One of the most important hacks as a business owner is learning from the experiences of others. It saves you time and prevents you from making expensive mistakes.
Today, we look into the playbook of 5 inspiring business owners, sharing their secrets to success on different issues from strategy to problem-solving, sales and marketing.
Let's dive in!
Morenike Olusanya- Co-Founder of Shop Bawsty- Solve the problem yourself
When Morenike and her Co-Founder, Damilola Onosowobo Marcus did not find brands that made outfits for busty women who wanted to feel hot, they decided to create something that solves this problem. The result? Bawsty- a women's wear company that designs and produces beautiful, hot, elegant & chic outfits for busty women to wear and feel their best in.
If you have been complaining about a problem, this might be a sign to dive in and solve it.
Read more about Bawsty's journey here
Olagoke Balogun - Founder SoFreshNG - Be market and customer-driven
When Olagoke Balogun started SoFreshNg, his idea was to create a modernised farmer's market where people could come and shop for their natural food (fruits, vegetables, herbs, spices etc.) comfortably.
He discovered that customers kept requesting fruit juices, smoothies and food packs. They quickly decided to match the demand and started selling salads alongside other healthy food options.
Today, SoFreshNG has multiple locations across different cities offering some of the best salads, smoothies and healthy food options.
SoFreshNG proves that incredible things can happen when you listen to the market and your customers.
Read more about the So Fresh journey here
Jumoke Dada- CEO and Founder Taeilo - Seize opportunities
Jumoke Dada's Taeilo has an ambitious goal; to create a furniture powerhouse for Africa just like IKEA is known globally. This daunting journey comes with many bold decisions.
One decision that stands out is Taeilo's launch of the Amakisi Table during the COVID-19 pandemic. The brand plugged into the rise of remote work and launched the product to great success.
This process continues to drive Taeilo and Jumoke Dada. They analyse market demands and ask questions about customer needs.
Read more about Taeilo's journey here
Chika, CEO, The Belle Store - Start with what you have
With the hair care business worth 75 billion USD, running a hair care business is very popular, but many people are put off by the capital required to enter the business. For Chika of Belle Store, a thriving luxury hair extension business store and salon, the capital requirement was not enough to stop her.
She started her hair care business with zero capital, sourcing quality hair for people. People would pay her to get them good hair. So, she didn’t need any capital and was able to trade with clients’ payments.
Currently, Belle Store spends millions of naira monthly on procurement, operational, administrative, and marketing costs as a renowned business in the hair care space.
Read more about Chika and the Belle Store's incredible journey
Tayo Obaja (TY Best Spaghetti)- How to bounce back as a business
In 2017, Tayo's first restaurant was demolished as he was building a loyal customer base. He had to build from scratch with bold strategies to regain his customers.
His playbook-
Offer incentives- “I offered an incentive; free delivery. I offered door-to-door deliveries to Emerald Hostel residents and charged Unilag students #100 for delivery. I knew that the average charge for deliveries then was N300”
Listen to customers- "I changed my spaghetti recipe to fit what my customers liked and added newer food options with a twist of my own”
Find an advantage- "Because I ran TY Best from evenings to as late as midnight, I provided an alternative for students that wanted food at these hours. Because most of the other stores closed at around 8:00 and 9:00 p.m. I took advantage of that situation and built a demand.”
Discover more tips and tricks from TY Best's incredible journey in the food business.
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