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What are the best lessons and advice on start-up execution?
Hi, You can't really summarise that in a page or two. That is why I am writing a book about all my startup failure and successes from the past 15 years.I will share with you a few lines from my book.I started my own business at the age of 14, fixing computers and installing DOS, Windows etc. I didn’t really look at it as a business. I enjoyed doing it and got some pocket money out of it. I managed to get my father to buy me one of the first commercially available CD recorders after hustling him for almost a year and being a good boy! So I then started selling copied CDs (We did not know what copyright was at the age of 14!) At 16 I learnt FrontPage and did some “web design” for some local companies, using all the horrible pixilated templates built in FrontPage. Around 19 I started buying secondhand goods in car boot sales and selling them on eBay. Before I knew it, I was importing goods from China and selling them on Amazon and eBay. I then opened a DJ equipment shop online. After that, I opened a head shop, selling smoking equipment online, and then started a company supplying egg incubators, which I thought I cracked it but ended up selling it to competitor at a very low price I was left with egg on my face.Have a robust accounting plan or solution in place from day one.When it came to annual returns for my first business, it was a total nightmare! Procrastinate at your peril when entering your outgoings and incomings into a software application other kind of system. Every single penny needs to be accounted for. I was very young and my procrastination lost me my business. I had no real idea of my cash flow situation. Profit and loss calculations I tried to make were useless. Cap in, crap out.Business InsuranceWe had products catching fire and burning downs clients garage. Bad things always happen in a business. It’s normal. Be prepared for it. Get all the insurance you may need.If you cannot afford to have all the different insurance options out there, I strongly recommend having at least the following (You can Google them if you want to know more!) General Liability Insurance Product Liability InsurancePeople lieTrust everybody and nobody. Before I elaborate, it is worth reminding you to always get everything confirmed in writing. If possible, have everything signed by an authorised member of the relevant company. SuppliersProduct / Service qualityI have dealt with many suppliers, mainly from China. It is not possible to always inspect every single factory or supplier in their country of origin, especially for a small business. You can, however, hire an inspection agency, who will send an agent to the supplier to carryout an inspection. However, the agency wont take any responsibility when things go wrong. If you do plan to hire an agent, make sure the agency is based in your home country where there are subject to the same laws and accountability as you. Fake, False and FraudulentBe aware of fake companies, fake startup hedge funds and fake certificate / documents.Paying for goods and services outside your countryFor large orders, payment services like PayPal will cost you a lot of money, as the suppliers will charge you the PayPal fee. If you are using PayPal for the buyer protection, there is a limit, and it’s very low. The best and safest way is to use a LC (Letter of Credit) service. Basically, you send the funds to a financial institute that both you and the supplier trust, they will then only release the funds to the supplier once the BoL (Bill of lading*)is provided to the LC provider.CustomersDon’t ever let a customer blackmail you. Make sure you have done everything legally and have the appropriate insurance documents in the event of a problem.Have a robust return policy, and clear sales terms and conditions in place. Don’t make exceptions to your policy except in very exceptional circumstances.Make sure all your products are shipped via an insured service.Always provide excellent customer service and make sure your customers are treated in the same way that you will like to be treated. However, some customers will still try to rip you off. Just a small snippet of my bookI hope you found it usefullSam
What is the best and reliable way to find buyers for my property?
10 tips to find buyers on the European oilseeds marketTakes 11 minutes to readFinding buyers in the European market is a difficult task for oilseeds exporters. This is not because there are few buyers, because there are many buyers in many different product uses, segments, niches and channels. The key is not to underestimate the task. Conduct thorough market research. Don’t just seek a buyer for a container or this week’s production, but look for long term sustainable relationships. The tips below can help you out when trying to find buyers.1. Know what you are looking forLook carefully at your own business before you start looking for buyers. Who are you? What are your strengths and weaknesses? Who do you want to be?In oilseeds buyers have had many bad experiences in the past, so consider what makes you stand out as a reliable trade partner. Have a marketing story that is true, engaging and builds on your profile as a reliable trade partner.Also find out how your products are used on the European market. How do market trends, such as healthy eating, lighter vegetable oils, convenience foods and ethnic foods, apply to your business? Do they create an opportunity? In which segment is that opportunity?Once you have the answer to all these questions, you can start looking for buyers. Many online resources can assist you. Pay particular attention to the channels and segments you should target and make sure that you can meet buyers‡ product demands in the target segment.If you offer lower-quality products, the crushing or birdfeed market may be your target segment.For higher-quality products the bakery or confectionary segments could make more sense. The key to good research is to set out with a picture of what you are looking for in this complex value chain.Tips:Read about which trends offer opportunities on the European oilseeds market.Read our studies about the channels and segments on the European oilseeds market.The International Trade Centre (ITC) has developed useful market analysis tools on its website to help you identify export and import opportunities and compare market-access requirements.2. Create a buyer profileGood market research starts with getting a full picture of the overall oilseeds market structure, including the market segments. Then investigate the buyer requirements in each segment, as buyer requirements in oilseeds differ from segment to segment. Then assess which of the buyer requirements you can meet at present and which can be met with achievable adjustments in your business. And investigate what you need from the buyer in terms of orders, payment terms, market information and other support. Are you looking just for a buyer or are you looking for a long term partner?Write down the features of the ideal buyer for your enterprise and use this as a template for your research. How many of the identified features can you match with real potential buyers? The closer the fit the more likely you are to be successful in finding and keeping the buyer.Finding buyers to profile online is not difficult. There are many sources such as buyers own websites, trade association websites, trade fair websites with lists of exhibitors and statistical services which offer information on specific export/import trade which is listed by the name of the buyer are referenced by the product (see the tips blow).The oilseeds sector has buyers of all sizes ranging from huge multi-nationals all the way down to local importer distributors. It is not necessarily the case that large companies will buy from you simply because they need big volumes. Small and medium importers may be more flexible especially in the bakery, snack food and bird food segments. Crushing tends to be dominated by large companies who will want suppliers who can provide large volumes.Tips:Write down the features of an ideal buyer for your enterprise. Use this as a template for your research.Look at company websites or the websites of trade associations (see below).Find exhibitor lists on trade fair websites (see below). These often provide lists of companies categorised by market segment and/or product type.Find buyers that meet your buyer profile.Read our study about buyer requirements on the European oilseeds market.3. Contact sector associations and trade associationsThe oilseeds sector does not have a single trade or sector association which can answer all the needs when conducting market research. This is due to the wide and varied nature of the sector.However there are a number of options to help with the task. These are mainly linked to researching via the oil crushing sector or the cereals sector trade associations.The main roles of sector associations in European oilseeds are:Representation of the trade/sector and advocacy at Government and/or European Union level.Form contracts and terms to facilitate trade.Arbitration on contract and quality disputes.Training and information.European trade associations in oilseeds don’t publish lists of members. The only way to access a list of members is to join the associations. This may or may not be open to exporters from non-European countries. However the websites of the trade associations do offer relevant information on how business in the sector is conducted, current issues for members, contract terms and dispute resolution.There are two kinds of organisations. National organisations are country specific and international organisations which are federations of the national organisations. Examples are:The Federation of Oils, Seeds and Fats Associations Ltd (FOSFA) ‡ a worldwide body which offers contract arbitration and training services.Fediol is the European federation representing the vegetable oil industry. This organisation provides a list of national federations for most European countries so you can link to the relevant association in your potential market segments.COCERAL is the European association representing the trade in cereals, rice, feedstuffs, oilseeds, olive oil, oils and fats and agrosupply. It also has a list of related national associationson its website.European Snacks Association (ESA) ‡ is an association for users of ingredients for snack foods.FEDIMA is the European federation of manufacturers and suppliers of ingredients to the bakery, confectionery and patisserie industries. It has a list of related national associations(PDF).Examples of important national trade organisations are:Netherlands Oils, Fats and Oilseeds Association (NOFOTA)Seed Crushers and Oilseeds Association of the United Kingdom (SCOPA)German Association of Wholesale Traders in Oils, Fats and Oil Raw Materials (GROFOR). This site has a full list of its members.SEEDYZ ‡ Greek trade association.FEDEROLIO ‡ Italian trade association. This site is in Italian but has some interesting links and statistics.IZBA GOSPODARCZA –The Polish Grain and Feed Chamber. This site has a list of members.The Federation of Bakers is an organisation representing major bakeries in the United Kingdom.These are some examples. There are many trade associations each representing the different segments of the sector bakery, pharmaceuticals, oil crushing , ethnic foods, snack foods and many more. It is also important to bear in mind that many of the associations represent the grain and animal feed trade as well as oils and oilseeds. For these reasons it is important to focus your search before visiting the websites (see the first two tips above).4. Visit trade fairsTrade fairs can be an important part of your strategy for finding buyers in Europe.In Europe there are many fairs which cover specific countries or particular segments of the market. The best starting point for an oilseeds exporter is one of the large fairs such as ANUGA or SIAL (held in alternate years). These trade fairs will give you an impression of all market segments. Such an impression is especially useful if you’ve already identified which market and segment interests you and are now starting your market entry project.For exporters visiting a trade fair the problem is often that there are only a few buying professionals present. Everyone is there to sell, so most often you’ll meet sales representatives. You can avoid this by either making appointments in advance or looking for a senior executive of the exhibitor who will have an interest in both sales and sourcing. This is more complex for oilseeds suppliers, as in general you offer an ingredient which is part of a range of ingredients that go to make up a product.It is rare that sales of oilseeds will be made by new exporters at trade fairs. It is far more likely that you will learn about the market structure of oilseeds, who are the key potential clients and what are the main market trends.Don’t forget that the large trade fair websites can serve as a directory to the industry. ANUGA for example lists all exhibitors, categorised by sector and country on their website.Here are some important trade fairs covering multiple market sectors and segments:SIAL - A large diverse food fair in Paris every second year. It is a great way of developing an understanding of the market and recognising the trends.Anuga ‡ The largest fair in the world takes place every second year in Cologne. Offers the same benefits as SIAL but is larger.FiEurope ‡ One of a series of Food Ingredient/Natural Ingredient Fairs more technical than the mainstream fairs.IFE - The UK’s premier food ingredients fair. Has an international focus. Offers a good overview especially from the food ingredients perspective.More specialised fairs:ISM - a smaller fair concentrating on sweets and snacks only relevant if that is your target segment.SNACKEX - This is a fair organised by the European Snack Association for that segment. Interesting if you have a specific product targeted at snacks.iba - A bakery fair in Munich. This may be interesting if you have products like sunflower of high quality, linseed, pumpkin seed but make sure you can approach a high quality usage before committing to this fair.oils+fats - crushing segment staged in Munich. This fair is really only relevant if you have large volumes of crushing seeds.Ethnic Foods Europe - Based in Amsterdam this is a highly specialised fair probably only relevant if you have an oilseed product which is value added such as tahini.Speciality & Fine Food Fair - UK food fair focussed on a range of packed foods. It can be interesting for experience of UK market.POLAGRA FOOD - Polish fair relevant if Poland is a target market but many major companies can also be found at the large fairs.Biofach - Specialist fair for the organic sector in Nuremburg Germany. Only relevant if you are organic certified.If you want to be successful at trade fairs:Identify your goals. This is unlikely to be a selling mission. It is more likely a market research task so identify your goals accordingly.Look to answer questions such as: Which market segment should we target? Which buyers? What are the trends?Prepare well with market research especially which sector and use for oilseeds.Plan and identify which stands you want to visit. Use your time well.Rehearse your short description of your business with a clear explanation of your oilseed product and how it can benefit the buyer. Think about how you will approach an exhibitor for example more than two people approaching a stand at a time is not a good idea as it can make you look less business like and detract from communication.Make appointments with relevant people in advance or on the day.Make sure you have your business cards and brochures.Think about what you are doing ‡ if you approach a very busy stand, you will not get much attention. It may be better to try in the early morning when the stands are quieter.Follow up with prospects after the trade show.5. Develop a system to find buyersSuccess in finding buyers demands that you have a good system for market research, customer identification and customer engagement. This is a demanding task in the oilseeds sector due to its diversity.If you are selling oilseeds like rapeseed for crushing it can be straightforward ‡ get a list of millers, figure out their requirements and then develop a good customer relationship management method.However if you are supplying oilseeds that are for multi-use and/or multi-segments, like sesame, linseed, sunflower seed or niger seed, then you’ll need a good system to make sure that you find the right client in the right segment in the right market.A system for finding oilseeds buyers might look like this:Carry out market research online by using our market information, and for example ITC Trade Map. Also use the websites of trade associations (see below), buyers and competitors.Select your channel, segment and markets based on the products you want to sell and your ability to meet buyers‡ requirements in those markets.Identify your ideal buyer’s characteristics.Research and pick out a list of buyers that you think matches your criteria.Profile the highest potential customers to see how they match your business and your ideal buyer profile.Select the best fit and target those buyers with professional, well prepared and clear communication.Remember that buyers in Europe are open to sustainable relationships, not one-off sales.6. Contact trade promotion agenciesTrade promotion agencies provide information, support and market intelligence to help you find your way in international export. Lots of European countries provide these services, including:Centre for the Promotion of Imports from developing countries (CBI) in the NetherlandsSwitzerland Import Promotion Programme (SIPPO)German Import Promotion Desk (IPD)Organisations such as embassies and trade promotion groups such as The Netherlands-African Business Council (NABC) organise trade missions. These are good opportunities for meeting interested buyers; buyers who are already interested in your country and product. Contact these organisations for information about participating.There are also export promotion agencies involved in oilseeds. These can give good, specific information on how to approach the oilseeds market and on key buyer requirements:Indian Oilseeds and Produce Export CouncilEthiopian Pulses, Oilseeds and Spices AssociationNorth American Export Grain Association7. Keep an eye on trade pressThere are trade publications that provide market information on the oilseeds sector. Most of these are subscription based but some will allow you to download specific issues or read the headline articles for free. They include:Oil World ‡ a statistical review of the oilseeds, oils & mealsAgra Europe ‡ Market analysis and pricingOils and Fats International ‡ Market TrendsThe Public Ledger ‡ Market newsCommodity India ‡ Market news8. Use reliable online sourcesThere are other services available online which will give you information and trade intelligence, including importers business and even copy bills of lading. Most of these services offer a free trial period before subscription. For example:ZepolPanjivaImportGeniusForwarders and inspection agencies can also be excellent sources of information. They know which documents and tests are necessary. They may have experience of exporting to European countries and can advise on the best approaches. Go and see your export forwarder or customs broker. Discuss your needs and ask what other oilseed exporters do.9. Don’t neglect niche marketsThere are increasing opportunities for oilseeds in niche markets. Oilseeds like sesame, linseed and sunflower have small but growing markets in the organic, ethical, fair trade and sustainable niche markets. This is a general market trend, but is especially relevant to high value oilseeds. High value oilseeds are seen as healthy foods, produced by small holders, offering social impact potential.You must research whether or not this is a relevant opportunity for your products and if it the premiums paid make it worthwhile. Often smaller companies can access the market by developing niche market outlets. And buyers will be more likely to assist with development of certification as the products are in short supply.These specialised markets may or may not be suitable for you but are well worth checking out before making decisions on market entry.Tips:Read our studies about the channels and segments on the European oilseeds market.Go to the Biofach website for a directory of organic businesses.Find information and news related to organic food products on the website of the Soil Association.World Fair Trade Organisation offers information on fair trade.Have a look at the Max Havelaar website. Max Havelaar is a Fairtrade label acknowledged in six European countries.Rain Forest Alliance has information on sustainable trade and certification.10. Make sure you are visible and can be found onlineThe oilseed sector is a sector with low visibility and poor transparency. The sector is also developing quickly, with changes in market and demand trends..Unfortunately, a number of developing countries have a poor reputation with European buyers, because the companies they have worked with have proven to be unreliable. You need to prove to a potential buyer that working with you will be different (better).While you are looking for buyers, some buyers are trying to find new suppliers. Therefore make sure you are visible.When buyers are approached by a new supplier, they first validate the company by checking them online. Your online presence will not make a sale for you in oilseeds but it can get you past the first step with a potential buyer.Tips:Make it easy for buyers to find you online. Have a website. Make sure that it tells your story. Bear in mind that the story is often as important as the product or the certification.Include information about your ability to meet buyers‡ requirements: certification etc.Use social media. LinkedIn , Facebook and other platforms offer ways to establish a personal and corporate presence online and to ways link to buyers. Make a profile online today, even if you do not have a website yet.Check Your Property Rates on Oyeok AppAndroid: http://buff.ly/2ftGHQTiOS: http://buff.ly/2ftJl8V