Doing Business Episode 6 - Can you make it big time by selling fashion accessories?

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