Keys to Your Financial Freedom, Economic and Monetary Liberation – (Part II)

Keys to Your Financial Freedom, Economic and Monetary Liberation – (Part II)

With the struggle of labor markets to create jobs worldwide and the evidence of weak household spendings, nothing is as vital as strategies for financial survival and personal job creation in the midst of a depressed economy.

A few weeks ago I was at the wedding ceremony of my friend that started his business with N50.00 (50 Naira) Nigerian currency (equivalent of $0.30 – 30 cents US currency). Observing events at the wedding, it dawned on me how far we truly can get if we are determined to press on. Oh, by the way, it was a great wedding.

Moving on, in the last article I highlighted the importance of DISCOVERING THE NEED, as a principal element in STARTING UP A BUSINESS. In this article, I’ll be sharing on the additional elements worthy of consideration if you are planning to start a business. Before I share on those, please reflect on this real life account.

A couple of months ago, one acquaintance who is a Doctor of Veterinary Medicine (DVM) narrated how he got into the business he was doing. While an undergraduate in one of the premier universities in Africa, he traveled to visit his uncle who sometimes supports his education. He went to visit with the uncle specifically so he could get some money to carry on in school before the end of the semester. He got a very rude shock when the uncle told him blatantly that he wasn’t giving him any money. He left the uncle’s home disappointed and disillusioned particularly because it was just a small amount of money that he needed. Considering that his father was late, and the uncle in question had no problems with money his sadness was magnified.

He therefore decided to visit his mother in another state within Nigeria perhaps he could raise some amount of money through her. On his way home, he observed a hawker at the bus park selling ties. The hawker came to his side of the window and invited him to purchase a few of the ties to which he replied that it was going to be some other time.

He got home, met his mum and after spending some days he was able to get N150.00 [(150 Naira) Nigerian currency (equivalent of $5.00 – 5 US Dollars then)] from her to take back to the higher institution.

When he got to the bus park on his way back to his university, the same hawker selling ties the last time he was traveling approached him again. On thinking about it, suddenly a light bulb went off in his mind. It occurred to him that it was a tradition that when undergraduates resumed from the holidays, they usually gather to see what each person came back with. Since he was studying to be a Doctor of Vet Medicine and it was compulsory that every undergraduate in that faculty wear ties, it suddenly occurred to him that there was a need for very good ties in their institution and if he was able to get some across at the beginning of the semester at good rates, he was bound to make good sales since there were other undergraduates who had a lot of funds that they came back to school with.

Promptly he negotiated with the hawker, bought as much as about N140.00 worth and was left with about N10.00. The interesting thing was that the moment he got back to the institution, that very day, he sold so much and recovered the entire money he invested in the business. The remaining ties became his profit and he actually made good profit.

From that time onwards, there was no looking back concerning his business passion and pursuit. He went on to finish his university education but, rather than pursue the veterinary medicine course he read, he went on to begin to produce clothing, suits, etc. He ended up becoming a manufacturer of clothings, making money for himself while many of his colleagues were still struggling to be gainfully employed.

As you begin to think of starting up a business, apart from figuring out the need, you need to consider; What is the TARGET GROUP you are planning the business to reach?

In planning a business or business prospecting, nothing is as crucial as the TARGET group. The target group determines the possible sales/conversions. Your TARGET group could be GEOGRAPHICAL, GENDER BASED, or AGE DEPENDENT. Within that Target group, a fundamental question would be “What is the percentage of persons that are likely to need the product/service in relation to the whole?”

Infact in considering TARGET group, it is important to note that the TARGET GROUP could expand with time. The young man above began his business with a TARGET group made up of colleagues of his in the Faculty of Medicine, Department of Veterinary Medicine.

This acquaintance’s story touched me, moved me and inspired me. I concluded, we are not grounded until we accept that we are. I hope this helps as we begin to take steps towards our financial freedom.