Health, Wealth & Breakeven!

The woman who quit smoking and built a global hypnotherapy firm, Grace Smith, says she was able to give up alcohol, but that quitting smoking seemed impossible. She had a stressful fundraising job in New York but eventually a friend suggested she tried hypnosis and to her amazement she was able to quit nicotine after just the one session.

This experience inspired her to start her own business, and become a hypnotherapist herself, called Grace Space Hypnosis. It offers online hypnotherapy sessions to more than 250,000 people around the world, including the bosses of Fortune 500 companies, athletes and celebrities.

When she started she had very little business knowledge and no idea how a Business start-up works and in order to attract her first clients she advertised an initial special offer price on online marketplace LivingSocial, which is today part of Groupon. She had to create her own Business Plan and learn the concept of Breakeven very fast. She also had to quickly learn some marketing techniques as she had a lack of market knowledge. In her first month she managed to sell 952 sessions in 24 hours, and more people then came thanks to positive word of mouth.

Technology start-ups are in a different position to others as the pandemic helped put some of their technology at the forefront. Any firms offering e-commerce services, remote healthcare or education services would have attracted extra interest from investors e.g. Century Tech, an education firm which uses artificial intelligence to track a pupil's progress. It is one of the top 10 Ed-tech platforms in Kenya.

Our Business students have been looking at these stories to see how Business start-ups work and how important Breakeven Analysis is.

Mrs Janoowalla