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.

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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.

FCMB Commemorates World Women’s Entrepreneurship Day with Loan Facilities in Ogun State

FCMB SheVentures Ogun State Program

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.

 

 


In commemoration of this year’s World Women’s Entrepreneurship Day, FCMB SheVentures in collaboration with the Office of the First Lady of Ogun State, has granted zero interest loan facilities to women business owners in Ogun State.

Additionally, the beneficiaries received the opportunity to participate in capacity building initiatives, to ensure they scale up and become positive contributors to the growth and development of the Nigerian economy.

At the presentation event which held on Thursday, November 19, 2020 in Abeokuta, the First Lady of Ogun State, Mrs. Bamidele Abiodun commended FCMB for its commitment to ensuring that female business owners are not left out in the success story of the Nigerian economy.

 

FCMB SheVentures Ogun State Loan FacilitiesSimilarly, the Executive Director, Business Development, FCMB, Mrs. Bukola Smith assured the female entrepreneurs that they can count on FCMB’s continued support as they pursue the growth and profitable expansion of their businesses.

Also present at the event were the Former Deputy Governor of Ogun State, Alhaja Salmot Badru; Former Speaker of the State House of Assembly and Commissioner for Trade and Investment, Mrs. Kikelomo Longe; the Iyalode of Yorubaland, Chief (Mrs.) Alaba Lawson; The Regional Director, FCMB South-West, Mr. Emanuel Comla; and Head, FCMB SheVentures, Mrs. Yetunde Moito.

“I Made This Costly Mistake In My Business So You Don’t Have To”- Meet Onome Ikhimoya, Founder of Mistics Couture

This feature article on Onome Ikhimoya is sponsored by the First City Monument Bank (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.

 

 


Onome’s love for fashion is only rivalled by her drive to be the best and her businesses are proof of this. Onome Ikhimioya is the founder and CEO of Mistics Couture and Mistics Sparkles.

Mistics Couture is a fashion outfit that specializes in making bespoke outfits. Their outfits include English wears, traditional wears, casual wears, beach wears, and so on. Mistics Sparkles is an arm of Mistics Couture that brands and designs t-shirts, fabrics, throw pillows and much more. She has styled celebrities like Yemi Alade, Kim Burrell, Oge Okoye, Funke Akinokun, Ngozi Ezeonu, and so on.

This piece discusses Onome’s journey in the fashion industry. It also talks about some struggles she has encountered and insightful advice she has learned from past mistakes.

Running Mistics Couture requires you to be very creative and that can take a toll if you are not inspired. So my question for you is, where do you draw your inspiration from?

God inspires me. Every inspiration I have comes from God because he is the creator of the world. He sees me through my day to day life and guides my path.

Secondly, my inspiration comes from a knowledge of myself. Knowing that I have a lot of talents in me, seeing that I have a whole lot to actualize in my time here on earth. After my first degree and my Masters, I did not want to work for anyone. I think I worked for a while- maybe like a month before I started my own thing. I felt like I had a lot in me waiting to burst out and I was not going to be able to let it out while working for someone else. One talent I have is that I can look at you and sketch what will suit you. I can do a lot of stuff with fabric generally. So I decided to go into fashion design.

My inspirational fabric- if I can call it that- is Ankara fabric. Looking at Ankara fabric gives me this joy that I don’t understand. I look at the fabric and I want to do a whole lot of things with it.

My mum is another person that inspires me. Growing up every Sunday, people would come out and peep at my mum on our way to church and they would call her, “to match, to match.” Even till now in her 60s, she dresses so beautifully. Her age has not really made her step down in her dress sense and she has a lot of strength, faith and hope which she passed on to me.

So in all, I get my inspiration from God. From my belief in myself, the fabrics that I love to work with and my mum.

 

Learn more about the rest of Onome’s journey on the FCMB Business Zone. 

3 Life-Changing Tips On How To Juggle Your Side Hustle And Full-Time Job From Dios Dlite Founder, Adebimpe Osanyintuyi

This feature article on Adebimpe Osanyintuyi is sponsored by the First City Monument Bank (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.

 

 


If there is anything Adebimpe cares about intensely, it is business- talking about it, running it and growing it. The normally introverted business founder comes to life when she is asked about her experience as a business owner or about healthy mouth-watering treats. 

Adebimpe Osanyintuyi is the founder and CEO of  Dios Dlite– a healthy food company with outlets in Lagos, Nigeria. Dios Dlite’s products include healthy yogurts, salads, sandwiches, fresh juices, and so much more.

Before leaving the corporate world in 2018, she worked in marketing and branding for companies like GlaxoSmithKline and Nutricima Limited.  

In this article, she shares her wealth of experience with Dios Dlite and gives valuable tips on how to manage a demanding business and a full-time job amongst other things. 

Hungry? Check out these delicious treats from Dios Dlite, sis!

What inspired you to start your Dios Dlite?

Starting the business was not out of a financial need because when I started Dios Dlite in 2015 I had a great corporate job. I ran the business for three years before I decided to resign in July 2018.

I have a sweet tooth so I wanted to have healthy alternatives for all the sweet things I enjoy. Most times, when we think of healthy food, what comes to mind is boring food- food that doesn’t look or taste nice. I wasn’t going to settle for that.

Frozen yogurt appealed to me because it is a healthy alternative for ice cream which is delicious but has way too many calories. So I started with frozen yogurt and we kept to that for over a year.

It was going well but along the line, our customers started requesting fresh yogurt. They wanted to be able to take it to their homes and not have it melt or spoil. So we decided to cater to this and along the way, we were getting helpful feedback from our customers.

You mentioned that you were working a corporate job when you started Dios Dlite, how were you able to manage both commitments?

The processes I put in place made it easy for me to manage both. On some days I was too tired from work to stop by the store and see what was going on. Other times, the outlet may have closed before I am done with my work for the day.

Some of the major things I did to manage this was:

Invest in software

One major thing that helped was sales-tracking software. With this software, my staff would punch in their sales and I could easily look at the numbers. I could see which products were slow and which products were doing well. That software helped me to have a hold on what was going on in the store without necessarily being there.

To learn more about Adebimpe’s journey, read the rest of this article on the FCMB Business Zone

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

“Excitement Alone Cannot Keep Your Business Running”- Abigail Alade, Spawn Ideal Founder

Abigail started Spawn Ideal to tackle the problem of youth unemployment in Nigeria. Since 2008, she has been on this journey of twists and turns and has encountered some challenges and successes. However, the challenges have not deterred her from her goal- which is to train as many youths as she can and help them operate their businesses with an entrepreneurial mindset.

As she said, We are trying the solve the problem of youth unemployment. We believe that today in Nigeria, the number of white-collar jobs available is not equal to the number of graduates we churn out each year. We are trying to develop a platform in the educational sector to decrease that margin.

In this piece, Abigail Alade talks about her journey with Spawn Ideal and gives valuable insights on running a business.

Passionate about learning vocational skills? Keep up with Abigail on Instagram

What inspired you to start your business?

When I was in OAU, we had strikes that would keep us at home for four to six months. During one of these strikes, I went to volunteer with an NGO that works in capacity building specifically with young adults. After my experience there, I decided to form an organization to contribute to young people’s development. After school, I wanted to launch it as a non-profit but then there were challenges with funds so I decided to work with a corporate organization for some time to expose me to possible networks and help me make some money. So I was a banker for some time but soon enough I had to make the hard decision to let go of the job to face my passion.

How did working for a corporate organisation impact your business?

The exposure I had gotten from working in a corporate organization made me realise that I could make it into a for-profit business. This way, I could empower young people and still make revenue.  I believe that teaching children vocational skills early helps them set the pace for their lives. Like I said, most graduates look for jobs unsuccessfully for four to five years before going to learn a skill. If these children are being introduced to vocational skills from a young age, it becomes part of them and they are more likely to excel in it unlike people who learned as adults. Right now we operate in Ile-Ife, Osun state.

What are some of the challenges you currently face at Spawn Ideal?

In Ile-Ife, finding man-power has been a challenge. Unlike most tailors and carpenters who work with apprentices in their shops, we operate as a school. So we want people that can teach not just the skill but also the business side of it. Our students need those skills on how to run and grow a business so we need skilled people who can speak good English, preferably even graduates with vocational skills. That has been hard to find in an area like Ile-Ife.

Funds are also a big issue because the way we want to expand, requires a lot of funds. We need to get so many equipment and that costs a lot of money. We started small and we are growing gradually.

What is your vision for Spawn Ideal?

In the next two years, I plan to have trained 200,000 youth through schools. We go to schools and train students in schools so in that way we get numbers. After the lockdown is over, we would resume the drive so that we can reach lots of young people. We are also working on having a mobile app so that even though we can’t reach some people physically, we can reach them online.

In five years, we want to expand to universities and train them in an entrepreneurial way. So regardless of what you studied in school, you can apply an entrepreneurial mindset to it and instead of waiting for job, be a job creator.

What advice do you have for people who want to start a business of their own?

  • With any business or passion you want to pursue, you have to be tenacious. The issue most of us have is that we are so excited when we have great ideas but the truth is that excitement alone can not keep your business running. There are challenges that you are going to face but being tenacious and resilient will keep you going. 
  • Try to do something every day that gets you closer to your goal. Things are going to get tough sooner or later and it may feel like you are not achieving much but work at something everyday, no matter how small.
  • Do your research to be sure that this is what you want to do. You do not want to start a business without doing research or knowing the possible challenges and setbacks. If you start a business unprepared, you may not be able to withstand the challenges that come with running that business.

 

“I LEFT THE USA TO PURSUE MY PASSION IN NIGERIA.” MEET UGOCHI NWOSU, FOUNDER OF RELIANCE CLINICS

ugochi

Not everyone owns up to their purpose especially when it takes you from one continent to another. Ugochi left the United States to pursue purpose in Nigeria.

Ugochi is the founder of Reliance Clinics. She’ll be sharing insights into her life as a medical practitioner, health tips, the numerous challenges she faced and how she was able to overcome them. 


Who is Ugochi Nwosu?

I was born in Nigeria and lived there until I was 7 before my family immigrated to the United States. That was where I did all my schooling. After my undergraduate degree, I did my residency training in the States also until I returned back to Nigeria in 2019. This kick-started my goal to start a business that provided quality private healthcare services. 

What are you passionate about?

Healthcare! I really want to live in a world where everyone has full access to adequate healthcare. In Nigeria, the rate at which people in their early 40s and 50s die is really alarming. All of these can be avoided. 

I just want to help people live healthy and productive lives where they get to see their grandchildren and even great-grandchildren. Although this would be beautiful, it’s not easy. If people want to live till their late 80s, it starts from now. So, I want to keep educating people about this. 

What ignited the spark to start Reliance Clinics?

For me, the inclination to work in healthcare came since my undergraduate studies. I learnt about the possible challenges, the requirements and mapped out the areas to make an impact. It was important to be properly grounded in what I was planning to do to avoid making any silly mistakes.

I also worked with a whole lot of NGOs to ensure I had a feel of what I was about getting myself into. I didn’t really plan to start a business for myself. The decision to do that came after I kept searching for an NGO to work with but couldn’t find any at that point. This made me start looking for other possible opportunities

During my residency training, I met people who were interested in digital healthcare services and connected with them. They encourage me to just do what I need to do because no one makes actual change by talking and observing. It was great for me because I didn’t see myself as someone that could take up that level of responsibility upon myself. The plan had always been to work for someone who was already doing the things I needed to do. That’s basically how the business came alive. 

How was the startup phase of your business?

I’m not going to deny the fact that everything was new to me. Firstly, we had to scout for a suitable location, then we had to figure out a way to get supplies for the clinic and basically test these supplies yourself because everything had to be reliable 100%. 

For funding, I met the founders of a health insurance company during my residency training so things sort of worked out for me in the sense that they needed a trusted clinic that they could send patients to so they kind of gave me the initial funding for the clinic. 

What business challenges have you faced and how have those challenges shaped your mindset?

One major challenge has been hiring and training staff. For those in healthcare, the quality of services offered has to be nothing but excellent. Most times, doctors, pharmacists, nurses etc expect some things to be done in some certain way based on what they’ve seen before or something which might not necessarily be the right thing. 

When you tell this category of people that there’s a standard that should be met and we’re not going to overlook that standard just because we’re operating in Nigeria, it turns into a situation where it feels like you’re telling them that they’re not properly trained or something so that was a major challenge for me. 

Another challenge we had, in the beginning, was dealing with patients and staff who were used to things being done in certain ways and then we do them in totally different ways. For instance, most patients that come to our clinic are used to being given so many drugs even for not so serious cases. When we give them just 1-2 drugs, they feel like we’re not treating them the right way or we don’t really care about their wellbeing which is why we’re given them little amounts of drugs and that’s not the situation at all. 

What have you learned so far from running this business?

When it comes to hiring, you have to ensure that those people actually have the skills they claim to possess. It’s mandatory that you do. I’ve learnt over time that you have to be very intentional when deciding who to bring on board, how to evaluate their skills and how to train them so that from day 1, they can actually deliver. 

 

Ugochi is a participant in the High Growth Coaching Program 2020. Catch up on her business journey on Instagram, Facebook and Twitter.

“At the age of 12, I was already selling.” Meet Feligold Food and Spice owner, Felicia Ogumah

Felicia Ogumah is the brains and strength behind Feligold Food and Spices, a food company based in Warri, Delta State that began in October 2019. They package and sell food items like dry fish, crayfish, prawns, melons and local spices. Felicia’s business skill is something that has been cultivated since childhood. She says, “I grew up selling. At the age of 12, I was already selling. I think it is something that is a part of me. My friends tell me ” Feli there is nothing you can not sell. Even if they package stick and give you, you will sell.”

This article covers Felicia’s experiences running Feligold food and spice and valuable lessons you can take away from it.

Warning: Checking Felicia’s Facebook and Instagram page, will make you buy something.

What is the inspiration behind Feligold Food and Spice?

It, first of all, came as an insight, an inspiration from God. When I first started, it was something I really just wanted to do with everything that I have and am. God was stirring it in my heart to do it and so far it has been very profitable. God has been involved in the sourcing to get my products. I had no level of experience, I had no one putting me through, I did not go for any offline or even online training on Food and Spice. Divine connection came in. God was strategically connecting me to people. In fact, I am amazed!

If it is just crayfish you want to sell, put all your effort into selling that crayfish. Don't jump into doing everything at once. Pick one thing and try to get the best out of it before moving to something else. Click To Tweet

How do you manage Feligold Food and Spice?

For now, we ship to Benin, Enugu, Port Harcourt, Anambra. We have even shipped to a customer in Europe. That particular customer contacted me through Instagram. In fact, I get most of my customers online. The lockdown affected us because most of my clients are outside Delta State.  When the roads were eventually opened, the cost of the way-bill was high. Doing business right now is not the way it was before the virus. I pray everything goes back to normal”

If you choose to do something, let it be something people identify you with because you are passionate about what you are doing. Click To Tweet

From her business experience with Feligold Food and Spice, Felicia has three major business tips.

  1. Have a good reason for starting your business. Don’t go into the food business only because you think it is something that must sell. Everybody is into food business now. You have to have a passion for it and know why you started. It is important to know your why!
  2. Be focused. If it is just crayfish you want to sell, put all your effort into selling that crayfish. Don’t jump into doing everything at once. Pick one thing and try to get the best out of it before moving to something else.
  3. Be known for something. Let people know you for something. If you choose to do something, let it be something people identify you with because you are passionate about what you are doing.

Continue reading ““At the age of 12, I was already selling.” Meet Feligold Food and Spice owner, Felicia Ogumah”