Meet Olaide
Miss Olaide is a boisterous 48 years old woman who lives in Ikorodu axis of Lagos state. She is a
single mother with
children and has garnered over 6 years working experience in her present trade. Her biggest
challenge has always been
access to finance. She sells frozen chicken and turkey. Miss Olaide started her business with a
whooping sum of N100,000
and is proud to say given the lessons learnt she is able to confidently say her business is worth
about N250,000 today.
She is currently debt free and does not hope to incur any debt except if it is funds that will be
injected directly into
her business for expansion. Up until before the training, she has been an avid saver doing the daily
contributory
scheme. This savings comes at the expense of income made from her business which was not separate
from the profits
accrued.
With the training she has been able to initiate the following:
-
1. Initiate a different savings plan to cater to her Emergency Funds
-
2. Differentiate between her income and profits and save appropriately towards her working
capital to always have access to
fund her business
-
3. Is able to restock weekly as opposed to sporadic timings where she loses track of her income
and expenditure
-
4. Is able to adequately budget while monitoring and checking her excessive overheads and
unnecessary spending habits.
Impact of Seed Grant
The Seed Grant has been positively helpful in the following ways:
-
1. Introduce new product lines to complement her existing business – ‘Soup on the go’ (a variety
of blended peppers and
spices for the different types of soups that may be wanted)
-
2. Stock more on existing products to meet increasing demands
-
3. Proceeds from the infusion of cash has allowed her to be able to pay herself a salary however
little and also make
savings from her profit daily.
Miss Olaide is very much interested in taking up a Micro insurance product to help protect her
business and limit her
liability exposure and is willing to take up a Health Insurance plan to safeguard not just herself
but her children as
well.