friends or family members, or savings from a chama. 2. Work out your expenses Once your income column is in order, work on the expenditure column. List down all your expenses. Separate the fixed expenses or those that you can’t modify, from the flexible expenses or those that you can play around with if circumstances forced you to do so. Identify ways to bring down your expenses. If you live in a rental house, you might have to consider cutting costs by moving to a cheaper house or one that’s closer to your children’s school so you can reduce transport costs. Cutting down costs may sometimes mean spending a chunk of money initially to cover things like the costs of moving to a new house or transferring your children to a cheaper school. You’d rather do this early on rather than wait and find yourself requiring money for deposits when you can’t raise it. Prioritise the basic needs: food, shelter, education for the children and utilities. Draft a plan on how to ensure these are taken care of. You might downgrade the standards of these basics, but you can’t do away with them. Explore the possibilities of growing some of the food in a kitchen garden or in containers in the balcony, or buying in bulk from the market rather than from the estate grocer or supermarket. Every shilling saved will count, so don’t underestimate your efforts. Separate needs from wants and cut down on unnecessary costs. You might have to cut down on visits to beauty and hair salons by investing in good products and learning to maintain your own hair at least some of the time. The Internet, especially YouTube tutorials, will come in handy. 3. Prioritise health cover A sickness in the family can consume all your savings if you have no insurance. Job loss usually means losing the insurance cover you had through your employer. Find out if your employer will allow you to remain on the company insurance cover, and how much that arrangement will cost you. If it’s not possible, make alternative arrangements. Research cheaper options, such as the National Hospital Insurance Fund (NHIF), and ensure your cover is up to date. You can also consider paying for inpatient services if you feel that adding outpatient cover will cost too much. 4. Seek support Speak to your family and close friends, and be open with them about your situation. You need their support and co-operation, so don’t keep them in the dark. You especially need peace of mind and that can only be possible if they understand what you’re going through. It’s important to have people in your corner who are reaching out to their networks to help you find a Plan B. 5. Renegotiate your debts Failure to service your debts can cause you a lot of trouble, and even lead to auction. Contact all your creditors immediately you’re laid off and let them know of your situation. Ask to renegotiate the terms of payment. The worst mistake you can make is to go quiet on them or avoid communicating with them. Don’t risk losing your car or house bought on loan or mortgage. It’s better to negotiate before things get ugly. A lot of the time, you’ll find some formal financial institutions have a retrenchment cover and will take over your loan repayments for some months. Be open to other solutions, such as selling the car to pay off the loan or moving to a cheaper house and renting out the one you have a mortgage on. Stay on top of things and don’t wait for your creditors to decide for you what to do about your debts. Read more at: https://www.standardmedia.co.ke/article/2001278143/five-ways-to-survive-job-loss
Money can be tight for a start-up, which in most cases is financed from savings or the sale of an asset, like land. A new business takes time to become profitable, so you want to stretch your money to last as long as possible. If you want to be sure that your business will be around for decades to come, you need to run it efficiently and avoid any unnecessary wastage, even when things are looking up. Here are six ways to cut back on the major expenses that tend to sink small businesses. 1. Office space Technology has made it possible to operate a business with minimal or no office space. You can make massive savings by making your goods or services available on online platforms as opposed to a physical location, or by operating largely from home. If you must have a physical location, consider starting out at a co-working space. You can hire a work desk at about Sh1,000 a day or Sh16,000 a month, and with it, get access to a receptionist, boardroom, wi-fi and printing services. You can also get together with entrepreneurs offering complementary services, and partition a space you can all afford. The advantage of doing this over working in isolation is that you get to network with people who can provide your business with services, such as public relations, accounting or IT support, at an affordable rate. 2. Software To run your business efficiently, you’ll need access to software for bookkeeping, word processing and presenting your pitches. However, you don’t have to pay for expensive licences or servers when you can settle for cloud vendors, such as Google, or open source versions. You can find a list of what’s available on websites like Sourceforge. 3. Employees When looking for employees, start with those who are capable but have little experience. Or consider hiring freelancers. Salaries and benefits for full-time employees can be quite costly, so in as much as you can, don’t rush for the big names until you’re sure your business can afford them. You’ll find that those with little work experience but solid academic credentials will be happy enough to have their foot through the door, and with some training and supervision, will meet your expectations. 4. Microcontracting At some point in your business, you might find that you need someone to manage small tasks, but you can’t afford to hire an employee. You can microcontract these sorts of jobs through online work sites, such as Upwork, Fiverr or BrighterMonday. 5. Advertising Every business needs to be in the face of its target market if it is to attract clients. That’s why businesses spend millions of shillings on advertising. However, this kind of budget is normally out of the reach of small businesses. Be creative to reach your target market on a shoestring budget. One way a small business grows is through referrals, so go the extra mile in providing services. Make it standard practice to over deliver on your promises, and consider tucking flyers or tiny thank-you cards into the packaging you use for your products. Also, make use of social media platforms like Facebook, YouTube and Instagram. Join communities with potential clients and be helpful. Keep abreast with what’s happening in your industry to stand out as an expert. Choose a niche that is relevant for your business and start a blog. Write articles and participate in online discussions. Do your research on different media houses and find out what programmes your business could be a part of. Contact them and pitch your ideas. Don’t give the market a chance to forget about your business. 6. Inventory Running a lean start-up is in, and it’s a smart way to go about building a business that outlasts you. Don’t lock up your cash in products you’re not likely to use any time soon. Avoid making rash purchases just to keep up with appearances with your industry peers. Use what you have until you’re sure you have exhausted it. Don’t pay extra for a brand name when you can use generic options that are just as good. firstname.lastname@example.org Read more at: https://www.standardmedia.co.ke/article/2001270553/six-simple-ways-to-save-money
Just about everyone is capable of earning an income, but not everyone is capable of managing this income. It’s why so many people make money for years yet never attain financial freedom. They struggle all their lives only to retire poor and dependent on someone else. Here are five money mistakes they tend to make, and that you need to avoid if you want your hard-earned cash to serve you well in the long term. 1. Spending every coin in the name of spoiling yourself It is exciting to finally have a source of income, and the temptation to spoil yourself is real. This is okay if it’s short lived and well spread out. It becomes a problem when you decide to spoil yourself month after month. Don’t spend more than you earn might sound cliché, but many people ignore it totally. Don’t confuse wants and needs. Go slow on spending and instead develop a culture of saving right from your first job. Stay informed while on the go by subscribing to the Standard Group SMS service. There’s no income that’s too little to save, so don’t wait to earn a better salary to begin putting some cash aside. Learn to budget and don’t spend on items that are not in your budget, even if the offer looks good. Finally, keep just enough money in cash and bank or invest the rest. Don’t carry around extra money or credit cards as you’re likely to get tempted to buy stuff you don’t really need. 2. Buying stuff on credit Buying products on credit is a major money mistake that can mess up your finances. If you don’t like your outdated cellphone and there’s a limited offer on a really nice phone, then budget for it. Don’t get tempted to whip out your credit card or apply for a mobile money loan because borrowing is hassle-free. Train yourself to save or explore ways to earn an extra income if you need to buy something. Don’t get it now and pay later. Work hard to afford it. 3. Investing blindly We all know how important it is to diversify our sources of income, but if you’re not careful, it’s easy to lose money while trying to do so. You want to start a side hustle to find a secondary source of income? Good idea, but don’t rush into it blindly. A business that you’re ill-equipped to operate can bleed you dry, leaving you broke by the time of collapse. Do your research if you want to get into a particular business or line of investment. Don’t commit your money to something simply because your neighbour, colleague or relative has succeeded in it. Find out all you can about it and get the views of different people. Listen to both success and failure stories so that you get a true picture of what you’re getting into. Start small, grow and keep your overheads low. Do frequent evaluations and know when to close a non-performing business or sell a stock to cut further losses. 4. Trying to project wealth Trying to impress people by acting rich is a major money mistake. You might feel great when people admire your fancy new car or get impressed by your area code. However, castles that you build on sand will come down sooner or later, causing you great pain. If you can’t afford to drive, eat at certain restaurants or live in a particular neighbourhood, then don’t. Do not mess up your finances simply to keep up with friends or colleagues. It’s not worth the future pain. Remember, if you spend money on things you don’t need, a time will come when you’ll have to make do without the things you actually need. 5. Supporting dependents when you can’t afford to You now have a source of income and it feels great – but before you get too comfortable, keep in mind that you haven’t reached your destination just yet. You have just started the journey to financial independence, which is going to take time, probably decades. Don’t get tempted to become the go-to person for all your struggling relatives and friends. Build your house first before you invite others to share it with you. Save and invest so that you secure your own future before you focus on solving the problems of others. Use the profits from your investments to support others rather than using your active income, which can be halted at any time by the actions of someone else. A lot of dependent people have the capacity to earn an income, but unfortunately, someone else enables their idleness, denying them the opportunity to exercise their creativity. Empower your dependents instead of enabling them. Help them explore ways to help themselves rather than relying on handouts from someone else. You can also partner with your dependents in ventures that you finance instead of just giving them money. email@example.com Read more at: https://www.standardmedia.co.ke/article/2001274802/five-money-mistakes-that-keep-you-poor
As unromantic as money may sound, it is impossible to avoid talking about it if you hope to be successful as a couple. Your marriage partner can either be the reason for your success or contribute to your failure. Therefore, you need to ask the right questions before committing to marriage. Discuss everything, and talk about money as often as possible until you achieve a shared vision. Here are five ways to get on the same page when it comes to your financial future. 1. Be transparent Cultivate openness and transparency in your financial affairs. Know each other’s current incomes, expenses, debts and liabilities. Come clean on your student loans, credit card debts, child or spousal support and what you send home for your parents or spend on your siblings. Secrets not only put a couple at risk of not meeting their family goals, but threaten the survival of the marriage. 2. Make plans jointly Set long-term goals together. Think about your five, 10, 20, 30-year plans and write them down. There’s something powerful about seeing your dreams down on paper. Set retirement goals. Prioritise and work on a joint budget and share responsibilities. Set money aside for shared objectives – such as education, buying land or investing in shares. 3. Don’t rush into setting up a joint account You don’t have to combine finances immediately you say ‘I do’. Take the time to learn each other’s spending habits to avoid conflict down the line. To start off, you can maintain separate accounts and open a joint account with clear budget lines and agree on how both of you will contribute to the kitty and how the money will be managed. To build trust, maintain accurate records, including for expenditure that doesn’t have receipts, such as buying vegetables from the estate Mama Mboga. Operating a joint account should be a gradual process. If one partner is an impulsive spender or hides certain expenditure, it’s not advisable to operate a joint account as it will only lead to conflict. 4. Respect each other’s diversity Do not micromanage each other. Everyone has things they do for themselves that make them happy and boost their self-esteem. This could be a hobby, buying make-up or clothes, or membership in a club or society. Rather than belittling something your spouse considers important, figure out how to work it into the budget. You can agree to set aside some cash that each of you can spend as you wish without having to account for it. 5. Hold money dates to nurture team work Hold regular money dates to brainstorm, share ideas, discuss your goals and evaluate your financial standing. These meetings are important for a couple’s growth. You’re either growing together or growing apart, so make a conscious effort to grow together. Joint planning is crucial whether both partners are earning an income or not. Read more at: https://www.standardmedia.co.ke/article/2001264163/five-essential-money-tips-couples-shouldn-t-ignore