Finance Tips for Startups Trying to Survive the Pandemic

Someone said, saying “when the pandemic is over” is starting to sound a lot like “when Rihanna releases a new album” and lol, I couldn’t agree more. We should start adjusting to what life looks like now, instead of making plans for when the pandemic ends, because we have no idea when that might be. Everything around us is constantly changing, including the way we do business. The World Economic Forum says that the businesses that are most likely to survive this pandemic are the innovative ones. I also believe that businesses that have made good financial decisions in the past (have emergency funds) are most likely to survive the pandemic. 

For businesses that are still in their infancy stage, this might be a very tough period as they don’t have a pool of savings to tap into and unfortunately have to depend on their creativity. We’ve come up with a few finance tips and tricks that businesses can utilize to not only survive the pandemic but operate smoothly even after it is long gone.

1. Don’t put your eggs in one basket

You have probably heard this piece of advice a thousand times before, but you need to listen to it now more than ever. With so many businesses closing their doors, the least that you can do as a business owner is diversify your income. Depending on one source of income/sales is way too risky, you need to start thinking of how to improve the customer experience and in turn, get more sales. What else do your customers need apart from what you already provide? Can you provide that product/service? Try by all means to think of ways to introduce new offerings to your existing customer base or start providing something new to a new clientele.

2. Everything is becoming virtual, why aren’t you?

This tough period has forced so many business owners to think on their feet and execute immediately. We’re also seeing so many businesses hopping onto the online scene and honestly, it makes so much sense! Think about it, do your customers need to visit your office for all of your products/services? Is there a way that you offer your services online? Can customers order and have your products delivered to them? If there is even the slightest chance that you can continue with some parts of your business online, then GO FOR IT! You don’t have much to lose, setting up an online platform is less costly and has higher returns, in most cases.

3. Make Smarter Budget Choices for Your Business

We need to make smarter money moves this year and that starts by budgeting better. Also, try by all means to increase your income and decrease your expenses. The first thing you can do is ask yourself; what costs can you absolutely live without? Think of all the costs that are not vital to your business operations and all the costs that are unnecessary now that some employees are working from home.

For example, you no longer have to buy coffee and tea because, if no one is in the office, no one needs these during coffee breaks. Most landlords can give their tenants payment holidays and cuts on their rent, you will never know if yours is keen unless you ask them. Administration costs such as stationery can lower your spending, see how much money you can save by not buying these. To save the company from costs of petrol, try to arrange all meetings online so you don’t have to travel to any venues or offices. The last thing you can cut out of your budget are events (if you’re still having those), as great as they may be for employee morale, the business can do without it for now.

4. Invest in learning new skills

When push comes to shove, become the jack of all trades. For the time being, try not to outsource services such as Marketing and Finance. Tough times call for tough measures, so as a team, this is the time to invest in a new set of skills. There are a lot of free online courses, make use of them. Take a social media course and handle your own social media, this cuts out the Marketing consultancy fees you pay. Your finance team should also try to learn how to create professional and accurate annual financial statements, that way you can pay less on finance fees to other businesses. 

We’re all trying to survive the pandemic so we need to do business better, the key is to try and see if you can do some things in-house instead of outsourcing.

5. Apply for relief grants

Do your research and find out if your local government and banks are still offering relief funds. If they are, take full advantage of this opportunity. Apply for your business and hope for the best. After all, who doesn’t like free money?

I hope you find these tips helpful, here’s to successful and thriving businesses in 2021!!!

Why you need an Endowment Policy (even while you are Pre-Rich)

We’re all constantly thinking of new ways to save money, especially when it comes to saving towards a particular target. We use apps, banks, and even in 2021, our pillows.

Do you know what these all have in common? Your money is somehow still right in front of you, tempting you at every turn. Without a great deal of discipline, you’ll break into your savings and never reach your goals.

According to independent surveys by She Leads Africa, 73% of young women in our audience said that their top money goal right now is financial independence. In another survey, 58% of women highlighted their top money goal as ‘saving and investing for my future’.

Now if you earn a decent, steady income but you’re always breaking into your savings, when are you going to achieve financial independence, or even save towards your future?

Luckily, there’s a more efficient way to save towards your goals that you’ve probably not heard of in the past- an endowment policy. Never heard of it? Well, you’re in luck, because that’s what this article is all about.

 

So, what is an endowment policy?

An endowment policy is a plan to help you meet set financial targets and obligations at a particular date in the future. You set a goal, pay periodically towards that goal and your policy provider pays you your set target amount plus a pre-fixed interest sum on your target date.

With an endowment policy, you’re able to put money aside with a trusted institution and get a specified amount back at your target date.

An endowment policy could also double as an insurance plan as in the event of death, accident, or illness (in the terms covered by your plan). Your target amount is paid to you…even before the target date.

 

Why should you get an endowment policy?

You’ve been trying to save for yearsss: You’ve tried a bunch of methods and nothing is working. It’s definitely time to try an endowment policy.

You want to be accountable: Endowment policies are a great way to plan towards your goals. You’ll have a specific target amount to save monthly towards your goal and the payment plan keeps you accountable.

You want to stay focused: With a target date and a target sum, you can keep your end goal and payday in mind and actively work towards it. You’re not spending the money you’re saving on something else. Your money is safe and secure till the agreed date.

You’re saving towards a specific goal: Could be a master’s, a car. your kids’ education or even a wedding! Get the funds you need when you need them…with no excuses.

You have money: No, that’s not a typo. If you have money and a plan for your future, you SHOULD get an endowment policy.

Other benefits…


Tax relief: Some endowment plans qualify for tax relief so the amount of tax you have to pay is reduced. 

Your estate is covered: In the event of death, your target sum is paid back to your estate and the policy terminates.

Back-up funds in case there’s an accident: If you ever have a serious accident, you’ll have your target sum to fall back on even before the set target date.

Fall back plan in critical illness: If you get critically ill? We know hospital bills can be a pain. You’ll have your target sum to fall back on and help you pay your bills!

Where do you start?


A good example of an endowment policy is the Leadway Target plan. You can contact Leadway Assurance right now via DMs and they’ll put you on all you need to know!

 



4 Ways To Become A Financially Literate Mogul In 2021

Every two to four business days, I come across very questionable advice on how to be “financially literate” on the interwebs. I almost want to ask the person giving the “advice” if they believe what they are saying or if it is just vibes. 

See, not everyone is giving you advice is they have fact-checked, taken time to think through or practice. We have to learn how to filter what we hear about managing our hard-earned money, especially in a Panoramic.

Financially Literate Woman

So, in this piece, we’ll be discussing-

  • What it means to be a financially literate mogul.
  • How you can increase your financial literacy without any of the shenanigans online.

Sign up to get your FREE finance worksheet!

So, what does it mean to be a financially literate mogul?

A financially literate mogul has a basic knowledge about managing personal finances and building wealth.

If this is you, it means you have an understanding of how to

Now that all this has been listed, reflect on what you understand through PRACTICE and what you need to get better at. 

Want FREE finance-related content, resources and updates? Click here!

Here are some No-BS ways to become financially literate.

Read –

Books, Magazines, web articles, newsletters, Facebook posts, Tweets, IG posts- read as much as you can about finance from trustworthy sources.

Read sources that speak about finance in a way that is relatable to you.

While some sources are very helpful in the advice they offer, the context that they operate in might not provide you with the insight you need. With reading comes fact-checking so Google what you do not understand or need more information on.

Use Finance Tools And Apps-

As much as we want to learn, we may not be able to do so all by ourselves. This is where apps and tools come in handy. These days, thankfully, there are apps and tools for almost every aspect of finance- be it saving, budgeting, tracking expenses or investing.

Some finance apps even have learning centres and blogs to help you stay updated. Find one that incorporates the aspects of finance you want to improve on and commit to using it.

Take A Financial Literacy Course-

Sometimes, what we need is a course to help us step up our money game. If you are clueless about where to start on your finance journey or how to stay consistent, consider taking a financial literacy course.

Find a course that breaks down what you need to know and gives take-home assignments. This will help you practicalize your learning and stay accountable.

Sometimes, what we need is a course to help us step up our money game. If you are clueless about where to start on your finance journey or how to stay consistent, consider taking a financial literacy course. Click To Tweet

Join A Community Of Money-Minded Moguls-

There is nothing as uplifting as being a part of a community of people with similar goals. When you belong to a group that shares your goals and has your best interest at heart, you remain motivated.

The added accountability and access to resources can also not be underestimated. Find a community or group of friends and become an active member. 

There is nothing as uplifting as being a part of a community of people with similar goals. When you belong to a group that shares your goals and has your best interest at heart, you remain motivated. Click To Tweet

Key Takeaway

Learning about finance takes constant practice. There is always room for improvement so do not beat yourself up about what you haven’t learnt.

Approach learning about finance with an open but cautious mind and you will be surprised by how much you will grow.

Join our community of young African women to get FREE finance-related content, resources and updates.

4 Bad Money Habits That Will Keep You Broke Forever

Bad money habits are kind of hard to break. We do them over and over without even realizing it.

We all want to be rich. I mean, who doesn’t? But it’s one thing to fantasize about the many things you can do with a big paycheck and it’s another thing to muster the discipline you need to make it a reality. If you have bad money habits, you’ll get into a lot of financial trouble.

For so long, I had no clear plan for my financial journey. All I knew was there was money and it had to be spent.

Are you having issues saving? Do you feel like it’s a load of work putting some money down for the future? Well, I’ve got a couple of tips that can help you.

Here are 4 bad money habits you need to quit this minute if you want to become more financially independent:

Procrastination

This is personal for me. I put off starting an investment plan for a later time. And I just kept pushing it farther. Not that I was super busy or anything, just plain laziness and a lack of self-discipline on my part.
It wasn’t until I told myself the hard truth: that I can either continue pushing it later or just do it now and get organized. I realized that time was running out and that I had no clear financial goals.

The Fix

No one is coming to do it for you so you better get on with it. If you keep procrastinating, you’ll end up broke with lots of debts.

Impulse Purchasing/Buying

We’ve all been here. That urge to buy something. We give ourselves all the reasons why we need to have it. Impulse buying is all in the name. You see a bag and immediately want to buy it. You don’t even stop to consider the cost or whether you actually need it. You buy it before you stop to think whether you need it or can afford it.

The Fix

You need to first recognize this is a problem and keep track. Before you find yourself reaching for that candy or new pair of shoes, ask yourself if you have the resources and if you really need it. Don’t be in a rush; be certain you need it before you do.

Not Budgeting

A lot of people live on more than they make. If you don’t have a monthly budget, your money will disappear and you won’t know where it went.
A budget allows you to see how much money you’re bringing in and where it’s all going. It enables you to make changes that help you save more money and avoid going into the red each month.

Pro-tip

It doesn’t have to be a big chore. It can start with only carrying a small amount of cash with you each day. You can also sign up with a money-saving app that automatically tracks your spending for you. Here’s an easy budget template for you.

Love of Convenience

Once a while, it’s okay to make a convenience purchase. These are purchases that are routine and take little thought when being bought. However, if you find yourself regularly making convenience purchases, it’ll cost you.

Pro-tip

You can start by cooking instead of buying fast food every day. Make a regular weekend event of preparing a dish that can be separated into freezer containers for future use.

You can also stop getting that expensive breakfast on your way to work every morning and rather get up 5 minutes earlier to prepare something. I know waking up early might be hard for me so, I cook when I come home. At least I know lunch for the next day is sorted out.

So, there you have it, 4 bad money habits that are keeping you from attaining financial independence. Which of them are you  guilty of?

5 Important Questions You Must Ask Before Taking A Small Business Loan (Avoid “Had I Known”)

This article is sponsored by the FCMB SheVentures proposition. FCMB SheVentures is empowering female entrepreneurs, helping them build their businesses, and improving the overall success rate of businesses owned or run by women. Please click here to learn more about how FCMB SheVentures can support you and your business.

 

 


 

A loan can be your saving grace as a small business owner but you have to shine your eyes if you plan to take one. Securing a loan can seem confusing or difficult so this piece will break down 5 important questions you should ask before taking one.

(If you do not want a case of “had I known?” after you take a loan, then this article is definitely for you.)

How much do I actually need?

Sis, do you know how much you actually need to take your business to the next level? When last did you take a look at your books? A detailed look at your books will help you determine how much you need and where to put in the money. If you are not very knowledgeable about finances, get someone you can trust to help you take a look at your books and advise you.

What is the interest rate of the loan I am taking?

You need to be aware of what the interest rates are for any loan you plan to take. No matter how urgently you need to take a loan, you should never skip the interest rate calculation. Sit down and decide what you can realistically pay as an interest rate. Do not take a loan with an interest rate that will give you sleepless nights, sis.

Make sure you do not take a loan with an interest rate that will give you sleepless nights, sis. Click To Tweet

What am I willing to put down as collateral?

A good number of loan offers on the market will require you to put down collateral. Collateral is usually an asset that you forfeit if you are unable to pay back the loan during the stipulated time. While most offers that require collaterals have a lower interest rate, it is not advisable to take this route if you don’t think you can pay back within a certain time.

How long do I need the money for?

Asking this question will help you determine if you need a short, medium, or long term loan. A short-term loan requires you to pay back the amount borrowed and the interest in under a year. A medium-term loan requires you to pay back in 3 to 10 years while a long term loan requires you to pay back within  20 years.

The FCMB BOI Gender Loan is a great example of a medium-term loan because, at an interest rate of 13% per annum, it requires you to pay back in four years.

Where can I find the best loan offer for my small business right now?

When looking for the best offer for your business, be careful not to jump at the first offer you find. Some loan offers are specifically created to serve women-owned businesses like yours. A great example is the short FCMB Zero Interest Loan that helps you address urgent financial needs without saddling you with a high-interest rate or in fact, ANY interest rate at all!

Need a business loan quickly? The FCMB Zero Interest Loan helps you address urgent financial needs without saddling you with a high-interest rate or in fact, ANY interest rate at all! Click To Tweet

Take your time to really answer the questions above.  Review the loan options you find, and evaluate them with your business needs in mind. If you can, walk into the bank or call to ask further questions. Taking these steps will help you make the right choice.

—————————————————————————————————————————————-

This article is sponsored by the First City Monument Bank (FCMB). FCMB is passionate about empowering female entrepreneurs, helping them build their businesses, and improving the overall success rate of businesses owned or run by women.

Good Money Management Tips to Protect your Future

The pandemic has admittedly done a number on some of us and our money. It came unexpected and nobody knows how long until a vaccine is found. Though some of the countries are slowly moving towards opening their economies, our pockets have undoubtedly felt the pinch.

If you’re an avid spender on things you ‘absolutely must have’ or enjoy going rampant on sales or specials, well, then grab a cuppa and notebook. We’re about to get real about some of our nasty (or savvy) money habits and look at some hacks to help us navigate towards a money relationship that is as healthy as our laid edges.

What does smart budgeting look like?

It is up to you to decide how you’re going to split your funds, take time out to make a tally of the activities you have planned with your girlfriends, the commitments you have agreed on with bae and the spoils you’ve got up your sleeve for the tiny humans- or just some funds for the everyday needs. Let’s not forget that we’re intentional queens. So this includes that stash you’ve set aside for intentional self-care Saturday or Sunday.

If we’re to piece this puzzle together, we need to unbox it first. Let’s see what this looks like:

Budget planning

From a horizon perspective, have a 3-month or 6-month projection in terms of what it is that you would like to do. Think about how much accessibility you’d like in terms of the cash component of your budget.

Tracking your monthly spend

Take stock of the accounts you have, transactional, savings or any investment accounts you have in your arsenal (retirement annuity or shares). Pay yourself, honey! Set aside some money for your savings/investments, your future self will thank you. Shed some of that debt weight, sis. If you can inject a little extra towards your credit agreements, go for it, this will help ease the strain of the interest rate and you can pay the debt off faster.

Then look at how much you spend on average per month, and if you can make changes and reduce the spend list. If you can do this? Kudos to you! This means you’ll have more cash flow available.

Checking (and improving) on your credit status

A considerable part of being savvy is knowing exactly where you stand financially. How you can gear yourself up for the power shift, is to know what you have and what offers are available to you. This is not only so that you improve your credit score for creditors, it is so that you can make an informed decision about your money moves.

Here are 2 sites in South Africa that offer a free credit status for you, check them out:

If you’re outside South Africa, you can find similar sites in your country.


Is there value in having a Money Coach or a Financial Advisor?

Whether you’re mulling over the idea of purchasing property, getting a car or investing, you should always be thinking about how you can get more bang for your buck.

Do not be afraid to ask questions- there can never be a silly question when it comes to how to manage your funds better. Click To Tweet

You can keep yourself on track and accountable by having someone to help you make the right decisions based on your current reality. Having someone in the know helps to eliminate the pain points of navigating the terrain. Your coach or advisor will assist with your financial ABC’s.

Before you look for an advisor, you need to know what you want out of the relationship. Have an idea of what your state of monetary affairs looks like. Doing this groundwork means you will be able to get the most out of your initial session.

Start documenting what it is you’re looking for. Do not be afraid to ask questions- there can never be a silly question when it comes to how to manage your funds better.

Being smart about your expenditure is especially important in the current context and it shouldn’t take a pandemic for us to get this right. Either way, we’re thankful for the grace of learning through lived experience. The benefit of having a coach or advisor is that the pressure is removed from you and you get to have a professional as your sounding board. They’ll offer guidance and help unlock your financial prowess or potential.

Stay pushing to arm yourself with the knowledge you need to plan for your future. Continue to share your money experiences with your girlfriends. Eventually, we can shift the conversation from being inactive participants in our financial lives to owning the narrative.

We can shift the conversation from being inactive participants in our financial lives to owning the narrative. Click To Tweet

Disclaimer: This article is for information purposes only and geared towards motivating a more hands-on approach to your money habits. This is derived from my experience personally and as someone who works in the Financial sector. For a tailored financial or a specific needs analysis, you should contact a financial advisor or money coach.

When it comes to money, A Little Extra goes a long way

Most of the time, the people we think are extraordinary are actually quite ordinary. The difference in most cases is the discipline and consistency they’ve applied to achieve their goals. This includes millionaires. Rolling your eyes already? Well just listen, I’m going somewhere with this.

The Book “Everyday Millionaires” by Chris Hogan sheds a bit more light on this. While doing the research for this book, Mr. Hogan assessed more than 10,000 people whose net worth was over $1 million, and what was interesting is that most of these people were pretty ordinary folk that applied these two qualities to their money habits.

The outcome of his research was in contradiction to most of the perceptions held by Americans about millionaires. 

These millionaires realised that they could not depend on the government, their employers or their families to attain financial independence.   Click To Tweet

Contrary to popular belief, only 3% of the millionaires he studied had received an inheritance at, or above $1 million. Actually, the vast majority of the millionaires he studied did not get any inheritance at all. It turned out that most of them held ordinary jobs – they were teachers, farmers and lawyers. No fancy titles! No fancy education! Just simple ordinary folk. 

Mr. Hogan found that these “ordinary people” who had built wealth over time had focused on these four things to achieve their financial goals

Taking Responsibility

millionaires

The people who participated in the study were driven by the fact that they are solely in charge of their financial destinies. They realised that they could not depend on the government, their employers or their families to attain financial independence.  

Practicing Intentionality

This category of people recognized that how they live and the decisions they make daily have a direct impact on their financial independence. As such, 94% of them lived below their means and 95% of them planned ahead and saved for big expenses compared to 67% of the general population. 

Being Goal-Oriented

Millionaires

The men and women who participated in this study had a vision of their future lives and consequently put the necessary plans in place to get them to this desired future. This vision helped to steer them everyday, to keep them working towards their goals. This vision restrains them from buying the next shiny object that comes into the market. 

Being Consistent 

Consistency is what brings it all together. Day by day, month on month, year on year the participants in the study invested a portion of their income, saved a portion of their income and stuck to the budgets they created. They put in the relevant mechanisms to ensure this happens on a monthly basis. 

Seems easy, doesn’t it?

It’s easy to say that this is an American based study and is therefore not applicable in the African context.  But in my opinion, this could not be further from the truth. I am sure that each of us knows or has heard of ordinary people who hold ordinary jobs in our own communities, yet have excelled financially.

To drive the point even further home, some of these people we know or have heard of, do not have a formal education. 

Invest only in things you understand. Click To Tweet

Isn’t it amazing what discipline, consistency and commitment can do for your financial goals? We unnecessarily complicate financial matters by getting entangled in jargon and “big investments” we do not understand. In the quest to obtain wealth, some of us even end up getting caught up in ponzi schemes. 

You can start small. Develop a budget. Live within your means. Make sure you save a portion of the income you make. Invest only in things you understand. Have a financial plan. 

Just a little extra discipline, goes a long way!

“The difference between ordinary and extraordinary is that little extra."- Jimmy Johnson. Click To Tweet

VISA SPOTLIGHT SERIES ON SKINCARE ENTHUSIAST: TERRYANNE CHEBET – FOUNDER, KEYARA ORGANICS

Keyara Organics

When Terryanne’s eldest daughter was little, she struggled with a dry skin condition called Eczema. Terryanne searched for a natural skincare solution that would heal her daughter’s skin but could hardly find any in Kenya. Based on a doctor’s recommendation, she tried shea butter and it worked. Terryanne soon realised that some mothers in her circle were also searching for natural solutions to their children’s eczema. This spurred her to start Keyara Organics- a leading home-grown skincare brand in Kenya. 

Terryanne Chebet is a Media and Communications professional with more than 15 years of experience in Media practice, Media leadership and Management. She is also the founder of Africa’s Leading Ladies, an online group for African women to connect, learn and share experiences. She started Keyara Organics from her kitchen and it has flourished because of her expertise and passion. 

This piece is about Terryanne’s journey with Keyara Organics and the lessons you can take away from her experience.


What is the intention behind Keyara Organics?

The intention behind Keyara organics has always been to provide a skincare solution for the whole family using as many natural ingredients as we can. We aim to make products available for the man in the house, the woman in the house, the child, the toddler- we want everyone to be catered to.

Keyara Organics

What inspired your decision to leave journalism to start Keyara organics?

There were so many things that I needed to do with my life and I would not have been able to do them while working as a journalist. It would not have been fair to the job. It would take too much of my time and waste their time as well. So I decided to focus on what I needed to do to be able to get to where I wanted to go.

I am 41 years old right now and I have been telling my friends that “this is possibly my highest productive decade so you may not see me much, you may not hang out with me a lot.”When I am 50, 60, 70, I can relax and enjoy life a lot more.

I also left because I needed to be home more. As a journalist, I could count the number of times I was actually home before 10 PM for the 10 or 12 years of my career.

Has your experience as a journalist helped in running Keyara?

My journalistic background has helped me immensely. Being in the public eye has helped me put my brand in a place where I can reach many people. It has helped in building a better brand and getting visibility from media houses. Also, the confidence I have today may not be there if I had not been a journalist before this.

What are some of the challenges you have experienced and how have you dealt with them?

One of the biggest problems is the packaging and I believe this is an African problem. Many of us in the skincare space has had a problem getting quality local packaging. So we end up having to import packaging. That affects the margin because we are paying for freight and a higher grade of plastic. All this eventually affects the pricing of our products. 

We have thought of different ways to solve this problem and one of them involves buying a moulding machine to make our own plastics but it is very expensive. However, one of us in the skincare space decided to fill the gap by shipping in containers in bulk and then we buy from her.

Sourcing products has also been quite a challenge. For instance, shea butter comes from West Africa and shipping it into Kenya is very expensive. Luckily for us, we found out that shea butter is also available in Northern Uganda and South Sudan and they are neighbouring countries. So now we source from Northern Uganda. 

Keyara Organics

In running your business, you interact a lot with local communities and business. In your opinion, how important do you think local communities are to the businesses they choose to support?

They are absolutely important. I think that it is a thing of pride to be able to invest in our own and contribute to these little economies. I am pretty big on working with what we have locally and patronising small businesses in our communities. For us at Keyara, we source raw materials like aloe vera from local farmers in Kenya that harvest those items. 

Supporting local businesses will never stop being a priority for us. In a couple of years, we have seen the skincare industry in Africa grow- brands are consistently popping up in Kenya, Nigeria, Ghana and we are effectively creating an economy of our own through our patronage.

By supporting local businesses, we also create gainful employment. Whether it is a full-time person or a consultant, the people who are working on packaging, the people who print out labels- the whole value chain gets impacted and enriched. The more we push for our African brands to grow and support them, the more we grow our economies. 

 

What advice would you give to someone who wants to start a business of their own?

This might sound cliche but just start. Start where you are, start with what you have. Just start. I started Keyara organics with about 60,000 shillings which is 600 dollars which I took out of my salary. I bought some shea butter and some containers and began producing in my kitchen. Looking back, had I thought that let me wait for big money to come in, let me wait for a million shillings, I would not have started it. So my advice is start where you are, start with what you have and start on something that you are passionate about. 

Nothing beats creativity. There is a lot of copycatting in the small business space and I understand that because it is a lot cheaper and easier to start out copying someone else’s model. Still, I want to challenge us to think broadly and not limit ourselves to the same patterns and thinking. We need to be creative and innovative in our approach because that is how we build a business that can scale.

Be serious about your business. We are in such an entrepreneurial age in Africa. Everyone wants to start something and some people just start and are not serious about it. Be as serious as you can, learn from the mistakes of those of us who started as a “side hustle.” If you can afford to from the beginning, make the business formal, do your accounting right, get a consultant to handle your books, just do it right from the beginning and the business will grow.

 

 

If you want to take your business to the next level and meet more customers online, Visa is your plug! Visit their Small Business Hub to get the support you need. First 100 businesses to sign up get $200 worth of online advertising, so hurry now!


 

where you shop matters

This spotlight feature on Yomi Odutola is powered by Visa. Visa’s ‘Where you Shop Matters’ initiative aims to champion entrepreneurs across Africa while encouraging consumers to support small businesses by shopping local. Visa’s initiative is supporting small businesses through the Visa Small Business Hub, a merchant platform providing tools and information on how to start, run and grow small businesses.

SAFE SPACE WEBINAR WITH TOLULOPE FABOYEDE: HOW TO INVEST (SEP 18)

It’s time to get your finances in check!

So you’re one of the people who finds themselves drifting off thinking about how to build wealth with their monthly income? Don’t just sit there daydreaming, here’s a chance to actually do something about it!

Or maybe you think you need to have a ton of money to start investing, think again. This and other investment myths are some of the topics we’ll be covering in our webinar titled Safe Space – A No BS Guide on How to Invest..

On September 18, 2020 at 5PM WAT/ 6PM CAT/ 7PM EAT, Tolulope Faboyede of FSDH Asset Management will be taking you through everything you need to know to build wealth and invest. What’s more? You’ll be able to get started after the class!

Learn how to invest and build wealth with Tolulope Faboyede of FSDH Asset Management! Join us on September 18 at 5PM WAT/ 6PM CAT/ 7PM EAT Click this link to register: bit.ly/safespacefinance Click To Tweet

Here are some of the topics we’ll cover at the webinar:

  • How to design and execute an investment plan
  • What to look out for when building your investment portfolio
  • How to evaluate your financial situation
  • Compounding interest: What it is and how to evaluate it
  • Common myths about investing

Register below to access the webinar!

Webinar details:

Date: Friday, September 18, 2020

Time: 5PM WAT/ 6PM CAT/ 7PM EAT

Location: Click here to register for the webinar on Zoom

About Tolulope

Tolulope Faboyede is a Business Development and Wealth Management expert at FSDH Asset Management Limited. She holds a Bachelor of Science in Economics from the University of Lagos and has completed a CFA Institute Investment Foundations Program. Tolu has over 12 years experience in the Nigerian Financial markets and has attended various professional courses and training in Portfolio and Wealth Management. She has worked with several individuals and companies to grow their wealth.Tolu is passionate about providing financial literacy to both individuals and corporate organisations.



VISA SPOTLIGHT SERIES ON THE FOOTWEAR GENIUS: EVE MAINA – FOUNDER, SHOE SPACE AFRICA

EVE MAINA

After Eve quit her much-loved job because of unwanted sexual advances from male colleagues, she was left with almost nothing in her bank account and desperately had to figure out how to make money. Eve’s family have always traded in shoes. So for her, the shoe business is not uncharted territory. 

So Eve began selling shoes to make some money pending when she could get another office job. When the business began to show fruits of success, she decided to go into it full-time. Today, Eve owns Shoe Space Africa – one of the fastest-growing shoe businesses in Africa. 

This piece is about Eve’s journey with Shoe Space and how she has been able to grow her business from almost nothing to the phenomenal brand it is today.


What is the story behind Shoe Space Africa?

Starting Shoe Space was not intentional at first. I quit my job in 2016 and I was wondering what to do next. The only other thing I knew how to do asides my corporate job was shoes because I grew up in a family where my mum used to make shoes, my cousin used to sell shoes so it was an easy fall back plan for me. I did not know if it would work because I always liked the corporate life.

Shoe Space started in January 2017. At the time, I had no savings so I started Shoe Space from zero. I talked to a friend in the business and she gave me some of her shoes. I posted them online and made some money from it. My capital was gotten from the money I made off those sales. I thought I was going to sell shoes for a short time and then go back to working a corporate job. However, when I started seeing headway, I decided to do it full-time.

 

EVE MAINA

What are some of the challenges you have faced in the course of running Shoe Space Africa, what did you learn from it?

I would not necessarily call this a challenge but this time last year, I experienced a tragic accident for the first time in my life. I was travelling to Kampala, Uganda by bus to consult on some shoes. At the bus station, I met a good friend of mine and because we wanted to sit together, I swapped seats with another passenger on the bus. The person that sat on the seat I was supposed to occupy passed on in that accident. My friend who had a safety belt on was thrown out of the bus and even though I didn’t have a safety belt on, nothing happened to me. I remained seated. 

This moment changed my life forever. After the accident, the way I thought and approached things in my life changed, my heart changed. Up until this day, when I think about that moment, I am stunned. Seeing someone else pass away on your behalf changes something in you. Many times in our life, we take things for granted. You look at your life and see all that you have achieved and you think you did it all by yourself. You forget that it is God that has brought you this far.

With regards to the lockdown, the major challenge we have faced has been sales. What has helped us cope is the fact that we have an online presence. I also gave my clients offers and discounts that made my items more affordable for them. Being online worked to my advantage because most people were at home doing nothing except scrolling through their feed. Most shoe lovers are people that will purchase whatever catches their eye even if it is the last money that they have. 

 

What is your big vision for Shoe Space Africa?

I want Shoe space to be a household name for quality shoes sold at affordable prices. More importantly, though, I want to leave a lasting legacy through Shoe Space. Right now, I am working on establishing a foundation that will provide Kenyan kids with quality shoes. So when you buy a shoe from She Space, you are donating a pair of shoes to someone else that needs them. So my big vision is to make sure African children that need shoes have quality shoes.

What advice do you have for someone who wants to start a small business?

Having a relationship with Jesus. I know not everyone believes in Jesus but Jesus us the one I give all the credit to. There is a certain kind of wisdom and clarity that you can only get from God. When you start a business, you may not be sure of what you are doing or where to go next but if you have Jesus, He will help you out with that. When you pray about something and ask for help, if He says no, if He keeps quiet or if He says yes, you know what to do and where to go as opposed to just doing things blindly and on your limited understanding. 

Discipline is so important. Even if you don’t feel motivated, discipline keeps you going. There are days you will not want to wake up but the discipline you have gets you awake. I call myself the 4 AM boss because I wake up at four am in the morning and I have been doing that since primary school. After I wake up I pray and get ready and then I am usually at Shoe Space at 6 am. That discipline has to be cultivated and maintained.

 

 

If you want to take your business to the next level and meet more customers online, Visa is your plug! Visit their Small Business Hub to get the support you need. First 100 businesses to sign up get $200 worth of online advertising, so hurry now!


 

where you shop matters

This spotlight feature on Yomi Odutola is powered by Visa. Visa’s ‘Where you Shop Matters’ initiative aims to champion entrepreneurs across Africa while encouraging consumers to support small businesses by shopping local. Visa’s initiative is supporting small businesses through the Visa Small Business Hub, a merchant platform providing tools and information on how to start, run and grow small businesses.