Ubi Franklin - I have Spent Over 4 Million Dollars On Instant Pickup
Ubi Franklin is popular for his record label, Made Men Music Group. His influence in the Nigerian music industry cannot be overemphasized.
Recently, he veered into the technology space by building and launching a tech solution that provides laundry services. It is called Instant Pickup.
Instant Pickup was launched in July 2017.
Over the past one year, over 9,000 people have used the platform for their laundry services, and the Instant Pickup mobile app has recorded over 15,000 downloads.
Ubi was a guest at Bounce Masterclass recently and he shared some of the lessons he has learnt running the business over the past one year. He also shared some lessons from investing in a completely different territory, other than entertainment.
Here are 4 lessons he shared with entertainers planning to take the plunge to invest in tech.
1. Conduct A Thorough Market Survey: This goes without saying. According to Ubi, before venturing into the industry, make sure do a good survey. This is to ascertain if you can afford the investment required.
“You need to do a very good survey of the market. What people get wrong now is that they assume that tech is for everybody. Tech needs a lot of money. I know that starting this business, it has gulped nothing less than 4 million dollars. That’s a lot of money. And it wouldn’t be easy to just come in and say you want to venture into tech, without doing your homework about how much investment is required."
2. Sell To Your Community First: After you have done your survey and created the product, the next thing is marketing.
You know it is tempting to just blow your trumpet and spend huge sums on marketing to let everyone of your fans know the solution you have created.
That sounds nice, but it may not be a smart thing to do.
Here is what Ubi had to say about marketing: “For tech, you need to start selling to your community first, your friends and family before you start selling to even your local government before your state. If those people buy that means other people will buy.”
3. Listen More: As an entertainer, who have been successful, you probably have gotten used to speaking all the time while others listen to you.
Now, that you have ventured into an unfamiliar terrain, you will need to more listening than talking.
“If you are not a tech person in terms of you are not a programmer, you don’t understand what software and coding are, you need to listen properly, you need to talk to people,” said Ubi.
According to him, “You need to seek lots of advice. But it is not everything that you take because if a programmer is talking to you, he is not talking to you as a businessman.”
He explained: “I am a businessman in tech but not a programmer, but I know that once you finish putting that thing together, I can sell it and we can make money from it. But I have the idea and once I present it to you as a programmer, you know the code to put together to put it in the mobile phone or websites for people to use it.”
4. Make Sure You Have Passion For What You Are Investing In: Investing in tech makes a lot of sense for music artistes, he said.
“But besides tech, there are a bunch of other areas you can invest in to diversify your portfolio. However, make sure that whether in tech or any other area, you have the passion to continue pushing. There are days I come into my office, and I call my team and say I want to give up,” he said.
He added: “You need to have that mindset that you never want to give up. That’s the only thing that will keep you in this whole crazy environment.”