Episode 47 Transcript

Welcome to Episode 47 of the Business in
Morocco Podcast, today we're going to be
talking about our goals and predictions
for the new year 2020 but before we get
to that Ryan let's get an update Happy
New Year, Happy New Year right this is
the home of the entrepreneurs Club of
Casablanca so
yeah it's exciting to be filming here
we're gonna make a short video on this
one so you'll be able to to see on our
YouTube channel which is business in
Morocco podcast you can find it on there
and you'll see little clips from this
episode happy new year first of all this
is airing on January 3rd 2020 so by the
time our listeners hear it it's a brand
new year
it's exciting to share a little bit of
an update well it's been a restful week
took some Christmas holidays after a
very busy December with work I finished
teaching all my classes and one small
thing I wanted to let our listeners know
about a new initiative a new thing that
that I'm organizing for this year is the
twenty books in 2020 Reading Challenge I
want to take that challenge but I don't
know if I can put the processes in place
to make sure it happens we'll see okay
it's about you know if you're reading in
a language that you're comfortable in
it's about 15 minutes a day to tackle
that many that many pages in a year with
an average book being 200 pages or so
but we've created a Facebook group so if
you want to just search on Facebook for
20 books 2020 you should find the group
feel free to join people are free to
post and share what they're learning
what books they recommend where they're
finding books we've got Englishbooks.ma
involved as part of the group so they
can share resources share links when
they have the books available people can
order directly from them but that'll be
exciting to have that kind of
like-minded community encouraging one
another to develop our mind what about
you have you been what's what's happened
in over the last week I'm doing well we
had a good Christmas and now we're in
New Year's week I have been a little bit
under the weather I feel like a lot of
people at Casablanca are sick these days
and it's hard to stay healthy, someone in
our family has been sick since October
but you know a moving forward live life
even if you're not at a hundred percent
I mentioned either last episode or two
episodes ago that I'm helping a
distributor do some ecommerce the online
store through Jumia
and so they're over stocked items to try
to recover some of the money that they
invested and this has given me a new
idea which I think we can add to our
list of business ideas to our website
which is their current situation for
buying and selling goods in Morocco most
everything is sold in physical markets
whether it's on the black market and
places like Derb Ghallef or in big stores
like fnac or Marjane or Carrefour, some of
these other larger retailers Kitea, IKEA
but the thing about retail stores is
that when you start with a manufactured
good let's say for example a
manufacturer creates a table and it's a
100 Dirhams, yeah they will sell it to
a distributor who will buy it for 100 dirhams
and then resell it for 200 Dirhams
typically a hundred percent markup
and then when the retailer buys it for
the 200 Dirhams, like say Carrefour or Kitea
then they would resell it for again a
hundred percent mark up, so now we're at
400 Dirhams, so the manufacturer got
100, the distributor got 200 and the
retailer is going to sell it for 400 so
you can see there's a 400% markup
between the manufacturer and the final
customer yeah and one of the reasons
that e-commerce has become so popular in the United States is because it puts the
final end customer closer to the
manufacturer mm-hmm so you get a higher
quality item but you take out the
middleman and you save on price as well
yeah so the closer that the customer can
get to the manufacturer the better deal
it is for the customer and the
manufacturer and that is not yet
happened in Morocco in a big way so if
you can find locally manufactured items
that are typically sold in big stores
here in Morocco
I think there is an opportunity to make
a good profit if you can sell them on
the internet, on Jumia and anything
that's basically made in Morocco would
be good or even if you can import things
from China or from India or other
countries and buy them in a large
quantity you could resell them on Jumia,
for a lower price than what the customer
is paying in these big stores simply
because of the cost of running a big
retail store and the history of markups
just the history of the industry is to
take items and resell them with a very
large markup and one of the examples I
have of that is I wanted to buy some
vitamin C tablets knowing that our
family had been sick for quite a long
time I wanted to get some vitamin
supplements and when I went around town
I had a hard time finding a high-quality
item at a good price but on Jumia I
was able to find vitamin C supplements
that were made in Germany that were very
high quality and I got three packages of
these tablets for what I would pay for
one package in a local pharmacy and so
that gave me the idea there's got to be
other things like this out there that if
you can get your hands on a large
quantity you can make a good profit
selling them on
Jumia yeah and you don't really have to
do anything other than monitor an email
accounts for your orders and then
deliver them to the Jumia hub and they
take care of the payment and the
packaging and the delivery now I think
you have to do some minor packaging for
your item but they will tape it up and
they will have the delivery label and
that's all you really have to do so this
would be somebody who first of all lives
relatively close to a Jumia hub you need
to deliver the packages there as they're
ordered then you need to in the meantime
you have to store whatever you've
purchased yourself so you've got to have
at least a capacity a spare bedroom or
something where you can keep your
product and you need to find a product
that is commonly consumed where there's
this big gap between the price you can
purchase it for in bulk or directly from
the manufacturer or some other source
and then sell at a higher price on Jumia
while still undercutting the retailers
the pharmacies or retail shops where
people would typically buy these things
so you mentioned a vitamin C tablets
which yeah that might be a commonly
consumed product it's a fairly high
price tag can you think of any other
types of merchandise that would be a
good option to look into well I think
consumer goods
could be an option for people things
that people buy regularly they want
diversity in the product quality and
and I would start by going into any
Carrefour or Marjane or some of these
other places and just walking around and
looking what products are for sale yeah
look at the label where were they
manufactured now I'm not going to give
away all of my ideas on this podcast I
have done some of my research and I am
in the process of doing research but
these are the metrics that I'm talking
about made in Morocco consumed regularly
by clients there's no argument on
whether there's a demand for it yeah
can you buy it and take out the
distributor the middleman and also
reduce the final price that a lot of
these places are requiring because they
have their fixed costs and their
overhead and it's just the way they've
done business for a long time yeah and
so what I've done is I've gone around
some of these big stores I've made note
of the products where they're made the
prices and then I go online and I say is
it available yeah and if it's not
available or it is but the price is
ridiculous then I make a note of that
yeah and I'm going to be testing a few
items for sale in Jumia in the next
month to see if there's some demand for
them okay that's cool yeah that's how
I'm going to start I'm going to start by
testing a few items and if they get sold
out really quickly then I'm going to
look to negotiate bigger contracts with
the manufacturer that's cool Wow
so this is an idea you're thinking of
pursuing yourself I didn't realize that
yeah so this is goals and predictions
for 2020 yes so this is one of the goals
is to open up my own e-commerce store
Jumia potentially on Veemo or some of
these other platforms that are that are
starting up yeah and if I get some
traction on this then I might make it a
full-time thing we'll see maybe a couple
other tips to add so the list you gave
is you don't want to purchase something
that's extremely perishable obviously
you don't want to buy yogurt because
it's very costly to store and you have a
very limited time frame and you also
don't want to buy something that is very
very cheap because there needs to be the
margin so you have to think what are the
products that people regularly consume
but are a little more pricey and are
simple to store if you're going to be
doing it out of your apartment you know
you need to think all these things
through what's something I can put in
the elevator carry down a set of stairs
bring on my moped or in my car to the
Jumia drop drop location these are
factors to consider and look for those
opportunities just like Ryan's doing
yeah you need a place to store the items
if this is going to be worth doing you
have to get a certain amount of quantity
yeah in order to to make it worth your
time so you have to a place to store the
items then you have to have the ability
and the desire to to package them when
you get the orders and deliver them to
the seller hub for Jumia
and they're all over Casablanca
Marrakech Tangier and they also have a
store in Agadir if I wanted to open up
an e-commerce shop on Jumia they're
selling to customers across the country
but what if I as the seller based in one
do I have to provide my product to Jumia
locations in Tangier in Agadir in
marrakech and casa or can i indicate to
Jumia i only want this sold to buyers in
casablanca or does Jumia ship it from
casa to Agadir so the answer is you just
have to deliver it to any of Jumia's
hubs oh wow if you deliver it to a store
in casablanca Jumia hub in casablanca
they will deliver it almost anywhere in
Morocco and does that affect your price
like the profit that you generate for
example if I sell a product and I bring
I bring it to the hub in Casablanca and
the final customer is in Casablanca does
that increase the amount of profit I
make as opposed to somebody based in
Ouarzazate is that that's going to cost them a lot more to get that product to know
because you have a selling price and
Jumia takes a percentage of that a
commission which is typically around 10%
okay the customer pays the delivery fee
I see and the delivery fee is based upon
the item and where you live now I've
only ever had delivery fees in
Casablanca yeah so I don't know what the
specific delivery fees are for who
should or
or Marrakesh yeah but there are points
of delivery for Jumia in Mknes, Fez
Rabat Tangier Casablanca Saleh tomara
Agadir LGD de Guiche de all these cities
that I mentioned yeah so you can be a
Jumia seller in any of those cities
yeah as long as you live within a
reasonable distance of one of their hubs
you have 24 hours to deliver the product
to one of their hubs after receiving the
order okay and that's the way that Jumia
ensures the good customer experience
that the product is delivered in a
timely manner because by requiring the
sellers to deliver the product to them
within one day I see so we'll talk more
about this in 2020 but this is a good
business idea for anyone in Morocco you
could be a company in SARL or this is
open to auto entrepreneurs mm-hmm so if
you have signed up for the auto
entrepreneur program you can sign up for
an account on Jumia and you can sell
items you don't have to worry about
TVA, you connect your bank account
to Jumia and I think it's about after
two weeks you receive your your payment
to your bank account after selling the
items yeah well that's exciting
just as we watched your progress with
selling paintings to duty-free and
finding this office where we're now
recording this podcast I'm looking
forward to following your progress on
the Jumia ecommerce shop over 2020, it should be fun. Today's episode is brought to
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what about you Ryan what were some of
your goals or predictions for 2020 I
wanted to start with more of a general
idea around how I think about the year
ahead how I think about what my goals
should be there's a couple different
ways I approach it one is I think
through who I am as a whole person and
this is something we talked about in the
7 Habits of Highly Effective People when
we get into the seventh habit which is
sharpen the saw we talk about taking
care of yourself making sure that your
battery is charged and the course points
out the fact that we are
multi-dimensional people and so we have
our body we have our mind we have our
we have our spirit and so when I think
about what I want to see happen in 2020
I try to think about those key areas of
my life so what are my goals for my
physical health what are my goals for my
mental capacity and my mind for my key
relationships the people that are
important to me and also for my
spiritual life my connection with God
and with my purpose and with meaning
that's sort of a general way that I
approach it and so I've got a few ideas
related to each of those things I also
think about it from the perspective of
Keystone habits so the idea that there's
key habits that influence a lot of other
habits around it so for example if you
want to be healthy if you developed a
habit of going to the gym regularly or
running those habits influence all the
areas of your health people who exercise
regularly they get better sleep they eat
better food they drink more water they
get sick less it ripples outward into
all those other areas of their life so
yeah the goals that I have in this area
of my physical health are to to run 500
kilometres and to go to the gym three
times a week now this is a new thing for
me I'm not a gym person I've never
really worked out at a gym but I've
noticed just as I'm getting older that
my normal lifestyle doesn't include a
lot of activities that strengthen my
upper body or that keep me agile my
flexibility my movement is really
decreasing as I get older and my
lifestyle is just a lot more what's the
word said entery sedentary thank you
no that's just me reading more than I
speak I guess sedentary sedentary
lifestyle so I'm sitting at a desk I'm
not running around I'm not super active
yeah that's that's something I want to
develop as a brand new habit I've
already talked about what I want to do
for my my mind which is reading the 20
books in 2020 for my key relationships
my heart I want to continue my habit
that's already established of going out
once a week with my wife so we have like
our date night where we have a
babysitter organized and once a week we
have time just for investing in our
relationship I want to develop the same
habit related to my kids so once a week
just spending an hour of intentional
one-on-one time with one of my three
kids so that you know throughout the
year there's at least a dozen times that
I spend one-on-one time with each of
them just doing something memorable
something as simple as going and getting
an ice cream cone or playing catch but
it's just us talking and connecting at
their level and just devoting attention
to them and then the last one is trying
to Skype my parents each weekend so we
typically try to connect over Skype once
a week just to keep in touch and keep
our relationship strong and then the
last one is my spiritual life so I'm a
Christian follow Jesus and one of the
ways that I connect with God is by
reading the Bible so I've got the habit
of waking up early waking up before
anyone in my family and that's usually
when I find is the best time to just
spend some quiet time reading the Bible
thinking about God journaling anything
that stands out to me or anything I feel
is is connecting with my life what I
need to learn what I need to change what
I need to be encouraged by so yeah those
are kind of the four areas of my life
and some of my goals there's more to
share but let's switch it back to you
and why don't you share some more, what
you say is very wise if you
to make improvements in your life you
have to be intentional and you have to
have awareness of what your priorities
are weaknesses are and what your
strengths are once you decided what your
priorities are then implementing habits
and processes that are going to help you
support your goals and those priorities
so I like how you've laid out these
different areas if you want to improve
spiritually if you want to grow and
mature you need to spend time doing it
mm-hmm everyone should be reading their
religious texts in order to get a better
understanding of what they believe yeah
and I do the same I typically try to
read the Bible once a year which is
about 15 minutes a day yeah so on that
front I will continue that habit that I
have had for the the past few years
physically I think I do need to make a
change regarding health now I don't know
what that changes necessarily maybe it
has something to do with getting my kids
to wash their hands more often or maybe
it's getting other parents to keep their
sick kids home from school which I think
might have the biggest impact on my
health yeah this is common with young
kids I remember when our kids were same
age as your kids and we always had
somebody sick in the house yeah I mean
the kids are touching the dirt you know
licking the railings like they just
don't have the healthiest habits and
germs just spread that's right so
health-wise I'll continue to do a lot of
walking I'd like to think that I have a
pretty healthy balanced diet but maybe I
need to change something there regarding
the business I already mentioned
the e-commerce initiative I'd like to
grow the entrepreneurs club to 25 to 30
members so right now I'm primarily doing
that through word-of-mouth and some
Facebook advertising I think once the
new year starts I'll do some more
advertising for that the next meeting
the fourth meeting of the club will be
on January 8th so I'm confident that by
the end of January or into November
we'll will reach capacity on the club if
if just the existing member enthusiasm
is any any indication another initiative
is to fill the office with revenue
generators but I was thinking about
making the office sustainable not just
through my consulting business but
having the office itself be a revenue
generator I was thinking about using it
to stock products I saw on Jumia I'm
going to rent out classrooms for English
classes and for art classes and I'd also
like to recruit entrepreneurs to be
working out of the office working on
their startups sort of as an incubator
so these are some of the ideas that I
have for generating revenue out of the
office I may rent one of the rooms on a
longer-term basis to a friend to
has a passion to start a call center so
these are some of the things I'll be
pursuing in 2020 another goal for the
consulting side of the business is to
hire commissioned salespeople this was a
goal for the end of 2019
but I didn't really get it done so I'm
going to continue to pursue that goal
and make it widely known that anyone who
brings me a client gets gets a big
paydays yeah I'll continue to talk about
that and the last one which is still my
radar but seems to be farther away than
I had originally anticipated was
developing this this Android app to help
small businesses do their marketing to
manage their marketing to create content
to interact with customers and promote
their business online this is still a
long-term goal but I have other
short-term goals that need to be
accomplished before I can really put all
my efforts into that one so yeah those
are the goals for 2020 and as I think
we'll talk about next week we are
publicizing these goals which will help
encourage us to achieve our goals or to
maintain new habits that we're trying to
accomplish or to implement yeah I want
to continue to to grow and become more
qualified in what I'm doing with
Franklin Covey offering training I want
to grow the number of courses that I'm
teaching currently I'm teaching at
assist British education in a few
different cities I love teaching the
seven Habits but I'd love to teach on
more campuses it's such powerful content
I love seeing the impact it has on you
know 19 and 20 year olds as they kind of
have their eyes open to how they can
develop personally learn to control
their time and dream big and become more
effective so I'd love to expand that by
opportunities to teach at a few more
universities particularly public
universities I haven't gotten a straight
answer but whether it's possible to be
hired part-time as a foreigner in public
universities but it's something I'm
going to pursue through doing some
workshops and then hopefully landing
some full courses I'm gonna continue to
work with Maroc Treasure posting YouTube
videos and one of my goals is to post
two videos a month so my hope is to you
know 24 - 25 videos over 2020 that all
I'll put out so that I'm consistently
posting content now this brings up
another important point about goals and
New Year's resolutions it's important to
focus on lead indicators rather than lag
indicators lead indicators are
the actions that we take lag indicators
are usually the results
it's what's happened because of the
actions that we take and it's really
tempting to make goals that align with
lag indicators so for example I could
say I want to have 10,000 subscribers on
my youtube channel in 2020 in a lot of
ways this is outside of my control I
could produce what I consider to be an
excellent video but it just doesn't just
doesn't land you know it doesn't catch
with people nobody's sharing it and then
there could be one influencer who says
oh wow I loved your video I shared it
with my audience and my youtube channel
explodes and so I don't really control
what happens to a video after I publish
it and after I promote it within my
network I don't know exactly what's
gonna hit and what's not but what I do
control is consistently posting content
that I think is going to be relevant I
think it's going to be quality and as
long as you keep following the actions
eventually you're going to start seeing
results so I control how many videos I
publish every month I don't control the
views and the likes and the subscribers
that watch time
that comes from that so my goal I hope
to reach 10,000 subscribers this year
but my goal is to post two videos a
month that's the lead indicator another
one is I really want to create some
digital products this year so this is
something I've been hoping to do for a
long time is create the audio book how
to get a job in Morocco I want to carve
out some time this winter February or
March where I devote some exclusive time
eliminate a lot of other things in my
schedule to try to really make some
headway and get that completed the first
first version of it and then hopefully
have it translated if it goes well and
then start creating content around it so
bringing in some people that follow the
principles outlined in the book and end
up applying them and finding jobs
through through the ideas and that will
generate more people's interest and
hopefully some sales and then the power
of habits for success workshop that I've
been teaching I want to continue to do
those regularly and eventually to create
a video version that people can access
even if they are outside Casa or Rabat
the cities that I'm going to be doing
them in physically and in person so once
I have some digital products that's kind
of the bottom of the funnel for me so
producing video content this podcast all
the stuff I post on social media it can
funnel down to products that people can
purchase which will hopefully generate
some passive revenue for me we haven't
mentioned in podcasts
yeah our goals for 2020 for the podcast
well I think we could start with doing
one episode a week continuing that trend
since we can't control how many
downloads or how many subscribers we
have we can't control the number of
episodes we do and the level of effort
that we put into the content we can also
control what percentage of our podcasts
are interviews yeah so I think that one
of our goals should be at least one
interview per month yeah for 2020 I
think that'll grow our audience it will
expand the value of the podcast it will
bring in other people's opinions and
their stories and ultimately provide
more value to our audience that would be
a goal for me for the podcast so for our
listeners if you could recommend who you
think would be an interesting guest so
somebody who's doing business here in
Morocco and speaks English and would be
willing to come on the podcast send us
an email Ryan@moroccopodcast.com
recommend somebody and if you can
introduce us to them that would be even
and we'll pursue them we can come to
people's office our you know materials
are portable for recording and that
would be great as Ryan said it would
really add a lot of value to bring in
some new voices one other thing I've
talked about several times and I was
planning on doing it this fall I've
pushed it back to the spring is the
first get wisdom event so that's
something I'm really excited about I
think it's a need here I think it would
be a huge value add for young people
that want to be developed that want to
be motivated that want to learn some
valuable info from experts across the
country so I'm planning on that either
in April or May and I'm wanting to put
together a team of people that helped me
organize this just on a volunteer basis
just people who think yeah this would be
really cool kind
a TEDx type event all in English with
Moroccan influencers and experts just
imparting wisdom to a bunch of young
passionate ambitious Moroccans future
leaders of the country and globally so
if you think that would be exciting to
be part of and this would be something
where you'd gain a lot of skills through
being part of a team through seeing how
a large event comes into play through
learning about all the logistics that
are necessary to think about you'd be
developing skills and also I happily
write you a LinkedIn recommendation upon
the completion of the event and you'd
have the opportunity to meet some great
leaders all the people that we recruit
to come and speak at the event will be
high quality and you as part of the
planning committee would be on the
inside rather than being in the seat in
the audience watching you'd be a part of
them behind the scenes and able to meet
them also if you are interested in that
you can contact me through my rock
treasure at gmail.com or Ryan at Morocco
podcast.com and let me know you'd be
interested in being part of that
planning committee you've been listening
to the Business in Morocco Podcast my
name is Ryan Kirk here with my co-host
Ryan Maimone, if you enjoyed this episode
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day doing business in Morocco we'll see
you next time

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