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

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.

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.