Are you interested in understanding the peculiarities of the small business landscape in Nigeria? Join Laurin Hainy and Tomi Ayorinde on "Doing Business", Nigeria's ultimate podcast for entrepreneurs, where successful business entrepreneurs share their journey, challenges, insights, business lessons, and tips to succeeding as an SME.
The Doing Business podcast is powered by Payforce by FairMoney, a merchant payment solution that enables businesses to receive payments from their customers in Nigeria seamlessly.
Doing Business Episode 6 - Can you make it big time by selling fashion accessories?
Our CEO Tomi Ayorinde, sits down with Mojisola Ijaola, CEO and Founder of Bags and Warehouse to understand how she launched and grew Bags Warehouse from her car to a major retail store in Lagos, Nigeria.
If you think fashion is saturated and you are wondering how to carve a niche for yourself, then this episode is for you. Understand how to start and grow your fashion business with Mojisola Ijaola.
Here are some lessons learned:
Lesson 1: Know your customer. This informs your business decision. It helps you know what is trending, what colors to buy, what areas to focus on etc.
Lesson 2: Your business idea should be informed by the needs around you. Identify a need and check if there are enough customers to make the business profitable
Lesson 3: Branding is very important. Show up as you want to be perceived. It creates a favorable image in your customers' minds and pushes you to build a better business.
Lesson 4: Put profits back into your business. Prioritise improvements, expansion, and other avenues of growth.
Lesson 5: Help your staff see themselves as a part of the business.
Involve them in the decision-making process, ask for their input and views, and care about their well-being and that of their family.
Lesson 6: Give your staff a reason to do better. You can do this by giving them the option to earn more (commission) when they drive sales. This was their hard work is directly proportional to their earnings, so it drives growth for both your staff and the business.
Lesson 7: Device strategies to ensure you are able to collect payment as at when due. Payment collections ensure you have the cash flow necessary to keep your business running.
Lesson 8: Pick a payment partner that solves the key needs of your business
8 Dec 2023
Doing Business EP 5 - How does one become a computer dealer?
Ever wondered how the people in Computer Village decided on their jobs?
In this episode of The Doing Business Podcast, the PayForce by FairMoney CEO, Tomi Ayorinde interviewed electronics businessman and CEO of Alphacom, Alphonsus Ejidike.
They discussed how he chose the business, the hardship he faced, and loads more!
Lesson 1: When dealing with re-sellers, customers become distributors, so focus on building a great relationship with them.
Lesson 2: Your interests are ALWAYS a pointer to what you’ll excel in. Don’t ignore them.
Lesson 3: Embrace changes, embrace innovations, and be up-to-date in your field by attending Fairs, conferences, etc. Don’t be afraid to change.
Lesson 4: Customers are teaching you every day. Learn from them and expand your business in the direction of the trends.
Lesson 5: When the opportunity comes for you to further your education or increase your skills so you and your business are more marketable, take it. Constantly update your skills and knowledge.
Lesson 6: Don’t forget that it’s possible. As a business owner, you’ll need to juggle lots of things and, you’ll face lots of challenges. Don’t forget that it’s possible.
Lesson 7: Use the full power of technology to power up your business and empower your staff to make certain decisions without you. This way, you are freed up to undertake other tasks.
6 Oct 2023
Doing Business Ep 4 - Understanding fashion retail and wholesale
This time the CEO of PayForce by FairMoney Tomi Ayorinde is exploring the fashion world with Ochije Nnani, Fashion guru and Co-founder of Fazsion Wholesales and The Outlet.
From understanding the fashion business, retail, and wholesale to distribution, Ochije shares his story of how a little side business in the university turned into a business empire.
Here are some lessons:
Lesson 1: 3:50 - Your hobbies can lead you to occupation
Lesson 2: 5:11 - Check for the gap in your market and solve it. “You always find your next business where you are” - Tomi Ayorinde
Lesson 3: 7:50 - Put in the work to build your brand in terms of authenticity, price point, and confidence
Lesson 4: 9:40 - Train your staff appropriately and use technology that helps you serve the customers better.
Lesson 5: 10:27 - Make your business efficient i.e. reduce operating costs. One way to do this is by partnering with already existing locations.
Lesson 6: 10:50 - Build a prototype. Check if your business model works on a small scale before you scale up. Don’t forget to be patient.
Lesson 7: 12:48 - Spend time thinking about your business, its vision, and how to solve problems. It’ll help you give better directions to your people.
Lesson 8: 14:59 - To scale, you need distribution. Consider building deep & robust distribution channels as this helps you get your products to the consumers.
It can also help your business acquisition as businesses that are acquired often have robust distribution channels.
Lesson 9: 19:00 - When starting your business, you’ll be doubted, but you need to stick to it.
Lesson 10: 19:51 - To survive, you need to follow the market not what you want.
Lesson 11: 21:54 - It’s okay to be unsure of yourself. Just keep going as some things are beyond your control.
Lesson 12: 23:10 - Optimize your business as it grows to be more efficient, to help with cash flow, and to serve customers better.Lesson 13: 29:30 - Employ technology in your business to the degree you need it. It helps you, your staff, and your customers.
Lesson 14: 37:54 - Are you in business to add value or cash out? If it’s the first, then you need to be resilient
Lesson 15: 38:48 - Always build a great team. Your staff need to be happy, they need to be your priority and don’t be afraid to weed out anyone who doesn’t agree with the vision.
1 Sept 2023
Doing Business Ep 3 - Navigating the fragrance industry
On this episode, the CEO of PayForce by FairMoney, Tomi Ayorinde takes a delve into the fragrance industry with the CEO of Purple Aura perfumery, Gift Adaora.
Adaora takes us through what inspired her to get into perfumery and how she’s been able to adapt to the Nigerian market.
Lessons learned:
3:34: Lesson 1: The entrepreneurial life requires you to keep pushing and trying different things till you get your desired outcome.
5:22: Lesson 2: Find ways to creatively break or penetrate the barriers in your industry
7:56: Lesson 3: Figure out the gap in your industry and find a way to solve it. This will become your unique selling point. The gap could be a personal pain point or something you’ve seen others struggle with.
9:21: Lesson 4: When it comes to business ideas, explore the roads untravelled as there are markets for some things, but they aren’t done in Nigeria yet. Hence the need to import.
12:05: Lesson 5: Get the right people in your corner. This solves 80% of your problem as people can make or break your business.
15:58: Lesson 6: Leverage technology. This can be in the form of a payment partner, social media, or even software that makes your business easier.
19:48: Lesson 7: Ensure any partnership request profits both parties and isn’t skewed to one party such that it affects your business operations
20:13: Lesson 8: Make goals that fit your business & your place in your journey
21:40: Lesson 9: Stay on top of trends in your industry
24:58: Lesson 10: Take it one step at a time. Give your ideas a try and be intentional.
28 Jul 2023
Doing Business Podcast Ep 2
In this episode, our CEO and co-founder Laurin Nabuko Hainy sat down with Gym buff and businessman Lanre Rasak, CEO of IAmFit.
They deconstruct what it takes to get into the fitness world from the eyes of a business owner, how to carve a niche and overcome the unique challenges that come with the Nigerian market.
Here are some of the lessons learned
31:20 - Lesson 1: Incorporate a revenue collection model that works for your business
33:00 - Lesson 2: Minimize customer churn by frequent engagement and check-ins to establish a deeper connection and Top-of-mind for your business
34:59 - Lesson 3: Be a valuable partner to your customers, be invested in their growth and they will reward you with patronage, loyalty, and referrals
38:49 - Lesson 4: Empower your clients with information to enable them understand and appreciate your value and expertise.
39:49 - Lesson 5: Understand your operating environment and key challenges that affect your business. For example, Power/Electricity, sourcing, importing, and maintenance of gym equipment.
44:29 - Lesson 6: Do not neglect the importance of planning when you are starting out, or in the course of running your business
46:04 - Lesson 7: Empower your workforce to do their jobs better by training them
46:50 - Lesson 8: As a business owner, it is important to improve yourself by learning from your peers, community, mentors, and through formal learning opportunities
6 Jun 2023
Doing Business Ep 1
In this episode of the Doing Business Podcast, we have the pleasure of sitting down with the remarkable Managing Director of Nuts About Cake.
Join us as we dive into the fascinating journey of this thriving bakery business, exploring their recipe for success, the challenges they've overcome, and the lessons learned along the way. Get ready to be inspired and gain valuable insights into the world of confectionery entrepreneurship. Tune in now and satisfy your appetite for business inspiration!
Here are the lessons from Episode 1
19:30 - Lesson 1: Establishing a strong brand presence and making strategic investments in marketing are crucial for driving business growth.
21:27 - Lesson 2: Gain a deep understanding of your profit margins and prioritize optimizing unit economics.
25:41 - Lesson 3: Familiarize yourself with distinct customer segments and their unique requirements to effectively cater to their needs.
26: 59 - Lesson 4: Acquire a comprehensive understanding of the various applications and scenarios in which your product can be utilized.
29:49 - Lesson 5: Foster strategic partnerships as they play a pivotal role in ensuring the success of your business.
36:40 - Lesson 6 - Prioritize effective communication with your customers to build strong relationships and enhance satisfaction.
37:29 - Lesson 7 - Offer alternative product options to minimize customer attrition and enhance loyalty.
41:25 - Lesson 8 - Capitalize on technological advancements to automate and streamline your business processes.
44:05 - Lesson 9 - Partner with Payforce by FairMoney, a reputable payment services provider, to ensure reliable and efficient payment solutions.
46: 26 - Lesson 10 - Identify and engage with your key stakeholders to cultivate productive relationships.
52:42 - Lesson 11 - Establish a clearly defined mission statement that outlines the purpose and goals of your business.
52:55 - Lesson 12 - Involve your internal stakeholders in decision-making processes to foster a sense of ownership and collaboration.
57:53 - Lesson 13 - Enhance the skill set of your workforce through comprehensive training initiatives.
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