“Historically, as African immigrants there is this mind set that one should work towards being a doctor, lawyer or engineer because there is this perception that those jobs maximize your ability to make money.”
Business Update
We received an update from Funmi Johnson, Owner of Simi’s Restaurant, who joined us in Episode 1 to discuss a new business she planned to launch on April 2nd, Simi & Temi. It had been two weeks and we planned to get an overview on what the product launch experience was like.
Takeaways
There has been overwhelming support from the African community, specifically, individuals sharing the product with their friends and family. She has sold over 200 units of the Ayamase Pepper Mix within the first two weeks.
Two challenges faced include the following:
- Sales Tax: There were issues identifying sales tax rates associated with different cities, counties and states within the United states. Unfortunately, she was unable to setup all the tax rates on her e-commerce platform, woocommerce, before go-live. As a result, customers did not pay tax on over half of the orders that were placed. Even though she did not collect sales tax on the purchases, she will have to refund the sales tax to each state where the customers reside. This issue has now been fixed using a free tool that provides a spreadsheet that lists all the zip codes in each state and the associated sales tax. For your reference, you can access the free tool at Avalara Tax Tool.
- Shipping: With the COVID-19 pandemic, USPS has been slower delivering packages, as a result, it takes longer for customers to receive their product. In addition, the post office does not scan mails immediately upon drop off, as a result, a few customers were unable to get accurate tracking of their product. She has resulted to reaching out to customers via email to manually give them an update on their package when necessary.
Feedback from customers has been great thus far, customers love the ease and reduction in time spent making ayamase. One constructive feedback provided is around the spice level of the pepper mix. Two customers indicated that it was a little spicy for their kids, as a result, she is considering making a milder version to cater to those who have a lower tolerance for spicy food.
Marketing: A key strategy of her marketing plan was to use Simi’s Restaurant as a brick and mortar location for customers to taste the ayamase and then purchase the product, thereby spreading the word. However due to COVD-19, the restaurant has been closed, she has then pivoted towards 100% social media marketing. Since she launched, she spent approximately $300 on marketing, all through social media, specifically Instragram and Facebook.
Here is an example of a $25 Facebook Ad video that ran on April 3rd. The Ad was a video where Funmi explained how to use the product:
The video was displayed in the Facebook feeds of 2,939 users. Of the 2,939 users, 1,540 users watched a portion of the video. Since 1,540 users watched the video, it cost Funmi roughly 2 cents per view.
Below are the most popular states where the Ad viewers resided. Overall Facebook and Instagram have provided a good return on investment, she has recouped the cost of marketing in a short period. In addition, social media ads allow for customer engagement, where customers can reach out to Funmi directly and she can respond to comments/questions in real time.
Funmi’s upcoming plan is to participate in vendor events such as festivals and road shows as the weather gets better. Part of her growth plan is to retail her product in local African grocery stores starting with states that have the most Nigerian population i.e. Texas, Maryland, New York.
If you have any questions for Funmi or looking to get into food product space, feel free to reach out to her on Instagram @simiandtemi or email at simiandtemi@gmail.com.
Money vs. Happiness and Emotional Intelligence
I have recently noticed a personal shift from an analytical mindset to a softer mindset prioritizing emotions such as happiness and empathy towards others. My goals used to be financially driven but now they are more about how can I add value to those around me.
Gary Vaynerchuk (Gary Vee), is an immigrant business man worth over $150 million and provides free daily social media content. One of Gary’s concepts is that there is no correlation between wealth and happiness. He explains that he has friends who make $60k a year and are much happier than his billionaire friends.
Historically, as African immigrants there is this mind set that one should work towards being a doctor, lawyer or engineer because there is this perception that those jobs maximize your ability to make money. Many individuals end up taking on a career they have no interest in to help meet others’ expectations.
The truth is no matter how much one is compensated at work, one never thinks they are making enough money. So if that is the case, if an individual made $70k annually and he or she is happy with what they do, that individual’s quality of life is much better than the person making $300k and is miserable going to work everyday.
Ideally we should observe our children, identify their strengths and constantly put them in positions for them to display those strengths. Hopefully, when the kids get older and enter the workforce, they can either get a job that allows them to display those strengths or may be start a business around their strengths and interests. The level of compensation should be secondary as long as one is living a fulfilled life.
IQ vs EQ
Intelligence Quotient (IQ) is a measurement of your intelligence and is expressed in a number. Emotional Quotient (EQ) also known as Emotional intelligence is the ability to understand, use, and manage your own emotions in positive ways to relieve stress, communicate effectively, empathize with others, overcome challenges and defuse conflict.
EQ is far more important than IQ if one plans to achieve long term professional success or live a fulfilled life. See more details on the Importance of EQ. Unfortunately our education system is geared towards displaying IQ, we do not have classes that help kids develop their emotional intelligence even though it is more important.
Below are 10 ways to improve your emotional intelligence:
- Be assertive when communicating
- Respond instead of reacting to conflict
- Listen more
- Be motivated, set goals for yourself
- Practice being positive
- Be self-aware on how your emotions impact others
- Take critique well
- Empathize with others
- Utilize leadership skills, set a good example
- Be approachable and sociable
Click here for more details on the 10 ways to increase your emotional intelligence.
