Cashless policy boosts enterprise ? — Osho

OshoAnthonia Osho, 27, the founder of Toniques, a clothing store, tells DAYO OKETOLA, the importance of a business plan for the overall survival of a new business, among other issues

 What is your educational background and why did you choose to go into business?

I have a science background. I hold a BSc in Microbiology from Olabisi Onabanjo University, Ago-Iwoye in Ogun State.

I delved into business unconsciously while I was in a boarding student in the secondary school. I would trade some of my provisions that I didn’t like for money or by barter.

My parents are into business in their various professions, and as a child growing up, I was very eager to help out and run errands for them. This was where I got the exposure. I started going to Lagos Island to get supplies for my dad’s company. And from there, I noticed other goods and services around Lagos. When friends told me they needed some things, I helped to get them until I realised I could buy most of their essentials and sell to them at a good rate and still make a small profit. That was how I got into it fully.

What is your business called and when did you start it?

During my university days, I like to say I was unique and my friends coined a phrase for me any time I brought goods for them to buy; the name is Tonique as in unique or boutique. When it was time to set up my business, the name Toniques just resounded and seemed perfect.

While I did a vacation job, I started selling things before I gained admission into the university, and this continued in the university. I participated in trade fairs around the campuses, and went from hostel to hostel to sell my goods. It turned into a mobile business until I completed my National Youth Service Corps programme. While waiting for a well-paying white collar job, I decided to open a boutique for selling shoes, bags, accessories and jewellery.

Did you write a business plan before embarking on the venture?

Yes, I did write a business plan because I had to prove to my sponsors that I was serious and knew what I was getting myself into.

I wrote a business/marketing plan as a foundation road map to guide me through from the starting process and continuously. It is an unambiguous personal and business objective towards succeeding as an entrepreneur. I had to layout the sales and product data, miscellany, demographic research as well as financial management strategies by reading books, consulting the Internet and speaking to a lot of successful business owners. I wanted to have a strategic location and great clientele base.

What are the chances of a venture succeeding without a business/marketing plan?

The possibility of failure is high without a business plan. As an entrepreneur, you have to factor in challenges, quantified or predictable outcome for your business and have an objective for the business. With your plan, you can measure the sales performance and realistically manage the business.

What challenges are you facing in your business?

As an entrepreneur, you have to face many challenges. I source for most of my goods abroad; and the cost of shipping and clearing is exorbitant, thereby impacting slightly negatively on pricing. Also, the delay when shipping is a factor.

As an entrepreneur, I have a great vision of becoming a brand possibly and branching out into other products and services as well as becoming a wholesaler of my brand. This requires funding and the different options of loans from financial institutions for SMEs like mine are not favourable to enable me to carry out such big plans now.

Also, as a seller on one of the online retailing sites, deliveries of online sales can be difficult as the cost of courier of goods is high. Hopefully, I will  like to have the service operating from the store instead of relying on other courier companies that are not effective so as not to affect the credibility of my business.

Globally, most start-ups die in the first five years. Do you think you can sustain your boutique business for five years?

Yes, I will be able to sustain the business in the first five years. Of course, there are lean and good periods of sales. That is why I have a business plan. I realised my mistakes and learn everyday about the business because it’s a growing one. All I have to do is see the bigger picture and forge ahead hoping to get better and bigger every year; become a success story with a lot of hard work and build a business empire.

What motivates you in running the business?

What motivates me on a daily basis is the idea of offering quality services to my customers, interacting with them and ensuring they walk out of my store with a huge grin on their faces.

Why did you go into online business and what has been your experience?

I keyed into the online business when I noticed its global and nationwide appeal as well as the opportunities. I observed during my mobile business days that Nigerians, especially the working class, don’t have the time to go for shopping at the market. So, I contacted a few major online retailing sites to join their affiliate programmes, and I got some responses. Now, we are a top seller on their sites and it has been great ever since.

It’s a great platform and avenue to reach customers that can’t walk into your shop to buy goods because of their locations and it’s relatively cheap. All I have to be worried about is logistics.  It’s relatively cheaper than paying rents and I get to increase my customer base nationwide. Credit to the social media, I have a BBM group boutique and I am also about to set up a Facebook page and have someone to manage it. I also get to keep my customers for reviews, after-sales feedback as well as continuity in business relationships.

Can customers pay with their ATM cards when they buy something from your boutique?

I am actually working on getting a Point of Sale machine for my store, but the online banking platform has also been of great advantage in handling cashless transactions, thereby not losing any sales and making it easier for our customers to shop.

How has this impacted your business?

It has impacted positively my business. Before the cashless policy, there was a reluctance to spend beyond the amount in your wallet. With the use of online transfers, customers now buy more because you can easily convince them to pick more than the cash with them and our sales performance is boosted.

Do you have mentors and what have you learnt from them?

I have learnt a lot from my dad, who is an accountant by profession. I have to be prudent and also have the zeal to always raise the bar and not to set limitations for myself. Most importantly, I have learnt that maintaining a healthy relationship with customers improves communication skills as well as help build a honest reputation.

My husband has also been of great influence on me. He is sales personnel where he works and he gives me insights into visualising, merchandising as well as understanding marketing demographics.

I also read good books on sales and management understanding that to succeed in business I need to have passion, vision and tenacity.

I have also come to realise that whatever choice you make, you can make the best of it by following your own muse and become irreplaceable.