Kabuni Academy

June 17 2017

Uncovering Social Media Secrets – An Entrepreneur’s Online World

ftyang Archive, Business Seminar Business Seminar, Kabuni Academy, Karin Bohn 0

Date: June 7, 2017

Name: Uncovering Social Media Secrets – An Entrepreneur’s Online World

Presenter: Karin Bohn

It is not simple for entrepreneurs to build a solid online present through social media, especially creating online relationship. Kabuni invites Karin Bohn, the Owner of House of Bohn, to discuss her business insight on social media. This interview will be moderated by Kelsey Jorssen, the Director of Jorssen Media. In this presentation, entrepreneurs will learn the secrets behind online branding. Moreover, Karin Bohn will share her business experience on key fundamental of creating successful online profile.

Karin Bohn is the Owner of House of Bohn. It is one of the award-winning interior design firm in Vancouver. She focuses on all kinds of industries. Karin Bohn was a Sustainable Building Analyst from Stantec Consulting Ltd. In addition, she was a Principal for Karin Bohn Creative for over 3 years. Many young entrepreneurs follow her on her social media. Her genuine online appearance has helped her gain many media coverage. She inspires many new millennials in various of industries.

Interview with Karin Bohn

Bohn used to hate sales. To get herself better, she found connection with her online community by reaching out to them. The power of crating online relationship helped her success.

Bohn believes relationship online is a start. Social media is only a tool for connection. It is an instant way to connect with people. It is a building block for her business. Bohn expanded her interior design career through social media.

She admits she did not see the power of social media. She spent 5 years to build business offline. Until one day, her staff encouraged the company to leverage blogging. This was when online world opened up for Bohn. Online present is important because it can present more personality. However, personal branding can take a long time.

“Building a brand is evolution”

Bohn suggests entrepreneurs to concentrate only 3 social media platforms, and not going overboard. Entrepreneurs cannot just make content and dump it to social media. Audience can sense that. Instead, entrepreneurs need to make content differently on each platform. They need to evaluate the “why” and what they want from it. Importantly, entrepreneurs cannot substitute social media with sales.

Social media is used to inspire, connect and build profile. It is better to tie social media with personal brand and appropriate business topic. The key is to be specific and focus.

Bohn invests a lot in content making. There is no quick turnaround. In her current business model, expanding is more prioritized than monetizing. She invites new prospects in different markets through social media.

The biggest problem with social media is that everyone is trying to copy everything they see. There are too much content and it can take a while to find their own rhythm. Bohn starts from inspiration to personal. The advice from Bohn is that entrepreneurs should try not to look at other people’s profile. This will help them create and find their own authentic style.

The question of picking the right content or holding back can be different for many entrepreneurs. However, for Bohn, her personality is open book. She shares everything. She believes everyone is living in the show and tell age, which means the more they show, the more branding they create. Static website is enough these days. People want to see behind the scene. The key is the element of trust.

Not everyone is paying attention to every social media content. That is why Bohn needs to create all kind of content. It is evolution and the conversation needs to change. In order to change the voice, entrepreneurs need to change their focus. Experiment is essential. Feedback is the appetite for business. When audience is reaching out to them and telling them what they want to see, that is branding.

Bohn believes entrepreneurs need know themselves well. They need to know what fit them. There is no right way of doing things, but they need to measure based on their resource and time. Ultimately, they should not do just because others are doing it. Audience can sense if entrepreneurs are not being authentic.

To get attention, Bohn hires PR person. She manages to get media going for her business. The world of market is always changing, so visibility is an important factor on social media. Based on statistic, service is shorter time than product in media. Therefore, entrepreneurs should not expect of conversion from social media to sale immediately. Bohn still do cold calling to generate business. However, the best skill still has a better chance to close than the best creative skill.

“Trust your content, it will bring back in future”

In her next business move, Bohn will collaborate her design team with digital team. She recommends entrepreneurs to assess the question of “Do I continue to do creative or growth?”. Entrepreneurs are living in the age of “bigger is better”, so they have to focus on their objective. Growth can take time, energy and resource, and growth itself is not enough. Furthermore, bigger followers do not mean success.

Questions and Answers

Bohn believes personal branding is the form of giving back. She wants to help people grow their businesses. She wants to share her experience and expertise to entrepreneurs since it can be lonely in the path of entrepreneurship. Quality is important. However, aiming for perfection can create endless problems. Social media shows personality by creating content that presents Bohn. The key is whether or not if they can deliver the right value to the right audience.

Some people do not like cold calling, so Bohn use cold emailing instead. Cold emailing can be more effective than cold calling. Since emails can be buried with other emails, Bohn suggests entrepreneurs to use both methods. Transparency is important.

“Call is not about sales. It is about giving value to other people”

Entrepreneurs can use social media to search other business’s story. Bohn believes business first and social media second. Business should always be the top priority for startup. In the next stage of business, PR is essential because visibility is what expands the business. The hard question is “what do you do after you receive media spotlight?”. The answer is social media. Bohn shares 5 main stages of business.

Visibility
Creditability
Profitability
Sustainability
Scalability

After visibility, people are starting to notice the business. The question is “do they want to work with you?”. This is when next 2 stages come in. Is business making money? Will it be able to sustain? Lastly, business needs an exit strategy, which is scalability.

There is no point to sit and wait. It is important to move forward with creating new content. Networking through social media is a good start, but knowing where the audience hangout keeps business sustainable. Sales and education are different, and entrepreneurs should not expect sales will come from education right away.

June 3 2017

The Art of Financial Projections – Turning Dreams into Numbers

ftyang Archive, Business Seminar Business Seminar, John Kay, Kabuni Academy 0

Date: May 31, 2017

Name: The Art of Financial Projections – Turning Dreams into Numbers

Presenter: John Kay

Financial forecasting helps entrepreneurs understand the projection of their businesses; moreover, it can be a huge challenge for many entrepreneurs, especially at startups. Kabuni invites John Kay, the CEO of Realize Strategies, to discuss the technologies to build a realistic financial projection. In this presentation, John Kay will share the key elements in forecasting. He will simplify the overview on how to create the forecast. Entrepreneurs will able to apply the strategies to their businesses.

John Kay is the CEO and the Principal Consultant of Realize Strategies. For the past 5 years, he led his team to search financial solutions for many entrepreneurs. His strategies have helped and improved many companies to the next level. He is a Certified Management Accountant. Moreover, he volunteers as a Director-at-Large with The Shanti Uganda Society and the Chair of Board of Directors for Fairtrade Canada.

Turning Dreams into Numbers

Many people have great ideas. It is the “how” that frustrates them. The path from great idea to make banker happy is not easy for entrepreneurs. Financial projection will help entrepreneurs start their paths.

Is financial projection an art or science? Kay believes it is the mix of both. There is no magic bullet and entrepreneurs must anticipate that things do not always go according to plan.

There are 6 basic terms in any financial projection.

Income Statement
Balance Sheet
Fixed cost
Variable cost
Cost of Goods sold
Profit

Kay indicates Income Statement is the revenue over expense for a period of time. It shows profit after tax. For balance sheet, it has assets, liabilities, and equity. Asset is what entrepreneurs own, liability is what entrepreneurs owe, and equity is the net worth of the business. The total assets equals to the sum of the total liabilities and equity. Fixed cost is the cost that do not increase or decrease with sales, yet variable cost is the cost that do increase or decrease with sales. Cost of goods sold is the total cost of material, direct labor or any cost that is associated to the product.

Profit is the financial gain between revenue and expenses. There are 3 types of profits: gross, operating, and net. Gross profit comes from the difference between revenue and cost of goods sold. When entrepreneurs deduct all operating expenses from gross profit, it shows operating profit. Lastly, after taxes, it is net profit.

“Cash is King”

Kay wants entrepreneurs to remember that in any business, cash is king. If there is no cash flow, entrepreneurs are out of the business. Therefore, all matter is the bottom line.

In startups, when entrepreneurs are building financial projections, kay wants entrepreneurs to answer 2 questions.

What will it cost to start my business?
How much do I need to borrow?

Startup cost is essential. Many entrepreneurs ignore that cost and they experience difficulty operating the business at the beginning. Kay believes the important concept is to be conservative on the numbers. They need to understand what will it cost to operate their business even if they do not sell anything. That will be the fixed cost for the business.

Many people believe the opportunity is massive. They overestimate their projecting revenue. It takes time for startup to capture the right market, Kay advices entrepreneurs to be conservative and realistic.

Kay shares 2 bottom up approach. The first approach is called Breakeven. Entrepreneurs need to ask themselves how much they need to sell to breakeven. The second approach is called Estimates. Entrepreneurs can research their market and location to determine the right amount for their projections.

Kay shares 2 pricing strategies for entrepreneurs to determine their product price. The first strategy is called Cost Plus Pricing. Entrepreneurs can take the cost to produce the goods plus the required funds to cover the overhead and the expected funds to generate profit. In other words, the selling price is the combination of the total cost per unit plus the desire profit margin.

The second strategy is called Target Pricing. Entrepreneurs need to identify what will customer pay. Can they sell at that price or do they need to reduce production cost? The answer comes from the market research. When entrepreneurs do their market research, they will know how competitive their markets are in their industries. Entrepreneurs must understand the product characteristic, know the right cost drivers, and figure out the process and analysis in order to determine the right target price.

There are more pricing strategies. Kay has listed out some great pricing strategies.

Penetration Pricing	Market Skimming	Psychological Pricing
Influence of Elasticity	Value Pricing	Going Rate (Price Leadership)
Contribution Pricing	Loss Leader	Tender Pricing
Marginal Cost Pricing	Price Discrimination	Predatory Pricing
Absorption or Full Cost Pricing	Destoryer Pricing

To project revenue, entrepreneurs need to cover material costs, labor costs, and the margin. In order to know how much entrepreneurs need to sell. They can use the breakeven formula, which is the total fixed cost divided by the difference of the projected selling price and the total variable cost. Kay wants entrepreneurs to visit these 2 questions when they determine their breakeven numbers.

Is it realistic?
Can I make it work?

To project profit, entrepreneurs need to estimate sales required to generate profit. They need to determine their desired profit, contribution margin, and breakeven sales. Contribution margin is the difference between selling price and the total variable cost. The strategy to project profit is to work backwards. The required sales is the desired profit divided by the sum of the contribution margin and the breakeven sales. Again, entrepreneurs need to ask themselves if it is realistic.

Two important questions Kay wants entrepreneurs to ask is “what number do they want to charge their client?” and “how much do they want for themselves?”. To control the cash flow, Kay advices entrepreneurs to pay attention on the receivable. Do not to let receivable go crazy and pay attention to the inventory.

Kay recommends entrepreneurs to know their industries, keep it simple, know how much money they need and how much risk they can afford. Never overestimate and be realistic and cash flow is paramount.

March 25 2017

Kabuni Academy – Create a content strategy and sell your why

ftyang Archive, Business Seminar Attie O’Rourke, Business Seminar, Kabuni Academy 0

Date: March 22, 2017

Name: Kabuni Academy – Create a content strategy and sell your why

Presenter: Attie O’Rourke

Successful entrepreneurs use effective content strategy to raise their visibility online, especially when they need to stand out in their competitive industries. Kabuni Academy invites Attie O’Rourke, the Founder of Brand Sauced, to discuss her business insight on content strategy. In this presentation, entrepreneurs will know a simple way to brand and deliver their message to their audience through compelling content. Attie O’Rourke will share her key perspectives on creating brand value through content.

Attie O’Rourke is the Founder of Brand Sauced. She helps many entrepreneurs to craft their personal branding. She was a Marketing Specialist for LGM Financial Service Inc and a Marketing Manager for Silver Chef Ltd. O’Rourke has volunteered in Opportunity International for over 9 years. She is also a mentor for a signature program in Greater Vancouver Board of Trade called Leaders of Tomorrow. Furthermore, her passion in marketing inspires many young entrepreneurs.

A question in every entrepreneur’s mind is that they do not know how to form the right marketing strategy in their marketing space. Attie O’Rourke is a marketer and she knows the key in marketing is the word “why”. She inspires Simon Sinek and agrees with his concepts. O’Rourke has a strong “why”. She wants to help people succeed even with no big budget. She wants to inspire others with marketing.

O’Rourke believes to create a content strategy from scratch, the first thing is to start with “why”. There are 3 main questions O’Rourke wants entrepreneurs to ask themselves.

Why does your brand or product exist?
Why do you get out of bed in the morning?
Why should anyone care?

The last question is the most important question for all entrepreneurs. O’Rourke wants entrepreneurs to think deep on the last question.

O’Rourke provides 3 examples. The first one is called Casper. Casper is a company that makes mattress. Instead of branding the function of mattress, Casper does not mention product on their website. They talk about process and explains to audience the drive behind sleep. They even have a blog on sleep. The second example is called Phil and Sebastian. This is a company that makes coffee. Phil and Sebastian explains their true “why” on helping farmers improve. They make videos on their interactive conversation with farmers. Moreover, they have Instagram feed on what they stand for. The last example is called Matthew McCormick. Matthew is a fashion designer. He explains his true “why” on making things beautiful through light. Instead of writing blogs, Matthew uses amazing photos to capture the hidden message.

“People do not buy what you do, they buy why you do it”

Content consists of blogs, videos, podcasts, photos, and social media. O’Rourke defines content as designed for consumption and packaged to share. Instead of thinking of getting a blog or social media, entrepreneurs need to understand what channel is right for their goals and audience.

“Content strategy is a road map”

O’Rourke shares her 3 key steps to create content strategy.

Strategize first
Play to your strengths and be realistic
Schedule and relax

Entrepreneurs need to know why they exist, what do they hope to achieve, whom are they attempting to influence, what is important to their audience, who are their competitors, and how will they measure results. To summarize, O’Rourke wants entrepreneurs to remember “why”, “goal”, “audience”, “interest”, “position”, and “metric”.

When entrepreneurs sell their true why, they need to show they care. When they capture the right moment, they will connect with the audience even closer.

O’Rourke creates a spreadsheet that can help entrepreneurs monitor and keep track the progress of their content strategy. Entrepreneurs need to breakdown all the actions by months and categorize by the types of content. Each action will have its own topic, which is individual “why”. Entrepreneurs need to know which keywords to use for each action. By injecting the right keywords in the content, it rises the awareness through the marketing space. Every action will target specific audience group. Lastly, each action will assign an author. O’Rourke suggests entrepreneurs to keep it realistic and do not sign up too much. They need to delegate if necessary.

Entrepreneurs can send out Q&A to others for content topic research. For every reposting, it is important to credit the source. Entrepreneurs can make comment or opinion to interact with the audience.

O’Rourke recommends entrepreneurs to use Later.com for scheduling calendar for photography. Many applications have a build-in statistic that shows the best time to post. Hootsuite is another great tool for social media scheduling. When the scheduling is set, entrepreneurs can relax and monitor the result.

Questions and Answers

O’Rourke suggests 2 posts maximum per day is ideal. The main metric tool O’Rourke uses is the conversion rate. Social media is a way to increase brand awareness, but the number of conversion through different stages in the funnel is critical for decision making.

The best tool for analytic is Google Analytic. There are many platforms have analytic tools, so entrepreneurs should utilize those build-in tools before purchasing.

To get large followers, entrepreneurs need to tailor their why and share great content.