I know that when
anybody mentions the word business, it is assumed that we all know what it
means. But that’s just an assumption. I will therefore start by defining what a
business is, so that nobody is left out. So, what is a business? Simply put, it’s
an organization or economic system where there is an exchange of goods or
services for money. For example the business may be repairing spoilt watches,
or selling clothes to customers for which money is paid to receive the service
or purchase the good.
Most people start their
own businesses to have more control of their own destiny; they want a more
flexible lifestyle which means working on your own terms without having someone
breathing down your neck to get your life together and get the work done. Sometimes
they simply want to make some changes in society or it may be because of the
unfortunate reality of unemployment which is a huge problem globally. On 12th
February, 2014, I interviewed a young entrepreneur (my little sister…..ehem
ehem….) who recently started her own business.
Meet
Yvonne Nakabira
What
kind of business are you doing?
Yvonne loves art and this
played a very big role in inspiring her to start her own business. Her company is
called Sleekfairies and involves Art in different forms like clothing, jewelry,
bags, makeup and tattoos (oooooh painful!). She started this business in March,
2013 and explains that the reason she hasn’t specialized in doing one
particular form of art is because most of the products are seasonal. This means
that her consumers purchase based on the current trend, and when it changes,
consumers will not buy something that is “so fifteen minutes ago!” She says
that currently print dresses are the in-thing so most of her pieces evolve
around the idea.
What
really inspired you?
The fact that she is
very artistic, she felt like there was something missing in the art market. “Sometimes
I go into shops and find hideous dresses that are totally expensive, and this
pisses me off,” she says. She was very inspired to create something that really
appealed to her and people with the same taste. She wanted to make something chic,
stylish and yet completely affordable. So simply put, Yvonne’s passion for art
and fashion, and the feeling that there was something missing inspired her
business start-up. Successful entrepreneurs like Josh Bezoni, a slim body coach,
advise that it is better to do business in something you are passionate about,
and that brings value for other people (in other words solve a problem). It
makes everything more enjoyable, interesting and increases the chances of
success.
Yvonne started with an
initial capital of five million Uganda shillings (5000, 000 ug shs). Lack of
initial capital is a hindrance to those wanting to start a business because it
may not be enough or may not be there at all. There are various ways in which
initial capital can be raised like borrowing from banks, partnering up with a
couple of friends, or from your savings. Yvonne’s initial capital was generated
from her initial workplace where she worked hard and used her savings as
initial capital. She used this to buy material from both Arua and Kampala, with
each material costing between 30,000-50,000 and for each material, she made
about five t-shirts for men which she sold at 60,000 or more (whoa…). The
jewelry, beads, chains, pin stoppers, strings, and pendants were bought from
Nairobi because they were cheaper there (about 20,000ug shs).
Who
are your target customers and how do you make your product known to them?
Her target customers
are people of the age group ranging between 6 to 50 years (basically everybody)
and are looking for a chic trendy look. The best way to put her product out
there and make it known is through the internet, fashion shows and handing out
business cards. You can find the Sleek fairies on Facebook, however she is planning to change the name soon because customers assume that she is
affiliated to the sleek brand.
How
are u keeping your records and why?
She has a note book
where she records all her transactions for example when she purchases material,
she records it along with the price. Even when she makes a sale, she records it
to keep track of her expenditure and know where losses have been made. For the
sales, she is able to know what customers like based on what the consumers
purchase the most (especially with the jewelry).
Do
you think your business is a success and will it have continuity?
She believes that her
business will continue because to her surprise, she got more clients than she
expected. “I realized a profit which I put back into the business like, I have
purchased new machines and ink for the tattoos”. The fact that people will
always wear clothes, she will always be on her game and keep updating her
designs to keep the customers coming.
It was great getting to
know more about Yvonne and her business. I noticed that she was inspired by the
fact that she felt there was something missing, and her artistic talent was an
added advantage. The most interesting part of the interview was her marketing
strategy. She managed to pull off a fashion show, something that most designers
only dream of doing. Well, it takes a little bit of determination and help from
friends to pull it off. She also uses the internet which is very good
considering the fact that many people do use the internet to get informed. And
not to mention, it is an affordable way for beginners to get themselves out
there.
So, that’s it for now.
Do let me know if this helps (or doesn't!) or if you have any questions or
suggestions.
Ta……
