11 Money Skills You Must Have As A Business Owner Unless You Want To Be A Broke Entrepreneur

I am writing this from personal experience with money as a business owner

Not having these skills will truly mess your pocket up

If you are looking at starting your own business, you want to start taking these seriously and if you are already in business, this post is to help open your eyes

Skill 1- Selling

As I get more and more obsessed with building my business and making it successful, I realize that the most important skill a business owners has is to get the business to make money and not just make money but

  • a. Make money steadily ‘
  • b. Make money that continues to grow in terms of figures

A lot of people struggle with selling as a skill for one reason only

Most business owners are not entrepreneurs, they are technicians

What this means is that, most business owners are great at what their business does, for example, I am pretty damn good at helping people launch their businesses

The lady who launches her tailoring business may be good at sewing

The man who launches his restaurant may be great at cooking

The developer who launches a company to help people build apps is great at coding

Most people who launch businesses are great at a skill which they now want to turn in to a business

Only problem is, to make a business successful, you need to be good at the skill needed for that

And, no matter how great a technician you are in your own field, you cannot move forward if you aren’t a great technician in the field of “BUILDING BUSINESSES THAT THRIVE”

And of course, a key skill in this area is ” SELLING”

Right now, as you read this, chances are you want to start a business someday or, you want to make the one you have now stop sucking your blood

My question to you is, let’s say your business is in selling beautiful clothing for women

To get your business to be as big as you imagine it to be, do you believe that all you need to do is know how to source the most beautiful clothing?

If you actually believe that, you may want to take a trip down to the land of dead businesses, beautiful clothing wasn’t the problem for most of them for those in the fashion industry ‘

In a lot of cases, the in-ability to make money on the level they needed was the problem

Skill 2- Digital marketing skills

It is not enough to know how to run a Facebook or instagram advert. digital marketing has gone beyond the ability to simply boost a post and, it is one of the highest money skills I will advise any one truly looking at making money and scaling their business to look in to acquiring

There is so much to learn about digital marketing, things like

  • Building high converting sales funnels
  • Running ads to target your exact audience in a way that it converts
  • Running adverts in a way that brings in the bacon
  • Content marketing in a way that doubles/triples your sales
  • E-mail marketing

To name a few

If you do not have any of these skills and aren’t very proficient in some, trying to build or grow an online business especially will be a tad bit difficult unless you have the funds to hire the “experts”

For starting business owners, I always advise against hiring the experts and instead, advise on building systems

Don’t know the difference?

Hiring experts means your business depends on the experts to survive, building a system means your business creates the experts so, your business depends on itself to survive

PLUS, systems help you save ,money

I will reserve the remaining information on this for when we start working together in my one on one program

Skill 3- Revenue budgeting

There are lots of business owners who are constantly making sales but still struggling to move their business forward

One of the reasons I have found this happens is, very few business owners invest back in to their business to get it growing

And when I mean, invest back in to the business, I do not mean buying goods to sell

I mean, invest in the things they need to do to bring in more customers for their business

One of the core reasons why most do this is because, they do not have a very clear way they disperse their revenue

So, money will be entering bank and before you say jack robinson, you will not see it again

Skill 4- High ticket closing

Closing here simply means , closing a sale. This is the ability to take a DM or phone call inquiry and turn most of them into sales

High ticket closing simply means, the ability to sell high priced products or services in your business

Look, the fastest way to make $25,000 in your business is to sell a product or service worth $25,000

This is the headline of an e-mail one of my favourite writers on medium sent me and I couldn’t agree more

Now, you may have read that and thought “But, I do not sell luxury products”, whoever said you had to? ‘The more I push myself to grow my business, the more things I have to learn and implement

You do not particularly need to change from targeting budget entrepreneurs to do this

Everything na strategy, the question is, do you know someone that will show you road

If you do not know how to close in business, that is a big big problem as you will keep loosing potential clients, if you do not know how to close on a high level, you will never be able to move your business as fast as you want to move it

High ticket closing is a powerful skill to acquire

Skill 5- Copy writing

If you don’t know how to speak in the language of your target audience in such a way that they feel like you get them ‘

You will always struggle to convert your followers into paying clients, struggle to take your ads and make them into cash or even turn your email list in to a gold mine

Words Matter

You see all those NIKE ads you watch and you will be shouting :NIKE is badass biko:, na copy writer work be that

If you have ever read a caption and next thing, you saw yourself inside DM asking “please, how do I get this?”, na copywriter job be that

You listen to a president’s speech and your brain does GBAS GBOS because they are making sense, they sound like they know book and if it is left to you, you will exchange BUHARI sharp sharp for the person in question, na copywriter work be that (if you do not know, most presidents have speech writers, only few do freestyle moves and even so, very rarely)

The point is, the ability to make coins online is closely related to your ability to coin English in a way your audience relates to it and it pushes them to action

Skill 6-Negotiation

For those of us working a 9-5, negotiation is usually the difference between you getting paid chicken change compared to what someone else with the same skills even lower than yours is making

For business owners, it is the difference between being given three times lower than your direct competition for the same job

A lot of us know how to under-sell ourselves in real life so, we carry that into business

I find that too many of us struggle with negotiation for one of these reasons

  1. We want to be liked ( lots of women fall in here ). You do not want to look like a gold digger or like you are selfish
  2. You really believe you do not have any leverage (usually happens when we either truly have no leverage or, we undervalue them forgetting that someone is on the call negotiating with you, it is because you have something they want
  3. You do not want to seem ungrateful l (this is where a lot of religious and timid people fall).

I myself used to be a member of group 1 and 2

Have I totally graduated? NO

I am still learning and working myself through those hoops

In my life lessons, I have learned over and over again, you get a lot what you ask for if you know how to ask and when you don’t get it, you come really close

Skills 7- Accounting

And not even the super boring part

I hated accounting in school and I believe I got an E in cost accounting which right now, I really wish I paid attention to

If you do not know how to measure cash-flow in your business, the difference between cost of good sold and operating expenses , net profits and gross profit margin , you have a lot of catching up to do

The health of your business and it’s ability to really grow and thrive is tied very very strongly to your accounting skills

There is a difference between gross profit and net profit

REVENUE which is what we hear when people say, “we did $1M in sales on forbes ” and actual money left after all expenses

If you aren’t clear on this, your business will struggle to grow and succeed

Skill 8- Delayed gratification

When I started making real money in HelloFounder (then it was DiamondOkoh), one of the things I did really really well was SELF CARE

I went to the cinema every other week, I ate iMAX sharwama like they were doing sharwama competition

I was living my “best life”

Soon enough, my responsibility increased and I suffered a break in finances

I learnt again the hard lesson “if you cannot buy something twice, don’t buy it”

Now, you may be wondering “But, is it not sharwama 1,500 naira, what is the big deal?”

When I was buying those things repeatedly daily , I wasn’t just buying the movie ticket or the sharwama, I was buying the lifestyle

The ability to spend anyhow with no care in the world

Unfortunately, I could not buy that lifestyle twice at the time and I took a big hit for it

Delayed gratification in business will show up in different forms

It will show up in you choosing to always ask yourself “If I didn’t have this money in the bank, what would I do?”, when you are tempted to buy something for your office you do not really need

The more restraint you can have when it comes to your urges, the more you can manage them, the more power over your cash you will have

Skill 9- The ability to multiply your coins

I had to learn this one in one of the most painful ways ever , by experience

I know it is incredibly tempting to lock your money away in piggybank or, lock it away in a fixed deposit especially when sales are just flowing in anyhow

But, saving to be rich is foolishness because it never ever works

I really hate it when people especially financial “experts” come to talk about “becoming rich” by saving

They be like “if you can save 2,000 naira of your salary every month, by the time you re 50, you will have 14.4M”

In my mind, I am like, this is the same money someone makes in a day, in an hour!

Saving isn’t how you get rich, saving is how protect yourself in case things do not work out

Investing is how you get filthy rich

I am a big fan of saving money too because my savings have helped me all 4 times I have gone major broke ion my adult life

But, what I know for sure is, if I was investing, I would

  1. Have steady sources of income from assets
  2. Get rich faster

Skill 10- Ghosting

This is another word I use for “the ability to build your business in a way that it makes money without you having to be there

This was clear to me when I took a 2 month break from my business and realized, I was building an instagram handle

If I do not post content, the business doesn’t move , nothing happens

By the time that break was fully over, I took a powerful financial hit

I learnt again, the hard way that if you really want to make money in your business, you need to learn how to make money even while I am sleeping

Even while I am on the beach

This is an art most people will call “building systems and structures”, I believe it is a beautiful piece of work to apply in business

Skill 11- Diversification

There are two kinds of business diversification. there is diversification that

  1. Kills your business
  2. Makes it grow faster

Too many people know how to do the First one

There is rarely any successful; business that makes money selling only one product

This even translates to individuals on Youtube and Facebook and the rest

Most of the people you look up to have very well diversified businesses

They have learnt how to do it in a way that it doesn’t kill their business

They have learnt how to do it at the right time and the right processes to it

CONCLUSION

Business is hard, let us not go on and be making it harder on ourselves

Building a successful business is not at all easy to do

I am learning how to do it and It isn’t easy which is why, I always tell people, if you can find someone you fit with who has done what you are trying to do, get them on as a coach

They will help you so much more

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