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Friday, September 25, 2020

What I learned after starting my business with Sh. 100,000

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Natasha Nalyaka is the founder and managing director of Lavida Events, which is an events management company.

Building wealth: There is really no secret to wealth creation other than the desire and will to do something bigger than yourself. What is your big why? Why do you go to work each day, why did you start the business, why are you doing what you are doing? Once this is clear, start where you are and with what you have, no matter how small it may seem. Personally, I started my business with Sh. 100,000 which I curved out of my personal savings. It is also important that you have a support system you can lean on when tough hits the road. When I started, I ensured that I got close to people who had walked the same journey I was embarking on and who could point out the mistakes I needed to avoid.

Saving method: Out of all the available saving methods, I have opted for treasury bills and mutual funds, which I find to be the most effective. I have also found chamas to be good saving channels. Over time, though, I have come to learn that many of us fail to meet our saving goals because of starting the journey with spending, then saving and investing. In the end, the amount saved or invested is usually less than the desired percentage.

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Biggest career loss: At one point in my business, I failed to include all the associated costs in an invoice. By the time I spotted this mistake, it was already too late to go back to the client; I needed to gain their trust while simultaneously proving myself as a professional. This taught me to always be thorough by clearly understanding all the potential risks involved in a transaction and mapping out any necessary actions needed to mitigate losses.

Biggest money mistake: I got an office too soon after quitting employment to start my own business. You see, when I took the jump, I imagined that I must have an office in a plush area where clients would meet me, be impressed and sign up to my services immediately. It didn’t happen as I imagined it would. Always start with where you are. Make good use of the many alternative options when launching a business. For example, if you are looking for an office, don’t weigh yourself down with heavy costs when you can go for an affordable serviced office or co-share a working area with another entrepreneur.

Wealth maker between entrepreneurship and employment: Being rich is relative, and you can make money from entrepreneurship or employment. Both can also render you broke. What you need to know is that it all depends on your investments and financial goals. How are you investing the money you are getting? What are your goals and how do you plan to get there?​ I was once employed but I soon realized that employment wasn’t getting me to my goals fast enough. Nonetheless, if you are employed and have a side hustle, and it starts generating the same income that you get from your salary, then time is ripe for you to migrate from employment and into entrepreneurship. In either though, don’t be too quick to give up. The journey to wealth is never a straight graph.

If I could go back in time: I would plan, write down and then execute my plans. Most of my plans and ideas were in my head when I started. Many of them evaporated whenever I encountered pressure. Have your vision written down and have a swift plan on how to execute it before someone else flies away with the same idea.​

This feature on Natasha Nalyaka of Lavida Events was first published in the Saturday Magazine. The Saturday Magazine is a product of the Nation Media Group.

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