She Leads Africa

SheaMoisture Spotlight on Finance Queen: Anie Ufia – founder of Kolo Lagos

SheaMoisture is the enduring and beautiful legacy of Sofi Tucker. Widowed with five children at 19, Grandma Sofi supported her family by selling handcrafted shea butter soaps and other creations in the village market in Sierra Leone. Sofi became known as a healer who shared the power of shea and African black soap with families throughout the countryside. She handed down her recipes to grandson Richelieu Dennis, who founded SheaMoisture and incorporated her wisdom into the brand’s hair and skin care innovations. SheaMoisture products and collections are formulated with natural, certified organic and fair trade ingredients, with the shea butter ethically-sourced from 15 co-ops in Northern Ghana as part of the company’s purpose-driven Community Commerce business model. SheaMoisture has partnered with She Leads Africa to support and showcase Nigerian women who support their communities. About Anie Ufia 22-year old Ufia Aniebietabasi is the CEO and founder of Kolo Lagos. She is a Mass Communication graduate from the University of Lagos. After an experience where she was shocked to find out that she had no savings of her own in a bank or anywhere else, Anie made up her mind to create a system that will make savings fun and a priority for her.  Seeing the immediate results it had on her finances, she was determined to help other young people like herself, take control of their finances. You are sure to either catch Anie preaching the gospel of financial freedom or on the lookout for opportunities with which she can drive social change. Connect with Anie and her business here Website, Instagram, Twitter Tell us about Kolo Lagos. Kolo Lagos is a proudly Nigerian brand that is passionate about bringing back the saving culture in a unique way. We aim to achieve this by encouraging people to save money in a piggy bank, popularly called “Kolo” in Nigeria. Our kolos are made from quality tested wood and specially handcrafted with love in Nigeria to help people curb overspending, grow a saving habit and stay disciplined while at it.  How did you turn this habit into a business? I started Kolo Lagos during my final year at the University. I suddenly realized that I had zero savings, not in the bank or even in a piggy bank. This made me buy a piggy bank for myself and discipline myself to save money. I bought one from a carpenter that was introduced to me by a friend.  Since it worked for me, I told my friends about it and everyone wanted a piggy bank so they could save money as well.  That was how the journey began! Having a niche business, how do you make your brand stand out? At Kolo Lagos, our kolos are crafted and designed to promote the rich and beautiful culture in Nigeria and Africa. They have also added an innovative touch to an old approach of saving money which was used since the days of our forefathers. The reusability of our Kolos has also added a modern twist to it and is the ‘WOW’ factor that attracts our customers.  Can you share with us 3 things you struggled with at the start of your business, and how you overcame them? The major challenge I struggled with at the start of my business was building brand loyalty. It was a new business and with the prevalence of online fraud, most people are scared to make a purchase from an online store. However, as the business grew, people began to trust us enough to refer us to friends and relatives. I have now moved from selling kolos to just friends and family but to people who discover us via the internet. Another big challenge I struggled with was finding artisans who knew their onions, could deliver neatly done jobs, and deliver them on time. I am glad that I have overcome that challenge since I have a particular one I now work with… Tell us about a personal experience that translated to a  business lesson for you. My first business lesson was before I even began my business. I had given a fashion designer a fabric and style to make an outfit for me. I decided to come to get it at the allotted time the tailor gave me, but despite the sufficient time I gave, my dress wasn’t ready. It was quite annoying and frustrating, to say the least. So I took that lesson with me to Kolo Lagos when I started it. Working with artisans means that I constantly have to follow up, make calls and even go there physically if need be, just to ensure that everything is done well and on time. That experience stayed with me and has been a major lesson that has helped my business. What impact have you made in your community since starting your business? Since starting my business, I have impacted my community by speaking at workshops and seminars to both young and old people about money, and why it’s important to maintain a healthy saving lifestyle. What is your 2019 goal, and what have you done so far to achieve it? My goal for 2019 is to get more local distributors within Nigeria and at least one international distributor in order to achieve the goal of selling 2,000 kolos this year. I am currently speaking with someone who is interested in becoming an international distributor. Share with us 3 fun facts about yourself I love food. Food loves me. Food makes me happy. I know how to play drums. What’s your fave skin care routine? My skin care routine is done at night when I get to nicely cleanse my skin with my organic skin products, and prep for the night before going to bed. How do you feel about promoting your brand on She Leads Africa, courtesy of SheaMoisture? To be totally honest, I am still in utter shock even as I type this. I remember when I applied for it and a part of me

Key steps to Maximizing Your next Cash Bonus

Everyone can relate to that feeling of excitement when receiving a bonus and all of a sudden, you feel that your financial problems have come to an end.  However, after a month or two, not many can account for how the money was spent, it seems to disappear with every other money that comes into the bank account (i.e. regular earnings).  It’s that time of the year again when most companies will soon start announcing their financial results and employees can expect to receive communication on bonuses.   Most bonus payments these days are performance related so if you receive one, it comes with a feeling of success and fulfillment that your hard work is finally being recognized. Regardless of how much you are expecting to receive, it is important to carefully plan how you’ll spend it so that you can receive the most value out of it.  Proper planning will ensure that you are able to account for every penny that comes in and motivate you to work even harder towards the next bonus. So how can you really maximize your bonus? First and foremost, you need to reward yourself for all the hard work.  You have worked hard all year, dedicated your time and talent towards your company, and fully earned the bonus so you deserve to celebrate and treat yourself.   Splurge on that expensive item that you’ve always wanted to buy or indulge in your guilty pleasure without feeling guilty for once. However, keep this to 10% – 15% of your bonus earning and try not to go over the threshold in order to fully maximize the amount. If you are a parent or working mother, you might feel the need to also spoil your family.  Why not?  They have supported you all year and been patient with you on those days when you’ve had to work late nights or work away from home so they also deserve to be rewarded. Spend about 5% to 10% on the family and kids and buy everyone lovely gifts to appreciate them for their support towards your achievement.   Consider allocating the remaining 80% of your bonus in the following order: 1. Pay off any debts that you owe The cost of servicing debts is going to be higher than any income you are likely to receive on savings or investments.   Except if your debts are non-interest bearing with no repayment commitments, it is more effective to pay off your all your debts before you think of saving or investing your bonus earnings.  [bctt tweet=”Treat your bonus differently from your regular earnings” username=”SheLeadsAfrica”] 2. Put money into long-term savings or investments Any money left after you have cleared your debts should go into your long-term savings or investments. On average you should be putting 10% to 20% of your normal earnings into long-term (or retirement) savings or investments options on a monthly basis, so if you can, try to spend at least 10% to 20% of your bonus earnings in the same manner.  The money can go towards your pensions, ISAs, other long-term investments products or even your personal business venture.   This money is important for securing your future in the days when you don’t have the energy to work as hard as you are working now.  Just as the saying goes to ‘make hay while the sun is shining’.  If you have not already started saving and investing towards your future, then maybe you can start with your bonus this year. It’s never too late to start and $1 invested today can go a long way in the future with compound interest.  3. Top up your short-term savings or emergency fund If you still have money left after saving for the future, then you can use it to top up your short-term savings.  This is the money you put aside for the short term emergency spend that you don’t plan for (i.e. unforeseen events) or the rainy day.   Naturally, you should already be putting aside at least 10% of your regular earnings towards this account to cater for the unexpected spending commitment.  The recommended practice is to have about three months of income in your emergency account as a minimum.  Anything left can go into your miscellaneous account towards your next holiday or luxury spend savings (to fulfill your ‘wants’). To conclude, the bonus is a special earning that you’ve worked for and it’s important to treat it differently from your regular earnings.  A fully maximized bonus is more memorable and being able to account for every amount makes it feel even more rewarding.  A financial planner can assist you with savings and investments options that suit your goals, life commitments and risk profile (capital at risk).  Good luck with the announcements. Hope you smile to the bank by getting a bonus payment that rewards all your hard work over the last year.  Got a story you’d like to share with us? Share their story with us here.