Regina Wanja King’ori is the Founder and CEO at RWK & Associates CPA (K), a tax services business that offers tax, audit, accountancy and bookkeeping services to businesses and tax support services to organizations.
How did you start this business?
I started my business after leaving my job to take care of my first born daughter. I had been employed at Chania Boys High School as an accountant for 6 years.
When I felt that it was time to go back to work, I found that there were no jobs available. Then a friend requested me to help prepare management reports. They loved my work and gave business to be doing their monthly bookkeeping. This was in 2014.
What challenges did you face when you started your business?
I didn’t have high operation costs when I started. My auntie accommodated me in her office and I had a laptop with one client! After 3 months I got an office with the help of my husband who paid for the rent and furniture.
Paying rent was hard when I started relying on the business. It took me more than one year to meet my obligations on time. The biggest challenges were on growing the firm, customer acquisition and retention.
What has been your biggest money mistake?
My biggest money mistake is on investment. I invested in other businesses that took off my time and the primary business suffered in return. I learned to stick to the business and to invest carefully because those investments can collapse everything. I also learned that I can bring in other services in line with the services we are doing, and that there is not always a need to open other businesses.
What has been your greatest moment so far in your tax services business?
Hosting our first tax training for entrepreneurs in year 2018. We were able to identify that lack of tax knowledge was a huge problem for most entrepreneurs and this made them commit many tax mistakes in their businesses.
GKA, GKB & GKC: Meaning of Government number plates
It is still something many businesses are also struggling with. Seeing that we are able to break down tax compliance to their understanding and professionalize their businesses is a daily satisfaction and vindication that we are solving a problem.
We conduct free tax webinars every month and physical trainings which have been interactive and helpful to participants. Also, the incorporation of Skill-Up Mentorship Program in 2022 our CSR has been quite a milestone. Through this program, we have trained over 2,000 people and have seen over 300 new businesses created.
If you were to start all over again, what are would you do differently?
I used to procrastinate a lot and this held me back a lot too. If I were to start again, I would be more confident and reduce the fear of failure. I would understand that it is in failure that we learn and improve.
Which method do you use to save money? Is it effective?
I get to identify something that I need to buy in the future or a project that I need to work on. Then I save towards it. I feel that when money is channeled on a target, I am able to focus on it and achieve more.
What’s your parting shot? What is that heart advice that you have learned on life and money?
Entrepreneurship is a journey. You have to be patient. You have to also seek personal growth because as an entrepreneur you have to become before the business becomes.
For you to receive money service first, be genuinely there to solve your clients’ problems and offer them the best product or service; money will follow you.
