How do you make steady profits in your business?

How do you make steady profits in your business?

Have you ever noticed the sense of ownership or independence you feel when you visit a club, house of worship, barbershop, in a bus or any public space where no visitor has ownership over? Like no one can tell you where or where not to sit or stand! Have you ever wondered why this is so?

3rd places in the lives of communities have been a concept immemorial. From the days of town-square gatherings, barbershops, market places, houses of worship, viewing centers, pubs etc. people gather at certain locations to enjoy each other’s company without any of its visitors claiming ownership to these spaces.

If you are a frequent visitor at your local viewing center, you’ll notice a flurry of activities, banters and pleasantries exchanged during and after the game. The atmosphere feels so relaxing because of the “permanent visitors” that frequent the area. They all have and feel equal sense of ownership.

But if you pay close attention, you’ll notice that at these public spaces or 3rd places as you may want to call them, a lot of sales and activities go on. People selling sausage roll (gala), drinks, vouchers or whatever is needed around. The point is where many are gathered, businesses thrive.

2nd spaces are places where people spend more or most of their weekday or maybe their weekends as well, depending on the nature of their schedules. It could be at work, school or anywhere productivity takes place. While 1st spaces are where you eventually retire to (hopefully not under the bridge), at the end of the day.

The 3rd place concept in Business is designed to make people feel as relaxed as they normally are, in their 2 other spaces and to make them spend as much time as possible in it.

Business that make 2nd spaces feel like 3rd spaces will always experience a boom in profit.

Physical spaces such as the Starbucks, KFC Chicken, Silverbird Galleria, Ikeja City Mall or your local car park, barbershop etc are all examples of 3rd places that benefit from volumes of people gathering at their business premises. You can imagine the amount of sales that go on at these spaces.

But this concept is not limited to physical spaces alone. 3rd places have also gone online. They are places where people meet to hangout. Think about about your Facebook, Instagram, Youtube, Linda Ikeji Blog, Flobyt by Don Jazzy or anywhere people converge.

Question is how can you and I benefit from having the 3rd place effect in our business, such that people naturally gravitate towards our business premises? For starters, we could create awesome environments (friendly staffs, good facilities, well designed spaces etc.) for physical spaces.

For online spaces, we could create amazing blog contents, open platforms, free contents and resources, responsive and easy to use websites etc. Incorporating the 3rd place business concept into your business model would sure generate steady income for you, provided you are offering invaluable services, products or goods.

At the CMM Academy, we have a conducive and interactive environment for learning and creativity. A fact all of our ex- students and students from the just concluded NIBBLE Free Digital Design Training can attest to. All our Training sessions promises to be fun- filled, lively and educating for instructors and students alike.

So, if you are going to the club or mosque this Friday, Viewing Center on Saturday or Church on Sunday, try to notice the volume of business activities that go on. You might begin to realize how people converging at a premise can lead to business success.

But if i were to summarize this post on how to make steady profits off your business, it’ll be these:

  1. Have a relevant business (good luck with this)
  2. Make your employees feel at home. (e.g Google work space …)
  3. Make your customers feel at home. (they’ll keep paying)

Well,  the 3rd space concept can’t be applied to my business, you say! Wrong. If you are in business to make profits, it applies to you even more. Just treat your employees and customers a little better!!

 

 

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About the Author
Aziz Sadiku

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