You get out of Qoin what you put into it – that is the consensus when it comes to success with the digital currency, according to merchants and agents within the ecosystem.
Patrick Healy has been on Qoin for just over three months, and already his business Outback Leather Products is reaping the benefits.
“We’re based in Mandurah in Western Australia, and we make the best leather hats, belts and wallets,” he told us recently from the Gold Coast Small Business Expo, where he was looking for extra lines that he could sell in his business for cash.
“We’ve already got our set of customers, but now we want to bring in new people with products that will compliment what we’ve got and open up a new stream of income for us,” he added.
Aside from the product sourcing trip, Pat recently put time into working out where he spends his money in his business and where he might be able to target new and existing merchants that may be able to fulfil some of those spending requirements, which ultimately frees up more cash overall.
“Where we want to try and use Qoin is in the peripherals, our online presence, our packaging, labeling, anything that’s going to help us sell our product and if we get into new markets, if we can find some products except perhaps we can sell alongside ours,” said Pat.
These peripherals were identified in the spending plan drawn up specifically for Outback Leather Products’ needs, but it’s available to every merchant as one of the tools they can use to analyse their spending and consider what other businesses are around them that they may benefit from welcoming into the community.
“Ideally, if merchants can help us, introduce us to new people that can fill their spending, it grows the community, and you’re offsetting your costs. That’s what we want.”
Belinda Baker is one of Qoin’s Melbourne-based Master Agents. She’s had her own business for 13 years and enjoys helping SMEs benefit from the digital asset.
Recently, as part of Qoin’s first Merchant Week, Belinda explained the spending wheel concept and how it was helping merchants broaden their reach.
According to Belinda some merchants were actively searching out and welcoming new customers into their business and even encouraging them to join the ecosystem.
“There is effort involved,” Belinda noted. “It takes time, effort and money, and competition is steep in order to get new customers.”
Aimed at merchants like Pat who have been accepting Qoin and need some help putting that extra piece of the puzzle together by finding suppliers you can pay in Qoin.
“A Qoin spending plan maximises the benefits of Qoin in your business. So, for example, for a cafe it could be coffee, beans, marketing, napkins, all sorts of options, while for a mechanic it could be oil, batteries, and for a winery it could be labels for bottles,” she added.
Another thing worth considering is what a business is doing themselves that they could potentially outsource?
“This could be Facebook marketing, bookkeeping, their website,” she said.
And thirdly, agents work with merchants to find out what products and services they’re not using that they probably should.
If you would like a Qoin spending plan for your business, make an appointment with your agent or call Qoin Support to put you in touch with someone who can help you.