Entrepreneurship is one of the major lifelines of the South African economy and with the high unemployment rate, many people look to start their own businesses.
There are many facets to starting a business and it can be confusing to small business owners, which is what led one business owner to assist entrepreneurs.
Hetty Boachie-Yiadom, who goes by the name “Hetty The Entrepreneur, dedicates her time to guiding entrepreneurs to achieve their goals through results-based mentorship.
Boachie-Yiadom is the co-founder of one of SA's largest African print retail brands, P&H Boutique, which can be found at malls across the country, and heads a residential property portfolio, P&H Homes.
She is passionate about helping business owners, coaches, and consultants dominate the online space through marketing and monetisation strategies that work.
Boachie-Yiadom was earning well as an investment banker, and is running a side-hustle retail business.
When the Covid-19 pandemic hit in 2020, she realised that things were about to change and then re-evaluated her career choices.
The now-full-time entrepreneur has rebranded herself as a monetisation guru for digital creators and businesses.
Boachie-Yiadom shares tips on how business owners can turn passion into profit:
KNOW YOUR CUSTOMER
For many, this might seem like an obvious tip, but knowing your customer and target market is the anchor to your business.
Every major business has a target market and it is important that business owners understand who their customer is. What do they eat? Where do they go? What do they do when they get home? What are they doing this weekend?
Though this might seem arbitrary, if you know your customer, their needs and the value you can bring to them, half the battle has been won.
GET MARRIED TO YOUR PITCH
We've all heard about the elevator pitch: How can you sell your business to a stranger in the time it takes to take an elevator?
Herein, entrepreneurs need to be able to pitch their businesses in three sentences or less and for this to happen, you need to practise.
If you're a little shy, practise in front of a mirror until you know your pitch so well that if you're woken up at 2am, you can recite it confidently.
BELIEVE IN THE HYPE
This goes hand-in-hand with marrying your pitch because if you know yourself and the value of your business, then you can confidently come to the table.
Humility can be a cool and necessary trait but if you're timid about the value of your business, then why should anyone believe in what you're selling?
Your work can speak for itself but it's also important that you speak for your work.
CUSTOMERS COME FIRST
A common mistake budding entrepreneurs make is putting themselves, rather than their customers, at the forefront of their business.
Yes, you're the owner, but you're not selling to yourself. By placing yourself in the front all the time, you misread your customer and risk putting their needs on the back burner.
STRATEGISE
In order to turn your passion into a profit, you need to think about your strategy and how to monetise it.
Crafting an adaptable strategy helps you stay ahead in the game. However, do not loom over crafting a perfect strategy instead of putting your money where your mouth is.
What's important is that you turn the plan into action, because an idea will always remain an idea until you implement it.
BUSINESS REPORT