Level Up Your Hustle

Conquering Those First 5-10 Years in Business

Dear CLSME Community Members, 

Remember that amazing event by SMFEST where I spoke about the keys to success for young businesses? It got me thinking about the challenges many of us face, especially in those crucial first 5-10 years. That's why today's newsletter is all about scaling up your hustle and keeping your profits healthy! 

We all know funding can feel like a mythical beast - powerful but hard to find. The truth is, there are affordable options out there. But here's the catch:  many micro-businesses (those with less than 5 employees and under 25 million naira a year) miss out because they're not registered or lack a bank account. It's like filtering yourself out of the party before it even starts! 

Here's How to Win the Funding Game: 

Get Registered: I feel this is not talked about enough but getting your business registered is your business's ID card, essential for accessing loans and grants (think of it as your VIP pass to the funding party!).  Registering with the Corporate Affairs Commission (CAC) gives your business legal legitimacy and opens doors to future financial opportunities.  

Own Your Bank Account: Separate your business finances from your personal ones. This builds your business credit score, creating a transactional history with the bank and making loan approvals easier.  Having a dedicated business account allows you to track your income and expenses more effectively, which is essential for securing funding.  

Network Your Way to Success: this is one of the most effective ways to keep growing! Connect with other entrepreneurs and organizations that support small businesses. They can be a valuable source of funding leads and advice. Organizations like SMEDAN (Small and Medium Enterprises Development Agency of Nigeria) and NGOs focused on entrepreneurship offer workshops, grants, and access to networks that can help you secure funding. You already know this is what we are here for at the Caladium SME Community, if you are not a part of our WhatsApp community, I suggest you be a part of us now. Click on this link to join our WhatsApp community filled with likeminded and goal driven entrepreneurs.  

Brand Awareness: Make your business the "star of the show", people need to know you exist and what you offer. Marketing and advertising are key. Consider low-cost marketing strategies like social media marketing and targeted local advertising to reach your audience. You see that WhatsApp business? It can do a lot than just sending texts, explore all the business tools there, project your services in those catalogues. 

Solid Business Plan: This outlines your goals, strategies, and financial projections.  A well-developed business plan demonstrates your understanding of the market, your competitive advantage, and how you plan to achieve profitability. This is crucial for attracting investors and securing funding because if we are being practical, without a solid business plan, you cannot get grants or loans. 

The Right Team: Surround yourself with talented people who share your vision. Happy and skilled employees are essential for growth.  Invest in hiring and training the right people for the job. A strong team with diverse skillsets will help you navigate challenges and achieve your goals. 

Customer Focus: Always put your customers first. Excellent customer service builds loyalty and keeps them coming back.  Focus on providing a positive customer experience at every touchpoint. This could include offering excellent customer service, resolving issues promptly, and offering loyalty programs.  

Embrace Technology: Utilize technology to automate tasks, manage inventory, and improve communication. Look for affordable software solutions that can help you streamline your operations. 

Track Your Finances: keep a close eye on your income and expenses. Regularly review your financial statements to find areas where you can save money.  

 Stock Smarts: Manage your stock levels effectively to avoid running out or having too much. Figure out how much you need and use smart stock management techniques to save money. 

Building a successful business takes hard work, but it's possible. By following these tips and staying focused, you can navigate those first 10 years and build a thriving enterprise. Wondering how you can achieve all these? This is exactly why the Caladium SME Fellowship was created. Click on this link to register for the upcoming Fellowship. 

Regards, 

Ayo Bankole Akintujoye

Convener & Co-Founder.