5 Tips for Handling Lean Seasons As an Entrepreneur

Managing lean seasons is one common challenge faced by entrepreneurs in their journey. As an entrepreneur a consistent paycheck is not guaranteed once you take that path. With the journey coupled with income peaks and valleys, how do you handle the lean seasons as an entrepreneur? It is essential to develop smart strategies, acquire varied skills that will enable your business stand during these lean seasons.

There are usually quite a number of reasons that leads to this fluctuation. We may not be able to prepare ourselves and our businesses for every set back but you could consider these five tips to help you sail through and handle your lean seasons professionally.

1. Diversify income streams.

You may have your primary business running, but it doesn’t hurt to set up other additional revenue sources to support your main business. Only ensure the attention to your other alternatives streams of income does not cloud your focus on the main business. Remember the rule is “Do not put all your eggs in one basket”.

2. Understand trends in your industry.

As a business owner it is essential to understand the trends and cycles in the industry you find yourself. Understanding these trends enables you to plan and know which time of the year accounts for high sales and which time accounts for low or no sales at all.

It helps you to plan well and enables you to use your peak to cover up for the loss in the lean seasons. It is essential to research and get a plan to sustain you through the lean times.

3. Develop a plan for your Business sustainability

“It is not the strongest of the species that survive, not the most intelligent, but the one most responsive to change.” Charles Darwin. 

You can only be responsive to change in a business environment when you have a plan in place written or unwritten. As a business owner At least you need to have a forecast of about 6months for your business. Having a plan in place will help you hold the business through the lean seasons and still hold your head up high.

 

4. Make an effort t0 stay Visible in the market

“Ninety-nine percent of anything is showing up. The minute you stop showing up, people stop following you. ~Clare V.~

Make a conscious effort to show up everyday, every time at the right places. Research on your target groups and market and ensure you are always in touch with them . You can increase your visibility through your social media platforms. At least post three times a week to get your followers to remember you and know you are still in business.

Set your business apart by making yourself available throughout the year in the most effective marketing strategies you can use.

5. Be strong and Don’t Panic.

We may sometimes put plans in place to cater for these lean times, but the emotions may sometimes take over during these periods. During these times if you do not put yourself together or seek advise you may take some decisions that may affect the long term of your business. When you face these lean seasons in your business, understand that you aren’t alone.

Remember that other businesses are facing these struggles or have faced these struggles before and if they were able to sail through and make it then you sure can do it too. Believe in yourself, explore , keep your head up high and continue to push. The best is yet to come in your business.

Five Top Benefits of Networking as a Mompreneur

In business Networking is the process of  establishing mutually beneficial relationships with other business people and potential customers. Usually the main  purpose of business networking is to tell others about your business and hopefully turn them into customers. It is also another opportunity to gain new knowledge and learn about things you might probably have an idea about.  Sometimes you get solutions to problems that have been haunting you through networking . As a Mompreneur  networking can be great for you if you are looking at growing your own business. Currently networking events seem to be  catching on with professionals and especially new business owners everywhere.

As a Mompreneur you join a networking group for motivation, to share from the experiences of others, to get more people to know about what you do and most importantly to have some fun. When joining its essential to research and identify  group that  fits what you need and where you can also offer something valuable.

Check out these benefits I listed and I have enjoyed through networking ;

1. Finding clients who are in urgent need of my products and services : Even before I launched  my businesses officially , I had clients who were ready and willing to patronize my services.  Networking gave me the opportunity to interact with people who coincidentally needed my services once we were introduced to each other and they got know what I offer. When you are just starting off in business, finding the fright network can be a good source to earn your first revenue.

2. Meeting people that share similar purpose : Through networking I have joined amazing groups that I share similar distinct purposes with for each of the distinct groups. Some groups are the place to go for marketing. Some groups are the place to go for advise, Other are the place to go if you want to be updated with news in the technology industry and some groups . Finding a network with similar purposes helps you to promote your business in a constructive way.

3. Getting into contact with people I never imagined : Through networking I have met and had the opportunity to interact with amazing women who I look up to and use to learn from them form a distance. Through great networks I have met people I likely would have never met in my life and people who have influenced my business in a positive way. Without networking I would never have tapped into some useful resources from very experienced entrepreneurs.

4. Building your brand in an effective way : You are your own brand and your reputation is everything. Joining a network is a great way to build your brand. You have the opportunity of coming into with an audience and let them get to know you and what you do in a personal way. It helps you build a brand that people can trust.

5. Learning more and getting solutions to some common problems : Networking provides a platform to learn from people with expertise in the various business areas. We cannot know and have it all. Through networking groups we get in touch with people who are able to help us solve some problems or advise us on some best business practices. We also get the opportunity to  share the knowledge or expertise we have with others.

WeMompreneurs Feature: Awula Naa, (MDHE) Ghana

How would you like to sit in the comfort of your location and browse through a list of beauty and grooming places which are closest to you and are available at just the time when you need them. We caught up with Naa for our June Feature and she opened up to us on how her journey has been as an entrepreneur. Her company MHDE Ghana has an amazing concept coming up for grooming and beauty places that will bring convenience to clients.

Q. How did you start off as a Mompreneur?

A: I hated the thought of working for somebody who never appreciated my efforts or takes my advice or suggestions at the workplace simply because I’m a newbie and the famous ( that’s how it’s always done here) not willing to change attitude shown at the workplace. I’m someone who loves to create and brainstorm and I love teamwork and I really wanted to start a job or partnership that equally loves what I do.

Q. What inspired you to take that path in business?
A: I decided to opt out of the corporate world and do what I love and it was there that
I met someone who shared the same values and ideas like me and loves to get things done.

Q. Tell us a  little bit about your company and what you do?
I’m Awula Naa Amanuah Ankrah the country manager for My Hair Done Everywhere App (MHDE)Ghana. MHDE  is an app that promotes and help users find beauty and grooming places based on their location. We list businesses that are in the beauty and grooming industry ( hair salons, hairstylists including freelancers, makeup artists, wig makers, barbers, nail bars, spas, beauty suppliers, hair product manufacturers etc.)

Q. A little background about yourself

A: I’m a creative and young at heart. I’m an experienced brand strategist and creative entrepreneur and holds a masters in international business. Aside the managing MHDE Ghana I also have other side businesses I operate and manage. I own an Afrocentric accessory line, I’m a freelance market researcher trying to startup a consulting firm and a drop shipper( I help clients buy from china to Ghana)

Q. How you manage your day to day activities?

A: My days can be pretty hectic and I always manage by with journaling and checklist to help me get through the day. This practice helps me keep and stay on track on my activities for the day

Q: How you are able to balance taking care of your family and manage the business
A: Prayer and God’s guidance help me to balance my family life and business. I have a supportive husband who encourages me to for my goals in life.

Q. What are the challenges you face as an entrepreneur?

A: I guess my challenge I’m currently facing with MHDE is getting beauty and grooming businesses listed on the app. I guess this is because they don’t really understand how the concept works and now our team is investing a lot of time educating our prospective clients

 

Q.  What are the processes and systems that have helped you in your entrepreneurial journey
A: Having a plan for my business and using the Business model canvas. This canvas helps me to bring out my ideas and brainstorm about my business and generate new ideas for my business. Also journaling and documenting my milestones have really helped a lot.

Q. Advise to any Mother who wants to start a business?
A: Get yourself a mentor who will help groom you and advise you on your startup journey

Follow MDHE Ghana on all social media platforms on @mdheghana.

To feature on our blog contact us on 0249879525 or email us on mompreneurgh@gmail.com. We would love to feature your story.

Social Media Master Class held for GMC Members

The Ghana Mompreneurs Club introduced the Monthly Success Clinic this year for their members as a way of educating them on essential business tools and tips to help their businesses grow . The Month of May’s Success Clinic focused  on the use of Social Media for the businesses of Mompreneurs was organized on the 30th of May, 2018 at Christ The King Parish hall.

The Facilitator of the session was Allen Olayiwola , the Chief Technical Officer of eSolutions Consulting. The session began with a prayer by a member of the club Abena Serwaa Dickson.

After the prayer, founder of the club Mrs. Ethel Marfo touched on the background of the club to the members highlighting the objectives as Educating Mompreneurs through the monthly sucess clinics, Elevating Mompreneurs by enabling them to explore and develop themselves and taking advantage of opportunities and helping Mompreneurs to gain Economic Independence through vendoring opportunities that is usually a part of the monthly and quarterly meet ups.

Mr. Allen took over from there and gave each Mompreneur an opportunity to introduce themselves and share with us their personality in one word!

We learnt that social media played an integral role in the growth of our business as a lot of individuals are now hooked on to these platforms through out the day.

These are some points that were shared by the Facilitator to guide us in our social media journey for business growth;

  1. Numbers do not necessarily equate to business. It is necessary to ensure that these numbers convert into sale for ones business
  2. It is essential to understand each platform and know what works best on that platform. For instance Instagram is associated with more visuals and less text , understanding this will help a business owner know whether their product or service  will sell on Instagram.
  3. Identify your unique selling point as a business and use it
  4. Include hashtags in posts as this also helps to get our posts visible to a lot more people
  5. Ensure your posts are 80% influencing your industry and 20%  selling your product or service
  6. Understanding the number of times to post.
  7. Sources of generating good content

 

We were introduced to some sites that could help us with the right hastags to use such as Top Hashtags. Canva was recommended to help Mompreneurs with content creation such as posters.

We were also advised as a group to like and comment on each others post as that helped our profiles and posts to reach more people organically and create visibility for each others profile within our individual circles.

After the session, there was time for socialization , snacks and visiting of the exhibition table of all the vendors. They had some wonderful Made In Ghana products and services on display. Some Mompreneurs on exhibition included Teckulina Fashion , Akobamoxie, Afro Essentials and Pauligath.

Snacks was catered for by Afrakuma Catering and Flexy Foods. The Professional Pictures were taken by Platinum Photos.

 

Source: Ghana Mompreneurs Club