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Sat, 30 Apr
startup

Difference between a small business* and a startup, how to cross over.

Why only one leaves the garage, what we can copy from tech businesses.Small businesses* normally rely on the proprietor’s entrepreneurial talents, such as if someone does good knitting, they will start selling sweaters in the neighbourhood, they will normally receive orders on their phone or in person and personally organise the delivery, payment collection, etc.Startups start similarly, but they quickly find other people or tools with the skillset, or train them, this enables a larger production base to grow.Small businesses* should similarly replace tasks with affordable tools such as Marketing, Ordering, Fulfilment, with tools(typically free software like MyFy) to free up the entrepreneur’s time to concentrate on growth.This follows with no mention, local businesses normally serve a geographic proximity such as the town, but with free e-Commerce tools, the potential for growth normally expands and challenges to uphold a higher Customer Care standard compel inevitable growth.Differentiate your product to build customer loyalty. Rationally, there would be no compulsion for a customer to specific order from your shop, when they know the same Nike shoe is sold in the other shops on the block.Branding can start with packaging, customer care, and grow into creating custom products.Cultivating a customer relationship, can start with texting them holiday wishes, discounts. The argument towards this is usually that most business don’t recycle customers; a customer only buys a product X every 12 months, but even with this frequency, if you record, when the customer last purchased, and schedule an ad for their next purchase anniversary, you would have at least one customer returning every month because they don’t all purchase the same months.Therefore, recording the last purchase and contact is always a positive, which is de facto, for customers who make orders for delivery.Normally entrepreneurs are outcompeted in large market place, but we believe this is a Marketplace problem;MyFy leaves control to the individual entrepreneurs, they manage their stock and relate directly with their customers which builds their business skills and transmits the scale of growth to direct success for the business.* Just for the record, we think the word small businesses is limiting and we only use it in the colloquial sense to mean the current scale of the business.

Tue, 22 Mar
capital

How rotational saving works

A rural savings and credit system of pure genius.In rural Uganda, women groups formed with mutual trust, are implementing a rolling banking system which allows them to save and borrow within themselves simultaneously.So it is called, the system involves all members contributing a designated amount of money and lending the whole bunch to one individual. The designated amount, x, is a manageable target, which the women can afford to save in a short time span such as a week or a month. However when combined the resultant sum, nx; say 30x, is a large amount which can be an effective loan to the woman receiving it.As in a circle, the next woman gets this loan and so forth, until all women have a managed to save 30x in a period of 30 weeks/months, and managed to get a loan of that equivalency at some point along the circle.Like any board game commercial, let’s describe some rules of gameplay:We marvel at the genius of this system and turn to it to facilitate financing for entrepreneurs.We have baked this feature into our MyFy app. Download the app, create a savings group and invite your colleagues with a click-link and we’ll handle the rest.

Tue, 15 Mar
online-shopping

We did the numbers. You don’t need to rent at the mall to start selling.
 

Department of Trade and Industry (DTI) estimates mall crowds at 50–80% of pre-pandemic levels.Despite the many articles citing mall foot traffic at pre-pandemic levels in August 2021, this was a shallow picture of the temporary urge of people to go outside after 1.5 years of staying indoors.We heard they worry that things won’t fit. Despite bad PR for online shopping, the customer experience if definitely better. I live in a hot city, with huge ass malls, I recently went to pick out some home supplies, my legs hurt from walking around the mall looking for the stuff (without a search bar it’s the only way) and I lined up to wait for a taxi in the sun with the plastic bag handles digging into my fingers.MyFy leaves control to the individual entrepreneurs, they manage their stock and relate directly with their customers which builds their business skills and transmits the scale of growth to direct success for the business, as opposed to popular e-Commerce models like Amazon, where the entrepreneurs will only supply the product and most likely get out-competed when product demand grows.Get it now

Thu, 03 Feb
fintech

MyFy: Unsecured Inventory financing
 

Traditionally, Inventory financing is credit/loan obtained by businesses to pay for products that aren’t intended for immediate sale. It is often used by smaller privately-owned businesses that don't have access to other options like raising money through the stock market or the bond market or even through a bank loan..Here's how it works;A "muyilibi" ( small business owner/ hustler) notices that he is running low on stock and capital, so they approach a lender who offers them the money at an ungodly interest rate, a case in point, Ugandan money lenders can go up to 45% interest, then, they'll hound you down 😬.The loan is usually backed or collaterlized by the inventory or stock you buy using the loan money.The pros of this are;It Helps small businesses to deal and cope with increasing customer demand,There is no need for credit scores or ratings,New businesses are eligible and can access credit quickly.The only con I see from the business person's perspective is the higher interest rate they get slapped with.Banks 😈 generally stay away from offering this type of financing because they don't want to deal with the hustle of selling your "small time" shoes/ clothes/ sucks of posho to recover their money in case you default.Kati, Unlike Banks and Money lenders, one of Myfy's value proposition is something we call rotational savings and financing, it helps you save with a group of trusted business colleagues (your circle) in a manner similar to that local "kkibina" (village savings group), then at a regular time, you get borderline free circle sourced funds to finance your restocking or business expenses at zero interest.Find out more here.We are taking every step of the way with you. 😉

Wed, 26 Jan
fintech

Scale your business : The upside is unlimited, the downside is capped
 

Like, Really understand them inside out, embrace feedback, you will realize that you don’t know that much about your product or service. Every interaction you have with your customer is an opportunity to know what they think and how you can improve in meeting their needs.As a business person, If you’ve not been living under a rock, the pandemic has taught you that the importance of having a digital presence and strategy can not be overstated. The business ground below us has shifted and consumers no longer want to break a sweat, with a few key clicks and swipes, they want 24/7 access to their product or service needs.You have to make it ridiculously easy for your customers to buy your product or service.Consumers are incredibly fickle and they have options that are constantly fighting for their attention. Click here to cut through this noise by setting yourself up as the easy convenient choice.If you are a “muyilibi” (small business owner/ hustler), you probably don’t have a team and you wear different hats as your business day goes on but, to scale you’ll need to invest in building partnerships and rapport, you’ll need to outsource some of the tasks in order to keep up with your business’ growing demand.“🤦‍♀️Ahh , Here we go again…” you’re probably thinking…Holdup ✋, before I lose you, I know you’ve heard that before and you think its cheesy and cliched but, Insurance has many use cases now and its going to help you scale. Read this 👇 for more on how.https://cigf.medium.com/reasons-why-saving-through-insurance-is-totally-worth-it-995b4cf6f64fRuhunda PiusCofounder Myfy

Thu, 20 Jan
entrepreneurship

Africa’s unbanked success with mobile money
 

The success of mobile money in Africa is due to the fact that it is accessible, affordable, and convenient.The informal sector in Africa has been a major obstacle to financial inclusion. Mobile money has provided an alternative way for people to access financial services without having to go through the formal sector.Mobile money also offers a more affordable option for consumers who are not able to afford traditional banking services.

Sun, 16 Jan
ecommerce-solution

The swiss army knife app for entrepreneurs
 

A swiss army knife is a multi-tool pocket knife. The thing has a spear point blade and a multitude of other blades and tools such as screwdrivers, a can opener, and scissors.There isn’t a more descriptive definition for Myfy, the app that is going to put your business on autopilot.Having been raised by “Abayilibi” (enterprising parents). We at Myfy understand your pain points, specifically speaking, you want to be able to start, finance, and run your business dream with zero hustle or you’ve already started that “kaside” hustle and on levels of your core, you want to grow it into a behemoth.Our value proposition at Myfy is to help you navigate the business jungle effortlessly and just like a swiss army knife, help you cut through your business hurdles with the following app features;With a few strokes and taps on your phone, jump onto trendyecommerce with minimum hustle. We automatically generate a site to sell your products on a short memorable address such as meloncity.myfy.me and submit the orders you receive thereon onto your phone. We further go the extra mile to get you new clients by advertising your products or services on other sites in our network through site recommendations.Myfy will help you save without you having to think about it. This feature is akin to you local village saving arrangement where a group of like minded people pool together money or items and pass them on to one of their members regularly.We also enable entrepreneurs mobilize cheap unsecured capital from their rotational savings group. Suffice all that to say, Make your business self sustaining by saving a proportion of your business’s proceeds with a group of trusted partners all on one platform.Link your business to your mobile money wallet so you don’t break a sweat transacting with your customers, partners and suppliers.Hustle-free book keeping with automated sales /purchase entries and tax calculations. Our app keeps track of all your business transactions helping you access your business data and insights for informed and better business decision making.The app also keeps track of your online customer contacts, their orders and generates periodic reports to help you bolt through customer relationship management which in turn helps keep those customers coming back to you for more.Sign up for free today here.We are taking every step of the way with you 😉.