Transcript
A (0:00)
If some of the things you have said has been nostalgic for me, is there anything we can speak about that we haven't?
B (0:07)
Okay, so I think one thing I would like to speak about here when you're starting a business is pricing. That's because I've had a lot of people come to me who are scared to price.
A (0:16)
Yeah.
B (0:17)
And because of that they make their product so cheap because a certain number of people are okay with that and they are so scared. You know, you, you don't price for approval, you price for sustain. Sustain. Your business needs funds. Not just profits, it needs funds to do well. When I went to China to do my packaging bags, they said I couldn't do less than thousand for a particular size and I needed five sizes. It means I have to buy 5,000 pieces or maybe 10,000 pieces. Imagine I was, you know, pricing so low I'm not making good money. And then I go, how do you push your business to the next level if you're not pricing well? Don't be scared to price. Not everyone is your customer. Know the people you are trying to attract and then push your business to them. If someone comes to you and says, oh, your prices are too expensive, you say thank you. Go to where it's cheap. Don't be scared. Don't be scared to tell people off. Because there are some people, no matter the price you put, it's expensive for them. But if you're able to stand on business, I mean, you don't have to be too expensive. But also make sure that whatever profits you are making or money you are making, there is a room to improve your business. You don't want your business to be stagnant. And I'm saying this, and I'm saying this because some time ago when I was in China, I was introducing a new product and then one lady came to me and was like, oh, I saw similar products. I was like, oh, really? It was like, yeah, but it's not going well and all that. So I was like, how is she marketing it? I didn't care whether I'm bringing the same product. I wanted to know what she was doing and how much was she buying it in Ghana. So, and she meant, she said she was getting it for 50 Gana cities and she was selling it for 70 cities. I asked there, when they buy, do you package it? Do you put it in a packaging bag? She said, yes, let's say when you're going to buy it or when they're bringing it to you. Pay delivery fee, you know they have to bring it to you or you have to go for it, no matter what money is involved. And she said, yes. I was like that. 20 cities and if it's not something a lot of people are buying, how are you able to make money from it? Oh, when she started selling it for hundreds, it is. People were scared. People didn't want to buy from her. I was like, that's because you're trying to make everyone your customer. You're not be selective when it comes to customer base. And then people will adapt. When someone realizes your products are good and then the price is slightly high or I mean, something above their budget, if they need it, they'll go and come back. You don't have to make everyone your customer. So because of that, you become so cheap that your business, you've been business, you've been in business for five years. I have been in it for three years. And if mine is doing better than you, that should tell you something. Oh, okay. And that same product, because I knew how to market it, I've sold, I think it came in June or July last year and I've sold about 500 pieces or 600 pieces. That's because I'm able to push it, make it fun, Let people know that, okay, you need this, I need it, you need it. But if you are just there, pity, pitting yourself, like, you know, that's something about small business owners. We like to pity ourselves, like, oh, today no one has bought. And you will never see me do that. If no one is buying, make people believe that they are buying. People don't want to buy from struggling businesses. If your business doesn't attract people, people don't want to buy from you. That's why there are some people selling in thousands, but they still get others. That's what. Because people don't know. Why are people on her business? Why are people buying from her? But if you're a small business owner and you sit down and then no one is buying from you. So you two, you want the world to know that no one is buying from you, then yes, I wouldn't come and buy. Why is no one buying from you? I want to know. You know, so. But if people are buying, people are so curious to know, why are people buying from her? And they push towards you, but you are, you know, you are not motivated and you are not pushing it. Honestly, you send people away, so know how to price well. Think about the future of your business. Unless you're looking for money, then you can leave it at any Profit that you get or any margin that you get. But if you're thinking about sustainability, price it to your full chest. Don't be scared.